RAOOF R DHANANI,MUMBAI vs. THE ACIT, CIRCLE-1(1)(2), VADODARA

In the result the appeal filed by the assessee is allowed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकर अपील सं./Ita No. 406/Ahd/2020 िनधा"रण वष"/Asstt. Year:2005-2006 Anisha R. Dhanani, A.C.I.T., 281, 28Th Floor, Vs. Circle-1(1)(2) Kalpatru Heights, Vadodara. Dr. A.R. Nair Road, Agripada, Mumbai-400011. Pan: Actpd3111C

capital gain vide order dated 31/03/2013. On appeal learned CIT-A upheld the additions of Rs. 40000 on account of unexplained loan and addition on account of low household expenses to the extent of Rs. 1,40,000/- only. 5. The AO with respect to such additions i.e. low household expenses of Rs. 1,40,000/- and unexplained cash credit

RAOOF R DHANANI,MUMBAI vs. THE ACIT, CIRCLE-1(1)(2), VADODARA

In the result the appeal filed by the assessee is allowed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकर अपील सं./Ita No. 406/Ahd/2020 िनधा"रण वष"/Asstt. Year:2005-2006 Anisha R. Dhanani, A.C.I.T., 281, 28Th Floor, Vs. Circle-1(1)(2) Kalpatru Heights, Vadodara. Dr. A.R. Nair Road, Agripada, Mumbai-400011. Pan: Actpd3111C

capital gain vide order dated 31/03/2013. On appeal learned CIT-A upheld the additions of Rs. 40000 on account of unexplained loan and addition on account of low household expenses to the extent of Rs. 1,40,000/- only. 5. The AO with respect to such additions i.e. low household expenses of Rs. 1,40,000/- and unexplained cash credit

RAOOF R DHANANI,MUMBAI vs. THE ACIT CIRCLE-1(1)(2), VADODARA

In the result the appeal filed by the assessee is allowed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकर अपील सं./Ita No. 406/Ahd/2020 िनधा"रण वष"/Asstt. Year:2005-2006 Anisha R. Dhanani, A.C.I.T., 281, 28Th Floor, Vs. Circle-1(1)(2) Kalpatru Heights, Vadodara. Dr. A.R. Nair Road, Agripada, Mumbai-400011. Pan: Actpd3111C

capital gain vide order dated 31/03/2013. On appeal learned CIT-A upheld the additions of Rs. 40000 on account of unexplained loan and addition on account of low household expenses to the extent of Rs. 1,40,000/- only. 5. The AO with respect to such additions i.e. low household expenses of Rs. 1,40,000/- and unexplained cash credit

THE ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. SHRI KAILASH RAMAVATAR GOENKA, AHMEDABAD

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

capital gains year-wise as computed and directed by the CIT(A). B. Grounds relating to Addition in respect of Internal Circulation of Funds and Unaccounted Receipts and Payments 15. The issue involved under these grounds pertain to unaccounted cash receipts and unaccounted cash payments, as reflected in the seized documents during the search operation. The AO made substantial additions

SABBIRALI ALIMIYA SAIYED,VADODARA vs. THE ITO, WARD-3(1)(1),, VADODARA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 904/Ahd/2018 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Asstt. Year: 2014-15 वष"

capital gain was wrongly treated as unexplained cash credit under section 68 of the Act. 4. The facts in brief

THE ITO, WARD-1(2)(3), AHMEDABAD vs. SHRI MAHESH SOMABHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

capital gain arising from sale of shares as unexplained cash credit. 7.3 Further in the case of Maheshchandra G. Vakil

SHRI SUBHASH BECHULAL SONI,AHMEDABAD vs. THE INCOME TAX OFFICER,WARD-6(4),, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 220/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2009-10 Subhash Bechulal Soni, I.T.O., B/H Shahwadi Bus Stand, Vs. Ward-6(4), Shahwadi, Ahmedabad. Narol, Ahmedabad-382405. Pan: Adzps9498J

unexplained cash credit under section 68 of the Act. 10.5 Moving to the next amount of penalty levied on the addition of short-term capital gain

SHAILESH M PATEL-HUF,AHMEDABAD vs. ITO, WARD-3(3)(5), AHMEDDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 280/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-16 Shailesh M. Patel Huf, Income Tax Officer, C/O Ketan H. Shah, Advocate, Vs. Ward-3(3)(5), 512, Times Square-I, Ahmedabad. Opp. Ram Baug Bunglow, Thaltej Shilaj Road, Ahmedabad.

capital gain of Rs. 2,56,90,510/- as bogus and taxed the same as unexplained cash credit under section

SHRI DINESH CHHAGANLAL THAKKAR,AHMEDABAD vs. THE PR. CIT-1 , AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 51/Ahd/2020 िनधा"रण वष"/Asstt. Year: 2015-2016

capital gain arising from sale of shares as unexplained cash credit. 2. High court of Gujarat in case of Commissioner

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

capital gain on sale of shares as exempt under section 10(38). The Assessing Officer held amount so received as unexplained cash credit

SHAILESH S. JHAVERI,AHMEDABAD vs. THE DY.CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

capital gain on sale of shares as exempt under section 10(38). The Assessing Officer held amount so received as unexplained cash credit

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

capital gain on sale of shares as exempt under section 10(38). The Assessing Officer held amount so received as unexplained cash credit

SMT. RESHMIBEN P. KANUGO,VADODARA vs. ITO, WARD-3(1)(3), VADODARA

In the result appeal filed the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 2131/Ahd/2018 2014-15 Smt. Reshmiben P. Income Tax Kanugo, Officer, 26, Jawahar Society, Nr. Ward 3(1)(3), Bakrawadi, R.V. Desai Vadodara. Road, Vadodara, Gujarat-390001. Pan: Azupk6721B 2. 2132/Ahd/2018 2014-15 Shri Alpesh P. Income Tax Kanugo(Huf), Officer, 26, Jawahar Society, Ward 3(1)(3), Nr. Bakrawadi, Ahmedabad. R.V. Desai Road, Vadodara-390001. Pan: Aajha5173P 3. 2133/Ahd/2018 2014-15 Shri Parasmal B. Kanugo Income Tax Officer, (Huf), Ward-3(1)(3), 26, Jawahar Society, Nr. Ahmedabad. Bakrawadi, R.V. Desai Road, Vadodara, Gujarat-390001. Pan: Aakhp0126Q

capital gains, claimed by the assessee on the sale of shares of M/s Shri Shaleen Textile Ltd. and treated the same as unexplained cash credit

ALPA UDAYKUMAR SHAH,,BHAVNAGAR vs. ITO, WARD-1(2),, BHAVNAGAR

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed, Accountant Memebr & Shri Siddhartha Nautiyal, Judicial Memebr

Capital Gain claimed exempt u/s. 10(38) of the Income tax act, 1961 as unexplained cash credit u/s.68 of the Income

THE ITO, WARD-1(3)(4), AHMEDABAD vs. SHRI NILESHKUMAR DASHRATHBHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

unexplained cash credit. As per the provisions of section 68, the initial onus lies upon the assessee to prove the nature and source of amount credited in his books of account. We find that this initial onus was discharged in the instant case by the assessee by furnishing documents like MOA, AOA share application & board resolution, Certificate of Incorporation, Certificate

THE DCIT, CIRCLE-1(1)(2), AHMEDABAD vs. SHRI SANJAY CHIMANLAL AGRAWAL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed and the cross objection of the assessee is hereby allowed

Bench: Us Against The Order Of Ld. Cit(A)-1, Ahmedabad Dated 30/08/2019. The Revenue Has Raised Following Grounds Of Appeal:-

capital gain arising from sale of shares as unexplained cash credit and the Ld. CIT(A) has rightly deleted the addition

SHALLU BANSAL,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3),, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./ Ita No. 30/Ahd/2017 "नधा"रण वष"/Assessment Year: 2008-09 Shallu Bansal Dcit, Cent.Cir.1(3) Plot No.1497-B Vs Ahmedabad. Opp: Theosophical Lodge Rupani Circle Bhavnagar 364 001. Pan : Aijpb 8274 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri B.R. Popat, Ar Revenue By : Shri Kamlesh Makwana, Sr.Dr

capital gain. He made addition on account of unexplained cash credit under section 68 of the Act. Conclusion and computation

ABHAYKUMAR SEVANTILAL SANGHAVI,DEESA vs. OLD JURISDICTION- CIRCLE,PALANPUR NEW JURISDICTION-CIRCLE, GANDHINAGAR, GANDHINAGAR

Accordingly, these grounds are dismissed as infructuous

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1367/Ahd/2024 & 1368/Ahd/2024 िनधा"रण वष" /Assessment Years :2016-17 & 2017-18 Respectively Abhaykumar Sevantilal Acit Circle, Palanpur बनाम/ Sanghavi [Old Jurisdiction-Circle, V/S. Sanghavi Brothers Palanpur. 1St Floor, Swastik Bldg New Jurisdiction-Circle, Nr. City Police Station Gandhinagar.] Nr. Dena Bank, Main Bazar Deesa – 385 535 (Gujarat) "थायी लेखा सं./Pan: Afbps 1660 L (अपीलाथ%/ Appellant) (&' यथ%/ Respondent) Assessee By : Shri Mehul Shah, Ar Revenue By : Shri B.P. Srivastava, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 05/12/2024 घोषणा की तारीख /Date Of Pronouncement: 13/12/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: Both These Appeals Preferred By The Assessee Pertain To The Assessment Years (Ays) 2016-17 & 2017-18. Since The Issues Involved Are Common & Connected, They Were Heard Together & Are Being Disposed Of By This Consolidated Order. The Appeals Arise Out Of The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As “Cit(A)”] Under Section 250 Of The

Unexplained Cash Credits (Sec. 68) Rs. 16,50,000/- Rs. 12,50,000/- Disallowance of Cost of Improvement Rs. 29,18,308/- Rs. 51,88,368/- (Capital Gains

ABHAYKUMAR SEVANTILAL SANGHAVI,DEESA vs. THE ACIT, CIRCLE- PALANPUR , PALANPUR

Accordingly, these grounds are dismissed as infructuous

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1367/Ahd/2024 & 1368/Ahd/2024 िनधा"रण वष" /Assessment Years :2016-17 & 2017-18 Respectively Abhaykumar Sevantilal Acit Circle, Palanpur बनाम/ Sanghavi [Old Jurisdiction-Circle, V/S. Sanghavi Brothers Palanpur. 1St Floor, Swastik Bldg New Jurisdiction-Circle, Nr. City Police Station Gandhinagar.] Nr. Dena Bank, Main Bazar Deesa – 385 535 (Gujarat) "थायी लेखा सं./Pan: Afbps 1660 L (अपीलाथ%/ Appellant) (&' यथ%/ Respondent) Assessee By : Shri Mehul Shah, Ar Revenue By : Shri B.P. Srivastava, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 05/12/2024 घोषणा की तारीख /Date Of Pronouncement: 13/12/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: Both These Appeals Preferred By The Assessee Pertain To The Assessment Years (Ays) 2016-17 & 2017-18. Since The Issues Involved Are Common & Connected, They Were Heard Together & Are Being Disposed Of By This Consolidated Order. The Appeals Arise Out Of The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As “Cit(A)”] Under Section 250 Of The

Unexplained Cash Credits (Sec. 68) Rs. 16,50,000/- Rs. 12,50,000/- Disallowance of Cost of Improvement Rs. 29,18,308/- Rs. 51,88,368/- (Capital Gains