Baladin Ram v. CIT

Jagdish Chand Verma, New Delhi vs. ITO, Ward- 67(2), Delhi

The appeal is allowed

Bench: Shri S. Rifaur Rahman & Shri Anubhav Sharmaassessment Year : 2014-15 Jagdish Chand Verma, Vs. Income Tax Officer, C/O Ca Pramod Shukla, Ward-67(2), 3748, First Floor, Kucha Delhi. Parmanand, Daryaganj. Pan: Aanpv4931G

…ng the relevant assessment year and that there was no "credit to the books of accounts", which is a pre-condition to make addition under section 68 of the Act, and thus, section 68 cannot be pressed to service. He relied decision in Baladin Ram Vs. CIT [1969] 7 ITR 427, to contend that the Hon'ble Supreme Court has held that a passbook of bank cannot be considered the books of accounts of the assessee. The Hon'ble jurisdictional High Court of Delhi in the case of CIT vs. Ms. Mayawati reported in 338 ITR 563 [DEL] has also held that section 68 cannot be invoked on cheques deposited in bank accounts as the same can…

Income Tax Officer, Delhi vs. Megha Garg, Delhi

In the result, the appeal filed by the assessee is allowed

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] Income Tax Officer, Megha Garg, 1707 E-2 Block Civic Centre, 160 Saraswati Vihar Vaishali, New Delhi-110002 Vs Pitampura, Delhi-110034 Pan-Aecpg7098C Appellant Respondent

…ving no other business income and consequently not maintaining any books of accounts. Reliance in this regard was placed upon the decision of Hon’ble Delhi High Court in the case of Ms. Mayawati 338 ITR 563 and of Hon’ble Apex Court in the case of Baladin Ram 71 ITR 427 (SC). The ld. Counsel submitted that it had acquired 8000 shares on 30.08.2011 from M/s Economy Suppliers Private Limited and payment of Rs.2,40,000/- was made utilizing banking channel. A copy of Axis Bank, account statement evidencing the transactions has been placed on record through voluminous paper book. It was submitted that the said shares…

Income Tax Officer, Delhi vs. Mohd Rizwan, Delhi

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.Income Tax Officer, Delhi. (Appellant)

…the Assessing Officer from the Commissioner of Income-tax (Appeals). Thus, the contention of the assessee was rejected. 4. Learned counsel, appearing for the assessee placing reliance on the decision of the Supreme Court reported in Baladin Ram v. CIT [1969] 71 ITR 427 and the decisions of the Mumbai and Allahabad High Courts reported in CIT v. Bhaichand H. Gandhi [1983] 141 ITR 67 and SundarLal Jain v. CIT [1979] 117 ITR 316, respectively, contended, that Section 68 of the Act can be invoked only, when, the books of account of the assessee show the cash entry and not otherwise. 5. We are afraid, such a narrow a…

DCIT, Int.Tax.Circle, Gurgaon vs. Anil Kumar Goel, Gurugram

In the result, the appeal of the Revenue in ITA No

Bench: Shri Prakash Chand Yadav & Shri Naveen Chandra

…ther relied on the following decision for the proposition that no additions can be made u/s 68 of the amount which was credited in the preceding previous years: i) Ivan Singh v. Asstt. CIT [2020] 116 taxmann.com 499/272 (Bom) ii) Baladin Ram Vs. CIT 11969) 7 ITR 427(SC) iii) CIT Vs. Ms. Mayawati reported in 338 ITR 563 [DEL] We therefore, do not find any valid reason to interfere with the well- reasoned findings of the ld. CIT(A). Accordingly, we uphold the order of the ld. CIT(A) and dismiss the ground no 1 to 5 raised by the Revenue on this count. Page 7 of 9 ITA No. 1103/DEL/2022 [A.Y 2017-18] The Dy. C…

Inner Wheel Club of Delhi Mid Town, New Delhi vs. ACIT-CPC-Banglore, Banglore

In the result, the appeal of the Revenue in ITA No

Bench: Shri Prakash Chand Yadav & Shri Naveen Chandra

…ther relied on the following decision for the proposition that no additions can be made u/s 68 of the amount which was credited in the preceding previous years: i) Ivan Singh v. Asstt. CIT [2020] 116 taxmann.com 499/272 (Bom) ii) Baladin Ram Vs. CIT 11969) 7 ITR 427(SC) iii) CIT Vs. Ms. Mayawati reported in 338 ITR 563 [DEL] We therefore, do not find any valid reason to interfere with the well- reasoned findings of the ld. CIT(A). Accordingly, we uphold the order of the ld. CIT(A) and dismiss the ground no 1 to 5 raised by the Revenue on this count. Page 7 of 9 ITA No. 1103/DEL/2022 [A.Y 2017-18] The Dy. C…

Deepak Srivastava, Haryana vs. Income Tax Officer, Ward 30(5), Delhi

In the result, appeal of the assessee is partly allowed as

Bench: Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1328/Del/2024 िनधा"रणवष"/Assessment Year: 2017-18 बनाम Sh. Deepak Srivastava, Income Tax Officer 1404, Tower-16, Orchid Petals, Vs. Ward-30(5), Sector-49, Gurgaon, Civic Centre, Haryana. Delhi. Pan No. अपीलाथ" Appellant ""यथ"/Respondent

…he assessee, in the absence of any corroborative evidence to support action u/s 68 of the Act, no such addition is tenable." 17. In the case of Baladin Ram Vs. CIT [1969] 7 ITR 427, the Hon'ble Supreme Court has held as under: "4. In Baladin Ram v. CIT [1969] 71 ITR 427, it has been held by the Supreme Court that it is now well settled that the only possible way in which income from an undisclosed source can be assessed or reassessed is to make the assessment on the basis that the previous year for such an income would be the ordinary financial year. Even under the provisions embodied in s. 68 of the said Act, it…

Jisna John, Kallur vs. Income Tax Officer, New Delhi

Appeal of the assessee is allowed for statistical purposes

Bench: Shri Kul Bharatassessment Year: 2012-13

…his amount from the Pass Book maintained by Union Bank. In the case of CIT vs. Bhaichand N. Gandhi 141 ITR 67., the Bombay High Court analysed the provisions of section 68. It took note of the decision of 3 the Supreme Court in the case of Baladin Ram vs. CIT 71 ITR 427, where the court had held that it was only when an amount was found credited in the books of an assessee that the section would be attracted. 7. PRAYER The Commissioner of Income-tax (Appeal), the learned First Appellate Authority did not decide the appeal on merits but passed the impugned order by dismissing the appeal for non compliance of mand…

Naresh Batra, Gurgaon vs. ITO, Ward-3(1), Gurgaon

In the result, the appeal is allowed

Bench: Learned Commissioner (Appeals). However, By The Impugned Order, The Appeal Was Dismissed.

…t be considered as assessee’s books of account to invoke the provisions of section 68 of the Act. In support of such contention, he relied upon the following decisions: • CIT vs. Ms. Mayawati [2011] 338 ITR 563 (Delhi High Court); • Baladin ram vs. CIT [1969] 71 ITR 427 (Supreme Court); • CIT vs. Bhaichand N. Gandhi [1983] 141 ITR 67 (Bombay High Court); • Sh. Om Prakash vs. ITO, ITA No.1325/Del/2011, Date of decision: 11.08.2016 (Delhi – Trib.); • Amitabh Bansal vs. ITO [2019] 175 ITD 401 (Delhi – Trib.); & • Dr. Vishan Swqaroop Gupta, vs. ITO, ITA No. 13/JP/2020, Date of decision: 28.01.2021. 6. Without prejudi…

Sandeep Kumar, Rohtak vs. ITO Ward -03, Rohtak

In the result, the appeal is allowed

…ts maintained by the assessee. Therefore, the conditions of section 68 of the Act are not fulfilled. In support of such contentions, he relied upon the following decisions: • CIT vs. Mayawati [2011] 338 ITR 563 (Delhi High Court); • Baladin ram vs. CIT [1969] 71 ITR 427 (Supreme Court); • CIT vs. Bhaichand N. Gandhi [1983] 141 67 [Bombay High Court]; • Sh. Om Prakash vs. ITO, ITA No.1325/Del/2011, Date of decision: 11.08.2016 (Delhi – Trib.); • Amitabh Bansal vs ITO [2019] 175 ITD 401 (Delhi – Trib.). 5 ITA No. 3887/Del./2019 5. Learned Departmental Representative strongly relied upon the observations of the As…