Income Tax : Explore the discussion between CA Micky and CA Mini on Sections 68 & 44AD of the Income Tax Act. Learn about unexplained cash cred...
Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Income Tax : Explore Section 68 of the Income Tax Act with our comprehensive guide on cash credits. Learn about its purpose, scope, and legal f...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : ITAT Ahmedabad held that genuineness of transaction, creditworthiness and identity of creditors not proved, hence addition u/s. 68...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge th...
Income Tax : ITAT Pune directed addition u/s. 68 of the Income Tax Act towards unsecured loans as appellate deliberately withhold information f...
Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
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 Delhi held that addition under section 68 towards unsecured loan amount unjustified as identity and creditworthiness of creditors and genuineness of transaction duly proved by way of documentary evidences.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t attract as unsecured loan availed was repaid in the next financial year through cheque payments to the creditor and bank statement thereof was filed.
ITAT Mumbai sets aside CIT(A) order in Vimal Kishor Shah vs ITO case, ruling purchases reflected in books can’t be treated as unexplained investment.
ITAT Delhi deletes section 68 addition in B N Public School vs ACIT, confirming no separate PAN or return needed for institution owned by trust/society.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as genuineness of transaction and creditworthiness of lender duly proved.
ITAT Delhi held that addition based on incriminating material found during the search carried out of ‘some other person’ i.e. third person/ party and assessing the same by invoking provision of section 147 instead of section 153C is unsustainable.
ITAT Delhi held that addition towards unexplained cash credit under section 68 of the Income Tax Act unsustainable as nature and source of credit duly explained by the assessee.
ITAT Mumbai held that addition of unexplained investment u/s 68 sustained as genuineness of transaction in shares not proved. Further, SEBI also found manipulative trade executed in entities to whom shares were sold by the assessee.
ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable.
Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand when these sections apply, burden of proof, and tax rates if found guilty. Stay informed about transparency and compliance in financial dealings under Indian income tax law.
