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Pune ITAT Ruling Tightens Scrutiny on Real Estate Customer Advances
Pune ITAT ruling clarifies Section 68 applies to real estate customer advances, increasing scrutiny on unexplained credits for developers.
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ITAT Ruling Reinforces Evidentiary Standards in Penny Stock Tax Disputes
In a significant ruling for taxpayers, the Income Tax Appellate Tribunal (ITAT) recently overturned a tax addition under Section 68 of the Income Tax Act, asserting that mere suspicion or…
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Allahabad High Court Limits Tax Department’s Power in Section 68 Share Capital Additions
The Allahabad High Court recently ruled that the Income Tax Department cannot arbitrarily add share capital amounts to an assessee's taxable income under Section 68 of the Income Tax Act…
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ITAT Ruling Strengthens Taxpayer Defense Against Section 68 Additions
The Income Tax Appellate Tribunal (ITAT) recently ruled in favor of an assessee, deleting a contentious addition under Section 68 of the Income Tax Act after determining that a mere…
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ITAT Bangalore Rules Re-Deposited Withdrawn Cash Not ‘Unexplained’
Discover how ITAT Bangalore ruled that re-depositing previously withdrawn cash for business expenses isn't unexplained income under Section 68.
Posted inTaxation and Legal Insights
ITAT Reaffirms Opening Balances Cannot Be Taxed Under Section 68
The Income Tax Appellate Tribunal (ITAT) has delivered a landmark ruling reaffirming that tax authorities cannot tax opening balances carried forward from previous years under Section 68 of the Income…