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)
Digest of case laws
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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-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.S. 68 : Cash credits-Purchase and sale of shares of JMD Ltd-Addition was deleted-Long term capital gains-Reassessment was affirmed. [S. 10(38), 45,69C, 147, 148]
Kamlesh Gupta v. Dy. CIT (2022) 215 TTJ 154 (Mum)(Trib)S. 68 : Cash credits-Share application money-Withdrawal from capital account of partner-Onus discharged-Addition was deleted.
Chhattisgarh Metaliks & Alloys (P)Ltd. v. ITO (2022) 220 TTJ 99 / 219 DTR 18 (Raipur)(Trib)S. 68 : Cash credits-Unsecured loan-Voluntarily disclosing Rs. 22 crores before Settlement Commission-Amount laundered and re-introduced in garb of unsecured loan through bank account of creditor-Interest expenditure not allowable. [S. 37(1), 131, 132(4)]
SCC Investments v. ITO (2022) 98 ITR 38 (SN) (Raipur)(Trib.)S. 68 : Cash credits-Long-term capital gains-Penny stocks–Price of little known shares increasing 56 times in 28 months-Denial of exemption is affirmed.[S. 10(38) 45, 131]
Sarika A. Sanap v. ACIT (2022) 98 ITR 44 (SN) (Pune) (Trib)S. 68 : Cash credits-Agricultural income-Failure to produce evidence-Agricultural income was estimated of Rs. 5 lakhs and balance addition of Rs. 48 lakhs was confirmed. [S. 10(1)]
Ranganath Salke v. Add. CIT (2022) 98 ITR 21 (SN) (Pune)(Trib)S. 68 : Cash credits-Investors declaring meagre income or not filing returns-Investments made through banking channels not sufficient-Additions was confirmed.
Nuland Infrastructure (P.) Ltd. v. ITO (2022) 98 ITR 28 (SN)(Hyd) (Trib)S. 68 : Cash credits-Unexplained investment-Partner-Reconciliation was filed-Deletion of addition is justified.
Dy. CIT v. R. Geetha (Smt.) (2022) 98 ITR 50 (SN)(Chennai) (Trib)