CIT v. Lavanya Land (P) Ltd.

Dy. Commissioner of Income Tax, Central Cir.-2, Surat vs. Shri Rameshbhai Raghavbhai Bhadani, Surat

In the result, summarized and concise ground No

Bench: Shri Pawan Singh, Jm & Dr. A.L. Saini, Am आयकरअपीलसं./It(Ss)A Nos.25 &31/Srt/2021 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Deputy Commissioner Of Rameshbhai Raghavbhai Bhadani, Prop. Of M/S Rangeela Fashion, 14, Income-Tax, Central Circle-2, Room No. 505, 5Th Floor, Nirman Industrial Estate, A.K. Road, Fulpada, Surat Aaykar Bhawan, Majura Gate, Vs. Surat-395001. Deputy Commissioner Of Income- Rameshbai Raghavhai Bhadani Plot No.14-16, Nirman Tax, Central Circle-2, Room No.505, 5Th Floor, Aaykar Bhawan, Majura Industrial Estate, A./K. Road, Surat-395008 Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Adkpb 0556 F (Assessee) (Respondent) आयकरअपीलसं./Ita Nos.45/Srt/2021 ("नधा"रणवष" / Assessment Year: (2014-15) Deputy Commissioner Of Shri Rameshbhai Raghavbhai Income-Tax, Circle-3, Room No. Bhadani, Prop. Of M/S Rangeela Vs. 505, 5Th Floor, Aaykar Bhawan, Fashion, 14, Nirman Industrial Majura Gate, Surat-395001. Estate, A.K. Road, Fulpada, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Adkpb 0556 F (Assessee) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A.L. SAINI, AM आयकरअपीलसं./IT(SS)A Nos.25 &31/SRT/2021 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Deputy Commissioner of Rameshbhai Raghavbhai Bhadani, Prop. of M/s Rangeela Fashion, 14, Income-tax, Central Circle-2, Room No. 505, 5th Floor, Nirman Industrial Estate, A.K. Road, Fulpada, Surat Aaykar Bhawan, Majura Gate, Vs. Surat-395001. Deputy Commissioner of Income- Rameshbai Raghavhai Bhadani Plot No.14-16, Nirman tax, Central Circle-2, Room No.505, 5th Floor, Aaykar Bhawan, Majura Industrial Estate…

Dy. Commissioner of Income Tax, Central Cir., -3, Surat vs. Shri Pannalal Mahendra Kothari, Surat

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Deputy Commissioner Of Shri Pannalal Mahendra Income-Tax, Central Circle-3, Kothari, 8A, Abhishek Vs Room No.507, 5Thfloor, Apartment, S.D. Road, Ayakar Bhavan, Majura Gate, Surat Surat-395001 Pan : Aizpk 3155 F Appellant / Revenue Respondent / Assessee

…f registration. Generally, it is not a practice in the market that cash is paid after the execution of sale documents and its registration. The Ld. CIT(A) after referring the decision of Hon'ble Supreme Court in the case of CIT Vs Lavani Land Pvt. Ltd. (2017) 397 ITR 246 (SC) held that in the documents found from the third party without corroborative evidence cannot be used against assessee. 7. On the addition of unexplained cash received, Ld. CIT(A) held that Assessing Officer recorded same reasoning as recorded from unaccounted investment. The assessee made similar contention as made against the addition of una…

Pawan Kumar Chhaparia, Mumbai vs. ITO Burhanpur, Burhanpur

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

…o dislodge assessee’s claim. No exchange of cash between the assessee and the various exit providers could be proved. In the absence of such a fact, additions could not be sustained as held by Hon’ble Bombay High Court in CIT V/s Lavanya Land Private Limited (83 Taxmann.com 161). Further, no link between the assessee and alleged exit-providers could be established by Ld. AO. In fact, during appellate proceedings, the details of persons who bought assessee’s shares was obtained form stock exchange. All these persons were individuals and not corporate entities as alleged by Ld.AO and identified by investigation win…

Manish Chhaparia, Mumbai vs. ITO Burhanpur, Burhanpur

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

…o dislodge assessee’s claim. No exchange of cash between the assessee and the various exit providers could be proved. In the absence of such a fact, additions could not be sustained as held by Hon’ble Bombay High Court in CIT V/s Lavanya Land Private Limited (83 Taxmann.com 161). Further, no link between the assessee and alleged exit-providers could be established by Ld. AO. In fact, during appellate proceedings, the details of persons who bought assessee’s shares was obtained form stock exchange. All these persons were individuals and not corporate entities as alleged by Ld.AO and identified by investigation win…

Manish Chhaparia, Mumbai vs. ITO Burhanpur, Burhanpur

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

…o dislodge assessee’s claim. No exchange of cash between the assessee and the various exit providers could be proved. In the absence of such a fact, additions could not be sustained as held by Hon’ble Bombay High Court in CIT V/s Lavanya Land Private Limited (83 Taxmann.com 161). Further, no link between the assessee and alleged exit-providers could be established by Ld. AO. In fact, during appellate proceedings, the details of persons who bought assessee’s shares was obtained form stock exchange. All these persons were individuals and not corporate entities as alleged by Ld.AO and identified by investigation win…

Ashish Chhaparia, Mumbai vs. ITO Burhanpur, Burhanpur

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

…o dislodge assessee’s claim. No exchange of cash between the assessee and the various exit providers could be proved. In the absence of such a fact, additions could not be sustained as held by Hon’ble Bombay High Court in CIT V/s Lavanya Land Private Limited (83 Taxmann.com 161). Further, no link between the assessee and alleged exit-providers could be established by Ld. AO. In fact, during appellate proceedings, the details of persons who bought assessee’s shares was obtained form stock exchange. All these persons were individuals and not corporate entities as alleged by Ld.AO and identified by investigation win…