Dharmendra Kumar Bansal v. CIT

M/S Stanford Developers, Neemrana Alwar vs. Income Tax Officer, Behror

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

Bench: Him.

…rned Assessing Officer deserves to be deleted. The following case-laws are quoted in support :- (1) Aravali Trading Co Vs. ITO (2008) 8 DTR 199 (Rajasthan HC) (2) KanhaiyalalJangidVs. CIT (2008) 217 CTR 354 (Rajasthan HC) (3) CIT Vs. Jai Kumar Bakliwal (2014) 101 DTR 377 (Rajasthan HC) In the aforesaid cases, it has been held that where the transactions are through banking channels and identity of the creditors has been established and the creditor is assessed to tax, in such cases, the transactions stood explained and addition u/s 68 was not sustainable. Therefore, the additions made in the case of the assessee…

Oliria Foods and Beverages Limited, Jaipur vs. Income Tax Officer, Jaipur

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…assessee's onus stand discharged and the latter is not further required to prove the source from which the creditors could have acquired the money deposited with him either in terms of section 68 or on general principle. (3) CIT Vs. Jai Kumar Bakliwal (2014) 101 DTR 377 (Raj) Once the amount was advanced by the creditors by account payee cheque from their respective bank accounts and the creditors were being assessed to income tax, the capacity of the creditor and genuineness of the transaction stood proved. Addition u/s 68 not sustainable. (4) Commissioner of Income Tax Vs. Heeralal Chaganlal Tak HIGH COURT O…

Venkateshwara Wires Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Jaipur

In the result, the appeal of the assessee is allowed

Bench: The Ld. Ao As Well As Before The Ld. Cit(A) As The Documents Submitted Was Only In Support Of Confirmations & Other Documents Already Submitted & No New Documents Were Submitted. 2. The Assessee Craves Your Indulgence To Add Amend Or Alter All Or Any Grounds Of Appeal Before Or At The Time Of Hearing.”

…assessee's onus stand discharged and the latter is not further required to prove the source from which the creditors could have acquired the money deposited with him either in terms of section 68 or on general principle. (3) CIT Vs. Jai Kumar Bakliwal (2014) 101 DTR 377 (Raj) Once the amount was advanced by the creditors by account payee cheque from their respective bank accounts and the creditors were being assessed to income tax, the capacity of the creditor and genuineness of the transaction stood proved. Addition u/s 68 not sustainable. (4) Commissioner of Income Tax Vs. Heeralal Chaganlal Tak HIGH COURT…

Alwar General Finance Co. (P) Ltd, Alwar vs. ACIT, Alwar

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…iew, we stand better advised to follow the view, which has been taken in Mangilal’s case (supra). 9. The net result is that all the three questions are answered in favour of the assessee and against the Revenue.” CIT Vs. Jai Kumar Bakliwal (2014) 366 ITR 217/ 101 DTR 377 (Raj.) (HC) The jurisdictional HC while deleting the addition u/s 68 of the Act held as follows:- “20.When we peruse the facts herein above, it is an admitted position that all the cash creditors have affirmed in their examination that they had advanced money to the assessee from their own respective bank accounts. Therefore, when there is catego…

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

…ould have acquired the money deposited with him and, therefore the addition u/s 68 cannot be sustained in the absence of anything to establish that the sources of the creditors deposits flew from the appellant itself.” 2.2.3 CIT v/s Jai Kumar Bakliwal (2014) 101 DTR 377(Raj.). The Hon’ble court held as under: “18. The logical interpretation will be that while the petitioner assessee has to prove as special knowledge i.e. from where he has received the credit and once he disclosed the source from which he has received money, he must also establish that so far as his transaction with his creditor is concerned, the…