S. 68 : Cash credits-Share capital and share premium-relevant documentary evidence of the companies in the form of replies to the notices issued under section 133(6), income tax returns as well as assessment orders furnished-addition made under section 68 not justified.[S. 133(6)]

S. 68:Cash credits-Cash deposit-Demonetisation period-Cash sales-Books not rejected-Genuineness of sales not doubted-Addition deleted.[S. 69, 143(3)]

S. 68 : Cash credites-Income from undisclosed sources-Sundry Creditors-reason for outstanding amount explained, consideration not in doubt and no evidence that parties paid from undisclosed sources, outstanding amount cannot be treated as bogus sundry creditors. Not always necessary that creditors should remain present in assessment of debtors, no reason to sustain addition to that extent. Non-receipt of confirmation could not result in addition. [S. 69,133(6)]

S. 68 : Cash credits-Share application money-Assessee is A Listed Company-Assessee Submitting Confirmations, Bank Statements, Returns of income and allotment advice of the allottees before AO-Primary Onus On Assessee To Establish Identity, Genuineness And Creditworthiness Of Creditors Proved Beyond Doubt-Assessee also provided source of source of investments —Addition is not valid.

S. 68 : Cash credits-Burden of Proof discharged by producing Lenders sworn statement admitting granting of loan, turnover alone could not be considered source of loan, credits could not be taxed.

S. 68 : Cash credits-Share capital and share premium received from companies-Replies of all companies to notice u/s. 133(6) filed-Burden of proof-Source of source of investors provided-Genuineness of transaction satisfied-Addition is not justified. [S. 133(6)]

S. 68 : Cash credits-Share premium-Share application-Statement recorded by the investigation wing is retracted-The assessee prima-facie has complied with the ingredients required u/s 68 of the Act of genuineness, identity and creditworthiness-The A.O has failed to make further enquiries and relied only on statement of the key person, which was retracted subsequently-Addition is deleted. [S. 132]

S. 68 : Cash credits-Cash deposits-Demonetization-Stock register-Tallied with quantity item of sales-Addition is deleted.[S. 133(6)] Tribunal held that addition u/s.68 on account of cash deposits cannot be made simply on the reason that during the demonetization period, cash deposits vis-a-vis cash sales ratio is higher. If the parties during the period of demonetization has purchased huge quantity of jewellery on cash which has been duly recorded in the books of accounts of the assessee and also tallying with the quantity of stock, then simply because there was a huge cash sales in that particular month cannot be the reason for treating it as undisclosed income from undisclosed sources. The parties to whom notices u/s. 133(6) were issued have confirmed the purchases but also filed the purchase bills. The ld. AO cannot disbelieve the purchases made from the assessee simply on the ground that those parties could not submit the source of their funds which is not the requirement of the assessee to prove specifically when assessee is a retail seller of jewellery and even law does not prohibit any cash sales or there is any requirement to seek any further detail. For this compliance assessee has also filed Form 61A before the ld. AO. Once, it has been established that sales representing outflow of stocks is duly accounted in the books of accounts and there are no abnormal profits during the year, then there is no justification why AO should treat the deposits made in the bank account out of cash sales to be income from undisclosed sources..[ITA. 1600/M/2023 & CO. 63/M/2023 Dated 26/07/2023.)(AY. 2017-18)

S. 68 : Cash credits-Cash deposits-Demonetization-Cash sales-Jewellery-Provided PAN and complete address of buyers-Stock register is maintained-Failure to enquire by the Assessing Officer under section 131 or 133(6)) of the Act-Addition is deleted.[S. 131, 133(6)]

S. 68 : Cash credits-Cash deposits-Demonetization-Burden is on the AO to prove.