RAS Concepts Pvt. Ltd. v. Income Tax Officer

Rajendra Kumar Agrawal, Jaipur vs. ACIT Cen Cir 1, C-Scheme, Jaipur

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…rough banking channels in a short span. This fact has already been noted by the ld. CIT (A) in the foregoing paragraphs. Thus genuineness of the transaction also cannot be doubted. f. RAS Concepts Pvt. Ltd. Vs. Income Tax Officer ITA NO. 2352/AHD/2018 [2022] 95 ITR 46 (Ahmedabad- Tribunal) Held: Para 9.4 In view of the above, we are of the opinion that, though the transactions of the loan received by the assessee are not free from any doubt but in either of the case, once repayment of the loan has been established based on the documentary evidence, the credit entries cannot be looked into isolation after ignorin…

Deputy Commissioner of Income Tax, Jaipur vs. Shri Dulhe Ram Meena, Jaipur

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh xxu xks;y] ys[kk lnL;] ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI GAGAN GOYAL, AM vk;dj vihy la-@ITA No. 288/JPR/2023 fu/kZkj.k o"kZ@AssessmentYear : 2020-21 Deputy commissioner of Income cuke Shri Dulhe Ram Meena Vs. Tax, 17, Durga Vihar, Malviya Jaipur. Nagar, Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AFWPM4366E vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri Rajeev sogani, C.A. & Ms. Ruchika sogani, Adv. jktLo dh vksjls@Rev…

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)

…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." Hon’ble ITAT Ahmedabad in the case of RAS Concepts Pvt. Ltd. vs. Income Tax Officer [2022] 95 ITR 46 (Ahmedabad), held as under: - “9.4 In view of the above, we are of the opinion that, though the trans- actions of the loan received by the assessee are not free from any doubt but in either of the case, once repayment of the loan has been established based on the documentary evidence, the credit entries cannot be looked into in isolation after igno…

Income Tax Officer, Jaipur vs. Kedia Builders and Colonizers Private Limited, Jaipur

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

…f 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." Hon’ble ITAT Ahmedabad in the case of RAS Concepts Pvt. Ltd. vs. Income Tax Officer [2022] 95 ITR 46 (Ahmedabad), held as under: - “9.4 In view of the above, we are of the opinion that, though the trans- actions of the loan received by the assessee are not free from any doubt but in either of the case, once repayment of the loan has been established based on the documentary evidence, the credit entries cannot be looked into in isolation after ign…

Amar Pratap Steels Private Limited, Jaipur vs. ITO, Ward-7(2), Jaipur

In the result, appeal of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…s made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques." 1.22.i The above judgment has been followed by Hon’ble ITAT Ahmedabad in the case of RAS Concepts Pvt. Ltd. vs. Income Tax Officer [2022] 95 ITR 46 (Ahmedabad), in which was held as under: - “9.4 In view of the above, we are of the opinion that, though the trans- actions of the loan received by the assessee are not free from any doubt but in either of the case, once repayment of the loan has been established based on the documentary evidence, the credit entries cannot be looked into in isolati…