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 : Read the detailed analysis of ITO Vs Neetaben Snehalkumar Patel (ITAT Ahmedabad) where Section 254(2) was scrutinized for rectific...
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 : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable.
ITAT Bangalore held that provisions of section 68 of the Income Tax Act are not applicable to the remittance made in India by non-resident.
Once the mistake is brought to fore and is in knowledge of the authority, it is incumbent upon the authority, who is possessed with all the powers, to take a deep dive into the matter to ascertain the correct facts and understand the mistake as well as see how the effect of mistake was mitigated.
Kumar Construction Vs DCIT (ITAT Patna) Claim of the assessee firm rejected by the AO merely on the ground that capital has not been introduced by the partners through banking account is unjustified. Therefore, it is perverse and liable to be rejected and to substantiate the claim of assessee, the AR relied on the decision […]
South West Drilling and Infrastructure Ltd Vs ACIT (ITAT Delhi) ITGAT find that the facts and circumstances narrate in the order of the authorities below clearly indicate that it is classic case of circuitatious rotation of unaccounted money. The lender has no identity in as much it is nonexistent its sources of credits itself is […]
ITAT Mumbai held that loan lying in the proprietorship concern books of the assessee is converted as gift during the year under consideration hence there was no fresh receipt of money. Accordingly, addition under section 68 of the Income Tax Act is unsustainable.
The ITAT deleted the additions made under Section 68 and 69C on the reasoning that AO was unable to establish links between the evidence collected.
The ITAT on the issue of addition under Section 68 observed that in the impugned Assessment Order, the AO has passed the impugned Assessment Order in a hurried manner even without pointing out any defect or discrepancy in the evidences and details furnished by the assessee. Therefore, additions under Section 68 were ordered to be deleted.
ITAT Mumbai held that addition u/s 68 justified as investment made by the companies in the assessee company lacks trust and details of transactions submitted by the assessee didn’t inspire confidence as the credibility of the companies are questionable as per the financials of the same.
ITAT Bangalore held that for invoking the provisions of unexplained cash credit u/s 68 there has to be entries in the books of account for which no explanation should have been offered. As the declaration provided by the assessee is self-explanatory the provisions of section 68 cannot be invoked.
