Original Gazette enactment assented to on 21 August 2025 and commencing on 1 April 2026.
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Linked demo matterSuryanetra ComponentsSection 68 issue Research Beta
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Income-tax Act, 2025
Complete enacted structure index · 536 sections · 23 chapters · 16 schedules
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Open official source ↗Official public corpus · 7 sources · 14 entries · as of 10 Sep 2026
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1 of 552 indexed entriesIncome-tax Act, 2025 index
Section 68Official Gazette index
Capital gains on distribution of assets by companies in liquidation.
Chapter IV · COMPUTATION OF TOTAL INCOME
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Income Tax Department, Ministry of Finance, Government of India · Section 68, opening words
OFFICIAL SOURCESection 68: unexplained credit
Section 68 permits a credit to be charged to tax when no explanation of its nature and source is offered, or the Assessing Officer finds the explanation unsatisfactory.
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Where any sum is found credited in the books of an assessee maintained for any previous year
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Matched section 68 and curated term section.
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Income Tax Department, Ministry of Finance, Government of India · Section 68, loan or borrowing proviso
OFFICIAL SOURCESection 68: loan or borrowing proviso
For a loan or borrowing, section 68's proviso addresses an explanation by the person in whose name the credit is recorded and the Assessing Officer's satisfaction.
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where the sum so credited consists of loan or borrowing or any such amount, by whatever name called
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Matched section 68.
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Authorities connected to the implemented tax issues
Search curated Supreme Court, High Court and ITAT authorities for unexplained credits, evidence and reassessment procedure. Read only excerpts with a verified source and pinpoint. Records with metadata only never substitute generated text for the judgment.
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13 authorities
13 of 13 judicial authorities shown.
Supreme Court
Principal Commissioner of Income Tax (Central)-1 v. NRA Iron & Steel Pvt. Ltd.
Civil Appeal No. 2463 of 2019 · 5 Mar 2019
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Primary evidentiary onus for identity, investor creditworthiness and genuineness where share capital or premium is examined under section 68.
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the initial onus is on the Assessee to establish by cogent evidence the genuineness of the transaction, and credit-worthiness of the investors
Official judgment PDF p. 15, para 8.2
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
Supreme Court
Commissioner of Income Tax, Orissa v. Orissa Corporation (P) Ltd.
Civil Appeal Nos. 1379–1380 (NT) of 1974 · 19 Mar 1986
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Treatment of cash-credit evidence, creditor particulars and the limits of interference with a Tribunal finding based on some evidence.
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cash credits which are not satisfactorily explained might be assessed as income
Repository judgment, reported pp. 984G–985C
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
Supreme Court
Commissioner of Income Tax v. P. Mohanakala
Civil Appeal No. 2540 of 2007 · 15 May 2007
Legitimate public repositorySource + passage verified
Objective formation of the assessing officer's opinion on an explanation concerning credits recorded in the assessee's books.
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Application of mind is the sine qua non for forming the opinion.
Repository judgment, section 68 discussion following the reproduced provision
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
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- Not lawyer reviewed
Supreme Court
Sumati Dayal v. Commissioner of Income Tax, Bangalore
1995 Supp (2) SCC 453 · 28 Mar 1995
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Evaluation of an explanation for credited receipts against surrounding circumstances and human probabilities.
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The matter has to be considered in the light of human probabilities.
Repository judgment, para 13
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
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- Not lawyer reviewed
Supreme Court
GKN Driveshafts (India) Ltd. v. Income Tax Officer
Civil Appeal No. 7731 of 2002 · 25 Nov 2002
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Procedure after receipt of a section 148 notice, including reasons, objections and their disposal before reassessment proceeds.
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the assessing officer is bound to dispose of the same by passing a speaking order
Repository judgment, final procedural direction
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
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- Not lawyer reviewed
Supreme Court
Assistant Commissioner of Income Tax v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.
Civil Appeal No. 2830 of 2007 · 23 May 2007
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Scope of reassessment where the original return was processed by intimation under section 143(1), rather than assessed under section 143(3).
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
Supreme Court
Income Tax Officer v. Lakhmani Mewal Das
Civil Appeal No. 2526 of 1972 · 30 Mar 1976
Legitimate public repositorySource + passage verified
Required nexus between material available to the assessing officer and the belief that income escaped assessment.
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Rational connection postulates that there must be a direct nexus or live link between the material
Repository judgment, reported p. 965B–D
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
Supreme Court
Chhugamal Rajpal v. S. P. Chaliha
Civil Appeal No. 1311 of 1967 · 21 Jan 1971
Legitimate public repositoryMetadata only
Recorded reasons and application of mind by the sanctioning authority before a section 148 notice is issued.
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
Supreme Court
Union of India v. Ashish Agarwal
2022 INSC 510 · 4 May 2022
Official court sourceSource + passage verified
Treatment of reassessment notices issued under the former regime after 1 April 2021 and directions for the section 148A process.
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shall be deemed to have been issued under section 148A
Official judgment PDF p. 27, direction (i)
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
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- Not lawyer reviewed
Supreme Court
Union of India v. Rajeev Bansal
2024 INSC 754 · 3 Oct 2024
Official court sourceSource + passage verified
Interplay of the reassessment regime, statutory time limits and the effect of non-compliance with jurisdictional preconditions.
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A notice issued without complying with the preconditions is invalid as it affects the jurisdiction of the assessing officer.
Official judgment PDF p. 110, para 113
- Court
- Supreme Court of India
- Jurisdiction
- India
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
ITAT
Khoobsoorat Fabrics Pvt. Ltd. v. Income Tax Officer
ITA No. 428/Del/2024 · 11 Sept 2024
Official court sourceSource + passage verified
Whether disclosed cash sales, without more, support an addition under section 68 on the facts recorded by the Tribunal.
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merely because the assessee has disclosed sales in cash this year would not be sufficient to tax such amount u/s 68
Official order PDF p. 22, para 5
- Court
- Income Tax Appellate Tribunal, Delhi Bench SMC
- Jurisdiction
- Delhi (Tribunal)
- Retrieved
- 11 Sept 2026
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- Not lawyer reviewed
High Court
Commissioner of Income Tax v. Nova Promoters & Finlease (P) Ltd.
2012:DHC:1057-DB · 15 Feb 2012
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Evidence evaluation for share-application credits where the record included investigation material concerning accommodation entries.
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The evidence adduced by the assessee has to be examined not superficially but in depth
Official judgment PDF p. 15, para 18
- Court
- High Court of Delhi
- Jurisdiction
- Delhi
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed
High Court
Commissioner of Income Tax v. Oasis Hospitalities (Pvt.) Ltd.
2011:DHC:567-DB · 31 Jan 2011
Official court sourceSource + passage verified
Nature and source evidence for share-application money, including the inquiry into identity, creditworthiness and transaction genuineness.
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burden of proof is on the assessee to provide nature and source of those receipts
Official judgment PDF p. 4, para 5
- Court
- High Court of Delhi
- Jurisdiction
- Delhi
- Retrieved
- 11 Sept 2026
- Review state
- Not lawyer reviewed