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. 69C : Unexplained expenditure-Bogus purchases-Civil contractor-No specific defects in the books of account-Addition on account of bogus purchases to 10 per cent of turnover is affirmed. [S. 145(3]
Shiv Shakti Construction. v. ACIT (2023) 202 ITD 655 (Delhi) (Trib.)
S. 69A : Unexplained money-Cash deposited-Demonetization-Business of manufacture and retail trading of jewellery items-Actual sales cannot be treated as deemed income-Deletion of addition is affirmed. [S.143(3), 145(3)]
ITO v. Senco Alankar. (2023) 202 ITD 278 (Kol) (Trib.)
S. 69A : Unexplained money-Cash deposited-Demonetization period-Gifts received in connection with marriage-NRI-Failure to substantiate the gift-Relief of Rs.50,0000 is granted-Provisions of section 115BBE as amended by Taxation Laws (Second Amendment) Act, 2016 will apply with effect from 1-4-2017 on enhanced rate of 60 per cent instead of rate of 30 per cent. [S,115BBE]
Karthick Natarajan v. DCIT, IT (2023) 202 ITD 552/226 TTJ 710 (Chennai) (Trib.)
S. 69A : Unexplained money-Cash seized-Failure to produce dosimetry evidence-Addition is affirmed. [S. 132]
Nasir Ahmad Rangshu v. ACIT (2023) 202 ITD 15 / 224 TTJ 694 (Amritsar)(Trib.)
S. 68 : Cash credits-Share application money-No enquiries made nor any evidence to reject documents filed by assessee, addition is not called for.
Balgopal Cold Storages (P.) Ltd. v. ITO (2023) 202 ITD 362 (Delhi) (Trib.)
S. 68 : Cash credits-Cash deposited-Demonetization-Considering entire withdrawal of family and also giving weightage to family expenses, demonetized cash deposit was to be treated as explained-Addition is deleted.[S.115BBE]
Abdul Razaak. v. ITO (IT) (2023) 202 ITD 161 (Chennai) (Trib.)
S. 68 : Cash credits-Capital gains-Penny stock-Purchased shares of HPC Biosciences Ltd for Rs. 5 per share and sold for Rs 591-74-Genuineness is doubted-Denial of exemption is affirmed-Purchased in the Assessment year 2013-14 alleged expenditure on commission is deleted. [S.10(38), 45, 69C]
Sangeeta Devi Jhunjhunwala v. ITO (2023) 202 ITD 165 (Delhi) (Trib.)
S. 68 : Cash credits-Interest-free unsecured loan-Un secured interest free loan from NRI-Not taken approval from competent authority-No formal agreement-Violation of certain other statute cannot be used to draw inference against the assessee-Discharged primary by furnishing various documents-Addition is deleted.
Niteshkumar Maganbhai Patel v. ITO (2023) 202 ITD 323 (Ahd.)(Trib.)
S. 56 : Income from other sources-Purchase of land-Violation of principle of natural justice-Show cause notice proposing additions was received after assessment order was passed- Order is set aside. [S. 50C, 56(2)(vii)]
Shailesh Mohanbhai Patel AT & PO. v. ITO (2023) 202 ITD 650 (Surat)(Trib.)
S. 56 : Income from other sources-Valuation of shares-Two methods-NAV or DCF-Choice with the assessee-The Assessing Officer cannot question valuation per se. [R.11UA]
Caddie Hotels (P.) Ltd. v. PCIT (2023) 202 ITD 351 (Delhi) (Trib.)