ACIT, CENTRAL CIRCLE-2, VADODARA, VADODARA vs. HK ISPAT PVT LTD, GODHRA

In the result, all the appeals filed by the Revenue for AYs 2014–15 to 2021–

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra R. Kamblesn

unexplained cash credit under section 68 of the Act. Assessee before the learned CIT (A) has furnished the copies of the income tax return filed by MD but the learned CIT (A) without considering the same insisted for financial statements of MD. If the assessee has not furnished the details of MD, then the CIT (A) could have easily collected

ACIT, CENTRAL CIRCLE-2, VADODARA, VADODARA vs. HK ISPAT PVT LTD, GODHRA

In the result, all the appeals filed by the Revenue for AYs 2014–15 to 2021–

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra R. Kamblesn

unexplained cash credit under section 68 of the Act. Assessee before the learned CIT (A) has furnished the copies of the income tax return filed by MD but the learned CIT (A) without considering the same insisted for financial statements of MD. If the assessee has not furnished the details of MD, then the CIT (A) could have easily collected

H K ISPAT PVT. LTD.,PANCHMAHAL vs. THE DY.CIT, CENTRAL CIRCLE-2, VADODARA

In the result, all the appeals filed by the Revenue for AYs 2014–15 to 2021–

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra R. Kamblesn

unexplained cash credit under section 68 of the Act. Assessee before the learned CIT (A) has furnished the copies of the income tax return filed by MD but the learned CIT (A) without considering the same insisted for financial statements of MD. If the assessee has not furnished the details of MD, then the CIT (A) could have easily collected

SHRI HAJI MOHMMADSAFI ABDULREHMAN SHAIKH,BARODA vs. THE DCIT, CIRCLE-3 (1),, BARODA

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

unexplained cash credit u/s. 68 instead of disallowance of purchases. (xi) Jubir Husssain U.:- The appellant has shown purchases of Rs. 73,48,000/- from this party. On perusal of confirmed copy of contract given to the abvoe mentioned party. To support the claim of. expenditure, copy of return of Shri Jubir Hussain U. has filed wherein he has offered

AKAR LAMINATORS LIMITED,AHMEDABAD vs. THE ITO, WARD-1(1)(1) (ASSTT. ORDER PASSING AUTHORITY) DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1)(1) (CURRENT JURISDICTION), AHMEDABAD, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

purchase invoices. The assessee also filed a copy of the bank statement showing the receipt of money from the impugned party. The learned AR also filed the affidavit of the party demonstrating that transaction of sale was genuine. 12. On the other hand, the ld. DR before us submitted that the ledger account does not establish that the transactions between

AKAR LAMINATORS LIMITED,AHMEDABAD vs. THE ITO, WARD-1(1)(1) (ASTT. ORDER PASSSING AUTHORITY) DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1)(1) (CURRENT JURISDICTION), AHMEDABAD, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

purchase invoices. The assessee also filed a copy of the bank statement showing the receipt of money from the impugned party. The learned AR also filed the affidavit of the party demonstrating that transaction of sale was genuine. 12. On the other hand, the ld. DR before us submitted that the ledger account does not establish that the transactions between

HARSHVARDHAN T.SONI,DAHOD vs. THE ACIT, PANCHAMAHAL CIRCLE, GODHRA PRESENT JURISDICTION THE ACIT., ANAND CIRCLE,, ANAND

In the result, the appeal of the assessee is allowed

Bench: Dr. B.R.R. Kumar, Vice-Shri Siddhartha Nautiyal

unexplained cash credit u/s. 68 of the Act. Penalty proceeding u/s. 271AAC(1) is initiated for income deemed u/s. 68 of the I.T. Act…” 5. Aggrieved against the Assessment Order, the assessee filed an appeal before the Ld. CIT(A), who confirmed the addition by observing as under: 6.3 I have considered the facts on record and the submission

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), AHMEDABAD vs. REKHA INDRAVADAN CHOKSHI, AHMEDABAD

In the result, the Department’s appeal is dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

bogus and fabricated. The assessing officer also observed that cash sales were intentionally bifurcated into small amounts in order to keep the sale value below Rs. 2 lacs to avoid mentioning PAN of the cash purchaser. Therefore, in nutshell, the total purchases of Rs. 25,90,09,722/- recorded in the books of accounts during the demonetization period

REKHABEN INDRAVADAN CHOKSHI,AHMEDABAD vs. INCOME TAX OFFICER,WARD-5(2)(4), AHMEDABAD

In the result, the Department’s appeal is dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

bogus and fabricated. The assessing officer also observed that cash sales were intentionally bifurcated into small amounts in order to keep the sale value below Rs. 2 lacs to avoid mentioning PAN of the cash purchaser. Therefore, in nutshell, the total purchases of Rs. 25,90,09,722/- recorded in the books of accounts during the demonetization period

ACIT, CIRCLE-3(2), AHMEDABAD vs. M/S. KRAFT LAMINATE, AHMEDABAD

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

Bench: Shri P.M. Jagtap, Vice- & Shri T.R. Senthil Kumarassessment Years : 2015-16 Assistant Commissioner Of M/S. Kraft Laminate, Income-Tax, Vs C/O. Laxmi Timber, Nr. Circle 3(2), Ahmedabad Mahalaxmi Textile Mill, Opp. Rajbai Patel Timber Market, Narol Naroda Highway, Narol, Ahmedabad-382405 Pan : Aamfk 8120 F अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri V.K. Singh, Sr. Dr Assessee By : Shri Manish J. Shah, Advocate सुनवाई क" तार"ख/Date Of Hearing : 24/02/2022 घोषणा क" तार"ख /Date Of Pronouncement: 16/03/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-:

unexplained cash credits under Section 68 of the Act. Ground No.2 of the Revenue’s appeal is accordingly dismissed. 11. The issue raised in Ground No.3 relates to the deletion by the learned CIT(A) of the addition of Rs.4,72,176/- made by the Assessing Officer by way of disallowance under Section 40A(3) of the Act. 12. During

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire amount to total income of assessee - Commissioner (Appeals) was of opinion that purchases

THE ACIT, CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire amount to total income of assessee - Commissioner (Appeals) was of opinion that purchases

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire amount to total income of assessee - Commissioner (Appeals) was of opinion that purchases

M/S. PUSHPAK BULLION PVT. LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal filed by the assessee is hereby partly allowed

Bench: Jurisdictional High Court & The Hon’Ble Gujarat High Court Dismissed The Writ Petition Filed By The Assessee Vide Judgment Dated 27-06-2016 In Sca No. 18512 Of 2015 & Upheld The Validity Of The Reassessment Notice.

purchasing the goods or otherwise, has not been proved, even though the transactions were made through banking channels. 7.4 After considering all the factual and legal aspects of the case, the addition of Rs.14,17,30,000/- made u/s 68 of the Act is sustained and the ground no.1.2 of the appeal is dismissed. …………………… Assessing Officer being unexplained credits

ITO WARD-4(1)(4),, AHMEDABAD vs. VALLEY COMTRADE PVT LTD ( EARLIER KNOWN AS JHAWAR COMTRADE PVT. LTD.,), AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Siddharatha Nautiyalआयकर अपील सं./Ita No. 2034/Ahd/2017 िनधा"रण वष"/Asstt. Year:2012-2013 I.T.O, M/S. Valley Comtrade Pvt. Ltd., Ward-4(1)(4), Vs. (Earlier Known As Jhawar Comtrade Ahmedabad. Pvt. Ltd.,) C-205, Titanium Square, Near Parsoli Bmw Showroom, Thaltej Chokdi, Ahmedabad-380054. Pan: Aadcs3553N & आयकर अपील सं./Ita No. 68/Srt/2017 िनधा"रण वष"/Asstt. Year:2012-2013 M/S. Valley Comtrade Pvt. Ltd., I.T.O, (Earlier Known As Jhawar Comtrade Vs. Ward-1(1)(3), Pvt. Ltd.,) Surat. C-205, Titanium Square, Near Parsoli Bmw Showroom, Thaltej Chokdi, Ahmedabad-380054. Pan: Aadcs3553N

unexplained cash credits u/s 68 of the Act. 2. The Id. CIT(A) has erred in relying upon the report of DDIT(lnv.), Koikata, regarding the 5 companies, for giving relief of Rs 7,10.00,000/- even though in the reports there is no comment on the creditworthiness of these companies or the genuineness of transactions

SADBHAV ENGINEERING LTD.,AHMEDABAD vs. DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD, DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD

In the result, all the appeals of the assessee are partly allowed\nand that of the Revenue are dismissed

credit were transferred to persons who works in\njewellery business like as evident in the case M/s. Pradeepkumar Babulal & Co.\nAmount transferred to jewelers were taken in cash since there is no dearth of cash in hand of\nJewelers which was generated from retails jewellery sales.\nThe amount withdrawn from bank or taken in cash from jeweler in lieu

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

unexplained cash credit under section 68 of the Act vide letter dated 18th of March 2015. The assessee was also directed to produce the directors of the companies from whom it has received one time entry discussed above by 23 March 2015. The assessee was also provided with the relevant statements and the documents which was duly acknowledged

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

unexplained cash credit under section 68 of the Act vide letter dated 18th of March 2015. The assessee was also directed to produce the directors of the companies from whom it has received one time entry discussed above by 23 March 2015. The assessee was also provided with the relevant statements and the documents which was duly acknowledged