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 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)

S. 68 : Cash credits-Share application money-Amount credited in Bank account and credit shown in books of account in earlier year-Shares allotted in following year-Addition cannot be made in year in which shares were allotted.

Vision Mines and Minerals Pvt. Ltd. v. ITO (2022) 96 ITR 51(SN) (Raipur) (Trib)

S. 68 : Cash credits-Unsecured loan-Repaid within short time-TDS deducted-Addition was deleted.

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

S. 68 : Cash credits-Share capital-Share premium-Parties Responding to enquiries made under Section 133(6)-Share capital and share premium is capital receipt-Cannot be taxed as income.

Greensaphire Infratech Pvt. Ltd. v. ITO (2022) 95 ITR 464 / 219 TTJ 41 (UO) / 95 ITR 464 / 140 taxmann.com 308 (Amritsar)(Trib)

S. 68 : Cash credits-Gross profit-Turmeric trading-Purchase and sale-Addition is not justified.

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

S. 68 : Cash credits-Purchase of shares by paying cash-Penny stock-Accommodation entries-Shares held in brokers pool account for 17 months-Shares transferred to DEMAT account few days before the sale-Sale is held to be not genuine-Addition is confirmed-Expenditure is not allowable as deduction. [S. 10(38), 37(1), 45]

Abhishek Gupta v. ITO (2022) 220 TTJ 328 / (2023) 147 taxmann.com 21 (Indore)(Trib)

S. 68 : Cash credits-Share premium-Monies received in earlier years-Opening balance addition cannot be made-Share premium from founder promoter-Discharged burden of proving identity, genuineness and creditworthiness-Celebrity endorser-Isuue of shres at premium-Addition is not justified-Foreign investors-Foreign inward remittance certificates, in support of foreign investment received in accordance with RBI regulations, revenue ought not to have rejected primary evidences furnished-Matter remanded.

Raw Pressery (P) Ltd. (2022) 220 TTJ 26 / 143 taxmann.com 158 (Mum)(Trib)