2023-TIOL-67-SC-IT

D N Singh Vs CIT

Whether in case of an entrustment to carrier otherwise than under a contract of sale of goods, possession of carrier would not convert it into owner of goods - YES: SC

Whether an ordinary 'article' cannot be bracketed in same category as other high-priced articles like bullion, gold, jewellery mentioned u/s 69A by attributing high value to the run-of-the-mill article, only on the strength of its bulk quantity - YES: SC

Whether it is not ownership of huge volume of some low cost ordinary article but the precious gold and the like, that would attract the implication of deemed income u/s 69A - YES: SC

- Assessee's appeal allowed: SUPREME COURT OF INDIA

2023-TIOL-630-ITAT-MUM

Saptarshi Realtors Pvt Ltd Vs ITO

Whether where identity and creditworthiness of depositor has not been proved nor genuineness of transaction is proved, no addition can be made u/s 68 - YES: ITAT

- Assessee's appeal dismissed: MUMBAI ITAT

2023-TIOL-629-ITAT-DEL

Fine Gujaranwala Jewellers Vs ITO

Whether abnormal increase in cash sale and their deposit in bank account consequent to demonization could not be basis for rejection of account and addition u/s 68 - YES: ITAT

Whether once the assessing officer accepts the books of accounts and the entries in the books of accounts are matched, there is no case for making the addition as unexplained - YES: ITAT

- Assessee's appeal allowed: DELHI ITAT

2023-TIOL-628-ITAT-JAIPUR

Swastic Oil Industries Vs ACIT

Whether substantial justice requires the appeal be allowed if filed late reasonable causes - YES: ITAT

- Assessee's appeal allowed: JAIPUR ITAT