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. 69C : Unexplained expenditure-Search-Diary-Unexplained general expenses-Legal expenses-Order of Tribunal deleting the addition is affirmed-No substantial question of law.[S. 132, 153A, 260A]

PCIT v. Timblo (P.) Ltd. (2024) 300 Taxman 343 (Bom.)(HC)

S. 69C : Unexplained expenditure-Search and seizure-Duplicate account-Yield in various years-Finding reversed relying on statement-Order of Tribunal is restored-Miscellaneous application against the order of Supreme Court is dismissed on account of delay and also on merits. [S. 132, 143(3), Art. 136]

ACIT v. Kantilal Exports Surat (2024) 300 Taxman 99 (SC) Editorial : ACIT v. Kantilal Exports Surat (2023) 293 Taxman 531/ 454 ITR 112 /332 CTR 610/ 225 DTR 357 (SC) M. Kantilal Exports v. ACIT (2011) 330 ITR 185 (Guj)(HC), reversed.

S. 69A : Unexplained money-Failure to consider TDS challans-Matter is remanded to the file of the Assessing Officer-Directed to pay cost of Rs.15000 to the Tamil Nadu State Legal Services Authority.[S. 142(1), 143(3), 147, 148, Art. 226]

Basheera Begum v. Jt. CIT (2024) 300 Taxman 160 (Mad.)(HC)

S. 69 : Unexplained investments-Export of Rice-Search by Enforcement Directorate-Alleged mis-declaration of value of goods exported-Dropping of proceedings by Enforcement Directorate-Deletion of addition by the Tribunal is affirmed.[S. 148, 260A, FERA]

CIT v. Sachdeva & Sons (2024) 300 Taxman 211 (P&H)(HC)

S. 69 : Unexplained investments-Search-Purchase of raw material-Department and had only assumed undisclosed investment being source of purchases recorded for subsequent sales-Order of Tribunal had rightly deleted addition made by Assessing Officer under section 69C-No substantial question of law. [S.260A]

PCIT v. Simpex Granito (P.) Ltd. (2024) 300 Taxman 150 (Guj.)(HC)

S. 69 : Unexplained investments-Bogus purchases-Purchase from grey market-Trading in gold and diamond jewellery-Sales accepted-Books of account not rejected-Order of Tribunal estimating addition of 13.05 per cent of gross profit is affirmed-No substantial question of law. [S. 145, 260A]

PCIT v. Sunil Mittal HUF (2024) 300 Taxman 288 (Guj.)(HC)

S. 68 : Cash credits-Established identity capacity and genuineness of Transactions-Order of Tribunal is affirmed-No substantial question of law.[S. 133(6), 260A]

PCIT, Central v. Mukul Kakar (2024) 300 Taxman 618 (MP)(HC)

S. 68 : Cash credits-Share premium-Proved identity and creditworthiness of investor and genuineness of transactions-Order of Tribunal confirming the addition is set aside. [S. 143(1), 147,148, 260A]

Cornerstone Property Investments (P.) Ltd v. ITO (2023) 152 taxmann.com 256 (Karn)(HC) Editorial : Delay of 325 days, SLP of Revenue is dismissed, ITO v. Cornerstone Property Investments (P.) Ltd. (2024) 300 Taxman 85 (SC)

S. 68 : Cash credits-Share premium-Proved identity and creditworthiness of investor and genuineness of transactions-Order of Tribunal confirming the addition is set aside-Delay of 325 days-SLP of Revenue is dismissed. [S. 143(1), 147,148, Art. 136]

ITO v. Cornerstone Property Investments (P.) Ltd. (2024) 300 Taxman 85 (SC) Editorial : Cornerstone Property Investments (P.) Ltd v. ITO (2023) 152 taxmann.com 256 (Karn)(HC)

S. 115JB : Book profit-Disallowance under substantive provision i.e. section 14A had been deleted-No adjustment can be made to book profit.[S. 14A, 260A, R.8D]

PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC)