S. 68 : Cash credits-Cash deposited in bank account-Demonetisation-Manufacture of gold and diamond jewellery-Currency notes-No defects in the books of account-Deletion of addition is affirmed. [ S. 145]
Dy.CIT v. Bawa Jewellers (P) Ltd (2023) 224 TTJ 705 (Delhi)(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-Share application-Proved identity and capacity of the investors-Addition is deleted.
Dy.CIT v. Devi Iron & Power (P) Ltd (2023) 224 TTJ 59 (Raipur)(Trib)S. 68 : Cash credits-Search and Seizure-Remand report-Copies of balance sheets acknowledgement of documents of lenders such as IT return bank statements PAN card etc-Addition made without giving an opportunity of cross examination is deleted. [ S. 131]
ACIT v. Rukhana Enterprises (2023) 224 TTJ 29 (UO) (Mum)(Trib)S. 68 : Cash credits-Gifts from foreign remittances-Declaration of gift is filed-Identity and creditworthiness is proved-Deletion of addition is affirmed.
ACIT v. Pravin Pannalal Shah (2023) 225 TTJ 145 / 156 taxmann.com 216 (Surat)(Trib)S. 68 : Cash credits-Share premium-Existing share holders-Capacity and creditworthiness is proved-Addition is deleted.
Hiranandani Health Care (P) Ltd. v. CIT(A)(2023) 225 TTJ 397 /157 taxmann.com 551 (Mum)(Trib)S. 68 : Cash credits-Cash deposited in bank account-Demonetisation-Trading and processing of food grains-Maintained regular books of account-Addition is deleted.[ S.44AB, 115BBE]
J.R. Rice India (P) Ltd. v. ACIT (2023) 225 TTJ 69(UO) / 157 taxmann.com 337 (Delhi)(Trib)S. 68 : Cash credits-Share capital-Report by DDI(Inv)-Notices issued unserved-Failure to prove creditworthiness-Addition is confirmed-Additional evidence-Written submission and affidavit is filed after the conclusion of hearing-Admitted as additional evidence.[S. 131, ITAR 1963, R. 18]
Trimurti Finvest Ltd. v. Dy. CIT (2023) 225 TTJ 625 (Raipur)(Trib)S. 68 : Cash credits-Share transaction-Sale of shares of Parraneta Industries Ltd (Known as Aadhar Ventures Ltd)-Report from Investigation wing-Capital gain-Penny stock-Accommodation entries-Shirish C. Shah-No specific finding against the assessee-Addition is deleted-Entitle to exemption. [ S. 10(38), 45]
Mamta Mehta v. ITO (2023) 226 TTJ 97 (UO) (Mum)(Trib)S. 68 : Cash credits-Cash deposited out of agricultural income-Sufficient cash balances-Addition is deleted.
Pandya Munde (Smt) v. CIT(A) (2023) 226 TTJ 49 (UO) (Mum)(Trib)S. 56 : Income from other sources-Shares at premium-FMV-Addition is deleted. [ S. 56(2)(viib), R.11UA]
Dy.CIT v. Devi Iron & Power (P) Ltd (2023) 224 TTJ 59 (Raipur)(Trib)