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...
ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL […]
Undisclosed income is the income which the assessee has not shown in his Income Tax Return and thereby not paid income tax on it. The primary objective of the Income tax department is to detect such undisclosed income and bring the same under the tax net. If the Assessing Officer detects cash credits, unexplained investments, […]
Explore Amit Acharya’s case at ITAT Ahmedabad involving unexplained cash credit and disputed capital gains. Understand the key findings and decisions.
Addition under section 68 on aacount of entire credits shown by assessee in form of realization from debtors was justified as the onus was primary on assessee to prove that the said cash was sourced by realization from debtors, which had not been proved by assessee except making an oral statement and taking credence from the entries passed by him in the books of accounts.
ACIT Vs Thatavarthi Ramesh Babu Kanuru (ITAT Visakhapatnam) It is no doubt true that the initial burden is upon the assessee to prove the correct value of the stock held by the assessee and he has to prove that the value reflected in the books of accounts is correct but the fact remains that the […]
Once receipt of share capital had been accepted as genuine within the ken of section 68 there was no reason for AO to doubt share premium component received from the very same shareholders as bogus in view of the fact that assessee had duly discharged burden cast on it to prove genuineness of transaction and identity and creditworthiness of share subscribers.
Sunshine Metals & Alloys Vs ITO (ITAT Mumbai) Section 68 Bogus share capital- Assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants. The assessee has also furnished its bank statement to show that the money was received through banking channels and there […]
Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable.
The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors.
The assessee is a company and is in the business of investment. An addition of unexplained cash credit u/s 68 of the Act, were made by the Assessing Officer on the ground that the assessee failed to explain the sources of funds for the share capital received by it at a premium. On appeal the ld.
