BHIMA JEWELLERS vs. COMMISSIONER OF INCOME TAX,
ITA/15/2021HC Kerala25 Aug 2022
Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI
For Appellant: M/S BHIMA JEWELLERSFor Respondent: COMMISSIONER OF INCOME TAX
Section 115Section 115BSection 263Section 68Section 69Section 69ASection 69BSection 69CSection 69D
u/s 68 should be taxed at 30%.
The Hon’ble High Court of Kerala in the case of
M/s Kerala Sponge Iron Ltd. held that unexplained
cash credit cannot be treated as business income
because it is not an income classifiable under any
head of income as per section 14 and such incomes
are not eligible
