Tag Archives: Section 68

Assessee failed to explain Source of income of Share Capital : Addition upheld by ITAT

By | March 24, 2019

we are of the opinion that share applicant entities are paper entities created by some individuals for providing entries to the persons including the assessee, not having tax paid capital for promoting their ventures. As the entries of credit are appearing in the books of the assessee, it was the onus of the assessee to… Read More »

No Section 68 addition on cash credited in Swiss Bank if information not supplied by Swiss Bank Authority

By | May 17, 2017

Held Documents relied by the AO are the copies of the copies which did not have any signature of bank official or name of the bank or the place or the country were the branch was situated. The AO himself admitted in para 6 of the assessment order that the requisite information from the Swiss… Read More »

No sec. 68 additions on cash deposited in bank account if assessee wasn’t maintaining books of account

By | May 4, 2017

IN THE ITAT MUMBAI BENCH ‘B’ Mehul V. Vyas v. Income-tax Officer, 23(2)(3), Mumbai* D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND RAVISH SOOD, JUDICIAL MEMBER IT APPEAL NO. 727 (MUM.) OF 2013 [ASSESSMENT YEAR 2006-07] APRIL  7, 2017 Narayan Atal for the Appellant. Ms. Pooja Swaroop for the Respondent. ORDER   Ravish Sood, Judicial Member –… Read More »

Gift received from NRI relative

By | August 14, 2015

Foreign gift received from NRI relative Question: How to prove that genuineness of gifts received from the NRI relalaive ? Documents furnished by the Assessee with Assessing Officer are  A copy of foreign bill transaction advice copy of donor’s passport Bank account statement of Donor Gift confirmation in a gift deed giving all the particulars of the… Read More »