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Section 68

Addition u/s 68 Unsustainable Where Loan Transactions Made Through Banking Channels: ITAT Deletes ₹3.30 Cr Unsecured Loan Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT),Delhi Bench, has held that the addition under Section 68 of the Income Tax Act,1961 cannot be made solely...

₹60 Lakh Loan Addition u/s 68 Deleted as AO Relied on Assumptions, Not Evidence: ITAT Upholds CIT(A)...

Assessee not Required to Prove Source of Source when Loan Repaid via Bank: ITAT Deletes Unsecured...

Mere Acceptance of SBN During Demonetization cannot be Treated as Unexplained Cash Credit when...

Scrap Dealing is a Peculiar Business, Books of Account not Required: ITAT Allows Appeal, Notes...

Mere Inclusion of Scrip in ‘Penny Stock’ List without Material Evidence of Price Manipulation Not Justify Addition: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that mere inclusion of a company’s shares in an investigation report as a “penny stock”, without material evidence is not...

Student cannot be Taxed for Temporary Family Deposits made to Show Financial Capacity Abroad: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT), Surat Bench has held that a student cannot be taxed under the Income-tax Act for temporary cash deposits made by family members in his bank account...

Jewellery Sale Found Genuine: ITAT Deletes ₹1.45 Cr Demonetisation Cash Addition u/s 68 [Read Order]

In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal held that cash deposits made during the demonetisation period represented genuine jewellery sales and could not be treated...

Cash from Sale of Crops Deposited during Demonetization Period, Supporting Documents Submitted: ITAT Removes Addition u/s 68 [Read Order]

The two-member bench of the Income Tax Appellate Tribunal (“ITAT”) had removed addition to cash deposit as unexplained as had been done under Section68. ITAT accepted the explanation given by the...

Vodafone Distributor Fails to Explain ₹51.80 Lakh Cash Deposits: ITAT Upholds 8% Income Estimation [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has upheld that the estimation of income at 8% on a large cash deposit made by a Vodafone distributor failed to satisfactorily explain the...

Overseas Funds to Parents in India: NRI Tax Compliance Guide

Non-Resident Indians (NRIs) often remit funds to their parents in India for support and maintenance. Such transactions are classified as gifts under the Income Tax Act, 1961, and warrant careful...

No Addition Permissible in Unabated AY Without Incriminating Material Found During Search: ITAT Deletes Rs. 7.25 Crore Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) deleted ₹7.25 crore addition under Section 68, holding that no addition can be made in an unabated assessment year without incriminating...