S. 68 : Cash credits-Search and survey-Demonetization-Cash deposits-Negligible stock-in-trade-Annonymous buyers-Addition is affirmed. [S. 131, 292C, Indian Evidence Act, 1872, S. 26, 31, 34, 92]
Vaishnavi Bullion (P.) Ltd. v ACIT (2023) 222 TTJ 909 / 145 Taxmann. com 197 (Hyd)(Trib) Musaddila Gems & Jewels P. Ltd v ACIT (2023) 222 TTJ 909 / 145 Taxmann. com 197 (Hyd)(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-Creditworthiness and genuineness of transaction is established-Addition is deleted.
Alwar General Finance Co (P) Ltd v. ACIT (2023) 222 TTJ 665 (Jaipur) (Trib)S. 68 : Cash credits-All parties appeared in response to summons and submitted income tax return and bank statements-Order of CIT(A) deleting the addition is affirmed.
Dy. CIT v. Hi-Tech Engineers (2023) 222 TTJ 785 (Mum)(Trib)S. 68 : Cash credits-Explanation of source of deposit is accepted partially and remaining addition is affirmed.
Farsha S. Kadri v ITO (2024) 222 TTJ 31 (SMC)(Surat)(Trib)S. 68 : Cash credits-Payment of insurance premium-Payment though bank-Addition is deleted.
Kamal Binani v. ITO(2023) 222 TTJ 17 (UO) (SMC) (Mum)(Trib)S. 68 : Cash credits-Share application-Furnished names, address PAN, copies of bank account etc of investor companies-Addition is deleted.
Dy. CIT v. Mahavir Ashok Enterprises (P) Ltd (2023) 223 TTJ 947 (Raipur)(Trib)S. 68 : Cash credits-Sale of shares-Penny stock-Long term capital gains-Report of investigation wing from Kolkata-Pine Animation Ltd-Purchase of shares, payment for purchase of shares through banking channel–Genuineness of transaction is proved-Cannot be assessed as cash credits-Entitle to exemption. [S. 38, 45]
Gopal Nihchaldas Pariani v. ITO (2023) 223 TTJ 361 / 152 taxmann. com 252 (Mum)(Trib)S. 68 : Cash credits-Agricultural income-Lease agreement furnished-Deletion of addition is affirmed-Un secured loan-Discharged the burden-Deletion of addition is justified. [S. 10(1), 133(6)]
ITO v. Goodyield Farming Ltd (2023) 223 TTJ 121 (Mum)(Trib)S. 68 : Cash credits-Income from undisclosed source-Income declared under IDS, 2016-Telescoping-Matter remanded to the Assessing Officer. [S. 69, 69A]
Sai Prasad Baruah v. ACIT(2023) 223 TTJ 897 (Gauhati)(Trib)S. 56 : Income from other sources-Share premium-Valuation report by the Chartered Accountant-Considering net-worth of two step down subsidiaries-Acquired after valuation date-Addition is affirmed. [S. 56(2)(viib), R. 11UA]
ITO v. LNB Renewable Energy (P.) Ltd. (2023) 222 TTJ 336 / 145 Taxmann.com 269 (Kol.)(Trib.)