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

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No Income Tax Addition u/s 68 Based On Mistaken Identity and Third Party Confirmation: ITAT Sets Aside ₹20 L Addition Against Finance Co. [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently held that an addition based upon a third party confirmation in a case of mistaken...

Issue of Non-Service of Notice u/s Sec 143 Requires New Examination: ITAT Remands ₹53 Lakh Addition...

LTCG From Share Sale cannot Be Treated as Unexplained Income u/s 68: ITAT [Read Order]

Unsecured Loans Amounting to Rs. 6 Cr from Unreliable Companies in Dispute: ITAT Rejects Appeal...

ITAT Upholds 6% Profit Estimation on Alleged Bogus Diamond Purchases, Dismisses Cross Appeals [Read...

‘Cast Iron’ Documentary Evidence of Identity and Banking Flow Discharges Onus: Calcutta HC Upholds ITAT Deletion u/s 68 [Read Order]

The Calcutta High Court has dismissed the Revenue’s appeal challenging the deletion of an addition of Rs. 7,26,50,000/- made under Section 68 of the Income Tax Act, 1961 on account of unexplained ...

‘Test of Human Probability’ Cannot Disregard a Verified and Audited Paper Trail: Calcutta HC Upholds Deletion of ₹6.22 Cr Addition [Read Order]

The Calcutta High Court has upheld the deletion of an addition of ₹6.22 crore made under Section 68 of the Income Tax Act, 1961, on account of unexplained share capital and share premium. The Bench ...

Income Tax Consultant died during COVID-19: ITAT condones 848 days' delay [Read Order]

In a recent ruling, the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) showed a compassionate approach in condoning a delay of 848 days in filing an appeal, where the appellant’s Income...

Trade Advances for Gold Purchase Not ‘Unexplained Credit’: ITAT Rules Creditworthiness Test Not Required against Jewellery Trader [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Hyderabad Bench has held that customers in the ordinary course of jewellery business cannot be treated as unexplained cash credits under Section 68 of the...

ITAT Restricts Commission Income to 0.15% for Accommodation Entry Provider, Deletes S. 68 Additions [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that where an assessee is found to be merely an accommodation entry provider, the entire bank credits cannot be brought to tax ...

Unexplained Cash Credit Addition u/s 68 unsustainable as Advances from Associate Concern Accepted in Earlier Years: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal and held that the provision of Section 68 of the Income Tax Act was not applicable to money received in ...

Taxpayer Not Required to Prove ‘Source of Source’ Once Creditor Identity is Established: Patna HC on S. 68 Addition, sets aside ITAT Order [Read Order]

The Patna High Court, in its ruling has held that once an assessee establishes the identity of the creditor and the banking trail, the Revenue cannot insist that the assessee must also prove the...