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)
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Click here to download the pdf versions of the Digest of case laws 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)S. 68 : Cash credits-Share capital-Credit worthiness was not proved-Addition was affirmed-Sundry creditors-Confirmation was filed-Remand report obtained-Deletion of addition is held to be justified.
ACIT v. Neesa Infrastructure Ltd. (2022) 215 TTJ 346 / 210 27 (Ahd)(Trib)S. 68 : Cash credits-Accommodation entries-Praveen Kumar Jain group-Mohit International-Reassessment is valid–Builder from Pune-Loan from Surat-Admission by accountant-Alleged accommodation entries-Addition is justified-Claim for cross examination was not made before the Assessing Officer-Absence of opportunity for such Cross examination cannot be a ground for quashing the assessment orders. [S. 131, 147, 148]
Kasturi Rashi Development v. ITO (2022) 213 DTR 137/ 217 TTJ 586 (SMC) (Pune) (Trib)S. 68 : Cash credits-Share premium-Income from other sources-Confirmation was filed-Valuation report was filed-Discounted Cash Flow Method (DCF)-Additional evidence filed by the Revenue-Share holders have replied to notices sent under section 133(6) of the Act-Receipt cannot be taxes as Revenue receipts-additional evidence filed by the Revenue was not admitted-Genuineness and creditworthiness was proved-Addition was deleted. [S. 28(iv), 56(1), 133(6), 263, ITAT R. R. 29]
Jagati Publications Ltd. v. ACIT (2022) 215 TTJ 818 / 210 DTR 137 (Hyd)(Trib) Editorial: Special Bench constituted was quashed Jagati Publications Ltd. v. President ITAT (2015) 377 ITR 31/ 279 CTR 271/ 124 DTR 131 (Bom)(HC). SLP of Revenue is pending and No stay of proceedings. (Diary No. 42483 / 2015 filed on 18th December, 2015. Case No SLP (c) No. 005296 / 2016 Registered on 19th Feb, 2016, SLP (C) No. 001974 /2016, Registered on 29th Jan. 2016.