BALKRISHNA TEXTILE (P). LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, all the three appeals are partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Ms. Suchitra Kamble

unexplained cash credits. 12. The Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi has erred in confirming the various additions made by the Assessing Officer without taking note of the fact that the assessee has already declared profit on the sales made resulting in double taxation of the same income. 13. The Appellant craves leave

BALKRISHNA TEXTILE (P) LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, all the three appeals are partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Ms. Suchitra Kamble

unexplained cash credits. 12. The Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi has erred in confirming the various additions made by the Assessing Officer without taking note of the fact that the assessee has already declared profit on the sales made resulting in double taxation of the same income. 13. The Appellant craves leave

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.

unexplained cash credits in the garb of share application money.” 4. The Grounds of Appeal raised by the Assessee reads as under: Technical: 1. The learned CIT(A) has erred in confirming the reassessment

ARVINDKUMAR AMULKH TANNA,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-2 (3), AHMEADABAD

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

unexplained cash credits and addition of Rs.2,54,547/- being disallowance of interest expenses thereon made by the AO. 3. The Ld.CIT(A) has rightly held in Para 6.9 on Page 68 of the appellate order that "while under normal circumstances the AO should have been directed to restrict the disallowance u/s.14A to the extent of exempt income

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AAYKAR BHAWAN ASHRAM ROAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, ELLISBRIDGE AHMEDABAD GUJARAT

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

Credit Society Ltd. during the reassessment proceedings. As a result, the Assessing Officer proceeded to treat the entire deposit in the said account as unexplained cash

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

Credit Society Ltd. during the reassessment proceedings. As a result, the Assessing Officer proceeded to treat the entire deposit in the said account as unexplained cash

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

Credit Society Ltd. during the reassessment proceedings. As a result, the Assessing Officer proceeded to treat the entire deposit in the said account as unexplained cash

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

Credit Society Ltd. during the reassessment proceedings. As a result, the Assessing Officer proceeded to treat the entire deposit in the said account as unexplained cash

THE DCIT-CIRCLE-4(1)(1), AHMEDABAD vs. SHREE SIDDHI INFRABUILD PVT. LTD, AHMEDABAD

Bench: Shri Sanjay Garg & Makarand V. Mahadeokar

credit under section 68. 2.6 The Assessing Officer thereafter examined further seized vouchers relating to entries classified as “Against EC” in Annexures A-86 and A-129 for various dates in financial year 2010–11, showing cash payments aggregating to Rs. 5,80,00,000/- to the assessee company from concerns of the Venus Group. These included vouchers for coded

THE DCIT-CIRCLE-4(1)(1), AHMEDABAD vs. SHREE SIDDHI INFRABUILD PVT. LTD, AHMEDABAD

Bench: Shri Sanjay Garg & Makarand V. Mahadeokar

credit under section 68. 2.6 The Assessing Officer thereafter examined further seized vouchers relating to entries classified as “Against EC” in Annexures A-86 and A-129 for various dates in financial year 2010–11, showing cash payments aggregating to Rs. 5,80,00,000/- to the assessee company from concerns of the Venus Group. These included vouchers for coded

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

reassessment and appellate proceedings. He also explained that the said transaction was credited to sale and account and already offered as income in profit and loss account. He argued that the already declared income cannot be regarded as unexplained cash

DCIT CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. CRYSTAL CERAMIC INDUSTRIES LIMITED, AHMEDABAD

In the result, the appeals filed by the Revenue in ITA Nos

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

unexplained cash credit u/s. 68 of the Act and made addition to that extent of Rs.20,42,59,300/= and demanded tax thereon. 8. On appeal against the reassessment

DCIT CENTRAL CIRCLE 1(1) AHMEDABAD, AHMEDABAD vs. CRYSTAL CERAMIC INDUSTRIES LIMITED, AHMEDABAD

In the result, the appeals filed by the Revenue in ITA Nos

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

unexplained cash credit u/s. 68 of the Act and made addition to that extent of Rs.20,42,59,300/= and demanded tax thereon. 8. On appeal against the reassessment

CRYSTAL CERAMICS INDUSTRIES LIMITED,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeals filed by the Revenue in ITA Nos

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

unexplained cash credit u/s. 68 of the Act and made addition to that extent of Rs.20,42,59,300/= and demanded tax thereon. 8. On appeal against the reassessment

INCOME TAX OFFICER WARD-3(3)(2), AHMEDABAD, AHMEDABAD vs. MANTHAN SHYAM GANATRA, AHMEDABAD

In the result, appeal filed by the Revenue is dismissed

Bench: SMT. ANNAPURNA GUPTA (Accountant Member), SHRI T.R. SENTHIL KUMAR (Judicial Member)

reassess the ITA No. 2032/Ahd/2024 [ ITO vs. Manthan Shyam Ganatra] A.Y. 2018-19 - 3 – income of the appellant. However, the AO after examining the bank account submitted by the assessee, added all credit entries except credit on account of sale of property and credit on account of professional receipts, as unexplained cash

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

credit by citing that the peak theory can be applied only if the unaccounted cash transactions form a continuous cycle of inflow and outflow. In this case, the assessee failed to establish any link between receipts and payments. The AO also concluded that the assessee did not furnish complete details, such as the source of cash received and details

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee was engaged in providing contrived losses to various parties on sale of certain illiquid commodities on the NMCE

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee was engaged in providing contrived losses to various parties on sale of certain illiquid commodities on the NMCE