S. 68 : Cash credits-Agricultural income-Failure to produce evidence-Agricultural income was estimated of Rs. 5 lakhs and balance addition of Rs. 48 lakhs was confirmed. [S. 10(1)]
Ranganath Salke v. Add. CIT (2022) 98 ITR 21 (SN) (Pune)(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-Investors declaring meagre income or not filing returns-Investments made through banking channels not sufficient-Additions was confirmed.
Nuland Infrastructure (P.) Ltd. v. ITO (2022) 98 ITR 28 (SN)(Hyd) (Trib)S. 68 : Cash credits-Unexplained investment-Partner-Reconciliation was filed-Deletion of addition is justified.
Dy. CIT v. R. Geetha (Smt.) (2022) 98 ITR 50 (SN)(Chennai) (Trib)S. 68 : Cash credits-Firm-Partner-Cash reflected in the ledger account of the firm-Deletion of addition is justified.
Dy. CIT v. Arun Singhania (2022) 98 ITR 12 (SN) (Raipur)(Trib)S. 68 : Cash credits-Share application money-Net worth of lending investor is sufficient to explain its creditworthiness-Addition is not sustainable.
Combined Merchants P. Ltd. v. ITO (2022) 98 ITR 26 (SN)(Kok) (Trib)S. 68 : Cash credits-Gift from Mother-In-Law-Identity of donor established-Addition is held to be not valid.
Aarthi Rathi (Ms.) v. ITO(IT) (2022) 98 ITR 16 (SN)(Hyd) (Trib)S. 68 : Cash credits-Unexplained investments-Limited scrutiny assessment-Telescoping-Peak-Cash deposits in bank greater than turnover-Scrutiny restricted to verify deposits-Jurisdiction not exceeded-Assessee failing to substantiate with documentary evidence-Cash deposit treated as unexplained-Bank entries showing deposits and withdrawals-Assessing Officer directed to give benefit of telescoping. [S. 69]
Sanjeet Kanwar (Smt.) v. ITO (2022) 98 ITR 12 (Amritsar)(Trib)S. 68 : Cash credits-Cash deposit in bank account-Telescoping-Peak credit-Failure to give explanation-Reassessment was affirmed-On merit the Assessing Officer was directed to work out peak credit and restrict the addition to extent of peak credits. [S. 147, 148]
Navdeep Sood v ITO (2022)98 ITR 1 (SMC) (Amritsar) (Trib)S. 68 : Cash credits-Evidence of persons not furnished-Identity and genuineness of transaction not proved-Additions sustained-Advance received from related parties-All evidences presented-Amount paid subsequently adjusted against sales made to these parties-Books of accounts accepted by Assessing Officer-Entries related to related parties accepted-Not-Co-borrowers-3 HUF having independent identity-Carrying on business out of their own independent source-Addition is not justified. [S. 69A]
Arun Garg v. ITO (2022) 98 ITR 508 (Chd) (Trib)S. 56 : Income from other sources-Share premium-Valuation of shares-Additional evidence-Exempted party-Matter remanded.[S. 56(2)(viib)]
Retail Quotient Research (P)Ltd. v. ACIT (2022) 215 TTJ 17 (UO) / 138 taxmann.com 533 (Chd)(Trib)