Section 68

Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

Income Tax - This Article discusses Tax Treatment of Cash Credit,Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....

Read More

Tax Treatment of Gifts Received By an Individual or HUF

Income Tax - A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to tax ability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If […]...

Read More

Tax @ 82.50% even if you received amount via proper banking channels

Income Tax - Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...

Read More

No Set off of losses against deemed undisclosed income

Income Tax - In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D....

Read More

Income Tax on Shares Buy Back by Unlisted Companies

Income Tax - As we know, a company is a safer form of doing business. A company is a separate person than its shareholders/ members; it has its own personality and having power to assessed separately. The shareholders or members of the company are the real owners of the assets of the company. The company is doing business for the benefit of its stake ...

Read More
Sorry No Post Found

Bogus LTCG from Penny stocks- ITAT Confirms Addition for failure to explain Jump in Price

Sanjay Bimalchand Jain Vs Pr CIT (Bombay High Court) - By this income tax appeal, the appellant ­assessee challenges the orders of the Assessing Officer, the Commissioner of Income Tax as also the Income Tax Appellate Tribunal holding that the assessee had traded in shares and the income was liable to be taxed as business income....

Read More

AO cannot treat advances as gift merely on assumptions and presumptions

Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai) - Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai) The AOs case is that the assessee has received money without any consideration which is taxable under the provisions of section 56(2)(vi) of the Act. The AO has brought out number of reasons to come to the conclusion that money is taxable u/s 56(2)(v...

Read More

Accommodation entries: AO cannot make addition without showing that explanation of Assessee is not satisfactory or incorrect

ITO Vs. Shreedham Construction Pvt Ltd (ITAT Mumbai) - ITO Vs. Shreedham Construction Pvt Ltd (ITAT Mumbai) Section 68 casts the initial burden of proof on the assesse to show prima facie and to explain the nature and source of credit found in its When the statute places the burden of proof in income tax cases on the tax payer, it is understood to [&hel...

Read More

Voluminous documents produced by Assessee cannot be discarded merely on the basis of statement of two individuals

Pr CIT Vs Paradise Inland Shipping Pvt. Ltd (Bombay High Court at Goa) - Pr CIT Vs Paradise Inland Shipping Pvt. Ltd (Bombay High Court) Once the Assessee has produced documentary evidence to establish the existence of such Companies, the burden would shift on the Revenue-Appellants herein to establish their case. In the present case, the Appellants are seeking to rely u...

Read More

Confirmation letter by creditor establishes only identity & not creditworthiness & genuineness

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) - A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) Merely furnishing of confirmation letter by a creditor, as it again well settled, does not would at best only establish identity of the creditors. There was nothing on record establishing creditworthiness of the creditors and/or genuineness of impugne...

Read More
Sorry No Post Found

Section 68’s Popular Posts

Recent Posts in "Section 68"

Bogus LTCG from Penny stocks- ITAT Confirms Addition for failure to explain Jump in Price

Sanjay Bimalchand Jain Vs Pr CIT (Bombay High Court)

By this income tax appeal, the appellant ­assessee challenges the orders of the Assessing Officer, the Commissioner of Income Tax as also the Income Tax Appellate Tribunal holding that the assessee had traded in shares and the income was liable to be taxed as business income....

Read More

AO cannot treat advances as gift merely on assumptions and presumptions

Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai)

Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai) The AOs case is that the assessee has received money without any consideration which is taxable under the provisions of section 56(2)(vi) of the Act. The AO has brought out number of reasons to come to the conclusion that money is taxable u/s 56(2)(vi) of the Act. […]...

Read More

Accommodation entries: AO cannot make addition without showing that explanation of Assessee is not satisfactory or incorrect

ITO Vs. Shreedham Construction Pvt Ltd (ITAT Mumbai)

ITO Vs. Shreedham Construction Pvt Ltd (ITAT Mumbai) Section 68 casts the initial burden of proof on the assesse to show prima facie and to explain the nature and source of credit found in its When the statute places the burden of proof in income tax cases on the tax payer, it is understood to […]...

Read More

Voluminous documents produced by Assessee cannot be discarded merely on the basis of statement of two individuals

Pr CIT Vs Paradise Inland Shipping Pvt. Ltd (Bombay High Court at Goa)

Pr CIT Vs Paradise Inland Shipping Pvt. Ltd (Bombay High Court) Once the Assessee has produced documentary evidence to establish the existence of such Companies, the burden would shift on the Revenue-Appellants herein to establish their case. In the present case, the Appellants are seeking to rely upon the statements recorded of two perso...

Read More

Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

This Article discusses Tax Treatment of Cash Credit,Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....

Read More
Posted Under: Income Tax | ,

Confirmation letter by creditor establishes only identity & not creditworthiness & genuineness

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai)

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) Merely furnishing of confirmation letter by a creditor, as it again well settled, does not would at best only establish identity of the creditors. There was nothing on record establishing creditworthiness of the creditors and/or genuineness of impugned loans and advances in the instant case...

Read More

Addition based on unauthentic / Unsigned Swiss bank statement U/s. 68 not sustainable

Shyam Sunder Jindal Vs. Asst. CIT (ITAT Delhi)

AO relied on copies of certain bank statement not bearing any signature of bank official--Authenticity of documents in question Where AO relying on certain loose papers, which were the copies of the bank statement not bearing any signature of the bank official, or the name of the bank or the place or the country where the branch was situa...

Read More

AO justified in making addition for unexplained amount deposited in bank

George Alexander Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

George Alexander Vs ACIT (ITAT Cochin)  The Assessing Officer in para 6 of the assessment order had catalogued the unexplained deposits in various bank accounts. While working out the unexplained deposits in the bank accounts of the assessee, the Assessing Officer had given due credit to the income declared by the assessee in the return...

Read More

Violation of SEBI regulations by broker would not make assessee’s share transactions bogus

ITO Vs. M/s Arvind Kumar Jain HUF (ITAT Mumbai)

It was held that where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income u/s 68....

Read More

S. 68 Principle of peak credit not applicable when deposits remain unexplained

CIT Vs D.K. Garg (Delhi High Court)

For adjudicating upon the plea of peak credit the factual foundation has to be laid by the assessee. He has to own all cash credit entries in the books of account and only thereafter can the question of peak credit be raised...

Read More
Page 1 of 1812345...10...Last »

Browse All Categories

CA, CS, CMA (3,571)
Company Law (3,567)
Custom Duty (6,737)
DGFT (3,538)
Excise Duty (4,060)
Fema / RBI (3,324)
Finance (3,551)
Income Tax (25,885)
SEBI (2,781)
Service Tax (3,296)

Search Posts by Date

January 2018
M T W T F S S
« Dec    
1234567
891011121314
15161718192021
22232425262728
293031