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

Top

Begin typing your search above and press return to search.

Home
»
section 68 of the...

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

Advika Dwivedi

The Madras High Court quashed Rs. 51 crore addition under Section 68 of the IncomeTax Act, 1961, determining that uncorroborated search statements...

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

Preity Good News!’ ITAT Quashes ₹10.84 Cr Income Tax Addition against Bollywood Actress Preity Zinta...

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 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...

Conduit Companies Cannot be Taxed without Proof of Income: Delhi HC Deletes Commission Income Additions on Alleged Accommodation Entry [Read Order]

The Delhi High Court ruled that entities functioning merely as conduit companies in accommodation entry arrangements cannot be subjected to tax on presumed commission income without proof of...

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...