#Section 68
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Income Tax
Income Tax
Section 68- Trade credits cannot be taxed as unexplained cash credit
Income Tax
Income Tax
Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions
Income Tax
Income Tax
Penalty not justified on voluntary surrender of unexplained income
Income Tax
Income Tax
If AO not conducted proper inquiry, the obligation to do so is on CIT(A) & ITAT
Income Tax
Income Tax
S. 68 No Addition if Assessee discharges initial onus casted on him
Income Tax
Income Tax
Entire amount of deposit in bank cannot be treated as unexplained
Income Tax
Income Tax
S. 68 Addition based on mere report of Investigation Wing not sustainable
Income Tax
Income Tax
Sec. 269SS not violated in accepting share application money or deposit in cash
Income Tax
Income Tax
B/F unabsorbed depreciation can be set off against Unexplained Income U/s. 68
Income Tax
Income Tax
Purchases cannot be treated as bogus for none traceability of suppliers
Income Tax
Income Tax
Business loss can be set off against addition u/s. 68 or undisclosed income
Income Tax
Income Tax
Asset Side of Balance Sheet cannot be isolated from Liability side
Income Tax
Income Tax
ITAT deletes Addition for unexplained cash credit in the form of Share Capital & Share Premium
Income Tax
Income Tax
Agricultural receipts, duly shown in past & accepted by dept, cannot be added as cash credits
Explore the latest Section 68 updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
