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Section 68

No Addition Permissible in Unabated AY Without Incriminating Material Found During Search: ITAT Deletes Rs. 7.25 Crore Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) deleted ₹7.25 crore addition under Section 68, holding that no addition can be made in an...

Reassessment based on casual Non-Application of Mind and borrowed Satisfaction: ITAT Quashes...

S. 68 Not Attracted as Repayment Established by Banking Channels: ITAT upholds Deletion of ₹2.90 Cr...

No S.68 Addition on Sale of Inherited Jewellery Backed by Valuation Report: ITAT [Read Order]

Survey Statement alone cannot Justify Bogus Purchase Additions: ITAT Deletes ₹3.60 Cr Addition u/s...

Calcutta HC Rejects S.68 Appeal as Tax Effect Falls Below ₹2 Crore Limit Under Circular No. 9/2024 [Read Order]

The Calcutta High Court declined to entertain a revenue appeal challenging the deletion of an addition made under Section 68 of the Income Tax Act, 1961, holding that the tax effect involved was...

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

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the addition of ₹6,90,45,000 made under Section 68 of the Income Tax Act, 1961, holding that both the Assessing Officer...

ADD Levy Determined on Ex‑Bond Date, Not Import Date: CAAR Rules Aluminium Frames Imported Pre-Notification Still Attract Duty on Clearance

The Customs Authority for Advance Rulings (CAAR), Mumbai, has held that anti‑dumping duty (ADD) liability on warehoused goods crystallises at the time of ex‑bond clearance for home consumption, not...

Cash Sales of Jeweller on Demonetisation Day Held Genuine: ITAT Deletes S.68 Addition as Books Were Not Rejected [Read Order]

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal, holding that the huge cash sales recorded on 08.11.2016, on the day demonetisation was announced were genuine and...

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

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) chain under the Goods and Services Tax regime. ...

Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]

The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) has held that once the books of accounts and the resultant trading results are accepted by the Assessing Officer (AO), a portion ...

Proceeds of Sales Already Accounted Cannot be Added as Unexplained Cash Credit: ITAT Deletes Addition [Read Order]

before the Commissioner of Income Tax (appeals) [CIT(A)]. The Jaipur Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of ₹44,61,000 and held that since the turnover and sales...