9911796707
TMI Blog2023 (11) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... ital and share premium could not be treated as unexplained cash credits under Section 68 - Revenue filed an appeal against the said judgement and the same was dismissed by the Hon ble Supreme Court in ITO vs. V.R. Global Energy (P) Ltd.[ 2020 (1) TMI 520 - SC ORDER] . The decision of Ritu Anurag Agarwal [ 2009 (7) TMI 1247 - DELHI HIGH COURT] also stands in aid to the case of the respondent/assessee. The decision in Jatia Investment Co. [ 1992 (8) TMI 16 - CALCUTTA HIGH COURT] will also support the case of the respondent/assessee. In the said decision, the Court found that cash did not pass at any stage though entries were made in cash book showing payment and receipts; but since the entries made a complete round, no passing of cash was nec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue has raised the following substantial questions of law for consideration:- i) Whether the Learned Tribunal has erred in law and fact in setting aside the order of the CIT (A) with limited direction to invoke section 68 of the Act only if he is satisfied about actual receipt of sum by the assessee, in acquiring investments and rights? ii) Whether the Learned Tribunal has erred in law and fact in treating the transaction through shares as beyond the ambit of section 68 of the Act, ignoring that shares tantamount to money here as a medium of exchange which is a mode of circumventing the said provisions? iii) Whether the Learned Tribunal has erred in law and fact in deleting the addition under section 68 of the Act, without appreciating the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id not pass at any stage though entries were made in cash book showing payment and receipts; but since the entries made a complete round, no passing of cash was necessary for the purpose of making entries. Further, it was held that if there was no real cash entry on credit side of the cash book by merely an emotional or fictitious cash entry, as admitted by the Income Tax Officer, there is no real credit to cash, to its cash book the question of inclusion of the amount of the entry as unexplained cash credit cannot arise. In the light of the above decision, the view taken by the learned Tribunal was perfectly in order and sustainable. Thus, we find there is no ground to interfere with the order passed by the learned Tribunal. Accordingly, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
