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ITAT Remands Rs 1.30 Crore Loan Addition Case for Fresh Verification
Learn how the ITAT Mumbai admitted new evidence regarding a Rs 1.30 crore loan addition under Section 68 and remanded the matter for re-evaluation.
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Low Income Does Not Equal Low Creditworthiness Under Section 68
Discover why low returned income does not automatically prove lack of creditworthiness under Section 68 based on recent appellate tribunal rulings.
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ITAT Raipur Upholds Deletion of Rs 1.15 Crore Section 68 Addition on Repaid Loans
ITAT Raipur confirms deletion of Rs 1.15 crore Section 68 addition and interest disallowance after verifying loan repayments.
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C&AG Flags Errors in Taxation of Unexplained Transactions – Sections 68 to 69D & 115BBE
Discover how the CAG audit exposes critical gaps in taxing unexplained income and assets under Sections 68 to 69D and 115BBE.
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Bangalore ITAT Rules Demonetised Notes for Loan Recovery Are Not Taxable Under Section 68
The Bangalore ITAT ruled that demonetised notes accepted for loan recoveries are not taxable under Section 68, easing tax burdens for cooperatives.
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Panaji ITAT Rules AO Cannot Tax Loan Merely Doubting Creditor’s Creditworthiness
The ITAT ruled that tax officers cannot tax genuine loans under Section 68 solely by questioning a creditor financial standing.
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Bangalore ITAT Rules Demonetised Notes for Loan Recovery Not Taxable Under Section 68
The Bangalore ITAT ruled that demonetised notes deposited for loan recovery are not taxable under Section 68, offering major relief to cooperatives.
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ITAT Mumbai Deletes ₹1.71 Crore Section 68 Addition on Advance Received & Refunded Through Banking Channels
Discover how ITAT Mumbai cleared a 1.71 crore tax addition under Section 68 by proving the transparency of advances refunded via banking channels.
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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…