DCIT v. Rohini Builders

The DCIT, Circle-4, Ahmedabad vs. Shri Yogeshkumar Gupta, Ahmedabad

In the result appeal of the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 416/Ahd/2016 िनधा"रण वष"/Asstt. Year:2006-2007 D.C.I.T., Shri Yogesh Kumar Gupta, Circle-4, Vs. 19, Samrpan Bunglow, Ahmedabad. Nr. Judges Bunglow Road, Satellite, Ahmedabad-380051. Pan: Acqpg9641R

…Thus we can assume that the impugned transaction of loan received by the assessee which was subsequently repayable. In this regard we also find support and guidance from the judgment of Hon’ble Gujarat High Court in case of CIT vs. Rohini Builders reported in 256 ITR 360 wherein it was held as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositor is made by account payee cheques and the interest is also paid by the assessee to the creditors by the account payee cheques” 10.12 In view of the above, we ar…

ACIT, Circle-3(2), Ahmedabad vs. M/S. Kraft Laminate, Ahmedabad

In the result, the appeal of the Revenue is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri T.R. Senthil Kumarassessment Years : 2015-16 Assistant Commissioner Of M/S. Kraft Laminate, Income-Tax, Vs C/O. Laxmi Timber, Nr. Circle 3(2), Ahmedabad Mahalaxmi Textile Mill, Opp. Rajbai Patel Timber Market, Narol Naroda Highway, Narol, Ahmedabad-382405 Pan : Aamfk 8120 F अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri V.K. Singh, Sr. Dr Assessee By : Shri Manish J. Shah, Advocate सुनवाई क" तार"ख/Date Of Hearing : 24/02/2022 घोषणा क" तार"ख /Date Of Pronouncement: 16/03/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-:

…ow that the said loans were not genuine, an opportunity may be given to rebut the same. To support this contention, reliance inter alia was placed on behalf of the assessee on the decision of Hon’ble Gujarat High Court in the case of Rohini Builders Vs. DCIT, 256 ITR 360 (Guj.). The submissions made on behalf of the assessee were not found acceptable by the Assessing Officer, except in case of the loan amount of Rs.5,00,000/- received from Rameshbhai Naranbhai Patel; and, he proceeded to add the balance amount of Rs.32,00,000/- to the total income of the assessee by treating the unsecured loans to that extent as…

The Jt. CIT, Range-9, Ahmedabad vs. M/S. Unique Metropoils, Ahmedabad

In the result, Ground Nos

…IT(A) noted that even after giving the loan Rs. 1,00,00,000/- to the assessee, he is left with the balance 9,32,784/- as on 31-03-2011 in his bank account. The ld. CIT(A) held that the case of the assessee is squarely covered by the decision of Rohni Builders 256 ITR 36 and disallowance made in assessment order towards unexplained cash u/s. 68 of Rs. 1,00,00,000/- is unsustainable. Regarding addition of unsecured loan of Rs. 9,50,000/- received from Natwarbhai Nai, the assessee provided confirmation of party and registration as overseas citizen of India and submitted that it has proved the identity of the party a…

M/S. Unique Metropolis, Ahmedabad vs. Jt.Commissioner of Income Tax, Range-9, Ahmedabad

In the result, Ground Nos

…IT(A) noted that even after giving the loan Rs. 1,00,00,000/- to the assessee, he is left with the balance 9,32,784/- as on 31-03-2011 in his bank account. The ld. CIT(A) held that the case of the assessee is squarely covered by the decision of Rohni Builders 256 ITR 36 and disallowance made in assessment order towards unexplained cash u/s. 68 of Rs. 1,00,00,000/- is unsustainable. Regarding addition of unsecured loan of Rs. 9,50,000/- received from Natwarbhai Nai, the assessee provided confirmation of party and registration as overseas citizen of India and submitted that it has proved the identity of the party a…

The DCIT, Central Circle-1(1), Ahmedabad vs. Prathmesh Land Developers, Ahmedabad

In the result appeal of Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

…rties. Thus in such facts and circumstances, we find hard to hold that impugned amount of loan was not genuine. In this respect we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini builders reported in 256 ITR 360 wherein it was held as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” ITA nos.1379 & 1382/AHD/2019 with C…

The DCIT, Central Circle-1(1), Ahmedabad vs. Priyesh Housing Developers, Ahmedabad

In the result appeal of Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

…rties. Thus in such facts and circumstances, we find hard to hold that impugned amount of loan was not genuine. In this respect we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini builders reported in 256 ITR 360 wherein it was held as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” ITA nos.1379 & 1382/AHD/2019 with C…

The DCIT, Circle-1(1)(1), Vadodara vs. M/S. Aarti Catalyst Solution Pvt. Ltd, Vadodara

In the result, appeal of the Revenue is dismissed

…e case and law, the Ld. CIT(A) erred in deleting the addition of Rs.1,31,26,457/- made on account of cash credits-u/s 68 of the Act. 1.1 The Ld. CIT(A) erred in relying on the Hon'ble Gujarat High Court's judgment in the case of DCIT vs Rohini Builders (2012) 256 ITR 360 (Guj) despite, the A.O. reliance on newly inserted proviso to section 68 of the Act, which contravene the pre-existed legal position of Rohini Builders. 2 1.2 The Ld. CIT(A) erred in admitting additional evidences, i.e. bank statement of Shri. Hemant Patel and sale of agricultural land, without according the -opportunity to the A.O. thereby viol…

Ras Concepts Pvt. Ltd., Ahmedabad vs. The ITO, Ward-3(1)(3), Ahmedabad

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms Suchitra Kambleआयकर अपील सं./Ita No. 2352/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2012-2013 Ras Concepts Pvt. Ltd., I.T.O., 425, Saman Complex, Vs. Ward-3(1)(3), Opp. Nalanda Complex, Ahmedabad. Vastrapur, Ahmedabad-380015. Pan: Aaacr9231M

…as alleged by the AO. Thus, we can assume that the impugned transaction was the business transactions between the assessee and the loan parties. In this regard, we find that the Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini builders reported in 256 ITR 360 has observed as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” 9.2 Had there been any doubt by the Revenue…

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

…g channel to all the parties.The repayment of the loan amount by the assessee was duly accepted by the Revenue. In this regard, we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini builders reported in 256 ITR 360 wherein it was held as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” 93. Thus there remains no doubt that…

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

…g channel to all the parties.The repayment of the loan amount by the assessee was duly accepted by the Revenue. In this regard, we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini builders reported in 256 ITR 360 wherein it was held as under: “The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” 93. Thus there remains no doubt that…