CIT v. Precision Finance Pvt. Ltd.

Jas Infraspace Pvt. Ltd., Ahmedabad vs. DCIT, Circle-2(2)(1), Ahmedabad

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Jas Infra Space Private Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Jas Infra Space Private Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. J.P.Fincorp Service Pvt. Ltd, Ahmedabad

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsr. Asstt. Name Of Name Of Ita/It(Ss)A No. Year Appellant Respondent J. P. Fincorp Services Pvt. Ltd. Dcit Iscon House, Opp Circle-1(1)(1), Associated Petrol 1. 2012-13 Ahmedabad-380015 Pump, Off C G Road, Ahmedabad-380009 Pan:Aabcj8599F Ambe Tradecorp Pvt. Ltd. [Formerly Known As J. P. Fincorp Services Pvt. Ltd. Dcit C.O. No. 2012-13 2. “Iscon House”, Opp. Circle-1(1)(1), 199/Ahd/2016 Associated Petrol Ahmedabad-380019 Pump, Off. C. G. Road, Ahmedabad- 380015 Pan:Aabcj8599F (Applicant) (Responent) : Ms. Nupur Shah, Ca Assessee By : Shri Ajay Pratap Singh, Cit Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 20/12/2021 घोषणा क" तारीख /Date Of Pronouncement: 28/01/2022 आदेश/O R D E R

…he transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under Section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision Finance (P) Ltd. reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. “ 20. N…

Shri Pravinchandra R Patel, Vadodara vs. DCIT, Central Circle-2, Vadodara

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

DCIT, Central Circle-2, Vadodara vs. Neotech Education Foundation, Vadodara

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

DCIT, Central Circle-2, Vadodara vs. Neotech Education Foundation, Vadodara

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…