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

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Section 68 of Income...

ITAT Remands Case to AO after CIT (A) Rejects ITR and other Documents Linked to Unexplained Cash Credits from Relatives [Read Order]

The two-member bench of the Income Tax Appellate Tribunal (ITAT), Ahmedabad, remanded the case to the Assessing Officer after the Commissioner of...

CIT (A) cannot Dismiss Appeal for Non-Prosecution u/s 250 (6): ITAT orders for Fresh-Adjudication...

Non-Verification of Gifts from Grandmother: ITAT remands Matter for Consideration of Additional...

Proper Adjudication and Verification needed for Addition of Unexplained Cash Credit u/s 68 of Income...

Genuineness of small-time Investments: ITAT directs AO to delete Additions of Rs.22,02,620/- [Read...

Receipt of Subscription Amount from Holding Company: Calcutta HC reaffirms Income Tax Addition Deleted by ITAT [Read Order]

The Calcutta High Court recently in a case reaffirmed Income Tax Appellate Tribunal ( ITAT ) deletion of addition made on Income Tax under section 68 of the Income Tax Act 1961. Consequently, the...

Addition u/s 68 of Income Tax Act is invalid as AO fails to Verify Genuineness of Transaction: Calcutta High Court dismiss Appeal [Read Order]

The Calcutta High court dismissed the appeal as it lacked a substantial question of law. The Court found that the addition was made under section 68 of the Income Tax Act, 1961 as the Assessing...

No Physical Notice of Hearing served by Income Tax First Appellate: ITAT sets aside CIT (A)’s Ex Parte Order [Read Order]

In a recent case, The Income Tax Appellate Authority (ITAT) of Delhi set aside the Ex Parte order given by the Commissioner of Income Tax (Appeals) [ CIT(A) ]. The appellant/assessee, K...

Identity of Parties, Share Applicant, Vendor, Promoters and Genuineness of Transaction of Land is duly established: ITAT deletes addition of ₹3 Cr [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 3 crore Rupees, finding that the identity of the parties, share applicants, vendors, and promoters, as well...

Mere Suspicion cannot be a Ground for Issuance of Notice u/s 148 of the Income Tax Act: ITAT [Read Order]

In a recent case, the Kolkata Bench of The Income Tax Appellate Tribunal ( ITAT ) has held that mere suspicion cannot be a ground for issuance of notice under section 148 of the Income Tax Act,...

Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Unexplained money under the Income Tax Act, 1961 as the amount was the old loan converted into share allotment....

Creditworthiness of Shares Subscribers and Genuineness of Transactions proved by Supported Documents: ITAT deletes Income Tax Addition u/s 68 [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68, of Income Tax Act, 1961 as the identity and creditworthiness of the share subscribers, along...

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