“identity creditworthiness and genuineness”

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3(3), MUMBAI, MUMBAI vs. ABU JANI SANDEEP KHOSLA, MUMBAI

In the result, the appeal of revenue is dismissed

Bench: Shri Pawan Singh & Ms. Padmavathy S.(Physical Hearing) Abu Jani Sandeep Khosla, Dcit, Central Circle 3(3), Gala No. 22 A Block, 1St Floor, Room No. 1923, 19Th Floor, Vs Ghanshyam Industrial Estate, Air India Building, Veera Desai Road, Andheri West, Nariman Point, Mumbai Mumbai-400058 Pan: Aaafa 2341 Q Appellant / Assessee Respondent / Revenue Dcit, Central Circle 3(3), Abu Jani Sandeep Khosla, Room No.404, 4Th Floor, Vs Gala No. 22 A Block, 1St Floor, Kautilya Bhawan, Ghanshyam Industrial Estate, Bandra Kurla Complex, Veera Desai Road, Andheri Mumbai-400051 West, Mumbai-400058 Pan: Aaafa 2341 Q Appellant / Assessee Respondent / Revenue

order of lower authorities. The Ld. Senior DR for the revenue submits that the Assessee failed to discharge its onus in providing identity, creditworthy and genuineness of transaction. Before ld CIT (A) the Assessee again provided incomplete details, Abu Jani Sandeep Khosla (AY 2017-18) thus, the assessee failed ... that the loan amount was repaid in subsequent Assessment Year. We find that before AO complete details were not furnished to substantiate the identity creditworthiness and genuineness of transaction. However, before ld CIT (A) the Assessee has furnished details to prove the identity of creditor and ledger confirmation and their

ABU JANI SANDEEP KHOSLA ,MUMBAI vs. DCIT CENTRAL CIRCLE 3(3), MUMBAI

In the result, the appeal of revenue is dismissed

Bench: Shri Pawan Singh & Ms. Padmavathy S.(Physical Hearing) Abu Jani Sandeep Khosla, Dcit, Central Circle 3(3), Gala No. 22 A Block, 1St Floor, Room No. 1923, 19Th Floor, Vs Ghanshyam Industrial Estate, Air India Building, Veera Desai Road, Andheri West, Nariman Point, Mumbai Mumbai-400058 Pan: Aaafa 2341 Q Appellant / Assessee Respondent / Revenue Dcit, Central Circle 3(3), Abu Jani Sandeep Khosla, Room No.404, 4Th Floor, Vs Gala No. 22 A Block, 1St Floor, Kautilya Bhawan, Ghanshyam Industrial Estate, Bandra Kurla Complex, Veera Desai Road, Andheri Mumbai-400051 West, Mumbai-400058 Pan: Aaafa 2341 Q Appellant / Assessee Respondent / Revenue

order of lower authorities. The Ld. Senior DR for the revenue submits that the Assessee failed to discharge its onus in providing identity, creditworthy and genuineness of transaction. Before ld CIT (A) the Assessee again provided incomplete details, Abu Jani Sandeep Khosla (AY 2017-18) thus, the assessee failed ... that the loan amount was repaid in subsequent Assessment Year. We find that before AO complete details were not furnished to substantiate the identity creditworthiness and genuineness of transaction. However, before ld CIT (A) the Assessee has furnished details to prove the identity of creditor and ledger confirmation and their

DCIT-42(1)(1), MUMBAI vs. SRI UDAY GHANSHYAM NAIK, MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

year. The assessee merely furnished confirmations of accounts wi furnished confirmations of accounts without any cogent evidence thout any cogent evidence substantiating the identity, creditworthiness, and genuineness of substantiating the identity, creditworthiness, and genuineness of substantiating the identity, creditworthiness, and genuineness of Sri Uday Ghanshyam Naik ... furnished. furnished. No No No confirmation of account. The identity creditworthiness and confirmation of account. The identity creditworthiness and confirmation of account. The identity creditworthiness and genuineness no genuineness not proved. Considering the above facts, I am of the considered opinion Considering the above facts, I am of the considered

UDAY GHANSHYAM NAIK ,MUMBAI vs. ITO CIRCLE 42(1)(1), MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

year. The assessee merely furnished confirmations of accounts wi furnished confirmations of accounts without any cogent evidence thout any cogent evidence substantiating the identity, creditworthiness, and genuineness of substantiating the identity, creditworthiness, and genuineness of substantiating the identity, creditworthiness, and genuineness of Sri Uday Ghanshyam Naik ... furnished. furnished. No No No confirmation of account. The identity creditworthiness and confirmation of account. The identity creditworthiness and confirmation of account. The identity creditworthiness and genuineness no genuineness not proved. Considering the above facts, I am of the considered opinion Considering the above facts, I am of the considered

MANASVI PROJECT PRIVATE LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 12(3)(2), MUMBAI

In the result the appeal filed by the assessee stands allowed for statistical purposes

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

before passing the Assessment Order. The appellant wanted to escape from the verification of unsecured loan creditors. The appellant has to prove the identity, creditworthiness and genuineness of the unsecured loan transactions whereas the same was not proved. In the absence of details of identity, creditworthiness and genuineness ... reproduced in the impugned order. It is submitted that, the Ld. CIT(A) erred in not considering the documents that proved the identity creditworthiness and genuineness of the transaction. 4.2 In respect of Ground no.2 the Ld.AR submitted that, the Ld.CIT(A) in the impugned order restricted the profit rate

DCIT-CC-4(3), MUMBAI, MUMBAI vs. ERA REALTORS PRIVATE LIMITED, MUMBAI

In the result, the ground No

determining the\nALP of the transaction on issue of CCD to Thirdscroll Holding Limited at Nill.\nSo far as other aspect of identity creditworthiness and genuineness of\ntransaction of issuance of CCD and equity share is concerned, the learned\nCIT(Appeals) recorded that on identical issue in assesses own case

M/S. ISAGRO (ASIA) AGROCHEMICALS PVT. LTD. SUCCESSOR M/S. P I INDUSTRIES LTD.,MUMBAI vs. DCIT, CIRCLE 6(1), MUMBAI

In the result, the appeal of the assessee for A

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI PRASHANT MAHARISHI (Accountant Member)

Assessment Order or even later. Further the Assessee also failed to discharge the onus cast upon it by the AO to prove the identity creditworthiness and genuineness of such transactions as the appellant assessee had neither provided any supporting documents to the AD or reasons for the said default

M/S. ISAGRO (ASIA) AGROCHEMICALS PVT. LTD. SUCCESSOR M/S. P I INDUSTRIES LTD. ,MUMBAI vs. DCIT CIRCLE 6(1)(2), MUMBAI

In the result, the appeal of the assessee for A

Assessment Order or even later. Further the Assessee also failed to discharge the onus cast upon it by the AO to prove the identity creditworthiness and genuineness of such transactions as the appellant assessee had neither provided any supporting documents to the AD or reasons for the said default

M/S. ISAGRO (ASIA) AGROCHEMICALS PVT. LTD. SUCCESSOR M/. P I INDUSTRIES LTD.,MUMBAI vs. DCIT CIRCLE 6(1)(2), MUMBAI

In the result, the appeal of the assessee for A

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI PRASHANT MAHARISHI (Accountant Member)

Assessment Order or even later. Further the Assessee also failed to discharge the onus cast upon it by the AO to prove the identity creditworthiness and genuineness of such transactions as the appellant assessee had neither provided any supporting documents to the AD or reasons for the said default

RELIANCE CORPORATION,MUMBAI vs. DY. CIT CENTRAL CIRCLE - 1, THANE

In the result, all the three appeals of the assessee are allowed

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Singh Karhail (Jm)

background of aforesaid discussion and precedent in our considered opinion assessee has given all the necessary details required for establishment of identity creditworthiness and genuineness under extant provisions of section 68 of the IT Act. The onus cast upon the assessee stands discharged. The addition by invoking amended provisions

RELIANCE CORPORATION,MUMBAI vs. DY. CIT CENTRAL CIRCLE - 1, THANE

In the result, all the three appeals of the assessee are allowed

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Singh Karhail (Jm)

background of aforesaid discussion and precedent in our considered opinion assessee has given all the necessary details required for establishment of identity creditworthiness and genuineness under extant provisions of section 68 of the IT Act. The onus cast upon the assessee stands discharged. The addition by invoking amended provisions