S. 68 : Cash credits-Short term deposits-Burden discharged-Addition is deleted. [S. 133(6)]
Dy. CIT v. Rajendra Gulabchand Shah (2024)116 ITR 21 (SN)(Mum)(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. 68 : Cash credits-Information from investigation wing-Amount repaid in subsequent year-Failure to produce the directors of lender companies-Need not prove source of source-Order of CIT(A) deleting the addition is affirmed. [S. 131(d), 133(6)]
Dy. CIT v. Pragyawan Technologies P. Ltd. (2024)116 ITR 9 (SN)(Delhi)(Trib)S. 68 : Cash credits-Long-term capital gains-Loss on sale of shares-Information from investigation wing-Not involved in price manipulation-Denial of exemption is not justified-Reassessment is affirmed.[S. 147, 148]
Sagar Jhaveri v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib) Viki Rajesbhai Jhaveri v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib) Aarav Financial Services P. Ltd v. Dy. CIT (2024)116 ITR 28 (SN)(Ahd)(Trib)S. 68 : Cash credits-Unsecured loans-Failure to discharge the burden-Addition is affirmed. [S.131, 133(6)]
Santosh Chopra v. ITO (2024)116 ITR 699 (Raipur)(Trib)S. 68 : Cash credits-Capital gains-Loss on sale of shares-Price rigging-Reports from Investigation Wing and Securities and Exchange Board of India-No independent enquiry-No incriminating material-Disallowance of loss is deleted-No exempt income-No disallowance can be made. [S. 10(38), 14A,, 45, 133(6), R.8D]
Samrat Finvestors P. Ltd. v. ITO (2024)116 ITR 650 (Kol)(Trib)S. 68 : Cash credits-Cash deposits-Bank-Cash sales-Demonetisation-Business of machinery parts and bearings-No discrepancy in stock register or goods and services tax returns-Addition is deleted.[S.69A, 133A]
S. Balaji Mech-Tech P. Ltd. v. ITO (2024)116 ITR 31/ [2025] 170 taxmann.com 639 (Delhi)(Trib)S. 68: Cash credits-Share capital and share premium-Shares premium of 490 on a share with face value of Rs 10-Subscribers are not traceable-Addition is justified.[S.68, 131]
Nexcare Agency P. Ltd. v. ITO (2024)116 ITR 594 (Kol)(Trib)S. 56 : Income from other sources-Interest income-Lending to members-Only the expenditure attributable to earning of interest income is allowable-Issue which was not examined in first round of litigation is cannot be raised in second round of litigation. [S. 57.80P(2)(a)(i)]
West Bengal State Co-Operative Agriculture And Rural Development Bank Ltd. v. ACIT (2024)116 ITR 610 (Kol)(Trib)S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Sale of property-Non-Resident-Fair market value as on 1-4-2001-Valuation on the basis of approved Government Valuer-Assessing Officer is directed to adopt fair market value of property on the basis of as determined by Registered valuer. [S. 48, 144C(7)(a), 144C(7)(b)]
Lalita Trehan v. Dy.CIT(IT) (2024) 116 ITR 1(SN)(Delhi)(Trib)S. 45: Capital gains-Long-term capital gains-Purchase and sale of shares-Penny stock-Matter remanded to the Assessing Officer. [S. 10(38)]
Nidhi Manan Shah v. ITO (2024)116 ITR 62 (SN)(Mum)(Trib)