Where Central Government granted the subsidy to enhance Indian export potential in the international market and it was not granted to meet the cost of expenditure to meet the competition of the Indian textile market, therefore, amount was not an export incentive, but rather capital receipt and therefore, not taxable.

Principal CIT v. Nitin Spinners Ltd.

  Section 4   Direct Taxes
As assessee-firm failed to furnish evidence in support of its contention that capital contribution was made by partners out of advance received against sale of land, AO was justified in taxing amount received as unexplained credit under section 68.

Verma Service Station v. ACIT

  Section 68   Direct Taxes
Since loan was taken from acquisition of capital assets and assessee had made submissions that for chargeability under section 41(1), there should have been actual allowance made in the assessment of assessee in the earlier year, therefore, amount of loan being waived off could not be termed as a revenue receipt.

Principal CIT v. Vibhadeep Investment & Trading Ltd.

  Section 41(1)   Direct Taxes
Where out of 14 persons, 13 persons have duly confirmed the booking advances made to assessee and their creditworthiness was also examined by AO but no negative inference was drawn by him, no addition could be made under section 68 just because one person who had only advanced an meager amount, had not recorded the statement under oath as he was abroad. Consequently, penalty under section 271(1)(c) would also not be levied.

Prerna Developers v. ITO

  Section 68   Direct Taxes
The petitioner has already paid the amount which is more than the amount of fine in lieu of confiscation in terms of the order of confiscation passed, the respondents are restrained from taking any coercive action against the petitioner.

Sureshbhai Gadhecha v. State of Gujarat

  Sections 5 and 6 of GGST Act, 2017   GST
Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee for carrying out its business activities and assessee was liable to deduct TDS under section 194-I

OTM Jewellery (P) Ltd. v. ITO

  Section 194C read with 194I   Direct Taxes
The money equivalent to enhanced portion of the assets being immovable property re-valued by firm does not constitute capital asset within the meaning of section 2(14) and the payment of the said money by the assessee-firm to the retiring partners cannot give rise to capital gain under section 45(4) read with section 2(14).

D.S. Corporation v. ITO

  Section 45(4)   Direct Taxes
Since the applicant seeks only release of the conveyance, at this stage, the court deems it fit to allow the application and modify the earlier Order. The Order is modified by directing the respondents to release Truck upon the petitioner depositing a sum.

Anil Bapulal Patil v. State of Gujarat

  Section 130 of CGST Act, 2017   GST
Where assessee did not make any payment for impugned investment anything over and above what was recorded in its books of account, in absence of any evidences establishing receipts and payments outside regular books of account, the provisions of section 69B could not be invoked and hence, the addition made under section 69B on account of undisclosed income was liable to be deleted.

Dy. CIT v. Adventure Marketing (P) Ltd.

  Section 69B   Direct Taxes
Where AO made addition under section 68 of cash deposited in Bank account of assessee on the ground that assessee could not explain nature and source of such deposits to his satisfaction but there was no evidence with AO that withdrawals made by assessee systematically from the bank account, which were not shown to the Revenue, had been utilized for some purpose other than for the unaccounted business of assessee, assessee should have been given the benefit of peak credit theory and only peak credit could be sustained.

Vipul Kumar Jain v. ACIT

  Section 68   Direct Taxes
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