Rajshree Synthetics v. CIT

Income Tax Officer-1, Morena vs. Shri Agrasen Logistics, Jotai Road, Porsa

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sunil Kumar Singh & Shri Manish Agarwal

…ITA No.108/AGR/2025 ITO Vs. Shri Agrasen Logistics THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH: AGRA BEFORE SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER AND SHRI MANISH AGARWAL, ACCOUNTANT MEMBER ITA No.108/AGR/2025 (ASSESSMENT YEAR: 2022-23) Income Tax Officer-1 Morena, (M.P.) Shri Agrasen Logistics, In front of Old Rajput Vs. Hotel, A.B. Road, Morena-476001 (M.P.) (Appellant) PAN-AEIFS3236E (Respondent) Assessee by Shri Sudhir Sehgal Adv. & Shri Ashok Vijaywargiya, CA Department by Shri Sukesh Kumar Jain, CIT- DR Date of Hearing 21/05/2025 Date of Pronouncement 24/06/2025 ORDER PER MANISH AGARWAL, AM: This appeal i…

Dy. Commissioner of Income Tax, Bilaspur vs. Ms Mayura Saria Pvt. Ltd., Bilaspur

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं. / Ita No: 430/Rpr/2024 ("नधा"रण वष" Assessment Year: 2015-16)

…e with the Ld. AO to initiate the proceedings u/s 147 against the assessee. 11. On the aspect of borrowed opinion, where there was no own satisfaction of Ld. AO, Ld. AR placed his reliance on the following judgments:  Rajshree Syntheticss Pvt. Ltd. Vs. CIT (256 ITR 331, 335 Rajasthan)  Hindusthan Tea Trading Com. Ltd. Vs. CIT (263 ITR 289,293 Calcutta)  CIT Vs P Mohankala & Others (291 ITR 0278 SC)  M/s Mehtra Parikh & Co Vs. CIT (30 ITR 181, 189 SC) 12. On the issue of cross examination not allowed to the assessee, whereas the additions are made based on 3rd party statements or information surfaced during…

Income Tax Officer Ward-1 (1), Jalandhar vs. Shri Anil Kumar Wason, Jalandhar

In the result, the appeal of the revenue bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 164/Asr/2023 Assessment Year: 2014-15

…ction of the AO is the basis of invocation of the power’su/s 68 of the Act, but the satisfaction must be derived I.T.A. No.164/Asr/2023 21 Assessment Year: 2014-15 from relevant factor and on the basis of proper enquiry. [ Rajshree Synthetics v. CIT (2002) 256 ITR 331 (Raj.)] Further the enquiry envisaged u/s 68 of the Act is an enquiry which is reasonable and just. [Khandelwal Construction v. CIT (1997) 227 ITR 900 (Gau.)]. Further, ITAT-Ranchi in M/s. Gulf Steel & Minerals Vs ITO in ITA No. 57/Ran/16 held that the AO is wrong in making the impugned addition on account of sundry creditor, which are related to…

Assistant Commissioner of Income-Tax, Circle-1(1), Raipur (Cg) vs. M/S Vandana Vidyut Limited, Raipur (Cg)

In the result, appeal of the revenue is allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.138/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Vandana Vidyut Limited Vandana Building, M.G Road, Jawahar Nagar, Raipur (C.G.) Pan : Aaacv7850L ……""यथ" / Respondent

…h the balance sheets it is found that not the assessee company but M/s Dhira Vinimay Pvt Ltd has received the money from M/s Graceful Vincom Pvt Ltd. Therefore no adverse inference can be drawn in case of the assessee. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and collection of facts. If no proper inquiry is made, the cash credit entry cannot be assessed u/s 68 of the…

Income Tax Officer, Ward-3(4), Raipur vs. Shri Anil Kumar Panthi, Raipur

In the result, the appeal of revenue is allowed for statistical purposes and cross objection of the assessee stands dismissed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.236/Rpr/2017 (ननधाारण वषा / Assessment Year :2012-2013) Ito-3 (4), Raipur Vs Shri Anil Kumar Panthi, Shop No.23, G.E.Road, Medical Complex, Raipur Pan No. : Aeqpp 5835 A (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & Cross Objection No.09/Rpr/2017 (Arising Out Of Ita No.236/Rpr/2017) (ननधाारण वषा / Assessment Year :2012-2013) Shri Anil Kumar Panthi, Vs Acit-4(1), Raipur Shop No.23, G.E.Road, Medical Complex, Raipur Pan No. : Aeqpp 5835 A (अऩीऱाथी /Appellant) .. (प्रत्यथी / Respondent) ननधााररती की ओर से /Assessee By : Shri G.S.Agrawal, Ca राजस्व की ओर से /Revenue By : Shri G.N.Singh, Sr. Dr सुनिाई की तारीख / Date Of Hearing : 25/07/2022 घोषणा की तारीख/Date Of Pronouncement : 31/10/2022 आदेश / O R D E R Per Arun Khodpia, Am : The Revenue Has Filed Appeal Against The Order Passed By The Cit(A)-I, Raipur, Dated 17.07.2017 For The Assessment Year 2012-2013. The Assessee Has Also Filed Cross Objection To The Appeal Filed By The Revenue. 2. The Revenue In Its Appeal Has Taken The Following Grounds:- 1. “Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Was Justified In Deleting The Addition Of Rs.2,35,21,935/- Made By The Ao On Account Of Unexplained Unsecured Loan Without Appreciating The Facts On Record?” 2. “Whether Cit(A) Committed An Error In Law In Not Appreciating The Purport Of Provisions Of Sections 68 Of The Income-Tax Act

…ves to be upheld. 7. To substantiate claim of the assessee Ld AR has placed copies of following judgments in its case law compilation paper book. On satisfaction u/s.68 i) CIT Vs. P. Mohanakala (2007) 291 ITR 278 (SC) ii) Rajshree Synthetics Pvt. Ltd. Vs. CIT 256 ITR 331 Raj. iii) Mehta Parikh & Co. Vs. CIT 30 ITR 181 SC iv) CIT v. Smt. P.K. Noorjahan 237 ITR 570 SC On discharge of burden u/s 68 v) ITO vs. Smt. Pratima Ashar (2019) 107 taxmann.com 135 MumTrib dt. 06.06.2019 vi) Pawan Kumar Agrawal Vs. ITO-2(2), Bilaspur Tax Case No. 24 of2011 Chhattisgarh HC vii) CIT Vs. Abdul Aziz (2012) 82 CCH 248 ChattHC viii)…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

…banking channel it is not correct to interpret that the amount was any kind of introduction of own money. If no adverse facts are found in inquiry , the entry of credit in assessee's book cannot be assessed as income. In the case of Rajshree Synthetics v CIT 256 ITR 331 Raj 2002 it was held that sec 68 of the Act empowers the AO to make inquiries if he is not satisfied with ITA Nos. 37 to 42/RPR/2020 (M/s. Shree Jagdamba Constructions Co.) A.Ys. 2009-10 to 2014-15 - 17 - entries of cash credits. The AO's satisfaction to invoke sec 68 must be derived from relevant factors on the basis of proper inquiry and colle…