CIT v. Shree Barkha Synthetics

Vijit Singh, Jaipur vs. ITO Ward 3(2) Jaipur, Jaipur

In the result, the appeal of the assessee is allowed

…prove the identity and the capacity of the creditor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the AO to rebut/ disprove the same for making a valid addition u/s 68. kindly referCITvs Shree Barkha Synthetics 182 CTR 175 (Raj). The Hon'ble RHC again reiterated the same view in CIT vs. First Point Finance Ltd 286 ITR 477 (Raj.) holding that this court held after referring to the aforesaid decisions, that once the initial burden has been discharged in respect of the identity of investors, about their existence, and the confirmation from such investors has been obta…

Shri Madan Lal Meena, Jaipur vs. Assistant Commissioner of Income Tax, Circle-2, Kota

In the result, the appeal of the assessee is allowed for statistical purposes

…entity and the capacity of the creditor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the ld. AO to rebut/disprove the same for making a valid addition u/s 68. Kindly refer CIT v/s Shree Barkha Synthetics (2003) 182 CTR 175 (Raj), Shanker Industries v/s CIT (1978) 114 ITR 689 (Cal) and First Point Finance Ltd (2006) 286 ITR 477 (Raj). 1.2.1 Identity Established: In the present case the facts are not denied that the assesse had alreadysubmitted Affidavits (duly notarized and attested) of Mr. Sukhvinder Singh and theother threecreditors as also their identity proof (…

Shri Kailash Chand Yadav, Sikar vs. Income Tax Officer, Ward, Neemkathana

In the result, this appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 173/Jp/2019 Fu/Kzkj.K O"Kz@Assessment Year :2014-15 Shri Kailash Chand Yadav, Cuke I.T.O., Vs. S/O-Shri Chhotu Ram Yadav, Ward-Neemkathana Dhani Amar Singh Wali Mundru, Tehsil-Srimadhopur, Sikar. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Aiupy 2977 J Appellant Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri Shravan Kr. Gupta (Adv) Jktlo Dh Vksj Ls@ Revenue By: Smt. Monisha Choudhary(Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 25/06/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 30/06/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is The Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A)-3, Jaipur Dated 23/01/2019 For The A.Y. 2014-15. The Grounds Taken By The Assessee Are As Under: “1. The Impugned Assessment Order U/S 143(3) Rws 147 Dated 19/12/2017 As Well As The Action Taken U/S 147/148 By The Ld. Ao Are Bad In Law, Invalid, Illegal & On Facts Of The Case, For Want Of Jurisdiction, Barred By Limitation & Various Other Reasons & Hence The Same May Kindly Be Quashed. 2. Rs.13,00,000/-: The Ld. Cit(A) Has Grossly Erred In Law As Well As On The Facts Of The Case In Confirming The Addition Of Rs. 13,00,000/- Made By The Ld. Ao On Account Of Cash Deposit Without Invoking Any Provision Of The It Act & By Ignoring The Material Evidences On Assumption Or Suspicion. Hence The Addition So Made By The Ld. Ao & Sustained By 2

…rove the identity and the capacity of the creditor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the AO to rebut/ disprove the same for making a valid addition u/s 68. kindly refer CIT vs Shree Barkha Synthetics 182 CTR 175 (Raj). The Hon’ble RHC again reiterated the same view in CIT vs. First Point Finance Ltd 286 ITR 477 (Raj.). Here the ld. AO not disputed that the Identity Established, Genuine Transaction, iii. Capacity has also been proved by the assessee by filling various material evidences and capacity has not been doubted and the ld. AO not speak a single w…

M/S Balaji Health Care Pvt. Ltd., Jaipur vs. Income Tax Officer, Ward-4-3, Jaipur

In the result, the appeal of the assessee is allowed

…dered the specific and peculiar facts of the case. Before ld. CIT(A), following binding judicial precedents of Hon’ble Rajasthan High Court and Hon’ble ITAT Jaipur Bench were cited: CIT vs. First Point Finance Ltd. 286 ITR 477 (Raj), CIT vs. Barkha Synthetics 182 CTR 175 (Raj), Labhchand Bohra vs. ITO (2008) 8 DTR 44 (Raj), Kanhialal Jangid vs. ACIT (2008) 8 DTR 38 (Raj), Premlata Kedia vs. DCIT 22 TW 481 (JPR), Nirmal Kumar Dugar 31 TW-112 (JP),Narayan Singh vs.ITO 31 TW 191 (JP) and Mohan Sukhani vs. ITO 31 TW 61 (JP). The ld CIT(A) has neither followed the above judgements nor has distinguished the same and th…

Radhey Ram Godara, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is partly allowed for Statistical purposes

…rove the identity and the capacity of the creditor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the AO to rebut/ disprove the same for making a valid addition u/s 68. kindly refer CIT vs Shree Barkha Synthetics 182 CTR 175 (Raj). The Hon’ble RHC again reiterated the same view in CIT vs. First Point Finance Ltd 286 ITR 477 (Raj.) holding that this court held after referring to the aforesaid decisions, that once the initial burden has been discharged in respect of the identity of investors, about their existence, and the confirmation from such investors has been obta…

Tirupati College of Technical Education Society, Jaipur vs. CIT(Exemptions), Jaipur

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

…rove the identity and the capacity of the creditor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the AO to rebut/ disprove the same for making a valid addition u/s 68. kindly refer CIT vs Shree Barkha Synthetics 182 CTR 175 (Raj). The Hon’ble RHC again reiterated the same view in CIT vs. First Point Finance Ltd 286 ITR 477 (Raj.) holding that this court 34 M/s.Tirupati College of Technical Education Society vs LD. CIT( Exemption), Jaipur held after referring to the aforesaid decisions, that once the initial burden has been discharged in respect of the identity of…