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. 69 :Unexplained investments-Alleged purchase of land-No land is purchased it was only proposal-Addition is deleted.[S. 132]

ACIT v. Jindal Poly Films Ltd. (2024)114 ITR 72 (SN)(Delhi)(Trib)

S. 69 :Unexplained investments-Survey-Surrender of income-Stock offered as business income-Assessable as business income-Special rate of tax cannot be applied. [S.115BBE, 133A]

Milkhi Mal Des Raj Jain v. ACIT (2024)114 ITR 17 (Amritsar)(Trib)

S. 68 : Cash credits-Cash deposits-Demonetisation period-Books of account not rejected-Addition cannot be made on suspicion, conjectures-Additional ground is admitted.[S.115BBE, 143(3),ITATR. 11]

Vijay Kumar Jain v. ITO (2024)114 ITR 20 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Sale of agricultural land-Dishonour of cheque-Receiving back advance payment by cash-Sale not materialised-No long term capital gains-Matter remanded to for verification. [S. 45]

Ranveer Singh Chauhan v. ITO (2024)114 ITR 18 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Cash deposits in bank account-Demonetisation-Cash sales and opening balance-Advance salary to employees-Addition is deleted. [S.115E]

Cottage Arts Emporium v. ACIT (2024)114 ITR 69 (SN.) (Chennai)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Loss making company-Genuineness of transaction is not proved-Addition is affirmed-Reassessment is affirmed. [S. 143(3) 147, 148]

ACIT v. Prasanna Purple Mobility Solutions P. Ltd. (2024)114 ITR 62(SN) (Pune)(Trib)

S. 68 : Cash credits-Income from undisclosed sources-Capital gains-Penny stock-Securities transaction tax-Payments through banking channels-DMAT account-Burden discharged transactions cannot be held to be bogus-Entitle to exemption. [S. 10(38) 45, 69]

Dy. CIT v. Pavankumar Bachhraj Chandan (2024)114 ITR 364 (Mum)(Trib)

S. 68 : Cash credits-Cash deposit-Demonetisation period-Sale of petrol, diesel and other petroleum products-Deletion of addition is affirmed. [S. 133(6)]

ITO v. Ashapura Petrochem Marketing P. Ltd. (2024) 114 ITR 599 (Ahd)(Trib)

S. 50 :Capital gains-Depreciable assets-Block of assets-Multiplex theatre-Sale of shop-Assessable as capital gain and not as business income-Owning-Operating. [S.28(i), 80IB(7A)]

PVS Multiplex (India) Ltd. v. ACIT (2024)114 ITR 27 (SN)(Delhi)(Trib)

S. 45 : Capital gains-Sale of shares-Mode of Computation-Non-Resident corporate entity-Sale of shares to another shareholder-Independent parties-Valuation report-Disregarding agreement value between assessee and other shareholder is not justified Section 50CA which was introduced by Finance Act, 2017 with effect from 2018-19 is inapplicable to year in question-Addition is not valid-Difference between income returned and that reflected in Form 26AS-Assessing Officer is directed to verify and reconcile. [S. 48, 50CA]

Smart Information Worldwide Inc. v. Dy. CIT (IT) (2024)114 ITR 33 (SN)(Chennai)(Trib)