Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : ITAT Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected unde...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers' hands cannot b...
Income Tax : Calcutta HC dismissed the Revenue's appeal after the remand report confirmed the disputed receipt was sale proceeds of investments...
Income Tax : ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue's appeals wer...
Income Tax : ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as i...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed.
Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price manipulation. The Income tax Act, 1961, contains provisions such as Section 68 (Unexplained Cash Credits) and Section 10(38) (Exemption on Long Term Capital Gains LTCG) to prevent tax evasion through sham transactions involving these stocks.
ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Assessee is not required to prove the source of the amount in the bank accounts of the cash creditors. Thus, addition u/s. 68 deleted since genuineness of transaction proved.
During the course of search and seizure operation, several incriminating documents related to the assessee were found and seized from the residential premises of Shri Prashant Bongirwar.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
DCIT Vs Meridian Chem Bond Private Limited (ITAT Pune) Does Proving the Three Main Ingredients by Assessee U/S 68 Shift the Burden of Proof On AO? Assessee is a company that duly files its return of income. The Revenue carried a search in case of another group concern & it was discovered that it was […]
ITAT Ahmedabad dismisses ITO’s appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues include Section 148 and cash credits.
ITAT Lucknow rules that additions under Section 68 require incriminating evidence. ₹2 crore cash credit addition against Ocean Dream Infrastructures is deleted.
ITAT Pune rules that ₹10 lakh from truck sale via banking channel is not unexplained cash credit under Section 68, setting aside CIT(A)’s findings.
Bombay HC rules unexplained bank credits are taxable under Sec 68. Orders probe into accommodation entry racket by Buniyad Chemicals.
