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

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Dept Appeal Below Tax Effect of Rs. 50 Lakhs: ITAT dismisses Appeal as per CBDT Circular

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has recently, in an appeal filed before it, on finding the same to be a dept appeal below...

Addition cannot be based SMS or WhatsApp Messages without Corroborative Evidence: ITAT [Read Order]

Addition u/s 68 based on Incriminating Material found During Survey is valid: ITAT [Read Order]

Addition of Unexplained Cash will sustain when genuineness of Transaction not proven: ITAT [Read...

Assessing Officer cannot re-consider Grounds of Addition which are already negated by Appellate...

Addition for Unexplained Share Capital and Share Premium can’t be made prior to 2013 Amendment: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition in respect of share capital and the share premium by treating the same as unexplained cannot be made under...

ITAT confirms Addition since Share Applicant Entities were Paper Entities [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition under Section 68 of the Income Tax Act since the share applicant entities were paper entities for providing...

Cross Examination should be conducted to Know Genuineness of Transaction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Assessing Officer should allow the opportunity of cross-examination to the assessee to check whether the share transaction is...

Delhi High Court upholds Addition for receiving Bogus Share Premium from Fake Companies formed by CA [Read Judgment]

A two-judge bench of the Delhi High Court has upheld an income tax addition made under Section 68 of the Income Tax Act wherein the assessee- Company was found receiving bogus share premium from seven...

Premium earned on Allotment of Preference Shares by a Loss-Making entity can’t be Taxed: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal has ruled that premium earned on allotment of preference shares by a loss-making entity cannot be taxed. The tribunal said the valuation of shares...

ITAT confirms Addition against George Muthoot [Read Order]

The Cochin bench of Income Tax Appellant Tribunal dismissed an appeal against Kerala’s leading businessman George Muthoot, a member of Muthoot Group. In instant case, Assessee is a popular proprietor...

ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition in respect of unexplained cash credits since the assessee failed to prove the genuineness of the gift received...

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