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

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AO adds unsecured loans as unexplained credit citing lenders' lack of creditworthiness: ITAT confirms genuineness by copies of ITR, bank statements [Read Order]

The Ahmedabad of the Income Tax Appellate Tribunal ( ITAT ) confirmed the genuineness of the lenders by examining the copies of ITR, bank statements...

ITAT Directs Reassessment of Ex-Parte Dismissal u/s 250 of Income Tax Act: Criticizes Negligence of...

No Addition can be made in the hands of Assessee based on Retracted Statements: ITAT [Read Order]

Addition of LTCG and Unsecured Loans Due to Lack of Documentation: ITAT Remands Matter to AO [Read...

Unexplained Cash Credits u/s 68: ITAT upholds Reduction Based on Peak Credit and Denies Telescoping...

Income Tax Annual Digest 2024: ITAT Cases [Part 9]

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. AO fails to issue...

ITAT quashes Disallowance of Interest on Credit already confirmed to be Genuine [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Surat Bench, quashed the disallowance of interest on an unsecured loan, which had already been confirmed as genuine by the assessee. In this case, the...

Validity of Cash Deposits as Agricultural Income u/s 68: ITAT Finds Addition Unjustifiable [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) found validity of cash deposits as agricultural income under Section 68 of Income Tax Act,1961 unjustifiable, as the Assessing Officer...

S. 263 of Income Tax Act cannot be initiated based on “Borrowed Satisfaction" ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 263 of the Income Tax Act, 1961, cannot be initiated based on “borrowed satisfaction". This...

Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering Possible Cash Sales [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) limits the addition of unexplained cash deposits during demonetization to ₹10 lakhs, considering the possibility of cash sales. Gaurangi...

Genuineness of Share Capital: ITAT quashes Rs. 2.62 Crore Addition u/s 68 [Read Order]

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) quashed a ₹2.62 crore addition under Section 68 oF Income Tax Act,1961, stating that the assessee had provided sufficient evidence to prove...

Long-Term Capital Gains cannot be deemed Bogus as AO fails to prove Price Rigging: ITAT [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that in the present case, long-term capital gains cannot be deemed bogus as the assessing officer ( AO ) fails...

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