This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
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S. 69A: Unexplained moneys-Search-Cash seized during search-Explained the source of cash-Addition is deleted. [S. 132]

Hemant Samarataji Lohar v. CIT(A) [2024] 163 taxmann.com 292 (SMC)(Mum.)(Trib.)

S. 69A : Unexplained money-Addition on account of cash deposit during demonetization period-Agricultural income-Addition is deleted. [S.115BBE]

Sunil Solanki v. ITO (Raipur) (Trib) (UR)

S. 69A: Undisclosed money-Cash deposits during demonetization period-Deposits tallying with cash sales, audited accounts, and no mismatch of purchases, sales, and stock-in-trade-Addition is not justified.

Babusona Mondal v. Dy. CIT (2024) 111 ITR 1(SN) (Kol)(Trib.)

S. 69A : Unexplained money-Cash credits-Cash deposits in NRO account-Previous withdrawals-Addition is deleted [S.69A,147, 148]

Mahesh Chittubhai Patel v. ITO (IT) (2024) 112 ITR 187 /228 TTJ 752/236 DTR 281(Surat)(Trib.)

S. 68 : Cash credits-Surrender of income-Business income-Survey-No sum credited in books-Cannot be assessed as income from undisclosed source. [S.115BBE, 132,133A]

Jewel India Jewellers v. Dy. CIT (2024)111 ITR 42 (SN)(Kol)(Trib)

S. 68 : Cash credits-Share capital-Filed names of lenders, Permanent Account Numbers, addresses and Income-Tax Returns, credit worthiness, bank statement-Order of CIT(A) deleting the addition is affirmed-Unsecured creditors-Replied too notices and filed confirmation-Not appeared before Assessing Officer-Order of CIT(A) deleting the addition is affirmed-Statement recorded during search-Opportunity of cross examination is not given-Opening balance cannot be added. [S.133(6)]

ITO v. Design Deal Fashions P. Ltd. (2024)111 ITR 22 (SN)(Mum)(Trib)

S. 68: Cash credits-Share capital-Need not prove source of the source-Order of CIT(A) deleting the addition is affirmed. [S. 131,133(6)]

DCIT v. Jaymala Infrastructure P. Ltd (Mum) (Trib) (UR)

S. 68: Cash credits-Unexplained loan-Burden of Proof-Assessee submitted primary documents establishing identity and creditworthiness of creditor and genuineness of loan-Addition is deleted.

Naresh Navlani v. DCIT (Indore)(Trib)(UR)

S. 68 : Cash credits-Customer advances-Accepted in earlier years and latter years-Addition is deleted.

Raj Auto Wheels P Ltd v ACIT, (2024) 111 ITR 199 (Jaipur)(Trib.)

S. 68 : Cash credits-Unexplained cash deposits-Demonetisation-No defects in the books of account-Stock register-Cash sales duly offered to tax have been accepted-Bringing the realization of sale proceeds in cash to tax will amount to double taxation and the same is clearly unsustainable in law.[S. 145]

Fashion Zone v. Jt. CIT (2024) 111 ITR 138 (Chd)(Trib.)