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. 69A : Unexplained money-Cash deposits from withdrawals-Addition is deleted. [S.92CA, 144C]

Abrar Fakirmohmmad Shaikh v. ITO (IT) (2023)108 ITR 127 /226 TTJ 721(Pune) (Trib)

S. 68: Cash credits —Amount deposited on account of sale of agricultural produce-Department could not rebut arguments of Assessee —Addition is deleted-Real estate business-Assessee on protective basis is not justified

Tejinder Singh v.ITO (2023)108 ITR 50 (SN)(Chd) (Trib)

S. 68 : Cash credits-Share Premium and share capital-Assessee Identity and creditworthiness of subscribers and genuineness of transaction is established-Assessing Officer not making independent enquiry or pointing out discrepancy or insufficiency in evidence furnished-Addition is not justified-Order of CIT(A) is not speaking order. [S.131]

Rainbow Vincom P. Ltd. v. ITO (2023)108 ITR 19 (SN)(Kol) (Trib)

S. 68 : Cash credits-Share application money-Furnished names, addresses, Permanent Account Numbers of shareholders, confirmation letters, and copies of share certificate, money credited through banking channels-Addition is deleted.

Meridian Telesoft Ltd. v. Asst. CIT (2023)108 ITR 37 (SN)(Ahd) (Trib)

S. 68 : Cash credits-Established identity, creditworthiness and genuineness of creditor —Addition is deleted.

ITO v. Umed Meghraj Jain (2023)108 ITR 58 (SN) (Ahd) (Trib)

S. 68 : Cash credits-Unsecured loans-Proved identity, creditworthiness and genuineness of transaction-Order of CIT(A) deleting the addition is affirmed.

Asst. CIT v. Ecocat India P. Ltd. (2023)108 ITR 30 (SN)(Delhi) Trib)

S.68: Cash credits —Deposits in the bank-Cash sales-Addition is deleted.

Himalaya Spinning Mills v. ITO (2023)108 ITR 694 (Amritsar) (Trib)

S. 68 : Cash credits-Share capital-Established source and source of source-Addition is deleted.

Dy. CIT v.Qcap Securities P. Ltd. (2023)108 ITR 228 (Surat) (Trib) Dy.CIT v. Quant Capital P. Ltd (2023)108 ITR 228 (Surat) (Trib)

S. 68 : Cash credits-Unsecured loans —Commercial transactions-Genuineness is proved-Addition is deleted.

Asst. CIT v. Evermore Stock Brokers P. Ltd. (2023)108 ITR 13 (Delhi) (Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation Only where sale consideration is less than value adopted by Stamp Valuation Authorities-Sale consideration is more than stamp valuation-Reference to Valuation Officer is not sustainable-Addition is not justified.[S. 45]

Akash Garg v Dy. CIT (IT) (2023)108 ITR 69 (SN)/ (2024) 204 ITD 507 (Delhi)(Trib)