Read all Latest Updates on and about section 68 of the Income Tax Act

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Income Tax Consultant died during COVID-19: ITAT condones 848 days' delay [Read Order]

In a recent ruling, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) showed a compassionate approach in condoning a delay of 848 days...

Trade Advances for Gold Purchase Not ‘Unexplained Credit’: ITAT Rules Creditworthiness Test Not...

ITAT Restricts Commission Income to 0.15% for Accommodation Entry Provider, Deletes S. 68 Additions...

Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in...

Taxpayer Not Required to Prove ‘Source of Source’ Once Creditor Identity is Established: Patna HC on...

Creditworthiness of Creditor cannot be Denied merely due to Non-Filing of ITR: Patna HC deletes Addition u/s 68 [Read Order]

The Patna High Court, in its recent decision has held that creditworthiness of a creditor cannot be disbelieved merely because the creditor did not file an Income Tax Return ( ITR ) for the relevant...

Relief for Lalitha Jewellery: Madras HC Quashes ₹51 Crore Unexplained Cash Credits Addition due to Uncorroborated Search Statements [Read Order]

The Madras High Court quashed Rs. 51 crore addition under Section 68 of the IncomeTax Act, 1961, determining that uncorroborated search statements cannot be treated as evidence to brand genuine...

ITAT Sets Aside ₹6.90 Cr Share Premium Addition for Non-Consideration of Assessee’s Evidence [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the addition of ₹6,90,45,000 made under Section 68 of the Income Tax Act, 1961, holding that both the Assessing Officer...

Preity Good News!’ ITAT Quashes ₹10.84 Cr Income Tax Addition against Bollywood Actress Preity Zinta [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently granted substantial relief to Bollywood actress Preity Zinta by deleting an income tax addition of ₹10.84 crore made under...

Loan Received via Banking Channels and Repaid with Interest cannot be treated as Bogus: Delhi HC upholds ₹10 Cr Deletion [Read Order]

In a recent ruling, the Delhi High Court held that a loan received through banking channels and repaid with interest could not be treated as bogus under Section 68 of the Income Tax Act, and upheld...

Book Entries of Unverified Bank Overdrafts Not Genuine Income Tax Liabilities: Supreme Court sustains Delhi HC Order [Read Judgement]

The Supreme Court of India recently upheld a ruling by the Delhi High Court wherein it was affirmed that book entries reflecting unverified bank overdrafts did not constitute genuine income tax...

Prior Year Share Receipts Not Taxable in Current Year: ITAT upholds Investor Credibility [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT )in a recent case allowed the assessee’s appeals for Assessment Years 2016-17 and 2017-18, deleting additions of ₹99 lakh and ₹45 lakh...