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

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Documentation of Files without any Explanation to adverse observation in respect of Bank Statements: ITAT restores addition u/s 68 [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal held that the assessee grossly failed in discharging the initial burden, thus relevant...

Turnover of a Company Alone Cannot be Considered as Source of Loan Advanced to Assessee, Secondary...

No Income Tax Addition without Examination of Documents Furnished by Assessee, on Ground of No...

Discharge of Onus u/s 68 of Income Tax Act by Furnishing Identity and Creditworthiness of Parties:...

Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of...

Amount given by Co-Purchaser for Services towards Arranging Sale is Income: ITAT confirms Income Tax Addition [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the amount given by the co-purchaser for service towards arranging sales is income. The assessee filed the return of income...

Unsecured Loan Availed not to be Treated as Unexplained Cash Credits u/s 68 of Income Tax Act: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the unsecured loan availed by the assessee cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act,1961...

Income from Unexplained cash u/s 68 of Income Tax Act can't be claimed as an Exemption: ITAT dismisses Appeal [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) held that Income received from the unexplained cash under Section 68 of the Income Tax, 1961 Act can’t be claimed as an exemption under...

Onus to Prove Genuineness of Transaction of Sale of Share not being Bogus not Discharged by Mere Filing of Documentary Evidence: ITAT Confirms Income Tax Addition [Read Order]

The Ahemdabad bench of Income Tax Appellate Tribunal (ITAT) held that the onus on the assessee of proving the genuineness of long term capital gains not being bogus is not discharged by merely filing...

ITAT Directs AO to delete Addition made u/s 68 of Income Tax Act based on Mere Suspicion [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to delete the addition made under section 68 of the Income Tax Act,1961 based on mere...

Proper Explanation of Income of Sales Cannot be Added u/s 68 of Income Tax Act Unless it Proved as ‘Bogus’: ITAT [Read Order]

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT) held that the proper explanation of income of sales cannot be added under section 68 of the Income Tax Act,1961 unless it proved...

Absence of Formal Loan Agreement or Repayment Schedule Does Not Justify Treating Unsecured Loan as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the absence of a formal loan agreement or repayment schedule does not justify treating the unsecured loan as unexplained cash...

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