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. 68 : Cash credits-Unexplained income-Commission agent-Explanation provided by assessee and agent valid-Addition was deleted.

Sunil Kanhaiyalal Gidwani v. ACIT (2022) 216 TTJ 54 (UO) / 140 taxmann.com 21 (SMC) (Pune)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Burden discharged-Addition was deleted. [S. 10(38), 45]

ACIT v. Enrich Agro Food Products (P.) Ltd. (2022)217 TTJ 815/214 DTR 147/ 141 taxmann.com 309 (Delhi)(Trib.)

S. 68 : Cash credits-Capital gains-long term capital gains-Bogus long-term capital gains leads to tax evasion and is prohibited-Ex parte order Addition confirmed as cash credits. [S. 10(38), 45]

Dineshkumar R. Tulsyan (HUF) v. ITO (2022) 220 TTJ 1094 (Pune)(Trib) Sumanadevi D. Tulsyan (Smt) v. ITO (2022) 220 TTJ 1094 (Pune)(Trib) Editorial : Appeals pending for admission before Bombay High Court. Dineshkumar R. Tulsyan (HUF) v. ITO (Lodging No. ITAXAl/ 13980 /2023 dt. 23-5-2023), Sumanadevi D. Tulsyan (Smt) v. ITO (Lodging No. ITAXAl/ 13974/2023 dt. 23-5-2023)

S. 68 : Cash credits-Capital gains-long term capital gains-Penny stock-Documentary evidence furnished-Copies of contract notes, DEMAT account-Onus discharged-Addition was deleted-Exemption was allowed. [S. 10(38), 45]

Jatinder Kumar Jain v. ITO (2022) 97 ITR 403 (Chd.)(Trib.)

S. 68 : Cash credits-Unsecured Loan-Sister concern-Addition was not valid.

Rajhans Construction (P)Ltd. v. ACIT (2022) 216 TTJ 59 (UO) / 140 taxmann.com 370 (Surat)(Trib)

S. 68 : Cash credits-Trade advance-Outstanding for more than three years-Classified as unsecured loan-Confirmation/ledger extract from creditor filed-Creditor was active company as per MCA website-Unsecured loan offered to tax u/s. 41(1) in subsequent year-Same loan cannot be treated as income for impugned year. [S. 41(1)]

Popular Foundations (P) Ltd. v. ACIT (2022) 209 DTR 18 / 215 TTJ 260 (Chennai)(Trib)

S. 68 : Cash credits-Deposit of cash in bank-Sufficient cash balance on date of deposit of cash in bank-Deletion of addition is justified. [S. 153A]

Ajaz Farooqi v. Dy. CIT (2022) 95 ITR 188 (Hyd.)(Trib.)

S. 68 : Cash credits-Unsecured Loan-Additional evidence-Matter remanded. [R. 46A, ITAT R. 29]

Young Indian v. ACIT(E) (2022) 95 ITR 33 (SN) / 218 TTJ 1 (Delhi)(Trib)

S. 68 : Cash credits-Exchange of demand drafts for cash to customers from North India to be used for local purchases-Banking facilities not available-Income offered at 8 Per Cent. profit treating value of demand drafts as sales-Order of CIT(A) is affirmed.

ITO v. H. Omkarappa HUF (2022) 95 ITR 26 (SN) (Bang.)(Trib)

S. 68 : Cash credits-Shares at premium-Identity, genuineness and creditworthiness established-Tangible fixed assets to substantiate premium-Deletion of addition is valid.

Dy. CIT v. Sarvpriya Properties Pvt. Ltd. (2022) 95 ITR 23 (SN)(Delhi) (Trib)