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. 69 : Unexplained investments-Genuineness of purchases-Parties have not filed the return-No confirmation from the books of account of those parties-Addition is affirmed.

ACIT v. Meerut Roller Flour Mills (P) Ltd (2023) 225 TTJ 75 (UO)/ 157 taxmann.com 463 (Delhi)(Trib)

S. 69 : Unexplained investments-Cash deposits-Sale of unbranded electric items-Profit is estimated at 10% on alleged unaccounted business.

Harish Kumar Chhabada v. Dy. CIT (2023) 225 TTJ 26 (UO) (Raipur)(Trib)

S. 69 : Unexplained investments-Unrecorded sales-Only gross profit is estimated-Cash deposited in banks-When profit is estimated further addition is deleted-Reassessment is held to be valid. [ S. 147, 148]

ITO v. Rutuja Ispat (P) Ltd (2023) 225 TTJ 1000 (Pune)(Trib)

S. 68 : Cash credits-Cash deposited in bank account-Demonetisation-Manufacture of gold and diamond jewellery-Currency notes-No defects in the books of account-Deletion of addition is affirmed. [ S. 145]

Dy.CIT v. Bawa Jewellers (P) Ltd (2023) 224 TTJ 705 (Delhi)(Trib)

S. 68 : Cash credits-Share application-Proved identity and capacity of the investors-Addition is deleted.

Dy.CIT v. Devi Iron & Power (P) Ltd (2023) 224 TTJ 59 (Raipur)(Trib)

S. 68 : Cash credits-Search and Seizure-Remand report-Copies of balance sheets acknowledgement of documents of lenders such as IT return bank statements PAN card etc-Addition made without giving an opportunity of cross examination is deleted. [ S. 131]

ACIT v. Rukhana Enterprises (2023) 224 TTJ 29 (UO) (Mum)(Trib)

S. 68 : Cash credits-Gifts from foreign remittances-Declaration of gift is filed-Identity and creditworthiness is proved-Deletion of addition is affirmed.

ACIT v. Pravin Pannalal Shah (2023) 225 TTJ 145 / 156 taxmann.com 216 (Surat)(Trib)

S. 68 : Cash credits-Share premium-Existing share holders-Capacity and creditworthiness is proved-Addition is deleted.

Hiranandani Health Care (P) Ltd. v. CIT(A)(2023) 225 TTJ 397 /157 taxmann.com 551 (Mum)(Trib)

S. 68 : Cash credits-Cash deposited in bank account-Demonetisation-Trading and processing of food grains-Maintained regular books of account-Addition is deleted.[ S.44AB, 115BBE]

J.R. Rice India (P) Ltd. v. ACIT (2023) 225 TTJ 69(UO) / 157 taxmann.com 337 (Delhi)(Trib)

S. 68 : Cash credits-Share capital-Report by DDI(Inv)-Notices issued unserved-Failure to prove creditworthiness-Addition is confirmed-Additional evidence-Written submission and affidavit is filed after the conclusion of hearing-Admitted as additional evidence.[S. 131, ITAR 1963, R. 18]

Trimurti Finvest Ltd. v. Dy. CIT (2023) 225 TTJ 625 (Raipur)(Trib)