Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Emgee Integrated Logistics Private Limited v. ACIT (Chennai)(Trib)

S. 68 : Cash credits-No addition can be made on account of cash deposits, if the AO cannot prove why the explanations offered by assessee are incorrect.

ACIT v. Mahendra Kumar Agarwal (2023)104 ITR 455 (Jaipur) (Trib)

S. 68 : Cash credits-Unexplained money-Cash deposit during demonetisation-Cash sales-Books of accounts accepted-No defect pointed out-Deletion of addition is valid.[S.115BBE]

ITO v. RTG Exchange Ltd. (2023) 103 ITR 45 (SN) (Mum)(Trib)

S. 68 : Cash credits-Remand report-CIT(A) failed to examine the objections of the AO-Matter remanded to the AO for fresh adjudication.

Dy. CIT v. N. Sasikala  (Smt.)   (2023)  105 ITR 25 (SN) (Chennai)(Trib)

S. 68 : Cash credits-Credit balance in the name of the company-amount received through banking channels-assessee furnished account confirmation-treating the said amount as income from undisclosed sources unjustified.

ITO v. Albatross Share Registry P. Ltd. (2023) 105 ITR 20(SN) (Mum) (Trib)

S. 68 : Cash credits-Share capital and share premium-relevant documentary evidence of the companies in the form of replies to the notices issued under section 133(6), income tax returns as well as assessment orders furnished-addition made under section 68 not justified.[S. 133(6)]

ACIT v. Chandra Surana (2023) 149 taxmann.com 379 / 104 ITR 503 (Jaipur)(Trib)

S. 68:Cash credits-Cash deposit-Demonetisation period-Cash sales-Books not rejected-Genuineness of sales not doubted-Addition deleted.[S. 69, 143(3)]

Sudarshan Nirman Co. v. ITO (2023)105 ITR 6 (SN)(Mum)(Trib)

S. 68 : Cash credites-Income from undisclosed sources-Sundry Creditors-reason for outstanding amount explained, consideration not in doubt and no evidence that parties paid from undisclosed sources, outstanding amount cannot be treated as bogus sundry creditors. Not always necessary that creditors should remain present in assessment of debtors, no reason to sustain addition to that extent. Non-receipt of confirmation could not result in addition. [S. 69,133(6)]

ACIT v. Lesha Industries Ltd. (2023) 103 ITR 76 (SN)(Ahd) (Trib)

S. 68 : Cash credits-Share application money-Assessee is A Listed Company-Assessee Submitting Confirmations, Bank Statements, Returns of income and allotment advice of the allottees before AO-Primary Onus On Assessee To Establish Identity, Genuineness And Creditworthiness Of Creditors Proved Beyond Doubt-Assessee also provided source of source of investments —Addition is not valid.

Sasi Enterprises v. Dy. CIT (2023)105 ITR 29 (SN)(Chennai) (Trib)

S. 68 : Cash credits-Burden of Proof discharged by producing Lenders sworn statement admitting granting of loan, turnover alone could not be considered source of loan, credits could not be taxed.

ITO v. Albatross Share Registry P. Ltd. (2023)105 ITR 20 (SN)(Mum)(Trib)

S. 68 : Cash credits-Share capital and share premium received from companies-Replies of all companies to notice u/s. 133(6) filed-Burden of proof-Source of source of investors provided-Genuineness of transaction satisfied-Addition is not justified. [S. 133(6)]