S. 69C: Unexplained expenditure-Unrecorded purchases from foreign supplier-No supporting documents-Addition is affirmed.
Moureen Camara (Mrs.) v. NFAC (2024) 231 TTJ 244 / 240 DTR 305 / 38 NYPTTJ 737 (Panaji)(Trib) Melwyn Camara v. NFAC (2024) 231 TTJ 244 / 240 DTR 305 / 38 NYPTTJ 737 (Panaji)(Trib)
Digest of case laws
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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
Click here to download the pdf versions of the Digest of case laws S. 69A : Unexplained money-Cash deposited in the bank-Charitable society-PAN of chairman-Addition is deleted. [271AAC]
Rotluanga Stephen v. ITO (2024) 231 TTJ 96(UO) (Gauhati)(Trib)S. 69A : Unexplained money-Search and seizure-Gold found during search-1300 grams-Status of family-Addition is deleted. [S. 132]
Kirti Singh v. ACIT (2024) 231 TTJ 1051 / 242 DTR 269 / 204 ITD 487 / 38 NYPTTJ 180 (Delhi)(Trib)S. 69A : Unexplained money-Cash deposits-Cash withdrawn earlier-Addition is deleted.
Joginder Kaur v. ITO (2024) 231 TTJ 320 / 241 DTR 97 / 38 NYPTTJ 981 (Amritsar)(Trib)S. 69A : Unexplained money Search-Excess jewellery-Financial year in which is found to be owner-Addition is deleted-Undisclosed income-Seized document-Addition is deleted. [S. 3, 4, 69, 153A]
Dy.CIT v. Chelladhurai Rajasingh (2024) 231 TTJ 601 / 38 NYPTTJ 1099 (Chennai)(Trib)S. 68 : Cash credits-Income from undisclosed sources-Cash deposits-The assessee is not the real beneficiary of banking transactions done in its bank account-0.25 per cent of the deposits/credits made in the bank accounts held by the assessee with the society is treated as the income of the assessee. [S. 69, 115BBE]
Kaushik Pra Vinchandra Gohel v. AO (2004) 231 TTJ 1 (UO) (Ahd)(Trib)S. 68 : Cash credits-Long term Capital gains-Report from Investigation Wing-STT paid-primary documents to prove purchase/allotment of shares i.e., share certificate, bank statement highlighting the payment made for purchase of shares, demat statement, etc,-AO is directed to delete the addition and to allow the exemption under s. 10(38) on sale of shares. [S. 10(38), 45]
Sheela Ashok Bafna v. ITO (2024) 231 TTJ 889 / 38 NYPTTJ 483 (Mum) (Trib)S. 68 : Cash credits-Capital gains-Penny stock-Report from Investigation Wing-CI Ltd-Shares held for five years-Neither statements are not provided nor an opportunity of cross examination-Addition is deleted-Allowed exemption. [S. 10(38), 45]
Jayantilal Bhagwanchand v. ITO (2024) 231 TTJ 1032 / 38 NYPTTJ 1131 (Bang)(Trib)S. 68 : Cash credits-Value of property received as gift from father-Accounting entries-Addition cannot be made.
ITO v. Inder Jaggi (2024) 231 TTJ 768 / 38 NYPTTJ 1103 (Raipur)(Trib)S. 68 : Cash credits-Cash deposits-Demonetization-Sales has been accepted-Books of accounts are not rejected-Addition is deleted.[S. 133(6)]
ACIT v. Balvir Singh Tomar (2024) 231 TTJ 564 / 242 DTR 17 / 38 NYPTTJ 974 (Jaipur)(Trib)