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

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Income Already Taxed in Share Applicant Companies: ITAT Deletes ₹190 Crore Share Capital Addition citing Double Taxation [Read Order]

Franklin Joshva

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), in a third-member reference, deleted an addition of ₹190 Crore made under Section 68 of...

Once Assessee Discharges Onus u/s 68, Burden of Proof Shifts to Revenue: ITAT rules Double Taxation...

ITAT Partly Remands ₹3.25 Cr Share Premium Addition u/s 68 to Verify Claim of Double Taxation [Read...

Huge Cash Sale in a Particular Month cannot be a reason for treating it as Undisclosed Income: ITAT...

ITAT Quashes ₹65 lakh Addition Revisionary Order Terming It “Unsustainable” [Read Order]

Genuineness of Transaction Warrants Deletion of ₹3.55 Cr Income Tax Addition: ITAT Upholds Relief in Accommodation Entry Dispute [Read Order]

The bench of the Income Tax Appellate Tribunal, Ahmedabad, dismissed the Revenue’s appeals against the deletion of additions made under Section 68 of the Income Tax Act, 1961, in connection with...

Failure to Establish Three Essential Ingredients: ITAT upholds Income Tax Addition u/s 68 on Accommodation Entries [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) comprising Dr. S. Seethalakshmi (Judicial Member) and Shri Gagan Goyal (Accountant Member) have allowed Revenue’s appeals against an...

Alleged Shell Company Transactions: ITAT deletes ₹15 Lakh Addition u/s 68 [Read Order]

The bench of the Income Tax Appellate Tribunal, Kolkata, set aside the addition of ₹15,00,000 made under Section 68 of the Income Tax Act, 1961, holding that the Assessing Officer (AO) failed to...

ITAT Rules Approval u/s 151 Invalid Due to Mechanical Sanction Without Application of Mind, Quashes Reassessment order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has invalidated reassessment proceedings initiated and declared the approval granted under Section 151 of the Income Tax Act, 1961, as ...

Unexplained Credit Addition u/s 68: ITAT Upholds CIT(A)’s Order, Citing Retraction of Statements and Documentary Evidence [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of the addition of Rs. 6,93,00,000 under Section 68 of the Income Tax Act, 1961, and ruled that the loan transaction...

Commission on Accommodation Entries Restricted to 2.5%: ITAT Delhi Upholds CIT(A) Order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s order, restricting the commission on accommodation entries provided by the ...

Incomplete Analysis of ₹2.17 Cr Unsecured Loan: ITAT Directs to Verify Documents [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has remitted the issue of a Rs. 2.17 crore addition under Section 68 of the Income Tax Act, 1961, back to the Assessing Officer (AO) for...