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

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Addition u/s 68 on Assessee Company not sustainable when the onus was discharged with sufficient evidence: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that addition under section 68 of the Income Tax Act,1961 on the assessee company is...

Addition u/s 68 on Scrap Sale will invalidate Corresponding Sales and relevant Expenditure charged...

Unsecured Loans taken through Banking Channels from Directors / Shareholders: ITAT upholds Deletion...

No Deeming Provision stands when Source of Income explained with Corroborative Evidence: ITAT sets...

Addition of Unexplained Cash Credit not sustained when Creditworthiness and genuineness of...

Suppression in Net Sales assessable as 'Business Income', can’t be treated as Deemed Income u/s 68: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income surrendered for suppression in the net sales shall be assessable as “Income from Business or Profession” and the same...

Once Bogus Purchase is Sold, Section 68 cannot be invoked to Tax the entire Amount: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that once bogus purchase is sold than the entire amount cannot be added under section 68 of the Income Tax Act, 1961....

Delhi High Court stays Faceless Assessment Order, directs to allow Personal Hearing to Assessee [Read Order]

The Delhi High Court while staying the recovery proceedings against disputed tax demand and initiation of penalty proceedings held that prima facie Assessee to be heard Before passing Assessment...

Deposit of Business Income of Wife in Joint Bank A/c can’t attract Addition u/s 68: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT), last week held that the addition under section 68 of the Income Tax Act, 1961 cannot be made against the assessee in respect of the...

Tax Authorities should consider Documentary Evidence before confirming Addition for Cash Credits: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) has held that though the onus is cast upon the assessee to prove the cash credits received by it, the tax authorities shall consider all the documentary...

Addition made by Dept is Invalid in view of Quashing of Penalty Proceedings: SC [Read Judgment]

The Supreme Court, on Friday, held that that the addition under section 68 of the Income Tax Act, 1961 is needed to be quashed since the appellant or assessee, in subsequent and separate penalty...

No Addition on Share Premium If Shares were allotted under a Barter System: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the Assessing Officer cannot invoke the provisions of Section 68 of the Income Tax Act, 1961 in case of share premium amount if...

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