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Genuineness and Creditworthiness of Loans: ITAT Directs AO to Reassess Documents and Decide Matter Accordingly [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to reassess documents and decide the matter accordingly...

AO Must Probe Partner's Creditworthiness, not the Firm's, when Capital Contribution is in Doubt:...

Creditworthiness can be Ascertained only from Availability of Funds and not from Period of Existence...

No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through...

Addition u/s 68 of Income Tax Act shall be made when Identity, Creditworthiness, and Genuineness of...

Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the additions made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 are not sustainable when the assessee...

ITAT directs re-adjudication on Ex parte Order passed without Examining Creditworthiness of Share Applicants [Read Order]

The Kolkata Bench Income Tax Appellate Tribunal (ITAT) directed re-adjudication on ex parte order passed without examining credit worthiness of share applicants. The assessee Goldline...

Discharge of Onus u/s 68 of Income Tax Act by Furnishing Identity and Creditworthiness of Parties: ITAT Deletes Income Tax Addition [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT), held that the assessee has discharged the onus cast under Section 68 of the Income Tax Act, 1961 by Furnishing Identity and...

Addition u/s 68 not valid when assessee proves identity, Creditworthiness and Genuineness of Share Transaction: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that an addition under section 68 of the Income Tax Act is not valid when the assessee proves identity,...

Failure to Prove Creditworthiness of Concerns Involved or genuineness of Transaction: ITAT upholds Income Tax Addition on Share Application Money [Read Order]

The Income Tax Appellate Tribunal(ITAT), Mumbai Bench, has recently in an appeal filed before it, held that addition can be made in respect of share application money, upon the failure of the assesse...

No Evidence adduced to Prove Creditworthiness of Creditors: ITAT confirms addition made by CIT (A) [Read Order]

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no evidence adduced to prove creditworthiness of creditors and confirms addition made by CIT (A). The appellant, Nitin...

Gift from Father: ITAT upholds Addition since Creditworthiness of Donor was not Proved [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has upheld an addition towards the gift from the father as the assessee failed to prove the creditworthiness of the donor under the provisions of...