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Section 69

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Undisclosed Sources of Income and Tax Rate Applicable [Section 68-69D of Income Tax Act,1961]

Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...

July 3, 2024 1386 Views 0 comment Print

Tax Liability on Unexplained Investment/Expenditure: Implications for Taxpayers

Income Tax : Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 6...

January 3, 2024 2244 Views 0 comment Print

Know in detail Section 68, 69, 69A, 69B, 69C & 69D of Income Tax Act, 1961

Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...

October 27, 2023 2832 Views 0 comment Print

Procedure For Buyback of Shares of Private/Unlisted Company

Company Law : Unlock the procedural intricacies of share buybacks in private/unlisted companies under the Companies Act, 2013. Explore the signi...

August 18, 2023 25377 Views 1 comment Print

Difference between section 68, 69, 69A, 69B, 69C and their Taxability

Income Tax : Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand...

August 17, 2023 5484 Views 0 comment Print


Latest Judiciary


Settlement commission offering immunity by accepting explanation in spirit of settlement cannot be faulted: Karnataka HC

Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...

August 16, 2024 54 Views 0 comment Print

CIT needs to independently apply his mind prior to invoking revisionary provisions u/s. 263: ITAT Kolkata

Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...

August 16, 2024 60 Views 0 comment Print

Assessment Under Section 44AD Instead of 44ADA: HC Upholds Section 263 Revision

Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...

August 16, 2024 270 Views 0 comment Print

Property improvement Expenses disallowed in absence of sufficient evidence

Income Tax : Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficie...

August 13, 2024 432 Views 0 comment Print

Section 2(14): No capital gains tax on Income proceeds from Agricultural Land

Income Tax : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...

August 13, 2024 438 Views 0 comment Print


ITAT deletes addition for duly explained peak balance in HSBC accounts

May 4, 2023 639 Views 0 comment Print

Nagappan Arunachalam Vs ITO (ITAT Delhi) The ld. CIT(A) has sustained an addition u/s 69A equal to 50% of the peak balance in HSBC accounts jointly held with the spouse. The Ld. CIT(A) erred in holding that the Appellant was not able to rebut the issues raised by the AO during remand proceedings as the […]

Addition u/s 68 untenable as AO failed to conduct independent investigation

May 3, 2023 4305 Views 0 comment Print

ITAT Mumbai held that addition under section 68 of the Income Tax Act untenable as AO failed to conduct any investigation or enquiry in respect of information submitted by the assessee. AO also failed to conduct independent investigation and simply relied on third party statements and facts.

Assessment framed on the basis of mere ‘base note’ is unsustainable

April 26, 2023 621 Views 0 comment Print

Pratap Joisher Vs ACIT (ITAT Mumbai) ITAT Mumbai held that assessment framed on the basis of ‘base note’ without preferring to collect evidence based on ‘consent waiver form’ is not sustainable in the eyes of law. Facts-On receiving information by the Central Board of Direct Taxes (CBDT) from French Authority under Article 28 of the […]

Section 68 & 115BBE cannot be invoked if assessee not required to maintain books of account

April 26, 2023 2916 Views 1 comment Print

Section 68 cannot be invoked if Assessee not required to maintain books of account. Section 115BBE comes into operation only in case of income referred in Section 68/69/69A/69B/69C and 69D

Undisclosed Income and its Taxability – Section 68 to Section 69D

April 24, 2023 6414 Views 0 comment Print

Explore the tax implications of undisclosed income from Section 68 to Section 69D. Learn about tax rates, explanations, and conditions to avoid penalties. A comprehensive guide for students.

Deeming provisions u/s 69 r/w section 115BBE doesn’t apply to income surrendered as account receivable

April 18, 2023 1941 Views 0 comment Print

ITAT Chandigarh held that the income so surrendered by way of account receivables cannot be brought to tax under the deeming provisions u/s 69 r/w section 115BBE of the Income Tax Act.

Where unexplained income cannot be entangled in clutches of Section 69 family

March 27, 2023 5439 Views 0 comment Print

DCIT Vs Shri Krishna Kumar Verma (ITAT Indore) Sections 68,69,69A,69B,69C and 69D may be called as Section 68 & 69 Family. However, they differ in as far as Burden of Proof is concerned. In sec 68, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under […]

Addition u/s 69A via rectification order u/s 154 based on surmises and conjectures unsustainable

March 16, 2023 1719 Views 0 comment Print

Pawan Raj Goyal Vs DCIT (ITAT Delhi) ITAT Delhi held that addition of unexplained money under section 69A of the Income Tax Act via rectification order passed under section 154 stating there was mistake apparent from record is based on surmises and conjectures and hence unsustainable. Facts- Assessee has preferred the present appeal contending that […]

Addition for Unexplained Jewellery – ITAT grants relief considering Status & Traditional Practices

March 13, 2023 456 Views 0 comment Print

Mohamed Mohideen Ayesha Nasreen Vs ACIT (ITAT Chennai) ITAT held that it could be seen that assessee is living with her husband and three children (Two daughters and one son) in USA. She has got married in the year 2003. In this letter, the assessee has submitted that approx. 1201 grams of jewellery belong to […]

Cash Deposit during Demonetization: ITAT confirm Addition partially in Absence of Statement of Affairs

March 10, 2023 4908 Views 0 comment Print

A. Manoharan Vs ITO (ITAT Bangalore) ITAT observe that the AO has made the addition under Section 69 of the Act of Rs.12,75,802/- for want of proper explanation of cash deposited during demonetisation period. The assessee tried to justify the same by submitted that the assessee had withdrawn cash from his Corporation Bank and Indian […]

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