CIT v. Orient Trading Co.

Sanjay Kumar Karnani, Jaipur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: AO on 12-04-2021 18. Reply filed before AO on 15-07-2021 19. Additional Written Submissions filed before CIT(A) for AY 2014-15 on 11-11-2024 20. Written Submissions filed before CIT(A) for AY 2014-15 21. Written Submissions filed before CIT(A) for AY 2015-16 on 10-10-2024 22. Written Submissions filed before CIT(A) for AY 2016-17 on 10-10-2024 23. Written Submissions filed before CIT(A) for AY 2017-18 on 15-10-2024 24. Written Submissions filed before CIT(A) for AY 2018-19 on 15-10-2024 25.

…ing balances. The addition u/s 68 should be restricted to year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. during the financial year under review. " CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit entries for the current emphasized that S.68 deals with the unexplained credit entries for the current emphasized that S.68 deals with the…

Sanjay Kumar Karnani, Jaipur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…ing balances. The addition u/s 68 should be restricted to year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. during the financial year under review. " CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit entries for the current emphasized that S.68 deals with the unexplained credit entries for the current emphasized that S.68 deals with the…

Shri Ambica Garments, Jodhpur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…nces. The addition u/s 68 should be restricted to year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. credits during the financial year under review. " CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit entries for the curr…

Shri Ambica Garments, Jodhpur vs. ACIT, Cental Circle-3, Jaipur, Jodhpur

In the result, all appeals of the assessee are disposed off in terms of

…nces. The addition u/s 68 should be restricted to year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. credits during the financial year under review. " CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit entries for the curr…

Shri Ambica Garments, Jodhpur vs. ACIT, Cental Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

…nces. The addition u/s 68 should be restricted to year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. credits during the financial year under review. " CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit ent emphasized that S.68 deals with the unexplained credit entries for the curr…

Shri Ambica Garments, Jodhpur vs. ACIT, Cental Circle-3, Jaipur

…: The Gujarat High Court ruled that S.68 pertains only to unexplained credits introduced during the year and not to opening balances. The addition u/s 68 should be restricted to credits during the financial year under review. CIT vs. Orient Trading Co. (2001) 248 ITR 258 (Cal): This judgment emphasized that S.68 deals with the unexplained credit entries for the current assessment year. It cannot be used to add amounts that were part of opening balances or carried forward from previous years. 49 ITA Nos. 56 to 61/JP/2025 Shri Ambika Garments vs. ACIT We further rely the decision of Hon’ble Jurisdictional Jaipur B…