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-Acting as agent facilitating purchase of land from Farmers-Addition cannot be made as undisclosed income.

ITO v. Raman Kapoor (2022) 96 ITR 59 (SN) (Dehradun) (Trib)

S. 68 : Cash credits-Cash deposits in bank account-Cash deposited from earlier withdrawals-Peak addition-Order of CIT(A) is affirmed.

ITO v. Raman Kapoor (2022) 96 ITR 59 (SN) (Dehradun) (Trib)

S. 68 : Cash credits-Share application money-Additional evidence produced before the Appellate Tribunal-Matter remanded. [S. 41(1), 254(1)]

Talent Engineering (Coimbatore) Pvt. Ltd. v. ACIT (2022) 96 ITR 11 (SN) (Chennai) (Trrib)

S. 68 : Cash credits-Unsecured loans-Not providing supporting documents-Peak addition is held to be justified.

M. D. Noorudin Zariwala v. CIT(Appeals) (2022) 96 ITR 43 (SN) (Mum) (Trib)

S. 68: Cash credits-Deposits in bank accounts-Matter remanded for verification.

Amit Lalit Kapoor v. ITO (2022)96 ITR 65 (SN)(Mum) (Trib)b

S. 68 : Cash credits-Income from undisclosed sources-Agricultural income-Additional evidence filed-Matter remanded. [S. 254(1)]

Vasantkumar Hiralal Patel v.ITO (2022)96 ITR 23 (Trib) (SN) (Ahd) (Trib)

S. 68 : Cash credits-Share application money-Amount credited in Bank account and credit shown in books of account in earlier year-Shares allotted in following year-Addition cannot be made in year in which shares were allotted.

Vision Mines and Minerals Pvt. Ltd. v. ITO (2022) 96 ITR 51(SN) (Raipur) (Trib)

S. 68 : Cash credits-Unsecured loan-Repaid within short time-TDS deducted-Addition was deleted.

Rajhans Construction (P)Ltd. v. ACIT (2022) 216 TTJ 59 (UO) / 140 taxmann.com 370 (Surat)((Trib)

S. 68 : Cash credits-Share capital-Share premium-Parties Responding to enquiries made under Section 133(6)-Share capital and share premium is capital receipt-Cannot be taxed as income.

Greensaphire Infratech Pvt. Ltd. v. ITO (2022) 95 ITR 464 / 219 TTJ 41 (UO) / 95 ITR 464 / 140 taxmann.com 308 (Amritsar)(Trib)

S. 68 : Cash credits-Gross profit-Turmeric trading-Purchase and sale-Addition is not justified.

Sunil Kanhaiyalal Gidwani v. ACIT (2022) 216 TTJ 54 (UO) / 140 taxmann.com 21 (Pune)(Trib)