Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ITO v. AMS Trading & Investment (Mum) (Trib)

S. 68 : Cash credits-Share premium and share application-Cross examination was not provided-Confirmation letter, PAN Card, Audited financial statements, bank statement reflecting the transactions, copy of share application form, copy of Form .No 2 filed with the R.O.C. etc-Deletion of addition is affirmed. [S. 132]

ACIT v. Ramlal Jewellers Pvt. Ltd [2023] 154 taxmann.com 584 (Mum) (Trib)

S. 68: Cash credits-Deonetisation-Cash deposited during demonetization period-With regard to the availability of stock and quantity of items shown in the stock register and the corresponding sales, no addition can be made-Books of account not rejected-Addition is not justified .[S. 69,131, 133(6), 145]

DCIT v. Mangal Bullion Pvt. Ltd (Mum.) (Trib.)

S. 68:Cash credits-Demonetisation-Jewellery/gold cash sales-Cash deposited during dem`onetisation-Assessee provided PAN and complete address of buyers, with stock register-Lack of inquiry by AO u/s. 131 or 133(6)-Held that addition ought to be deleted as nothing proved against assessee.[S. 131,133(6)]

Mahesh Kumar Gupta v. ACIT (2023) 151 taxmann.com 339 / 104 ITR 519 (Jaipur) (Trib)

S. 68 : Cash credits-Demonetisation-Large Cash deposited during demonetization period-Assessee claimed that cash deposited from sale proceeds. Bill wise details submitted, books of accounts accepted, each sale bill less than Rs. 2 Lakhs. Addition cannot be made merely because bills did not contain name of customers. Addition is deleted .[S.115BBE]

Dy. CIT v .Heaven Associates (2023) 154 taxmann.com 595 / 105 ITR 186 (Ahd)(Trib)

S. 68 : Cash credits-No discovery of incriminating material-Assessment on basis of third-party statement-Addition is deleted. [S. 132]

Girish Kumar and Sons v. ITO (2023) 155 taxmann.com 208 / 105 ITR 424 (Chand) (Trib)

S. 68: Cash credits-Cash sales-Trade advances-Addition made on mere conjectures and surmises-Unsustainable.

Deepak Jain v .ITO (2023)104 ITR 61 (Jaipur)(Trib)

S. 68 : Cash credits-Bogus expenses-Un accounted monies-Sub-contractor-Job work-Shown 8% of the receipts-Addition is deleted-[S. 115BBE,132]

Dy. CIT v. Vigyan Lodha (2023)104 ITR 210 (Jaipur)(Trib)

S. 68 : Cash credits-Bogus long-term capital gain-Commmission-Accomodation entries-Sale of shares-Admission by third parties-Report from investigation wing-Neither the statement nor an opportunity cross examination was not given-Deletion of addition by CIT(A) is affirmed.[S. 10(38), 45, 131, 132(4)]

5th Element Digital Media Solutions P. Ltd. v. ITO (2023)104 ITR 49 (SN) (Mum) (Trib)

S. 68 : Cash credits-Unsecured loans and advances-On failure to substantiate with evidence and on failure to make representation, the order of the CIT(A) confirming the addition made by the A.O. u/s. 68 of the Act and deleting the protective addition was upheld by the Tribunal.[S.69A,133(6)]

Asst. CIT v. Motisons Jewellers Ltd. (2023)104 ITR 304 (Jaipur) (Trib)

S. 68 : Cash credits-Demmonetisation-Cash sales-Cash deposited during demonetisation period-Books of account not rejected-Deletion of addition is affirmed.[S.115BBE]