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 : Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its ame...
Income Tax : Dhanpat Raj Khatri Vs ITO (ITAT Jodhpur) If the explanation based on accounts supported by affidavit is not controverted, no addit...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : Explore the full text of the ITAT Ahmedabad order where Neo Structo Construction Pvt. Ltd. successfully challenges a ₹3 Cr addit...
Income Tax : Read the full text of the ITAT Kolkata order in Keshav Shroff Vs ITO (AY 2016-17). Analysis shows why mere suspicion isn't enough ...
Income Tax : Read ITAT Kolkata's full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were dee...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in […]
Vikas Sharma Vs ITO (ITAT Mumbai) ITAT held that if the cash deposited in assessee’s bank account has already been taxed in the hands of M/s. Kareem’s Hospitality Pvt. Ltd (employer of assessee) or in the hands of the director of the assessee company Mr. Kareem Dhanani then no addition is warranted in the hands […]
ITAT Amritsar held that provisions of section 68 of the Income Tax Act is inapplicable as assessee does not maintain any books of accounts. Mere possession of pass book cannot be treated as books of accounts. Accordingly, addition u/s 68 unsustainable.
Unideep Food Vs T.K. Satapathy (Orissa high court) Orissa High Court held that assessee failed to produce any fresh affidavits proving that it had borrowed unsecured loans from lender farmers as directed by ITAT while remanding the matter. Accordingly, addition under section 68 sustained. Facts- This appeal by the Assessee is directed against an order […]
ITAT Amritsar held that section 68 of the Income Tax Act is not empowered to allow addition of sundry debtors/ advance to growers. Accordingly, addition of the same deleted.
Unexplained bank deposits cannot be considered under Section 68 and it falls under Section 69A. However, mentioning a wrong section by AO is not fatal.
ITAT Kolkata held that assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions. Accordingly addition made towards share capital and share premium u/s. 68 unsustainable.
Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]
Assessee failed to establish difference amount specified in Form 26AS and returns despite several opportunities – ITAT upheld addition
ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties.