“investment not recorded in books”

ACIT, CENTRAL CIRCLE, ALWAR vs. SH. TARA CHAND GUPTA, ALWAR

In the result the appeal filed by the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं./ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम ACIT, Vs. Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Kesh

sale proceeds are either in the form of unexplained cash taxable u/s 69A or in the form of unexplained debtors/ unexplained investment not recorded in books taxable u/s 69 of the Act. It is held accordingly. As per CIT v. M.Ganapathi Mudaliar [1964] 53 ITR 623 (SC), A. Govindarajulu Mudaliar ... sale proceeds are either in the form of unexplained cash taxable u/s 69A or in the form of unexplained debtors / unexplained investment not recorded in books taxable u/s 69 of the Act. Therefore the addition of Rs. 57,930/ made by the AO is confirmed and this ground of appeal

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं. / ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम Vs. ACIT, Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Ke

sale proceeds are either in the form of unexplained cash taxable u/s 69A or in the form of unexplained debtors/ unexplained investment not recorded in books taxable u/s 69 of the Act. It is held accordingly. As per CIT v. M.Ganapathi Mudaliar [1964] 53 ITR 623 (SC), A. Govindarajulu Mudaliar ... sale proceeds are either in the form of unexplained cash taxable u/s 69A or in the form of unexplained debtors / unexplained investment not recorded in books taxable u/s 69 of the Act. Therefore the addition of Rs. 57,930/ made by the AO is confirmed and this ground of appeal

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

sale proceeds are either in the form\nof unexplained cash taxable u/s 69A or in the form of unexplained\ndebtors/ unexplained investment not recorded in books taxable u/s 69 of\nthe Act. It is held accordingly.\nAs per CIT v. M.Ganapathi Mudaliar [1964] 53 ITR 623 (SC), A.\nGovindarajulu Mudaliar ... sale proceeds are either in the\nform of unexplained cash taxable u/s 69A or in the form of unexplained\ndebtors / unexplained investment not recorded in books taxable u/s 69 of\nthe Act.\nTherefore the addition of Rs.57,930/ made by the AO is confirmed and\nthis ground of appeal

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

sale proceeds are either in the form\nof unexplained cash taxable u/s 69A or in the form of unexplained\ndebtors/ unexplained investment not recorded in books taxable u/s 69 of\nthe Act. It is held accordingly.\nAs per CIT v. M.Ganapathi Mudaliar [1964] 53 ITR 623 (SC), А.\nGovindarajulu Mudaliar ... sale proceeds are either in the\nform of unexplained cash taxable u/s 69A or in the form of unexplained\ndebtors / unexplained investment not recorded in books taxable u/s 69 of\nthe Act.\nTherefore the addition of Rs.57,930/ made by the AO is confirmed and\nthis ground of appeal

GUPTA PRIME RESORTS PRIVATE LIMITED,JAIPUR vs. DCIT CENTRAL CIRCLE , AJMER

In the result, this appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

Prime Resorts Pvt.Ltd., Jaipur. Further, as stated in earlier paragraph that section 69 of the Income Tax Act is related to unexplained investment not recorded in books and thus the AO had wrongly taxed this income u/s 115BBE. Thus, the above upheld addition of Rs. 13,00,000/- is hereby