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-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)

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)