Section 68 applies when amount credited in assessee’s books lacks satisfactory explanation

ITO Vs Winstar E Com Pvt. Ltd. (ITAT Mumbai)

In a landmark decision by the Income Tax Appellate Tribunal (ITAT) in Mumbai, the case between the Income Tax Officer (ITO) and Winstar E Com Pvt. Ltd. brings to light the critical interpretation of Section 68 of the Income Tax Act, 1961. The ruling, which pertains to the assessment years 2011-12 and 2012-13, clarifies the conditions under which Section 68 can be invoked, specifically emphasizing that it applies only if the taxpayer fails to explain the nature and source of amount

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