S. 69A : Unexplained money-Compensation on land acquisition-Received on husband’s bank account-Withdrawn from and deposited in assessee’s bank account-No material to prove that money utilised for other purpose-Addition is deleted.[S. 68]
Santosh v.ITO (2023)101 ITR 32 (SN.)(Delhi) (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. 69 : Unexplained investments-Search-Source of the Jewellery found during the Search/Seizure Operation-Benefit of instruction No.1916 dated 11.05.1994 issued by CBDT.[S. 132]
Tara Kabra v. DCIT, CC-1(3) (Mum)(Trib)S. 69 : Unexplained investments-Cash paid to the developer for purchase of land-during the course of survey action developer accepted the receipt of on money and details of the same was provided-in the absence of providing the source, the AO is justified in treating the payment as income from undisclosed sources.
Anoop Gopikishan Jaju v. Asst. CIT (2023) 105 ITR 22 (SN) (Pune) (Trib)S. 69 : Unexplained investments-Demonetisation-Cash withdrawal-Only source of income is pension-Addition is deleted. [S. 68]
Abbasali Chinikamwalla v. ITO, (Mum)(Trib.) (UR)S. 69 : Unexplained investments-Excess Stock found during course of Survey-Taxable as business income and not as undisclosed income .[S.28(i) 115BBE,133A]
Govind Gidomal Lulla v. ITO (Mum)(Trib.) (UR)S. 69 : Unexplained investments-Profits from sale of land-Contention that assessee only acted as aggregator and seller offered income as tax-AO to examine contention of the assessee-Matter remanded. [S. 68]
Pawan Green Channels Pvt. Ltd. Dy. CIT (2023)101 ITR 19 (SN) (Chennai) (Trib)S. 69 : Unexplained investments-Survey-Income from undisclosed source-Discrepancy in stocks-Excess stocks not properly verified by AO-Matter remanded for readjudication. [S. 133A, 145(3)]
Ganesh Ginning Factory v .ACIT(2023)101 ITR 90 (SN) (Ahd) (Trib) Gajanand Ginning And Pressing Pvt. Ltd v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib) Premjibhai Vallabhbhai Kukadiya v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib)S. 69 : Unexplained investments-Loan received in USD and deposited in Indian bank account-Investment on same day in mutual funds-Source of funds outside India not taxable in India-CIT (A)’s direction to obtain certified true copies of source of income is justified-Order oof CIT(A) is affirmed.
ACIT (IT) v. Vijaykumar Vasantbhai Patel (2023)101 ITR 1 (SN) (Ahd) (Trib)S. 69 : Unexplained investments-Profits from sale of land-Contention that assessee only acted as aggregator and seller offered income as tax-AO to examine contention of the assessee-Matter remanded. [S. 68]
Pawan Green Channels Pvt. Ltd. Dy. CIT (2023)101 ITR 19 (SN) (Chennai) (Trib)S. 69 : Unexplained investments-Survey-Income from undisclosed source-Discrepancy in stocks-Excess stocks not properly verified by AO-Matter remanded for read judication. [S. 133A, 145(3)]
Ganesh Ginning Factory v .ACIT(2023)101 ITR 90 (SN) (Ahd) (Trib) Gajanand Ginning And Pressing Pvt. Ltd v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib) Premjibhai Vallabhbhai Kukadiya v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib)