Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


R.M. Sales Corporation v ITO (2024) 230 TTJ 701 / 240 DTR 201 / 38 NYPTTJ 929 / 167 taxmann.com 679 (Amritsar)(Trib)

S. 69A : Unexplained money-Cash deposit-Demonetization-Sufficient stock-Sales-Sales shown in VAT return-Addition is deleted.

ITO v. Mayurbhanj Central Cooperative Bank Ltd. (2024) 230 TTJ 655 / 240 DTR 17 / 38 NYPTTJ 807 (Cuttack)(Trib)

S. 69A : Unexplained money-Demonetisation-Bank notes-Complete record is maintained-Receipts from the customers cannot be assssed as unexplained.

Trio Mercantile & Trading Ltd. v. ITO (2024) 230 TTJ 64 (UO)/ 167 taxmann.com 692 (Mum) (Trib)

S. 68 : Cash credits-Brokerage on sales-Cannot be considered ad bogus-Books of account not rejected-Recovery from debtor-Advance given in earlier years-Cannot be assessed as cash credits-Business advances-Confirmations filed-Short term advances-Leger account and bank statement is filed-Cannot be assessed as cash credits-Payment made to purchase of goods-Not assessable as cash credits-Credit sales-Cannot be assessed as cash credits.

White Willow v. ITO (2023) 37 NYPTTJ 1154 / (2024) 230 TTJ 969 / 240 DTR 193 (Surat)(Trib)

S. 68 : Cash credits-Loan-Produced confirmation, PANs, bank statements and acknowledgements of IT returns of the lenders-Addition is deleted.

Rohit Devendra Goyal v. ITO (2024) 230 TTJ 561 / 38 NYPTTJ 477 (Mum) (Trib)

S. 68 : Cash credits-Long tern capital gains-Sale of shares-Penny stock-General report of investigation wing-UD Ltd-Consideration received through online trading through BSE platform-Shares have been credited in the demat account and transferred out of demat account at the time of sale-Denial of exemption is not justified-Sale consideration cannot be assessed as cash credits.[S 10(38), 45, 68 69C]

DCIT v. Rabindra Enterprises (P) Ltd(2023) 37 NYPTTJ 1727 / (2024) 230 TTJ 852 / 208 ITR 349 (Kol)(Trib)

S. 68 : Cash credits-Share application money-Filed copy of PAN card, share application form, allotment advices, relevant bank statements, returns for the relevant assessment year, audited financial statements, etc-Established identity and creditworthiness-Summons complied with-Reply to notice u/s 133(6)-Order of CIT(A) deleting the addition is affirmed. [S. 131, 133(6)]

DCIT v. Jain Carrying Corporation (2024) 230 TTJ 589 / 38 NYPTTJ 546 (Jodhpur)(Trib)

S. 68 : Cash credits-Accommodation entries-Entry operator-Dummy companies Statement of former director-Not specifying the name of the assessee-Filed confirmation letter, PAN, financial statements, copy of income tax return-Interest paid-Loan is treated as genuine-Addition is deleted. [S.131, 133(6)]

DCIT v. D.S. Developers (2024) 230 TTJ 25 / 238 DTR 369 / 38 NYPTTJ 141 (Jodhpur)(Trib)

S. 68 : Cash credits-Capital account-Partner-Difference-Matter remanded to the AO for verification-Sundry creditors-Filed confirmation-Addition is deleted-Unexplained investment-Project-Merely on the basis of report of the inspector addition cannot be made. [S. 69]

Aadhaar Wholesale Trading & Distribution Ltd v. ACIT (2024) 230 TTJ 804 / 240 DTR 273 / 38 NYPTTJ 482/ 167 taxmann.com 526 (Mum)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Identity and genuineness is proved-Order of CIT (A) deleting the addition is affirmed-Reassessment-Change of opinion-Reassessment is quashed-Commercial decision-Subsidiary-Deemed company in which the public are interested-Provisions of Section 56(2)(viib) is not applicable [S. 2(18), 52(2)(viib), 147, 148]

Deepa Pamnani (Ms) v. ITO (2024) 230 TTJ 897 / 241 DTR 170 / 38 NYPTTJ 814/ [2025] 170 taxmann.com 163 (Mum) (Trib)

S. 68 : Cash credits-Capital gains-Sale of shares-Received by gift-Stamp duty paid-Sale consideration cannot be assessed as cash credit-Assessable as long term capital gains. [S.45, 49(1)]