Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


T.R. Pachamuthu v. ACIT (2024) 165 taxmann.com 178/ 228 TTJ 760 / 236 DTR 7 / 38 NYPTTJ 231 (Chennai) (Trib)

S. 68 : Cash credits-Voluntary Disclosure of Income Scheme, 1997-Payment of tax was made beyond time prescribed-Investment in earlier years-Addition is deleted. [VDIS, 1997]

ITO v. Sahana Jewellery Exports (P) Ltd. (2023) 157 taxmann.com 680/ 37 NYPTTJ 1721 / (2024) 228 TTJ 942 (Chennai) (Trib)

S. 68 : Cash credits-Cash deposits in bank-Demonetization-period-Distinction between cash credits and cash receipts towards sales-Trade advances-Subsequently converted in to sales-Cash receipts recorded in the books of account-Assessing Officer has not disputed the sales-Cash balance in the books as on 8 th November 2016 is higher than the cash deposited in the Bank-Not pointed out any discrepancy in purchases or stock-in-trade-Purchases and sales have been accepted by GST Authorities-Need not obtain confirmation-Law does not mandate-Rule 114B, for compliance of KYC norms in respect of sales exceeding Rs. 2lkhs is became mandatory w.e. f. 4th May 2023 under the Prevention of Money Laundering Act, 2002-Order of CIT(A) deleting the addition is affirmed. [S.115BBE, 131(1), 133(6)]

ITO v. Hemant Gokhru (2024) 165 taxmann.com 173 / 228 TTJ 697 / 237 DTR 17 / 38 NYPTTJ 102 (Jodhpur)(Trib)

S. 68 : Cash credits-Shares-Capital gain-Exemption-Transferred to Demat account-Amalgamated-Penny stock-Accommodation entry-Sunrise Asian Ltd-Cross examination not provided-Order of CIT(A) deleting the addition is affirmed.[S.10(38), 45, 69C]

DCIT v. Lepl Projects Ltd. (2024) 159 taxmann.com 709 /228 TTJ 633 / 38 NYPTTJ 276 (Hyd) (Trib)

S. 68: Cash credit-Abnormal profit of 92 percent from sub-contracts of Government construction projects-CIT(A) failure to examine the details of works contract-Matter remanded to the Assessing Officer to examine of the genuineness of the payments received by the assessee and decide accordingly. [S. 143(3)]

Cleartrip (P) Ltd v. DCIT (2023) 37 NYPTTJ 1373 / 156 taxmann.com 552 / (2024) 228 TTJ 178 / 235 DTR 129 (Mum) (Trib)

S. 68 : Cash credits-Share capital-Non-resident-Mauritius based holding company-Proviso does not apply to non-resident company-Proved identity and genuineness by filing the bank account statement of itself and the certificate of incorporation-Order of CIT(A) deleting the addition is affirmed.

ACIT v. Jagannathdas Harichandmal Jewellers (P) Ltd (2023) 37 NYPTTJ 1512 /(2024) 167 taxmann.com 17 / 228 TTJ 68 (Raipur)(Trib)

S. 68 : Cash credits-Share application money-Survey-Statement on oath-Retraction-Produced documents of all investors-Merely on the basis of statement addition is not valid-Reassessment-After the expiry of four years-Reassessment on the basis of statement in the course of survey is valid.[S.133A, 147, 148]

Aman Exports International v. Dy.CIT(2024) 228 TTJ 26 (UO) (Jaipur)(Trib)

S. 68 : Cash credits-Loan-Genuineness is proved-TDS deducted-Addition is deleted.

Modi Rubber Ltd. v. DCIT (2024) 228 TTJ 848 / 236 DTR 145 / 38 NYPTTJ 212 (Delhi)(Trib)

S. 45 : Capital gains-Full value of consideration-Amount kept in escrow account-Share purchase agreement-The unreleased amount kept is escrow account as deposits cannot be assessed as sale consideration-Amount can be taxed in later years in respective years of receipt or accrual.[S. 4,5, 48]

Aman Exports International v. Dy.CIT(2024) 228 TTJ 26 (UO) (Jaipur)(Trib)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Failure to produce the evidence to demonstrate that each bill is less than Rs.20,000-Addition is affirmed.

Royal Twinkle Star Club (P) Ltd. v.DCIT (2023) 152 taxmann.com 374 / 37 NYPTTJ 334 / (2024) 228 TTJ 991 (Mum) (Trib)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment made by Finance (No. 2) Act, 2014-Matter remanded to the Assessing Officer.