Section 68

Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

Income Tax - Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....

Understanding Section 68 of Income Tax Act: Unexplained Cash Credit Explained

Income Tax - Understanding the nuances of taxation is essential for both individuals and firms. One such critical aspect is Section 68 of the Income Tax Act, 1961, which deals with unexplained cash credits. It holds significant implications for firms, individuals, and even closely-held companies. In this article, we will delve deep into Section 68, it...

Difference between section 68, 69, 69A, 69B, 69C and their Taxability

Income Tax - In India’s income tax law, Sections 68 to 69D play a vital role in maintaining transparency and accountability related to unexplained finances. These sections are crucial for detecting and penalizing suspicious or unexplained money transactions, investments, and expenditures. The goal is to curb tax evasion and maintain a healthy fi...

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....

No income tax additions can be made merely relying on a Retracted statement

Income Tax - held that no income tax additions can be made when source of investment made against the share capital/ premium/ warrants, stands explained, as assessee and investor companies, have substantiated the same by furnishing evidences and proved the Identity, genuineness of transactions and creditworthiness of investor companies....

Sorry No Post Found

ITAT Orders Rs 25,000 Cost Deposit in PM Relief Fund for Assessee’s Non-Compliance

Tera Naturals Resources Pvt. Ltd. Vs ITO (ITAT Mumbai) - Read about ITAT's decision to direct Tera Naturals Resources Pvt. Ltd. to deposit Rs 25,000 in PM Relief Fund due to non-compliance behavior during appellate proceedings....

Section 68 Inapplicable if no Cash Transactions & no sum of money credited in books 

ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata) - Learn about the addition under Section 68 of the Income Tax Act and the importance of explaining identity, creditworthiness, and transaction genuineness in the case of ITO vs. Natraj Mercantile Pvt Ltd....

Purchase of own shares comes within the ambit of dividend u/s 2(22) of Income Tax Act

Cognizant Technology-Solutions India Pvt. Ltd. Vs ACIT (ITAT Chennai) - ITAT Chennai held that transaction of purchase of own shares by the appellant company is distribution of accumulated profits within the meaning of section 2(22) of the Income Tax Act, 1961. Accordingly, it is treated as dividend u/s. 2(22)(a)/2(22)(d) read with section 115-O of the Act....

No Income Tax Addition for Assessee Proving Source of Cash Deposits During Demonetization

DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) - Read the detailed analysis of DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) case. No income tax addition if source of cash deposits during demonetization is proven....

Reassessment proceeding u/s 147 based on information from investigation wing valid

M P Ferrous And Non Ferrous India Pvt. Ltd. Vs DCIT (ITAT Mumbai) - ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law....

SOP to apply provisions of section 68 of Income tax Act, 1961

246/151/2017-A&PAC-1 - (10/01/2018) - Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether there is credit of a sum during the year in the books of accounts maintained by the taxpayer. Step 2: If yes, the assessee should be asked to explain the nature and source o...

Recent Posts in "Section 68"

ITAT Orders Rs 25,000 Cost Deposit in PM Relief Fund for Assessee’s Non-Compliance

Tera Naturals Resources Pvt. Ltd. Vs ITO (ITAT Mumbai)

Read about ITAT's decision to direct Tera Naturals Resources Pvt. Ltd. to deposit Rs 25,000 in PM Relief Fund due to non-compliance behavior during appellate proceedings....

Section 68 Inapplicable if no Cash Transactions & no sum of money credited in books 

ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata)

Learn about the addition under Section 68 of the Income Tax Act and the importance of explaining identity, creditworthiness, and transaction genuineness in the case of ITO vs. Natraj Mercantile Pvt Ltd....

Purchase of own shares comes within the ambit of dividend u/s 2(22) of Income Tax Act

Cognizant Technology-Solutions India Pvt. Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that transaction of purchase of own shares by the appellant company is distribution of accumulated profits within the meaning of section 2(22) of the Income Tax Act, 1961. Accordingly, it is treated as dividend u/s. 2(22)(a)/2(22)(d) read with section 115-O of the Act....

No Income Tax Addition for Assessee Proving Source of Cash Deposits During Demonetization

DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi)

Read the detailed analysis of DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) case. No income tax addition if source of cash deposits during demonetization is proven....

Reassessment proceeding u/s 147 based on information from investigation wing valid

M P Ferrous And Non Ferrous India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law....

Undisclosed Income Taxed in Flagship Company Not Taxable in Assessee Companies

PCIT Vs Surya Agrotech Infrastructure Limited (Delhi High Court)

Discover the Delhi High Court's ruling in the case of PCIT vs. Surya Agrotech Infrastructure Limited regarding undisclosed income taxation and double taxation....

Addition u/s 68 unsustainable as leased land not considered while assessing agricultural income

Late Madan Mohan Sharma Vs ITO (ITAT Delhi)

ITAT Delhi held that addition under section 68 towards unexplained income unsustainable as AO failed to consider leased land while assessing the agricultural income....

Availment of Cenvat Credit and refund thereof doesn’t require registration of premises

Bechtel India Private Limited Vs Commissioner of Service Tax (CESTAT Chandigarh)

CESTAT Chandigarh held that the registration of the premises is not a pre-condition for availment of cenvat credit and thereof consequently the refund....

Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....

Posted Under: Income Tax | ,

Reassessment proceeding based on other officer’s information without cogent material unjustified

Bhaijee Commodities Pvt Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that initiation of reassessment proceedings u/s 147 of the Income Tax Act merely on the basis of information from other officer without cogent and demonstrable material unjustified....

Browse All Categories

CA, CS, CMA (6,664)
Company Law (9,602)
Corporate Law (12,665)
Custom Duty (10,392)
DGFT (5,071)
Excise Duty (5,436)
Fema / RBI (5,596)
Finance (6,267)
Income Tax (47,817)
SEBI (5,166)
Service Tax (4,698)