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Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


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]

Jatinder Kumar Jain v. ITO (2022) 97 ITR 403 (Chd.)(Trib.)

S. 68 : Cash credits-Capital gains-long term capital gains-Penny stock-Documentary evidence furnished-Copies of contract notes, DEMAT account-Onus discharged-Addition was deleted-Exemption was allowed. [S. 10(38), 45]

Rajhans Construction (P)Ltd. v. ACIT (2022) 216 TTJ 59 (UO) / 140 taxmann.com 370 (Surat)(Trib)

S. 68 : Cash credits-Unsecured Loan-Sister concern-Addition was not valid.

Popular Foundations (P) Ltd. v. ACIT (2022) 209 DTR 18 / 215 TTJ 260 (Chennai)(Trib)

S. 68 : Cash credits-Trade advance-Outstanding for more than three years-Classified as unsecured loan-Confirmation/ledger extract from creditor filed-Creditor was active company as per MCA website-Unsecured loan offered to tax u/s. 41(1) in subsequent year-Same loan cannot be treated as income for impugned year. [S. 41(1)]

Ajaz Farooqi v. Dy. CIT (2022) 95 ITR 188 (Hyd.)(Trib.)

S. 68 : Cash credits-Deposit of cash in bank-Sufficient cash balance on date of deposit of cash in bank-Deletion of addition is justified. [S. 153A]

Young Indian v. ACIT(E) (2022) 95 ITR 33 (SN) / 218 TTJ 1 (Delhi)(Trib)

S. 68 : Cash credits-Unsecured Loan-Additional evidence-Matter remanded. [R. 46A, ITAT R. 29]