CIT v. Jai Kumar Bakliwal

ITO, WARD, PHALODI, PHALODI vs. M/S RAMA ALLURE LLP, JODHPUR

In the result, appeal of the revenue is dismissed

Bench: The Date, The Appeal Is Finally Heard.”

…se laws, reliance is also placed on below supportive rulings: - 2014 - Gujarat HC - CIT v Sachitel Communications Pvt. Ltd. [227 Taxman 219]; - 2014 - Gujarat HC - CIT v. Patel RamniklalHirji [222 Taxman 15]; - 2014 – Rajasthan HC - CIT v. Jai kumarBakliwal [366 ITR 217]; - 2014 – Allahabad HC - CIT v. Shalimar Buildwell Pvt. Ltd. [220 Taxman 138]; - DCIT vs. M/s. YRV International [ITA No. 1414/Mum/2017] - Shri Ashok Nagraj Mehta vs. ACIT [ITA No. 2100/Mum/2016, and ITA No. 1645/Mum/2017]; - ACIT vs. Shri DilipChimanlal Gandhi [ITA No. 7079/Mum/2016]; - Smt. Ritu Kamal Singhal vs. ITO-24(3)(4), MUMBAI - 2012 –…

SAMPAT LAL LODHA ,NATHDWARA vs. ITO, WARD-2, RAJSAMAND

In the result, both appeals of the assessee are allowed

…The assessee having discharged his burden by proving the existence of the depositors and the depositors owing their deposits, he was not further required to prove source of source. iv] The Hon’be Rajasthan High Court in the case of CIT vs. Jai Kumar Bakliwal 366 ITR 217 has held as under: - “9. If there is direct evidence to show that the loan received by the assessee actually belong to the assessee, there will be no difficulty in assessing such amount as the income of the assessee from undisclosed source but if there is no direct evidence in this regard, then the indirect or circumstantial evidence has to be co…

SAMPAT LAL LODHA ,NATHDWARA vs. ITO, WARD-2, RAJSAMAND

In the result, both appeals of the assessee are allowed

…The assessee having discharged his burden by proving the existence of the depositors and the depositors owing their deposits, he was not further required to prove source of source. iv] The Hon’be Rajasthan High Court in the case of CIT vs. Jai Kumar Bakliwal 366 ITR 217 has held as under: - “9. If there is direct evidence to show that the loan received by the assessee actually belong to the assessee, there will be no difficulty in assessing such amount as the income of the assessee from undisclosed source but if there is no direct evidence in this regard, then the indirect or circumstantial evidence has to be co…

DCIT, CIRCLE-1(1)(2), SURAT vs. MERRYGOLD GEMS PVT. LTD, SURAT

In the result, the grounds of appeal raised by the revenue are dismissed

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.126/Srt/2020 (Ay 2016-17) (Hearing In Virtual Court) Deputy Commissioner Of Merrygold Gems Pvt. Ltd., U-20, Jolly Square, Income-Tax, Circle-1(1)(2), Vs Ram Chowk, Ghod Dod Road, Room No.114, 1St Floor, Surat-395007 Aaykar Bhavan, Pan No. Aaicm 7912 L Majura Gate, Surat-395001 अपीलाथ"/Appellant ""थ" /Respondent

…आयकर अपीलीय अिधकरण, सुरत "ायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr ARJUN LAL SAINI, ACCOUNTANT MEMBER आ.अ.सं./ITA No.126/SRT/2020 (AY 2016-17) (Hearing in Virtual Court) Deputy Commissioner of Merrygold Gems Pvt. Ltd., U-20, Jolly Square, Income-tax, Circle-1(1)(2), Vs Ram Chowk, Ghod Dod Road, Room No.114, 1st Floor, Surat-395007 Aaykar Bhavan, PAN No. AAICM 7912 L Majura Gate, Surat-395001 अपीलाथ"/Appellant ""थ" /Respondent िनधा"रती की ओर से /Assessee by Shri Prakash G Jhunjhunwala, C.A राज" की ओर से /Revenue by Shri H.P. Meena CIT-DR…

SHRI SHRI SUDHIR KUMAR JHA,BHILAI(CG) vs. THE DY. COMMISSIONER OF INCOME TAX 1(1), BHILAI, BHILAI(CG)

In the result, the appeal of assessee is allowed

…d CIT(A). Ld AR of the assessee further submitted the following judgments in support of its contention:- i) CIT Vs Orissa Corporation (P) Ltd. (1986) 159 ITR 78 (SC) ii) CIT Vs Metachem Industries (2000) 245 ITR 160 (MP) iii) CIT Vs. Jai Kumar Bakliwal (2014) 366 ITR 217, 223 & 224 (Raj,) 4 Claris Life sciences Ltd. Vs ACIT (2008) 298 ITR (AT) 403 (Ahd.) iv) 7. With regarding to assessee’s argument that in the present case no money was received by the assessee, only acceptance of credit entry through journal entry, thus provision of section 68 cannot be invoked, Ld AR has submitted the following case laws:- i) C…