Home › Archive for Income-Tax Act › Page 580
Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Astral Properties and Constructions Pvt. Ltd v. ITO (2022)97 ITR 210 (SMC) (Delhi) (Trib)

S. 69 : Unexplained investments-Amount received from director-Officer should have verified the return of the director-Source of funds are explained-Addition was deleted. [S. 147, 148]

ITO v. Ramesh Chand (2022)97 ITR 421 (Delhi) (Trib)

S. 69 : Unexplained investment-Stock figures and cash position different in statement furnished to the bank and in book of accounts-Statement given to third party not admissible as evidence-CIT(A) is justified in deleting additions. [133(6)]

Vatika Ltd v. ACIT (2022) 100 ITR 23 (SN) (Delhi)(Trib)

S. 69 : Unexplained investments-Burden of proof on department-Documents impounded in the course of survey-Sale consideration was accepted in the assessment of seller-Addition is not justified. [S.115BBE, 133]

Dy. CIT v. Global Wool Alliance Pvt. Ltd. (2022)100 ITR 12 (SN) (Kol.) (Trib.)

S. 69 : Unexplained investments-Income from undisclosed sources-Notice returned unserved with the remarks “Not found” or “Left”-Payments were though account payee cheques-tax was deducted at source-Addition is not justified. [S. 133(6)]

Dy. CIT v. BDR Builders & Developers (P) Ltd. (2022) 220 TTJ 921 / (2023) 221 DTR 394/199 ITD 757 (Delhi)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Deletion of addition is affirmed.

R.S. Diamonds v. ACIT (2022) 98 ITR 505 /(2023) 198 ITD 344 (SMC) (Mum.)(Trib.)

S. 68 : Cash Credits-Cash deposit into bank account-Demonetization period-Source explained-Advance from customers-Sales bills raised-Recorded in the books of account-Books of account not rejected-Addition was deleted. [S. 145]

Muktaben Nishantbhai Patel (Smt) v. ITO (2022) 217 TTJ 895 / 214 DTR 209 (Surat)(Trib) Nishant Kantilal Patel v. ITO (2022) 217 TTJ 895 / 214 DTR 209 (Surat)(Trib)

S. 68 : Cash credits-Capital gains-Penny stock-Accommodation entries-Information from Investigation wing of Kolkata-Global securities Ltd-STT paid-Shares acquired through private placement mechanism-Shares sold through the registered broker of the stock exchange-Denial of exemption is not valid-Addition cannot be made as cash credit-Reassessment was quashed. [S. 10(38), 45, 69C, 133A 147, 148]

Sunil Kanhaiyalal Gidwani v. ACIT (2022) 216 TTJ 54 (UO) / 140 taxmann.com 21 (SMC) (Pune)(Trib)

S. 68 : Cash credits-Unexplained income-Commission agent-Explanation provided by assessee and agent valid-Addition was deleted.

ACIT v. Enrich Agro Food Products (P.) Ltd. (2022)217 TTJ 815/214 DTR 147/ 141 taxmann.com 309 (Delhi)(Trib.)

S. 68 : Cash credits-Share capital-Share premium-Burden discharged-Addition was deleted. [S. 10(38), 45]

Dineshkumar R. Tulsyan (HUF) v. ITO (2022) 220 TTJ 1094 (Pune)(Trib) Sumanadevi D. Tulsyan (Smt) v. ITO (2022) 220 TTJ 1094 (Pune)(Trib) Editorial : Appeals pending for admission before Bombay High Court. Dineshkumar R. Tulsyan (HUF) v. ITO (Lodging No. ITAXAl/ 13980 /2023 dt. 23-5-2023), Sumanadevi D. Tulsyan (Smt) v. ITO (Lodging No. ITAXAl/ 13974/2023 dt. 23-5-2023)

S. 68 : Cash credits-Capital gains-long term capital gains-Bogus long-term capital gains leads to tax evasion and is prohibited-Ex parte order Addition confirmed as cash credits. [S. 10(38), 45]