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

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

Avinash Kurungot

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently granted substantial relief to Bollywood actress Preity Zinta by deleting...

Loan Received via Banking Channels and Repaid with Interest cannot be treated as Bogus: Delhi HC...

Book Entries of Unverified Bank Overdrafts Not Genuine Income Tax Liabilities: Supreme Court...

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

Conduit Companies Cannot be Taxed without Proof of Income: Delhi HC Deletes Commission Income...

Funds Declared in Settlement Proceedings Cannot Be Treated as Unexplained Loans: Delhi HC rejects Revenue Appeal in Income Tax Case [Read Order]

The Delhi High Court has held that funds disclosed and taxed in proceedings before the Income Tax Settlement Commission cannot subsequently be treated as unexplained loans under Section 68 of the...

Unexplained Cash Credit: ITAT Restores Matter to CIT(A), allows to Rebut Remand Report [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) restored the appeal to the file of the Commissioner of Income Tax (Appeals) [CIT(A)] due to the failure to grant the assessee an...

Credits Receivables from Earlier Year's Sales Not Verified: ITAT Restores ₹2.27 Cr Foreign Remittance Addition for Verification [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) restored the issue of an addition of ₹2,27,02,883/- made under Section 68 of the Income Tax Act, 1961, back to the file of the Assessing...

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

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 the Income Tax Act, 1961, holding that once the ...

Once Assessee Discharges Onus u/s 68, Burden of Proof Shifts to Revenue: ITAT rules Double Taxation Unsustainable in Steel Manufacturer’s Case [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that once the assessee had discharged the primary onus under Section 68 of the Income Tax Act, 1961, by furnishing documentary evidence to...

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

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed an appeal, remanding the adjudication of an income tax addition of ₹3,25,00,000 under Section 68 of the Income Tax Act,...

Huge Cash Sale in a Particular Month cannot be a reason for treating it as Undisclosed Income: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that merely having a huge cash sale in a particular month cannot be a valid reason to treat such receipts as undisclosed income. ...