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Section 68

Relief Denied in ₹100 Cr GST Fake ITC Case: Rajasthan HC Says ‘He Who Comes Into Equity Must Come With Clean Hands' [Read Order]

Sandhra Suresh

The Rajasthan High Court has dismissed a writ petition filed by the petitioner in connection with an alleged ₹100 crore fake input tax credit (ITC)...

Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes...

Proceeds of Sales Already Accounted Cannot be Added as Unexplained Cash Credit: ITAT Deletes...

Supreme Court & High Courts Weekly Round-Up

Mere Ownership of Agricultural Land Insufficient to Prove Agri Income: ITAT Upholds 50% Addition as...

Relief to Indian Oil Corporation: CESTAT Sets aside Order rejecting Customs Duty Refund Citing Limitation [Read Order]

In a ruling in favour of Indian Oil Corporation, the Ahmedabad bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) set aside the order which reject the refund of customs duty...

S. 145(3) of Income Tax Cannot Be Invoked Without Identifying Specific Defects in Books: ITAT [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that Section 145(3) of the Income Tax Act, 1961, cannot be invoked without identifying specific defects in the books of accounts and...

ITAT Orders Reassessment of Post-Demonetization Cash Deposits by Bar & Restaurant Business Owner [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) directed for a fresh examination of cash deposits made during the demonetisation period, asserting that the taxability of such deposits...

ITAT Dismisses Revenue's Appeal Due to Low Tax Effect Under CBDT Circular [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal(ITAT) dismissed the Revenue's appeal due to low tax effect under Central Board of Direct Taxes(CBDT) Circular No. 09/2024. The...

Applicability of S.68 to CSR Funds: ITAT Rules Addition Unjustified as Identity and Genuineness Proven [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 68 of Income Tax Act,1961 did not apply to Corporate Social Responsibility (CSR) funds received by the assessee and...

Income Tax Annual Digest 2024: ITAT Cases [Part 18]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. ITAT denies...

Unexplained Income from Rigged Stock Trades: ITAT upholds Rs. 44L Addition [Read Order]

In a recent ruling, the Surat bench of the Income Tax Appellate Tribunal ( ITAT ) held that additions made under Section 68 of the Income Tax Act are accurate as the assessee failed to explain the...