S. 69C : Income from undisclosed sources—Bogus purchases—Hawala dealers-12.5 Per ent. of purchases to be brought to tax which is embedded in purchases.[S. 37(1)]
Shantilal B. Parekh v. ITO (2019) 70 ITR 193 (Mum.)(Trib.)S. 69C : Income from undisclosed sources—Bogus purchases—Hawala dealers-12.5 Per ent. of purchases to be brought to tax which is embedded in purchases.[S. 37(1)]
Shantilal B. Parekh v. ITO (2019) 70 ITR 193 (Mum.)(Trib.)S. 69C : Unexplained expenditure–House hold expenses–Joint family- Addition is retracted to 50% of the expenditure.
Ashwin S. Mehta v. ACIT (2019) 70 ITR 234 (Mum.)(Trib.)S. 69C : Unexplained expenditure-Volkar committee report- Denied incurring and expenditure-Allegation of paying Kickbacks for participating in oil for food programme- Burden is on revenue–Merely on the basis of Volkar committee report- Addition is held to be not justified.
Flex Engineering Ltd. v. DCIT (2019) 70 ITR 417 (Delhi)(Trib.)S. 69B : Amounts of investments not fully disclosed in books of account–Purchase of land-No evidence to show that the under consideration was paid–No additions can be made on presumptions.
Janapriya Engineers Syndicate Ltd. v. ITO (2019) 70 ITR 370 (Hyd.)(Trib.)/CIT v. Engineers Reddy Homes (P) Ltd ( 2019) 70 ITR 370 (Hyd) ( Trib)S. 69A : Unexplained money-Capital gain-Penny stock-Sale of share-Bogus entries-Information from investigation wing-Addition is held to be justified. [S. 10(38), 45, Indian Evidence Act. S. 102]
Pooja Ajmani v. ITO (2019) 177 ITD 127/ 200 TTJ 231 / 178 DTR 377(SMC) (Delhi)(Trib.)S. 68 : Cash credits–Donations received was offered as income in income and expenditure account–Addition cannot be made as cash credits.
ACIT v. Shree Shiv Vankeshawar Educational & Social Welfare Trust. (2019) 177 ITD 184 /181 DTR 314(Delhi) (Trib.)S. 68 : Cash credits-Share capital-Meagre income–Failure to establish from documentary evidence creditworthiness for making such huge investments and genuineness of transactions-Addition is held to be justified. [S. 133(6)]
ITO v. Synergy Finlease (P.) Ltd. (2019) 177 ITD 160 / 178 DTR 145(Delhi) (Trib.)S. 68 : Cash credits-Share premium-Share premium collected over and above premium worked out in Valuation Certificate submitted to RBI, in view of fact that as per Notification No. FEMA/203/2010-RB, dated 7-4-2010-There is no bar on collecting higher amount as share premium-Addition cannot be made– Amendment is applicable from the AY.2013-14- Even otherwise, the amendment will not apply to the investor which is a SEBI registered Venture Capital Fund.
DCIT v. Varsity Education Management (P.) Ltd. (2019) 177 ITD 44 (Mum.)(Trib.)S. 68 : Cash credits-Presumptive taxation-Non-maintenance of books of account-Addition cannot be made as cash credits. [S. 44AA(2)(iv)]
Indrani Devi v. CIT (2019) 70 ITR 42 (Patna) (Trib.)S. 68 : Cash credits-Loan–Depositors have filed affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details, loan confirmation etc. – Burden discharged – Addition is held to be not justified.
ITO v. Jyoti Saraf (Smt.) (2019) 70 ITR 52 (Kol.)(Trib.)