Section 68 of Income Tax Act

Income Tax

Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT | Biz Flow Kit
Byadmin June 30, 2026

Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT The ITAT Delhi Bench has clarified that an addition under Section 68 of the Income Tax Act cannot be made merely because there is a difference in the closing balance of a trade creditor when the purchases,…

Read More Mere Difference in Trade Creditor Closing Balance Cannot Justify Section 68 Addition When Purchases Are Accepted, Rules ITAT | Biz Flow Kit
Income Tax

ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities | Biz Flow Kit
Byadmin May 25, 2026

ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities The ITAT Bangalore condoned a 140-day delay in filing the appeal, holding that substantial justice should prevail over technical limitations. Observing the assessment was high-pitched, the Tribunal set aside the CIT(A)’s order and remanded the matter for fresh adjudication on merits after hearing the…

Read More ITAT Condoned 140-Day Delay, Says Substantial Justice Must Prevail Over Technicalities | Biz Flow Kit
Income Tax

Borrowed Satisfaction Cannot Justify Section 147 Reassessment, Rules ITAT Delhi | Biz Flow Kit
Byadmin May 22, 2026

Borrowed Satisfaction Cannot Justify Section 147 Reassessment, Rules ITAT Delhi The ITAT Delhi has recently held in favour of Peakwood Reality Private Limited by deleting the impugned addition amounting to Rs 72.45 crore made by the Income Tax Authorities under Section 68 of the Income Tax Act on the grounds that the loans received by…

Read More Borrowed Satisfaction Cannot Justify Section 147 Reassessment, Rules ITAT Delhi | Biz Flow Kit