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-Difference between books of account and Valuation Report-Addition was deleted. [S. 142A]

VRL Logistics Ltd. v. ACIT (2022)95 ITR 221 (Bang)(Trib)

S. 69 : Unexplained investments-Amount received from director-Officer should have verified the return of the director-Source of funds are explained-Addition was deleted. [S. 147, 148]

Astral Properties and Constructions Pvt. Ltd v. ITO (2022)97 ITR 210 (SMC) (Delhi) (Trib)

S. 69 : Unexplained investment-Stock figures and cash position different in statement furnished to the bank and in book of accounts-Statement given to third party not admissible as evidence-CIT(A) is justified in deleting additions. [133(6)]

ITO v. Ramesh Chand (2022)97 ITR 421 (Delhi) (Trib)

S. 69 : Unexplained investments-Burden of proof on department-Documents impounded in the course of survey-Sale consideration was accepted in the assessment of seller-Addition is not justified. [S.115BBE, 133]

Vatika Ltd v. ACIT (2022) 100 ITR 23 (SN) (Delhi)(Trib)

S. 69 : Unexplained investments-Income from undisclosed sources-Notice returned unserved with the remarks “Not found” or “Left”-Payments were though account payee cheques-tax was deducted at source-Addition is not justified. [S. 133(6)]

Dy. CIT v. Global Wool Alliance Pvt. Ltd. (2022)100 ITR 12 (SN) (Kol.) (Trib.)

S. 68 : Cash credits-Share capital-Share premium-Deletion of addition is affirmed.

Dy. CIT v. BDR Builders & Developers (P) Ltd. (2022) 220 TTJ 921 / (2023) 221 DTR 394/199 ITD 757 (Delhi)(Trib)

S. 68 : Cash Credits-Cash deposit into bank account-Demonetization period-Source explained-Advance from customers-Sales bills raised-Recorded in the books of account-Books of account not rejected-Addition was deleted. [S. 145]

R.S. Diamonds v. ACIT (2022) 98 ITR 505 /(2023) 198 ITD 344 (SMC) (Mum.)(Trib.)

S. 68 : Cash credits-Capital gains-Penny stock-Accommodation entries-Information from Investigation wing of Kolkata-Global securities Ltd-STT paid-Shares acquired through private placement mechanism-Shares sold through the registered broker of the stock exchange-Denial of exemption is not valid-Addition cannot be made as cash credit-Reassessment was quashed. [S. 10(38), 45, 69C, 133A 147, 148]

Muktaben Nishantbhai Patel (Smt) v. ITO (2022) 217 TTJ 895 / 214 DTR 209 (Surat)(Trib) Nishant Kantilal Patel v. ITO (2022) 217 TTJ 895 / 214 DTR 209 (Surat)(Trib)

S. 68 : Cash credits-Unexplained income-Commission agent-Explanation provided by assessee and agent valid-Addition was deleted.

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

S. 68 : Cash credits-Share capital-Share premium-Burden discharged-Addition was deleted. [S. 10(38), 45]

ACIT v. Enrich Agro Food Products (P.) Ltd. (2022)217 TTJ 815/214 DTR 147/ 141 taxmann.com 309 (Delhi)(Trib.)