Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. Naresh Jain (2024)116 ITR 307 (Jaipur)(Trib)

S. 69 : Unexplained investments-Appellate Tribunal-Cross appeal or cross objection-Right of assessee to support order on issue decided against him-Survey-Statement has no evidentiary value-Source of payment-Assessing Officer cannot ignore the registered document-Transaction pertaining to eight years prior to assessment year-Addition is deleted-Marriage expenses of son-expenditure recorded in books of assessee’s wife’s proprietary concern-Deletion is affirmed-Telescoping benefits to additional income and undisclosed outgoings. [S. 69C 131, 133A (3)(iii), 254(1), ITAT R. 27]

Uttam Das v. ITO (2024)116 ITR 55 (SN)(Kol)(Trib)

S. 68 : Cash credits-Long term capital gains-Information from Investigation Wing-Penny stock-Accommodation entries-Purchase in the year 2010-11-No sale during the year-Transaction cannot be assessed as bogus-Failure to mention section in the notice u/s 143(2)-Assessment order is defective-Credit for tax deduction at source-Issue is not adjudicated by Commissioner (Appeals)-The Assessing Officer is directed to verify the claim. [S. 45, 143(2), 143(3)]

Rashida Shakil Bhati v. ITO (2024)116 ITR 44 (SN) / 168 taxmann.com 274 (Mum)(Trib)

S. 68 : Cash credits-Gift-Opening balance-Capital account-Addition is deleted-Assessing Officer is directed to assessee returned income-Circular No. 549, Dated 31-10-1989(1990) 182 ITR 1 (St) [S. 148]

Prarthana Gems v. Dy. CIT (2024)116 ITR 49 (SN)/ 2025] 210 ITD 158 (Surat)(Trib)

S. 68 : Cash credits-Identity and creditworthiness is established-Addition is deleted.

Dy. CIT v. Rajendra Gulabchand Shah (2024)116 ITR 21 (SN)(Mum)(Trib)

S. 68 : Cash credits-Short term deposits-Burden discharged-Addition is deleted. [S. 133(6)]

Dy. CIT v. Pragyawan Technologies P. Ltd. (2024)116 ITR 9 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Information from investigation wing-Amount repaid in subsequent year-Failure to produce the directors of lender companies-Need not prove source of source-Order of CIT(A) deleting the addition is affirmed. [S. 131(d), 133(6)]

Sagar Jhaveri v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib) Viki Rajesbhai Jhaveri v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib) Aarav Financial Services P. Ltd v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib)

S. 68 : Cash credits-Long-term capital gains-Loss on sale of shares-Information from investigation wing-Not involved in price manipulation-Denial of exemption is not justified-Reassessment is affirmed.[S. 147, 148]

Santosh Chopra v. ITO (2024)116 ITR 699 (Raipur)(Trib)

S. 68 : Cash credits-Unsecured loans-Failure to discharge the burden-Addition is affirmed. [S.131, 133(6)]

Samrat Finvestors P. Ltd. v. ITO (2024)116 ITR 650 (Kol)(Trib)

S. 68 : Cash credits-Capital gains-Loss on sale of shares-Price rigging-Reports from Investigation Wing and Securities and Exchange Board of India-No independent enquiry-No incriminating material-Disallowance of loss is deleted-No exempt income-No disallowance can be made. [S. 10(38), 14A,, 45, 133(6), R.8D]

S. Balaji Mech-Tech P. Ltd. v. ITO (2024)116 ITR 31/ [2025] 170 taxmann.com 639 (Delhi)(Trib)

S. 68 : Cash credits-Cash deposits-Bank-Cash sales-Demonetisation-Business of machinery parts and bearings-No discrepancy in stock register or goods and services tax returns-Addition is deleted.[S.69A, 133A]