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

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

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

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

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

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

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

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

FURNISH HOME,AHMEDABAD vs. THE ITO, WARD-3(3)(1) OLD WARD-3(3)(2), AHMEDABAD

The appeal of the asessee is allowed, whereas, Revenue’s appeal is dismissed

Bench: SHRI SANJAY GARG (Judicial Member), SMT. ANNAPURNA GUPTA (Accountant Member)

cash, bank statement. With respect to refund of advances, he noted the same to be supported by due documentation being ledger account of the relevant parties bank statement and confirmation letters of the said parties. He found the AO to have not provided any contrary evidence or specific rebuttal to the documents filed by the assessee. No adverse material

INCOME-TAX OFFICER WARD-3(3)(1),AHMEDABAD, AHMEDABAD vs. FURNISH HOME, AHMEDABAD

The appeal of the asessee is allowed, whereas, Revenue’s appeal is dismissed

Bench: the Ld. CIT(A), wherein detailed submissions supported by the books of accounts, statutory returns, confirmation and other documentary evidences were filed. A remand report of the AO was sought on the same by the Ld. CIT(A) after considering which, Ld. CIT(A) deleted

cash, bank statement. With respect to refund of advances, he noted the same to be supported by due documentation being ledger account of the relevant parties bank statement and confirmation letters of the said parties. He found the AO to have not provided any contrary evidence or specific rebuttal to the documents filed by the assessee. No adverse material

LKS BULLION (IMPORT AND EXPORT) PVT.LTD.,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(1)(3), AHMEDABAD

In the result, the appeal by Assessee is partly allowed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.382/Ahd/2022 "नधा"रण वष" /Assessment Year : 2010-11 L.K.S. Bullion (Import & The Income Tax Officer बनाम/ Export) Pvt.Ltd. Ward-2(1)(3) 368, Lks House, Ahmedabad – 380 014 V/S. Khetarpal-Ni-Pole Manek Chowk Ahmedabad -380 001 (Gujarat) "थायी लेखा सं./Pan: Aaacl 7369 N अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.N. Soparkar, Sr.Advocate & Shri Parin Shah, Ar Revenue By : Shri Alpesh Parmar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 05/08/2024 घोषणा क" तार"ख /Date Of Pronouncement: 08/08/2024 आदेश/O R D E R Per Shri Makarand V. Mahadeokar, Am: This Appeal Is Filed By The Assessee As Against The Order Dated 27/08/2022 Passed By The Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As “The Ld.Cit(A)” In Short] Arising Out Of The Assessment Order Dated 18/12/2017 By The Assessing Officer (Ao) Under Section 143(3) R.W.S. 147 Of The Income L.K.S. Bullion (Import & Export) Pvt.Ltd. Vs. Ito Asst. Year : 2010-11

bogus transactions. The Hon’ble Court held that the AO had sufficient material to form a bona fide belief that income chargeable to tax had escaped assessment. 6.2. In the present case, it is important to note that the return of the assessee was proceeded u/s.143(1) of the Act and there was no instance of original assessment u/s.143

INCOME TAX OFFICER, WARD-1(3)(1), AHMEDABAD, AHMEDABAD vs. RAMESHKUMAR MELAPCHAND SHAH, AHMEDABAD

In the result, the appeal filed by the Revenue in ITA No

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

unexplained cash credit u/s. 68 of the Act. The Assessing Officer also made disallowance of Salary expenses of Rs.10,80,000/- paid to three employees without making any TDS. I.T.A Nos. 1618 & 1665/Ahd/2024 A.Y. 2017-18 Page No 3 ITO Vs. Rameshkumar Melapchand Shah 3. Aggrieved Against the assessment order, assessee filed an appeal before Ld. CIT(A) deleted