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-Share premium and application money-Confirmations filed-Addition is not justified. [S. 133(6)]

Dy. CIT v. Plasto Electronics Pvt. Ltd. (2022)95 ITR 93 (SN)(Kol) (Trib)

S. 68 : Cash credits-Confirmations not produced-Regular suppliers-Running accounts-Addition is not justified.

ACIT v. D. D. Resorts Pvt. Ltd. (2022) 95 ITR 1 (SN) (Delhi) (Trib)

S. 68 : Cash credits-Share capital-Share premium-Filed documentary evidences-Parties replied in response to notice u/s 133(6)-Deletion of addition was affirmed-Survey-Calculation mistakes while valuing the stock in trade-Stock reconciled-Addition was deleted. [S. 133(6), 133A]

Plasto Electronics P. Ltd. v. Dy. CIT (2022) 95 ITR 93 (SN) (Kol)(Trib)

S. 68 : Cash credits-Unsecured Loans-Repayment of loan established-Credit entries cannot be looked into in isolation ignoring debit entries.

Ras Concepts Pvt. Ltd. v. ITO (2022)95 ITR 46 (Ahd)(Trib)

S. 68 : Cash credits-Acting as agent facilitating purchase of land from Farmers-Addition cannot be made as undisclosed income.

ITO v. Raman Kapoor (2022) 96 ITR 59 (SN) (Dehradun) (Trib)

S. 68 : Cash credits-Cash deposits in bank account-Cash deposited from earlier withdrawals-Peak addition-Order of CIT(A) is affirmed.

ITO v. Raman Kapoor (2022) 96 ITR 59 (SN) (Dehradun) (Trib)

S. 68 : Cash credits-Share application money-Additional evidence produced before the Appellate Tribunal-Matter remanded. [S. 41(1), 254(1)]

Talent Engineering (Coimbatore) Pvt. Ltd. v. ACIT (2022) 96 ITR 11 (SN) (Chennai) (Trrib)

S. 68 : Cash credits-Unsecured loans-Not providing supporting documents-Peak addition is held to be justified.

M. D. Noorudin Zariwala v. CIT(Appeals) (2022) 96 ITR 43 (SN) (Mum) (Trib)

S. 68: Cash credits-Deposits in bank accounts-Matter remanded for verification.

Amit Lalit Kapoor v. ITO (2022)96 ITR 65 (SN)(Mum) (Trib)b

S. 68 : Cash credits-Income from undisclosed sources-Agricultural income-Additional evidence filed-Matter remanded. [S. 254(1)]

Vasantkumar Hiralal Patel v.ITO (2022)96 ITR 23 (Trib) (SN) (Ahd) (Trib)