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S. 69A: Unexplained money-Amount withdrawn-No evidence to justify deposit-Addition is justified.

Naresh Kumar Sharma v. Asst. CIT (IT ) (2023)106 ITR 77 (SN)(Delhi ) (Trib)

S. 68 : Cash credits-Unexplained expenditure-Unsecured loans-Banking channel , account confirmation , Permanent Account Numbers , Bank statements and income-tax returns furnished-Addition is not justified-Interest expenses cannot be disallowed . [ S.69C ]

White Willow v. ITO (2023)106 ITR 56 (SN.)(Surat) (Trib)

S. 68: Cash credits-Long-term capital gains-Penny stock-Information from investigation wing-Sale of shares through stock exchange and consideration received through stock broker in banking channels-Copies of physical share certificates produced-Sale consideration cannot be considered as unexplained cash credit-Entitle to exemption. [ S.10(38), 45 ]

Rehana Anwar Shaikh v . NFAC (2023)106 ITR 99 (SN)(Mum) (Trib)

S. 68 : Cash credits-Unexplained money-Demonetisation period-Members-Addition is not justified. [S. 69A, 115BBE]

Merchants Credit Co-Operative Society Ltd. v . ITO (2023)106 ITR 80 (SN.)(Bang) (Trib)

S. 68: Cash credits-Unsecured loan-Genuineness of cash credits proved-Addition is deleted-Re assessment is affirmed.[S.143(1), 147, 148]

M. P. Ferrous and Non-Ferrous India P. Ltd. v. Dy. CIT (2023)106 ITR 66 (SN)(Mum) (Trib)

S. 68 : Cash credits-Partner-Firm declaring income under Income Declaration Scheme but not paying taxes thereon-Income belonging to firm whether disclosed or undisclosed to be taxed only in hands of firm and not in hands of partner-Share of income from firm not taxable in Assessee’s hands. [S.10(2A)-Income-Circular No. 8 of 2014, Dated 31-3-2014 [2014] 362 ITR(St) 33

Ketan Tokershi Shah v. Dy. CIT (2023)106 ITR 4 (SN)(Mum) (Trib)

S. 68 : Cash credits-Demonetisation-Trading in gold and diamond jewellery and precious stones-Receipts from sales-Sales recorded in sales register, stock register, cash book and forming part of overall sales credited in profit and loss account and offered to tax as business income-Addition cannot be made as cash credits. [S. 132(4)]

ITO v .Swarnsarita Jewellers (2023)106 ITR 75 (SN.) (Mum) (Trib)

S. 68 : Cash credits-Unsecured loans-Identity and genuineness is proved-Deletion of addition is affirmed-Reassessment-Information from Investigation Wing Without correlating and verifying with assessment records-Re assessment is bad in law.[S. 147, 148]

Dy. CIT v. Inter Globe Finance Ltd. (2023)106 ITR 51 (SN)(Kol) (Trib)

S. 68 : Cash credits-Credit worthiness and genuineness of transactions filed-Loans received through banking channels-Addition is deleted-Estimate of agricultural income is affirmed . [ S.133(6) ]

Chandubhai Parshottambhai Borad v. ITO (2023)106 ITR 87 (SN) (SMC)) (Surat) (Trib)

S. 68 : Cash credits-Sale of agricultural land-Cash deposited in the bank account-Source of deposit explained-Addition is deleted-Re assessment is quashed. [S. 69,147, 148]

Jagir Singh v. Asst. CIT (2023)106 ITR 233/225 TTJ 462 (Chd) (Trib)