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

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Search Assessment Invalid Without Incriminating Evidence: ITAT Quashes Section 153A Additions [Read Order]

The New Delhi Bench ofIncome Tax Appellate Tribunal (ITAT) quashed additions made under Section 153A of the Income Tax Act, 1961, due to absence of...

ITAT Upholds Deletion of S.68 Share Premium Addition for 14 Investors as Verification Compliance...

Annual Income Tax Case Digest: ITAT Decisions 2025 [Part V]

ITAT Weekly Round-up

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

Double Taxation: ITAT Deletes ₹19.03 Lakh Addition u/s 68 on Recorded Sales Receipts [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the ₹19.03 lakh addition made under Section 68 of Income Tax Act,1961 on recorded sales receipts, holding that the income had...

Purchase of Shares Accepted in Earlier AYs Cannot be Doubted Upon its Sale: ITAT Quashes ₹9.32 Cr Addition [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that investments accepted as genuine in earlier scrutiny assessments cannot be doubted when the shares are subsequently sold and...

Tribunal's Remand must be "Open" and Not Restrict Assessment Provisions: Kerala HC Clarifies ITAT Order in Director's Income Tax Case [Read Order]

In a recent ruling, the Kerala High Court clarified that a tribunal's remand must be "open" and not restrict assessment provisions, holding that the Income Tax Appellate Tribunal's observation...

Absence of PAN Alone Doesn’t Make Sales Unexplained if RTO Records Prove Transfer: ITAT Deletes Addition u/s. 68 [Read Order]

TheIncome Tax Appellate Tribunal (ITAT), Mumbai bench has set aside an addition under Section 68 of the Income Tax Act, 1961, related to the sale of old cars. The bench ruled that proper transfer of...

ITAT Weekly Round-Up (14th September- 20th September)

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week, from 14th September 2025 to 20th...

Cash Withdrawals During Demonetisation Taxed u/s 68: ITAT Deletes ₹62 Lakh Addition treating them as Business Turnover [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted ₹62 lakh addition under section 68 of Income Tax Act,1961, holding that cash withdrawals during demonetisation formed part of ...

₹7 Crore Share Sale Treated as Unexplained Cash Credit u/s 68: Karnataka HC Upholds ITAT Decision, Finds Transactions Genuine [Read Order]

The High Court of Karnataka, dismissed the Revenue’s appeal and upheld the Income Tax Appellate Tribunal (ITAT) decision, holding that the ₹7 crore share sale treated as unexplained cash credit...