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

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LTCG From Share Sale cannot Be Treated as Unexplained Income u/s 68: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that long term capital gains arising from the sale of shares cannot be taxed...

Unsecured Loans Amounting to Rs. 6 Cr from Unreliable Companies in Dispute: ITAT Rejects Appeal...

ITAT Upholds 6% Profit Estimation on Alleged Bogus Diamond Purchases, Dismisses Cross Appeals [Read...

‘Cast Iron’ Documentary Evidence of Identity and Banking Flow Discharges Onus: Calcutta HC Upholds...

‘Test of Human Probability’ Cannot Disregard a Verified and Audited Paper Trail: Calcutta HC Upholds...

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 in filing an appeal, where the appellant’s Income...

Trade Advances for Gold Purchase Not ‘Unexplained Credit’: ITAT Rules Creditworthiness Test Not Required against Jewellery Trader [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Hyderabad Bench has held that customers in the ordinary course of jewellery business cannot be treated as unexplained cash credits under Section 68 of the...

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

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that where an assessee is found to be merely an accommodation entry provider, the entire bank credits cannot be brought to tax ...

Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and held that the provision of Section 68 of the Income Tax Act was not applicable to money received in ...

Taxpayer Not Required to Prove ‘Source of Source’ Once Creditor Identity is Established: Patna HC on S. 68 Addition, sets aside ITAT Order [Read Order]

The Patna High Court, in its ruling has held that once an assessee establishes the identity of the creditor and the banking trail, the Revenue cannot insist that the assessee must also prove the...

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...