![Assessees 7 crores Loan from Shell Company Added to u/s 68 of Income Tax Act: Delhi HC sets aside Reassessment Initiated Without Stating Valid Reason [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/7-crores-Loan-Shell-Company-Income-Tax-Act-Delhi-Highcourt-Reassessment-Initiated-Without-Stating-Valid-Reason-Loan-from-Shell-Company-taxscan.jpg "Assessees 7 crores Loan from Shell Company Added to u/s 68 of Income Tax Act: Delhi HC sets aside Reassessment Initiated Without Stating Valid Reason [Read Order]")
Assessee's 7 crores Loan from Shell Company Added to u/s 68 of Income Tax Act: Delhi HC sets aside Reassessment Initiated Without Stating Valid Reason [Read Order]
The Delhi High Court set aside the reassessment against the addition of a 7 crores loan of the assessee from a shell company under section 68 of the...
![Addition of Sundry Debtors/Advance to Growers cannot be made u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Sundry-Debtors-Addition-of-Sundry-Debtors-Income-Tax-Act-Income-Tax-ITAT-Taxscan.jpg "Addition of Sundry Debtors/Advance to Growers cannot be made u/s 68 of Income Tax Act: ITAT [Read Order]")
![Share Application Income cant be Taxed Once its Genuineness is proved: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/03/site-image3-7-5.jpg "Share Application Income cant be Taxed Once its Genuineness is proved: Bombay HC [Read Judgment]")
![Swapping Company Shares among Shareholders does attract Addition u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/12/Share-Broker-GST-Taxscan.jpg "Swapping Company Shares among Shareholders does attract Addition u/s 68: ITAT [Read Order]")
![ITAT Annual Digest [Part - 40]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-Annual-Digest-Part-40-TAXSCAN.jpg "ITAT Annual Digest [Part - 40]")
Opening Balance of Unsecured Loan cannot be treated as ‘Unexplained’: ITAT deletes Addition u/s 68 [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that the opening balance of the unsecured loan cannot be treated as "unexplained" and deletes addition under section 68. The...
![Opening Balance of Unsecured Loan cannot be treated as ‘Unexplained’: ITAT deletes Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Opening-Balance-Unsecured-Loan-ITAT-taxscan.jpg "Opening Balance of Unsecured Loan cannot be treated as ‘Unexplained’: ITAT deletes Addition u/s 68 [Read Order]")
Mere Non-Production of Directors in person not a ground to confirm Addition u/s 68: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that mere non-production of directors of the Company is not a ground to made addition under section 68 of the Income Tax Act,...
![Mere Non-Production of Directors in person not a ground to confirm Addition u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/09/Chartered-Accountant-ITAT-Taxscan.jpg "Mere Non-Production of Directors in person not a ground to confirm Addition u/s 68: ITAT [Read Order]")
Income / Losses declared by Investor Companies not a Sole Criterion to examine Creditworthiness of Shareholders: ITAT [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) in Psychotropics Leasing & Finance(P) Ltd. versus Income-tax Officer has held that the income/losses declared by the investor...
![Income / Losses declared by Investor Companies not a Sole Criterion to examine Creditworthiness of Shareholders: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Share-Capital-Taxscan.jpg "Income / Losses declared by Investor Companies not a Sole Criterion to examine Creditworthiness of Shareholders: ITAT [Read Order]")
Statement of Third Parties can’t be relied as Evidence If No Opportunity for Cross-Examination was granted: ITAT [Read Order]
The New Delhi bench of Income Tax Appellate Tribunal in Rajat Exports Import (India) Pvt. Ltd versus ITO held that if no opportunity for cross-examination is granted then the statement of third...
![Statement of Third Parties can’t be relied as Evidence If No Opportunity for Cross-Examination was granted: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/10/Cross-Examination-ITAT-Taxscan.jpg "Statement of Third Parties can’t be relied as Evidence If No Opportunity for Cross-Examination was granted: ITAT [Read Order]")
Gift through Banking Channels can’t be treated as Genuine unless Conditions of S. 68 is satisfied: Delhi HC [Read Judgment]
In the Commissioner of Income Tax vs M.S Aggarwal the Delhi High Court reiterated the decision of Sumati Dayal versus Commissioner of Income Tax, Bangalore and held that a gift cannot be accepted as...
![Gift through Banking Channels can’t be treated as Genuine unless Conditions of S. 68 is satisfied: Delhi HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/05/Monies-Taxscan.jpg "Gift through Banking Channels can’t be treated as Genuine unless Conditions of S. 68 is satisfied: Delhi HC [Read Judgment]")
No Addition If Delay in Depositing Cash withdrawn was explained by way of Oral Evidence: Delhi High Court [Read Judgment]
The Delhi High Court annulling the decisions of Income Tax Appellate Tribunal (ITAT) and Commissioner of Income Tax (Appeals) held that if there is a delay in depositing withdrawn cash to the...
![No Addition If Delay in Depositing Cash withdrawn was explained by way of Oral Evidence: Delhi High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/02/Delhi-High-Court-Taxscan.jpg "No Addition If Delay in Depositing Cash withdrawn was explained by way of Oral Evidence: Delhi High Court [Read Judgment]")
When Company has Sufficient Share Capital & Premium through Reserves, Its Capacity to Invest can’t be Suspected: ITAT [Read Order]
While hearing the case between Zion Promoters & Developers (P) Ltd and Additional Commissioner of Income Tax, Delhi bench of Income Tax Appellate Tribunal ( ITAT ) recently ruled that when the...
![When Company has Sufficient Share Capital & Premium through Reserves, Its Capacity to Invest can’t be Suspected: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/06/Sale-of-Shares-Tax-Scan.jpg "When Company has Sufficient Share Capital & Premium through Reserves, Its Capacity to Invest can’t be Suspected: ITAT [Read Order]")