Kanhaialal Jangid v. ACIT

VIJIT SINGH,JAIPUR vs. ITO WARD 3(2) JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

…advancement money to\nassessee was not a matter which the assessee could be required to establish\nand that would amount to calling upon him to establish the source of source.\nHence addition cannot be sustained.\nAlso refer Kanhaialal Jangid vs. ACIT (2008) 8 DTR 38 (RAJ.), ( 217\nCTR 354) held Income -cash credit –Burden of proof – Assessee having\nfiled confirmation from the creditor and having produced the creditor before\nAO where the creditor affirmed advancement of loan to assessee, no addition\nunder s.68 could be made in the hands of assessee on the ground that the\ncreditor could not satisfactorily exp…

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.

…in treating the same as unexplained. The addition made by the Learned 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 sustai…

INCOME TAX OFFICER, JAIPUR vs. KEDIA BUILDERS AND COLONIZERS PRIVATE LIMITED, JAIPUR

In the result, all appeals of the revenue are stands dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…ces ld. AO at best could have assessed such amount in the hands of both the lending companies. Reliance is placed on the following judicial pronouncements, the extracts of which have been set out for the sake of convenience:- Kanhaialal Jangid vs. ACIT [2008] 217 CTR 354 (RAJ.): “….We are of the opinion that in rejecting the explanation of the assessee on the undisputed facts is founded on erroneous application of law in the matter. While it was the assessee's burden to furnish explanation relating to such cash credits, the assessee's burden does not extend beyond proving the existence of the creditor and further…

INCOME TAX OFFICER, JAIPUR vs. KEDIA BUILDERS AND COLONIZERS PRIVATE LIMITED, JAIPUR

In the result, all appeals of the revenue are stands dismissed

…. AO at best could have\nassessed such amount in the hands of both the lending companies. Reliance is\nplaced on the following judicial pronouncements, the extracts of which have been\nset out for the sake of convenience:-\n\nKanhaialal Jangid vs. ACIT [2008] 217 CTR 354 (RAJ.): “….We are of the opinion\nthat in rejecting the explanation of the assessee on the undisputed facts is founded\non erroneous application of law in the matter. While it was the assessee's burden\nto furnish explanation relating to such cash credits, the assessee's burden does\nnot extend beyond proving the existence of the creditor and fur…

INCOME TAX OFFICER, JAIPUR vs. KEDIA BUILDERS AND COLONIZERS PRIVATE LIMITED, JAIPUR

In the result, all appeals of the revenue are stands dismissed

…ld. AO at best could have\nassessed such amount in the hands of both the lending companies. Reliance is\nplaced on the following judicial pronouncements, the extracts of which have been\nset out for the sake of convenience:-\nKanhaialal Jangid vs. ACIT [2008] 217 CTR 354 (RAJ.): “….We are of the opinion\nthat in rejecting the explanation of the assessee on the undisputed facts is founded\non erroneous application of law in the matter. While it was the assessee's burden\nto furnish explanation relating to such cash credits, the assessee's burden does\nnot extend beyond proving the existence of the creditor and fur…

RAJ KUMARI AGARWAL,JAIPUR vs. ACIT CEN CIR 2, , JAIPUR

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. (2) Kanhialal Jangid Vs CIT CIT (2008) 217 CTR 354 (Rajasthan high court) In the case of cash credits, confirmation and existence of the credit is enough. (3) CIT Vs. Orissa Corporation (P) Ltd (159 ITR 78 (SC) It was held that the assessee had given names and addresses of the alleged creditors, which were income tax assessees, their index nos. were also in the file of the Revenue, however, Reven…

AMAR PRATAP STEELS PRIVATE LIMITED,JAIPUR vs. ITO, WARD-7(2), JAIPUR, JAIPUR

In the result, appeal of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…AO at best could have assessed such amount in the hands of both the lending companies. Reliance is placed on the following judicial pronouncements, the extracts of which have been set out for the sake of convenience:- 1.3.i Kanhaialal Jangid vs. ACIT [2008] 217 CTR 354 (RAJ.) “….We are of the opinion that in rejecting the explanation of the assessee on the undisputed facts is founded on erroneous application of law in the matter. While it was the assessee's burden to furnish explanation relating to such cash credits, the assessee's burden does not extend beyond proving the existence of the creditor and further…

CHORDIA SAFEDEPOSIT AND VAULTS PRIVATE LTD ,JAIPUR vs. INCOME TAX OFFICER WARD 1(1), JAIPUR

In the result, appeal by the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR Jhlanhi xkslkbZ]U;kf;d lnL; ,o aJhjkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No. 509/JP/2023 fu/kZkj.ko"kZ@AssessmentYear : 2013-14 cuke Chordia Safe deposit and Vaults Pvt Ltd. ITO 1632, Chordia Bhawan, Sonthli Walon Ka Vs. Ward 7(2) Rasta, SMS Highway, Jaipur Jaipur LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAACC 7511 K vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by : Shri Saurav Harsh, Advoc…

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)

…essee were added in the income of the assessee. The additions made in the income of the assessee of the aforesaid account are directed to be deleted and demand notice to be accordingly modified. There shall be no order as to costs.” Kanhaialal Jangid Vs. ACIT 217 CTR 354 (Raj.) (HC) The jurisdictional HC while deleting the addition u/s 68 of the Act held as follows:- “5. The question No. 1 relates to disallowance on account of cash credits found in the books of the assessees. Rs. 16,000 was alleged to have been borrowed to have been by Sri Devendra Sankhla and Rs. 16,000 was allegedly borrowed from one Ramulal. A…