“genuineness of the transaction”

Aunali Akbarali Rupani, Mumbai vs. Dy. Commissioner of Income Tax, Churchgate Mumbai

In the result, the appeal is allowed for statistical purposes

Bench: Shri Sandeep Gosain & Shri Prabhash Shankaraunali Akbarali Rupani V/S. Dy. Commissioner Of Income A/101, Dheeraj Gaurav 2, बनाम Tax, Circle – 4(1)(1), Range Opp. Raheja Classic Off 441, Aayakar Bhavan, Mumbai Andheri Link Road, Mumbai 400001, Maharashtra – 400 001, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Adgpr0681K Appellant/अपीलार्थी .. Respondent/प्रतिवादी

erred in confirming the addition of Rs.8,00,000/- as unexplained cash credits, despite loan confirmations that established the identity and genuineness of the transactions. 3. Briefly stated facts of the case are that on verification of the information available in i-taxnet under NMS Cycle 1 (Non-Filer) Category

DCIT(CC)-8(3), Mumbai vs. Shapoorji Pallonji and Company Private Limited, Mumbai

In the result, the cross-objection of the assessee is partly

Bench: Shri Om Prakash Kant ()

business of the assessee and therefore, same is allowable u/s 37 of the Act. 11.8 Before us the assessee for justification of genuineness of the transaction submitted that it is a large construction company executing multiple labour-intensive projects across various locations in India. Given the nature, scale, and urgency ... reassessment order has stated that why the expenses were non- genuine and what documentation the Assessee has failed to provide to prove the genuineness of the transaction. Thus, the Ld. AO merely on the basis of investigation report has alleged the transaction as non-genuine expenditure. 11.16 The assessee further

M. Shashikant and Co, Mumbai vs. Ward 23(2)(1), Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

income tax return acknowledgements, copies of purchase invoices, account confirmations, bank statements evidencing payments through account payee cheques, and sworn affidavits affirming the genuineness of the transactions. These documents, taken cumulatively, establish the identity of the 4 M Shashikant And Co suppliers, the genuineness of the purchase transactions ... clearly distinguishable on facts. Those decisions were rendered on materially different factual foundations where the assessees had failed to substantiate the genuineness of the transactions and where adverse material remained unrebutted. In the present case, the assessee has not only furnished complete documentary evidence but has also demonstrated corresponding sales

M/S Ashapura Developers, Mumbai vs. ACIT Circle 1, Thane, Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Makarand Vasant Mahadeokar

Assessing Officer, in respect of certain loan creditors, the assessee failed to satisfactorily establish the identity of the creditors, their creditworthiness, and the genuineness of the transactions. On this basis, unsecured loans aggregating to Rs. 34,89,041/- were treated as unexplained cash credits under section ... upon it under section 68 by establishing the identity and creditworthiness of the creditors and 4 ITA No. 5795/Mum/2025 M/s. Ashapura Developers the genuineness of the transactions. With regard to the disallowance of interest under section 36(1)(iii), the assessee submitted that it had earned interest income

Income Tax Officer, Ward 2(1), Thane vs. Bherulal Chunnilal Jain, Thane

In the result, the appeal filed by the Revenue is allowed

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Income Tax Officer, Mr. Bherulal Chunnilal Jain, Ward 2(1), B 201, Jay Rajleela Chs Ltd., Room No.25, B Wing, Deepak Nagar, 90 Feet Road, Vs. Ashar It Park, Bhayander West, Wagle Estate, Maharashtra – 400 101 Thane – 400 604 Pan:Afnpj6760J (Appellant) : (Respondent)

Jain considering the fact that the assessee has not discharged the onus of proving the identity and creditworthiness of the parties and the genuineness of the transactions. The Ld. DR further contended that the assessee has not submitted all the relevant documentary evidences in support of his claim before ... discharged his primary onus casted upon him where he is liable to disclose the identity and creditworthiness of the parties and the genuineness of the transactions whereas in this case there are credits and debits found in the bank account maintained by the assessee in the capacity of proprietor

Asstt. Commisioner, Mumbai vs. Supreme Lake View Bungalows Private Limited, Powai, Mumbai

In the result the appeal of the revenue bearing ITA No

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

Rs.62,06,09,965/- and has filed return of Rs.65,92,240/- during A.Y-2022-23, which is sufficient to prove his creditworthiness and genuineness of the transaction. From all these facts, it is clear that AO has wrongly made this addition. 3.Vikram Sharma, in respect of which addition of Rs.18 ... case, we find that the assessee has dulydischarged the initial onus of proving the identity of the investors,creditworthiness of the transactions and genuineness of the transactions. Notices issued u/s 133(6) have been responded to. In such a scenario, theonus to dislodge the assessee’s claim, in our opinion

Ashish Girish Jain, Mumbai vs. ITO, Ward 42(1)(1), Mumbai

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

bank statement of the lenders and complete copy of Income Tax Returns and financial statements to prove the creditworthiness of the lenders and genuineness of the transaction. Thus, the Assessee had failed to discharge the initial onus cast upon him to prove creditworthiness of the lender as well as genuineness ... concluded that the Assessee had failed to discharge the initial onus cast upon the Assessee to prove the creditworthiness of the lender and genuineness of the transactions. We are not in agreement that the aforesaid conclusion drawn by the Learned CIT(A) for the reason that the Assessee had placed