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-Cash deposits-Demonetization-Burden is on the AO to prove.

Emgee Integrated Logistics Private Limited v. ACIT (Chennai)(Trib)

S. 68 : Cash credits-Unexplained money-Demonetization-Cash deposits in the bank accounts were not abnormal as compared to the transaction in the earlier period-Appeal is allowed.[S. 69. 69A]

Abhishek Bipinbhai Naik v. ITO (Surat) 201 ITD 858/ 226 TTJ 945( SMC)(Surat)(Trib)

S. 68: Cash credits Demonetization-Withdrwals of family members-Addition is deleted.[S. 69,115BBE]

Abdul Razak v. ITO (IT) (Chennai) 202 ITD 161 (SMC) (Chennai)(Trib)

S. 68 : Cash credits Unexplained money-Shares-Accommodation entries-Penny stock-Bogus entries of long term capital gains-Tax on specified income-Determination of tax in certain cases-Addition is affirmed under section. 115BBE of the Act. [S. 45, 69, 69A ,115BBE, 133(6)]

Rahul Gupta (HUF) v. ACIT [2023] 201 ITD 302 (SMC) (Raipur)(Trib)

S. 68: Cash credits-Unexplained money-Demonetisation-Books of account is audited-Matter remanded. [S. 69]

Moss Hospitality (P.) Ltd. v. ITO (2023) 201 ITD 726 (Mum (Trib.)

S. 68 : Cash credits-Unexplained money-Demonetisation-Cash available in old demonetised currency-Withdrawal from bank upto November 8, 2016-Disallowance to that extent not sustainable-Balance disallowance of cash is proper.[S. 69]

Shail Jayesh Shah v .ITO (2023)101 ITR 38 (SN.) (Mum) (Trib)

S. 68 : Cash credits-Share capital-Share premium-Discharged the burden by filing copy of ITR,balance sheet of invvestors,PAN address,confirmation of account ,bank statement and valuation report-DCF method-Addition is deleted .[S. 56(2)(viib),133(6) R.11UA]

Movefast Automobiles (P.) Ltd. v. Income-tax Officer (2023) 201 ITD 766 (Delhi) (Trib.)

S. 68 : Cash credits-demonetization-Large cash deposited-Sale bills-Each sale bill less than Rs. 2 Lakhs-Books of account is not rejected-Addition cannot be made merely because bills did not contain name of customers.[S. 115BBE, 145(3)]

Mahesh Kumar Gupta v. ACIT (2023) 151 taxmann.com 339 / 104 ITR 519 / 223 TTJ 393 (Jaipur) (Trib)

S. 68 : Cash credits- Penny stocks-Report of Kolkata Investigation Directorate-Shares held for morethan 15-25 years-Not justified in doubting the transactions-Order of CIT(A) deleting the addition is affirmed-Issue not raised before the CIT(A) cannot be raised under rule 27 of the ITATRules,1963 .[S. 10(38), 45,ITATR. 27]

ACIT v. Anju Jain (Smt.)(2023) 200 ITD 389 / 226 TTJ 146(Delhi)(Trib)

S. 194I : Deduction at source – Rent – Alternative accommodation–Transit rent -Developer or Builder – Development agreement – Hardship Allowance / Rehabilitation Allowance / Displacement Allowance,- Not revenue receipt – Not liable to tax – Not liable to deduct tax at source .[ S. 4 , Art.226 ]

Sarfaraz S. Furniturewalla v. Afshan Sharfali Ashok Kumar & Ors.(2024) 339 CTR 75/ 166 taxmann.com 425/ 467 ITR 230(Bom)( HC) Editorial : Refer , Narayan Devarajan Iyengar v. ITO( [2023] 201 ITD 503 (Mum)( Trib)