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Archive for the ‘Income-Tax Act’ Category


Kasturi Rashi Development v. ITO (2022) 213 DTR 137/ 217 TTJ 586 (SMC) (Pune) (Trib)

S. 68 : Cash credits-Accommodation entries-Praveen Kumar Jain group-Mohit International-Reassessment is valid–Builder from Pune-Loan from Surat-Admission by accountant-Alleged accommodation entries-Addition is justified-Claim for cross examination was not made before the Assessing Officer-Absence of opportunity for such Cross examination cannot be a ground for quashing the assessment orders. [S. 131, 147, 148]

Jagati Publications Ltd. v. ACIT (2022) 215 TTJ 818 / 210 DTR 137 (Hyd)(Trib) Editorial: Special Bench constituted was quashed Jagati Publications Ltd. v. President ITAT (2015) 377 ITR 31/ 279 CTR 271/ 124 DTR 131 (Bom)(HC). SLP of Revenue is pending and No stay of proceedings. (Diary No. 42483 / 2015 filed on 18th December, 2015. Case No SLP (c) No. 005296 / 2016 Registered on 19th Feb, 2016, SLP (C) No. 001974 /2016, Registered on 29th Jan. 2016.

S. 68 : Cash credits-Share premium-Income from other sources-Confirmation was filed-Valuation report was filed-Discounted Cash Flow Method (DCF)-Additional evidence filed by the Revenue-Share holders have replied to notices sent under section 133(6) of the Act-Receipt cannot be taxes as Revenue receipts-additional evidence filed by the Revenue was not admitted-Genuineness and creditworthiness was proved-Addition was deleted. [S. 28(iv), 56(1), 133(6), 263, ITAT R. R. 29]

Kamlesh Gupta v. Dy. CIT (2022) 215 TTJ 154 (Mum)(Trib)

S. 68 : Cash credits-Purchase and sale of shares of JMD Ltd-Addition was deleted-Long term capital gains-Reassessment was affirmed. [S. 10(38), 45,69C, 147, 148]

Chhattisgarh Metaliks & Alloys (P)Ltd. v. ITO (2022) 220 TTJ 99 / 219 DTR 18 (Raipur)(Trib)

S. 68 : Cash credits-Share application money-Withdrawal from capital account of partner-Onus discharged-Addition was deleted.

SCC Investments v. ITO (2022) 98 ITR 38 (SN) (Raipur)(Trib.)

S. 68 : Cash credits-Unsecured loan-Voluntarily disclosing Rs. 22 crores before Settlement Commission-Amount laundered and re-introduced in garb of unsecured loan through bank account of creditor-Interest expenditure not allowable. [S. 37(1), 131, 132(4)]

Sarika A. Sanap v. ACIT (2022) 98 ITR 44 (SN) (Pune) (Trib)

S. 68 : Cash credits-Long-term capital gains-Penny stocks–Price of little known shares increasing 56 times in 28 months-Denial of exemption is affirmed.[S. 10(38) 45, 131]

Ranganath Salke v. Add. CIT (2022) 98 ITR 21 (SN) (Pune)(Trib)

S. 68 : Cash credits-Agricultural income-Failure to produce evidence-Agricultural income was estimated of Rs. 5 lakhs and balance addition of Rs. 48 lakhs was confirmed. [S. 10(1)]

Nuland Infrastructure (P.) Ltd. v. ITO (2022) 98 ITR 28 (SN)(Hyd) (Trib)

S. 68 : Cash credits-Investors declaring meagre income or not filing returns-Investments made through banking channels not sufficient-Additions was confirmed.

Dy. CIT v. R. Geetha (Smt.) (2022) 98 ITR 50 (SN)(Chennai) (Trib)

S. 68 : Cash credits-Unexplained investment-Partner-Reconciliation was filed-Deletion of addition is justified.

Dy. CIT v. Arun Singhania (2022) 98 ITR 12 (SN) (Raipur)(Trib)

S. 68 : Cash credits-Firm-Partner-Cash reflected in the ledger account of the firm-Deletion of addition is justified.