DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD vs. M/S.DHARMEN MARBLE & STONE, AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 794/Ahd/2019 With C.O.No.171/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., M/S. Dharmen Marble & Stone, Central Circle-1(2), Vs. 16-B, Jadav Chamber, Ahmedabad. Ashram Road, Ahmedabad-380009. Pan: Aabfd5172B

credited from city union bank and Prism Cement, thus the corresponding income of Rs. 1,68,970 also remain unexplained and escaped assessment. Therefore, the AO initiated the proceedings under section 147 of the Act by issuing a notice under section 148 of the Act. With C.O.No.171/Ahd/2019 Asstt. Year 2010-11 5 4.3 However, the assessee before

DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD vs. DHARMENBHAI MAHENDRABHAI SUTARIA -HUF, AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 795/Ahd/2019 With C.O.No.169/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., Dharmenbhai M. Sutaria, Huf Central Circle-1(2), Vs. 16-B, Jadav Chamber, Ahmedabad. Ashram Road, Ahmedabad-380009. Pan: Aafhd1653K

credit under section 68 of the Act in the hands of the assessee. With C.O.No.169/Ahd/2019 Asstt. Year 2010-11 4 4.1 Based on the above, the AO analyzed the bank statements for the period beginning from 1 April 2008 to 31 March 2015 of different persons whose names were appearing in such excel sheet

THE DCIT, CENTRAL CIIRCLE-1(2), AHMEDABAD vs. SHRENA S SUTARIA, AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 796/Ahd/2019 With C.O.No.172/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., Shrena S. Sutaria, Central Circle-1(2), Vs. 8, Amrashagun Bunglows, Ahmedabad. Nr. Hathisingh Park, Satellite, Ahmedabad-380015. Pan: Asqps7606E

unexplained cash credit under section 68 of the Act in the hands of the assessee. With C.O.No.172/Ahd/2019 Asstt. Year 2010-11 4 3.2 Based on the above, the AO analyzed the bank statements for the period beginning from 1 April 2008 to 31 March 2015 of different persons whose names were appearing in such excel sheet

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 of the act. Ground No. 3 (Disallowance of interest paid on unsecured loan) 7. During the course of assessment on verification of confirmation of unsecured loan in the cases of Dinaben Jajeda & Sweta B Jadeja, the assessing officer has noticed that assessee has paid interest @ 24%, however, the assessee has paid interest on unsecured loan

SHRI TEJAS ARVINDBHAI RAVAL,AHMEDABAD vs. THE INCOME TAX OFFICER (OSD) WARD-7(1), NOW WARD-3(3)(5),, AHMEDABAD

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./I.T.A. No. 336/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Tejas Arvindbhai Raval, Ito(Osd), बनाम/ 803, Anand Hari Tower, Ward – 7(1), Vs. Opp. Chanakya Tower Ahmedabad. Bodakdev, Ahmedabad – 380 015. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Afupr 7933 J .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri S.N. Divatia, A.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri N. J. Vyas, Sr. D.R.

unexplained cash credit, we rely on the order of Apex court in case of Kale Khan Mohammad Hanif (50 ITR 1) wherein it was held as under: “The first question that arises for discussion is question No. 4, which was in these terms: "Whether the burden of proving the source of the cash credits is on the assessee ?" It seems

FIREFLY ENERGY LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(1)(3),, AHMEDABAD

In the result, the appeal filed by the assessee is partly allowed for the statistical purposes

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकरअपीलसं./Ita No. 2871/Ahd/2016 धििाधरणवरध/Asstt. Year: 2012-2013 Firefly Energy Limited, Income Tax Officer, 14. Pahelgaon Bunglow, Vs. Ward-2(1)(3), Judges Bungalow Road, Ahmedabad. Vastrapura, Ahmedabad. C/O. Mehta Lodha & Co. Chartered Accountants, 105, Sakar-1, Near Gandhi Gram Rly. Station, Ashram Road, Ahmedabad-380009. Pan: Aabca6692E

unexplained cash credit u/s 68 of the Act. The Ld. AR to this effect relied on the judgement of the Hon’ble Bombay High Court in the case of the PCIT v/s Aditya Birla reported in 178 taxman 418. 19. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 20. We have heard

SHRI ALTAFHUSEN MAHEMUDUL HASAN SIDDIKI,AHMEDABAD vs. THE DY.CIT.,RANGE-9,, AHMEDABAD

In the result, appeals filed by the assessee i

Bench: Shri Manish Borad & Shri Amarjit Singhआयकर अपील सं./ Ita No.577/Ahd/2012 "नधा"रण वष"/Assessment Year: 2008-09 & आयकर अपील सं./ Ita No.969/Ahd/2015 { "नधा"रण वष"/Assessment Year: 2010-11 Shri Altafhusen M. Siddiki, Prop Dcit, Circle-9 Of Sunmoon Roadways 6/D/1, Vs Ahmedabad Pursottam Estate, Nr. Cozy Hotel, Ranipur Patia, Sarkhej Road, Narol, Ahmedabad-382405 Pan No.Arsps3765P

unexplained cash credits u/s 68 of the Act. 4. That the CIT(A) erred in law and on the facts of the case in sustaining the addition of Rs.27,050/- being 10% of the interest on vehicle loan and depreciation

SHRI ALTAFHUSEN M. SIDDIKI,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-9(4), AHMEDABAD

In the result, appeals filed by the assessee i

Bench: Shri Manish Borad & Shri Amarjit Singhआयकर अपील सं./ Ita No.577/Ahd/2012 "नधा"रण वष"/Assessment Year: 2008-09 & आयकर अपील सं./ Ita No.969/Ahd/2015 { "नधा"रण वष"/Assessment Year: 2010-11 Shri Altafhusen M. Siddiki, Prop Dcit, Circle-9 Of Sunmoon Roadways 6/D/1, Vs Ahmedabad Pursottam Estate, Nr. Cozy Hotel, Ranipur Patia, Sarkhej Road, Narol, Ahmedabad-382405 Pan No.Arsps3765P

unexplained cash credits u/s 68 of the Act. 4. That the CIT(A) erred in law and on the facts of the case in sustaining the addition of Rs.27,050/- being 10% of the interest on vehicle loan and depreciation

SHRI PRAVINCHANDRA R PATEL,VADODARA vs. DCIT, CENTRAL CIRCLE-2, VADODARA

unexplained expenses after providing adjustment of amount already recorded in the books of accounts and added separately in hands of directors. To our mind the approach adopted by the authorities below is not justifiable for the reason that it is Page : 28 Shri Pravinchandra R. Patel and Anrs Vs. DCIT, Cent.Cir.2, Vadodara ITA No.299/Ahd/2019 and Other 20 appeals settled

DCIT, CENTRAL CIRCLE-2, VADODARA vs. NEOTECH EDUCATION FOUNDATION, VADODARA

unexplained expenses after providing adjustment of amount already recorded in the books of accounts and added separately in hands of directors. To our mind the approach adopted by the authorities below is not justifiable for the reason that it is Page : 28 Shri Pravinchandra R. Patel and Anrs Vs. DCIT, Cent.Cir.2, Vadodara ITA No.299/Ahd/2019 and Other 20 appeals settled

DCIT, CENTRAL CIRCLE-2, VADODARA vs. NEOTECH EDUCATION FOUNDATION, VADODARA

unexplained expenses after providing adjustment of amount already recorded in the books of accounts and added separately in hands of directors. To our mind the approach adopted by the authorities below is not justifiable for the reason that it is Page : 28 Shri Pravinchandra R. Patel and Anrs Vs. DCIT, Cent.Cir.2, Vadodara ITA No.299/Ahd/2019 and Other 20 appeals settled

M/S.KOLET RESORTS CLUB PVT.LTD.,,HYDERABAD vs. THE INCOME TAX OFFICER-WARD-4(2),, AHMEDABAD

In the result, all the appeals filed by the Assessee are allowed for statistical purposes

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

unexplained cash credit u/s. 68 of the Act. 5. Since the assessee has not used the capital assets for the business purpose during the previous year relevant to the assessment year 2009-10, no depreciation

GOLD FINCH JEWELLERY LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

credit worthiness and genuineness cannot be established. However, on verification of acknowledgement, it is noticed that the party was having loss of Rs.3,75,915/-. It is very much clear that if the person is having loss in its business he will not proceed for investment in other companies. Also Shri Rupang R. Shah, Director of Dhanvidhya Impex

GOLD FINCH JEWELLERY LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

credit worthiness and genuineness cannot be established. However, on verification of acknowledgement, it is noticed that the party was having loss of Rs.3,75,915/-. It is very much clear that if the person is having loss in its business he will not proceed for investment in other companies. Also Shri Rupang R. Shah, Director of Dhanvidhya Impex

M/S. SOUTH SHOURNE CORPORATION (INDIA),,BARODA vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCEL-2(2),, BARODA

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.269/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2004-2005 M/S South Shourne Corporation(India) Acit, 931, Gidc Estate, Circle-2(2), V Makarpura, Baroda. S. Baroda.

unexplained cash credit under section 68 of the Act. Accordingly, we set aside the order of Ld. CIT(A) and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is allowed. 10. The second ground raised by the assessee is that Ld.CIT (A) erred in confirming the addition

M/S. SHREE SAGAR INDUSTRIES,,MEHSANA vs. THE INCOME TAX OFFICER, WARD-3,, HIMATNAGAR

In the result, the appeal of the assessee is partly allowed for the statistical purposes

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1256/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2012-13) बनाम/ M/S.Shree Sagar Industries The Ito C/O. Patel Rajubhai M Ward-3, Vs. A-45, Shakuntala Society Himanatnagar Vijapur,Dist.Mehsana 384002 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abmfs1529F (अपीलाथ"/Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By : Shri M.S. Chhajed, Ar ""यथ" क" ओर से/Respondent By: Shri Mudit Nagapal, Dr सुनवाई क" तार"ख/ Date Of Hearing 09/07/2019 घोषणा क" तार"ख /Date Of Pronouncement 25/09/2019 आदेश / O R D E R Per Waseem Ahmed: The Captioned Appeal Has Been Filed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals)–7, Ahmedabad [Cit(A) In Short] Vide Appeal No.Cit(A)-7/446/14-15 Dated 20/02/2017 Arising In The Assessment Order Passed Under S.143(3) R.W.S.144 Of The Income Tax Act, 1961(Hereinafter Referred To As "The Act") Dated 13/01/2015 Relevant To Assessment Year (Ay) 2012-13. The Assessee Has Raised The Following Grounds Of Appeal:-

unexplained cash credit under section 68 of the Act. The 1st issue before us arises for our adjudication whether the impugned sundry creditors for the purchases and the expenses are liable to be taxed under section 41 (1) of the Act or 68 of the Act. Regarding the applicability of the provisions of section

THE DCIT, CIRCLE-8,, AHMEDABAD vs. SHIVAM WATER TREATERS PVT. LTD.,, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

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

unexplained cash credit merely on the basis of individuals who lend fund to the directors were not able to explain the sources of funds in their hand. Therefore, we are of the view that assessee had A.Y. 2009-2010 with others 19 been able to explain the sources of credit of share capital and premium in its books of account

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-8, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

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

unexplained cash credit merely on the basis of individuals who lend fund to the directors were not able to explain the sources of funds in their hand. Therefore, we are of the view that assessee had A.Y. 2009-2010 with others 19 been able to explain the sources of credit of share capital and premium in its books of account