Section 68

Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Income Tax - Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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Section 68 -Accommodation entry- Bombay HC in PCIT vs Alag Securities Pvt Ltd

Income Tax - Article on Section 68 with recent development in Case Laws in Bombay High Court in case of Pr. CIT vs Alag Securities Pvt Ltd. vide ITA No. 1512 of 2017 dated June 12, 2020 UNXEPLAINED CASH CREDITS, INVESTMENT, MONEY UNDER PROVISIONS OF INCOME TAX ACT, 1961 CASH CREDIT [SECTION 68]  define as where any sum is […]...

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Taxation of Unexplained Incomes

Income Tax - Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained income...

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Intricacies in Benami Law

Income Tax - In recent times, the most complex question which has been pondered upon is in relation to the implications of Benami Law and Income Tax Act on the issues of share capital, loans, gift, gold/ jewellery, cash, immovable property or any investment/expenditure....

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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,Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of Income Tax...

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No section 68 Addition Merely on Suspicion of Accommodation Entry

ITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?...

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AO cannot change Share Valuation Method Opted by Assessee in Return

IBS Fintech India Pvt. Ltd Vs ITO (ITAT Bangalore) - The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?...

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Limited Scrutiny cannot be converted to Complete Scrutiny without following CBDT Circular

Shri Prabir Das Vs ITO (ITAT Guwahati) - whether the AO can expand the assessment from ‘Limited Scrutiny’ to ‘Complete Scrutiny’ without following the procedure as laid by the CBDT Circular?...

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ITAT delhi deletes Addition of LTCG on Penny stock

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi) - Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi) ITAT deleted addition made u/s 68 for alleged bogus LTCG of Rs.56,43,084/- on merits holding that Ld AO failed to bring any cogent material in addition to report of Directorate of Investigation Kolkata about Jamakharchi /Penny stock companies and conver...

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A Transaction not become Genuine merely for receipt via banking Channel

Shri M.Balakrishna Hegde Vs DCIT (ITAT Bangalore) - Whether AO is correct in considering the gift received by the assessee as unexplained gift and made addition u/s 68 when the Gift was received through banking channels?...

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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...

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Recent Posts in "Section 68"

No section 68 Addition Merely on Suspicion of Accommodation Entry

ITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi)

The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?...

Read More

AO cannot change Share Valuation Method Opted by Assessee in Return

IBS Fintech India Pvt. Ltd Vs ITO (ITAT Bangalore)

The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?...

Read More

Limited Scrutiny cannot be converted to Complete Scrutiny without following CBDT Circular

Shri Prabir Das Vs ITO (ITAT Guwahati)

whether the AO can expand the assessment from ‘Limited Scrutiny’ to ‘Complete Scrutiny’ without following the procedure as laid by the CBDT Circular?...

Read More

ITAT delhi deletes Addition of LTCG on Penny stock

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi)

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi) ITAT deleted addition made u/s 68 for alleged bogus LTCG of Rs.56,43,084/- on merits holding that Ld AO failed to bring any cogent material in addition to report of Directorate of Investigation Kolkata about Jamakharchi /Penny stock companies and convert its reasons into a fact , thereby [&he...

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Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

Read More

A Transaction not become Genuine merely for receipt via banking Channel

Shri M.Balakrishna Hegde Vs DCIT (ITAT Bangalore)

Whether AO is correct in considering the gift received by the assessee as unexplained gift and made addition u/s 68 when the Gift was received through banking channels?...

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AO cannot disallow Sum credit in books under Section 68

Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur)

The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?...

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Section 68: Creditworthiness of lender can’t be proved merely on strength of Bank Statement

Siddharth Export Vs ACIT (Delhi High Court)

The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?...

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Section 68 -Accommodation entry- Bombay HC in PCIT vs Alag Securities Pvt Ltd

Article on Section 68 with recent development in Case Laws in Bombay High Court in case of Pr. CIT vs Alag Securities Pvt Ltd. vide ITA No. 1512 of 2017 dated June 12, 2020 UNXEPLAINED CASH CREDITS, INVESTMENT, MONEY UNDER PROVISIONS OF INCOME TAX ACT, 1961 CASH CREDIT [SECTION 68]  define as where any sum is […]...

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Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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