S. 68 : Cash credits-Sale of agricultural land-Dishonour of cheque-Receiving back advance payment by cash-Sale not materialised-No long term capital gains-Matter remanded to for verification. [S. 45]
Ranveer Singh Chauhan v. ITO (2024)114 ITR 18 (SN)(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-Cash deposits in bank account-Demonetisation-Cash sales and opening balance-Advance salary to employees-Addition is deleted. [S.115E]
Cottage Arts Emporium v. ACIT (2024)114 ITR 69 (SN.) (Chennai)(Trib)S. 68 : Cash credits-Share capital-Share premium-Loss making company-Genuineness of transaction is not proved-Addition is affirmed-Reassessment is affirmed. [S. 143(3) 147, 148]
ACIT v. Prasanna Purple Mobility Solutions P. Ltd. (2024)114 ITR 62(SN)(Pune)(Trib)S. 147 : Reassessment-Information from Additional Director of Income-Tax (Inv.)-Advance receivable-Recorded in the books of account-All advances and payments made through banking channels-Re assessment is not valid.[S.143(3), 148]
Tej Organisers P. Ltd. v. ITO (2024)114 ITR 61 (SN) (Ahd)(Trib)S. 147 : Reassessment-Residential status-Fictitious loss-Reassessment notice on the assumption as resident-Reopening Based on receipt of information of escapement of income-Assuming as non-resident-Proceedings in status of Non-resident is bad in law-In Income-tax matters, the law to be applied is the law in force for the relevant assessment year unless otherwise stated or implied. [S. 133A, 143(3) 144C(15(b)(ii) 148]
Rahul Agarwal v. Dy. CIT (IT) (2024)114 ITR 67 (SN)(Bang)(Trib)S.147: Reassessment-Capitalisation fees-Cross examination is denied-Reassessment is quashed.[S. 132, 144A]
Aragounder Muthusamy v ITO (2024)114 ITR 47 (SN)(Chennai)(Trib)S. 147 : Reassessment-After the expiry of four years-No failure to disclose all material facts-Reassessment is bad in law.[S. 148]
ACIT v. Balaji Hotels and Enterprises Ltd. (2024)114 ITR 213 /229 TTJ 567/239 DTR 189 (Chennai)(Trib)S. 145 : Method of accounting-Rejection of books of account-Estimation of gross profit-Disclosed higher gross profit-Addition is deleted. [S. 145(3)
ACIT v.Ludhiana Beverages P. Ltd. (2024)114 ITR 81 (SN)(Amritsar)(Trib)S. 145 : Method of accounting-Accrual of income-Running Fertility Clinic offering surrogacy services-Advances from Foreign Nationals subsisting for repayment-Matter remanded for verification.[S. 4, 5]
ACIT v. Kiran Infertility Centre P. Ltd. (2024)114 ITR 255 (Hyd)(Trib)S. 144C : Reference to dispute resolution panel-International transactions-Eligible assessee-Draft assessment order-Application of higher rate of tax-No jurisdictional error-Additional ground-Matter is remanded to the Assessing Officer-Reassessment is affirmed.[S. 115A, 143(3) 144C, 147, 148]
Regen Renewable Energy Generation Global Ltd. v. ACIT (IT) (2024)114 ITR 10 (SN)(Chennai)(Trib)