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-Money deposited in assessee’s bank account-Explanation was furnished-Addition was not justified.

Anandiben Jayantilal Shah v. ITO (2022) 97 ITR 55 (SN) (Ahd) (Trib)

S. 68 : Cash credits-Sale of Pharmaceutical products-Demonetisation-Cash deposits-Books of account not rejected-Sales not doubted-Addition is held to be not valid.

ITO v. Manasa Medicals (2022)100 ITR 5 (SN) (Bang)(Trib)

S. 68 : Cash credits-Share application moneys-Common directors-Detailed particulars of investors, their addresses, Permanent Account Numbers and amounts invested-Deletion of addition is justified.

Dy. CIT v. Shree Parasnath Re-Rolling Mills Ltd. (2022)100 ITR 51 (SN) (Kol.) (Trib)

S. 68 : Cash credits-Loans not taken during the year-Not taxable as cash credit.

Dy. CIT v. Laxmipathi Balaji Sugar and Distilleries P. Ltd. (2022) 100 ITR 58 (SN) (Delhi) (Trib)

S. 68 : Cash credits-Cash deposits-Cash received from customers-Demonetisation-Explained the source-Addition was deleted-Donation-Receipts produced-Matter remanded. [S.80G]

Jet Freight Logistics Ltd. v. CIT (Appeals) (NFAC) (2022)99 ITR 37 (SN)(Mum) (Trib)

S. 68 : Cash credits-Construction business-Cash received from seventeen persons-Booking cancelled cash refunded-Mere submission of Aadhaar and Permanent Account Number Card is not sufficient-Addition is justified-Amount received by cheque-Finishing work done in subsequent year-Matter remanded for verification.

Aakar Housing Developers Pvt. Ltd. v. ACIT (2022)99 ITR 21 (SN) (Varanasi) (Trib)

S. 68 : Cash credits-Share application money-Identity, creditworthiness of investors and genuineness of transactions established-Refund of share application money to one investor overlooked-Addition is not justified. [S. 133(6)]

ITO v. Sharda Shree Agriculture and Developers Pvt. Ltd. (2022) 99 ITR 143 (Raipur)(Trib)

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Pre-payment of liability under Sales Tax Defferal Scheme-Deletion of addition is held to be justified.

Dy. CIT v. Atlas Copco (India) Ltd (No.2) (2022) 96 ITR 566 (Pune)(Trib)

S. 68 : Cash credits-Share application money-Failure by share applicants to appear for inquiry in response to summons-Summons not served on some others-Addition is affirmed [S. 131]

Mahamedha Urban Co-Operative Bank Ltd. v. Dy. CIT (2022) 99 ITR 669 (Delhi) (Trib)

S. 68 : Cash credits-Undisclosed source-Cash deposit in bank-Withdrawal from the Account of the wife-Source and purpose was explained-Addition was deleted. [S. 69]

Ganesh Balkrishna Bende v. ITO (2022) 215 DTR 14 / 219 TTJ 1118 (SMC) (Pune)(Trib)