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Section 68

Latest Articles


Cash Deposits in Cases of Businesses Covered under Presumptive Taxation

Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...

May 9, 2025 16935 Views 0 comment Print

Unaccounted deposits treated as Liabilities, and not income?

Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...

April 12, 2025 741 Views 0 comment Print

Penny Stocks and Legal Framework: Strengthening Revenue’s Position

Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...

March 28, 2025 369 Views 0 comment Print

Unexplained Cash Credits & Section 68: Tax & Legal Aspects

Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...

February 13, 2025 1971 Views 1 comment Print

When Do Section 68 and Section 69 of Income Tax Apply?

Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...

January 29, 2025 1803 Views 0 comment Print


Latest Judiciary


Section 68 Addition Unjustified for Deposits of Taxed Cash Sales during Demonetization

Income Tax : ITAT Mumbai dismisses revenue appeal against Aries Agro Ltd., affirming deletion of Section 68 additions for demonetization cash d...

May 21, 2025 78 Views 0 comment Print

Cash credit addition not sustained as re-payment of loans in subsequent year accepted

Income Tax : ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted ...

May 21, 2025 294 Views 0 comment Print

Reopening u/s. 147 quashed as based on vague reasons and non-application of mind

Income Tax : ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything...

May 19, 2025 420 Views 0 comment Print

Reopening u/s. 148 merely on the basis of change of opinion is bad-in-law

Income Tax : ITAT Jaipur held that reopening under section 148 r.w.s. 148A is bad-in-law and liable to be quashed in as much as reopening was m...

May 17, 2025 873 Views 0 comment Print

Section 68 Addition based on non-appearance of directors not sustainable: ITAT Mumbai

Income Tax : ITAT Mumbai held that mere non-appearance of directors is no basis for invoking provisions of section 68 of the Income Tax Act. Ac...

May 17, 2025 339 Views 0 comment Print


Latest Notifications


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

Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...

January 10, 2018 29442 Views 3 comments Print


Latest Posts in Section 68

Section 68 Addition Unjustified for Deposits of Taxed Cash Sales during Demonetization

May 21, 2025 78 Views 0 comment Print

ITAT Mumbai dismisses revenue appeal against Aries Agro Ltd., affirming deletion of Section 68 additions for demonetization cash deposits.

Cash credit addition not sustained as re-payment of loans in subsequent year accepted

May 21, 2025 294 Views 0 comment Print

ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted the re-payment of loans in subsequent year. Accordingly, addition confirmed by CIT(A) deleted and appeal allowed.

Reopening u/s. 147 quashed as based on vague reasons and non-application of mind

May 19, 2025 420 Views 0 comment Print

ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed.

Reopening u/s. 148 merely on the basis of change of opinion is bad-in-law

May 17, 2025 873 Views 0 comment Print

ITAT Jaipur held that reopening under section 148 r.w.s. 148A is bad-in-law and liable to be quashed in as much as reopening was merely on the basis of change of opinion. Accordingly, appeal of assessee allowed and reopening quashed.

Section 68 Addition based on non-appearance of directors not sustainable: ITAT Mumbai

May 17, 2025 339 Views 0 comment Print

ITAT Mumbai held that mere non-appearance of directors is no basis for invoking provisions of section 68 of the Income Tax Act. Accordingly, addition towards share application money and share premium is liable to be deleted.

Section 131 Summons Non-Compliance Not Sufficient for Share Capital Addition u/s 68

May 17, 2025 258 Views 0 comment Print

ITAT Kolkata rules addition under Section 68 for share capital invalid solely due to non-compliance with summons when evidence was furnished.

No Section 68 addition for Share Capital Not Received During the Year

May 17, 2025 363 Views 0 comment Print

Kolkata ITAT removes Rs 1.43 crore addition on share capital, citing funds received in prior years and adequate documentation for current year’s receipts.

Addition u/s. 68 without considering revised gross receipts not sustainable

May 16, 2025 210 Views 0 comment Print

ITAT Mumbai held that the cash deposited is out of the gross receipts and that once gross receipts are disputed then no addition is sustainable under section 68 of the Income Tax Act. Accordingly, appeal allowed to that extent and addition deleted.

Transactions of shares shown as stock-in-trade cannot be treated as unexplained cash credit

May 15, 2025 222 Views 0 comment Print

ITAT Kolkata held that the transaction cannot be treated as unexplained cash credit under section 68 of the Income Tax Act since the transaction of the shares were shown as stock in trade in assets side of the balance sheet and sale as revenue in profit & loss account.

Addition u/s. 68 towards bogus share capital/ premium deleted as genuineness of transaction proved

May 15, 2025 171 Views 0 comment Print

Calcutta High Court held that addition u/s. 68 of the Income Tax Act towards bogus share capital and share premium duly deleted by CIT(A) since identity and creditworthiness of the share subscribers alongwith genuineness of transactions duly proved.

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