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

68 to 69D of the Act. As such, it is the onus of the revenue to bring out the necessary evidence to hold that the assessee has made investments in the impugned land which is unexplained under the provisions of section 69B of the Act. Likewise, the contents of the email having attachments of page 157 and 158

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

68 to 69D of the Act. As such, it is the onus of the revenue to bring out the necessary evidence to hold that the assessee has made investments in the impugned land which is unexplained under the provisions of section 69B of the Act. Likewise, the contents of the email having attachments of page 157 and 158

THE ITO, WARD-7(2)(1),, AHMEDABAD vs. M/S. ASIAN AGENCY,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. COMMISSIONER OF INCOME TAX,VII,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE DCIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ACIT, CIRCLE-12,, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ACIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

M/S. ASIAN AGENCY,,AHMEDABAD vs. THE ACIT, CIRCEL-7(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

68 of the Act can be made on alleged difference in closing balance of creditor in assessee’s books viz-a-viz creditor books. However the CIT(A) found that difference in closing balance arises due to proceeds of cash sale of Rs. 5,40,17,485/- which were directly deposited to the bank of creditor M/s KFIL without recording

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

section 143(2) of the Act, has not been issued by the assessing officer who has jurisdiction over the assessee and therefore the order passed by the learned AO is required to be quashed. 4. At the outset, the Ld. Counsel before us submitted that he has been instructed not to press the additional ground of appeal raised

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

68,655/- with respect to these cars namely Audi-A4 and BMW and added to the total income of the assessee. 14. Aggrieved assessee preferred appeal to the learned CIT-A. The assessee before the learned CIT-A has filed the duplicate copies of the invoices for the purchase of 5 cars but the assessee has not filed

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE ACIT, (OSD), 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

68,655/- with respect to these cars namely Audi-A4 and BMW and added to the total income of the assessee. 14. Aggrieved assessee preferred appeal to the learned CIT-A. The assessee before the learned CIT-A has filed the duplicate copies of the invoices for the purchase of 5 cars but the assessee has not filed

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-4(1)(1),, AHMEDABAD

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

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

68,655/- with respect to these cars namely Audi-A4 and BMW and added to the total income of the assessee. 14. Aggrieved assessee preferred appeal to the learned CIT-A. The assessee before the learned CIT-A has filed the duplicate copies of the invoices for the purchase of 5 cars but the assessee has not filed

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

68,655/- with respect to these cars namely Audi-A4 and BMW and added to the total income of the assessee. 14. Aggrieved assessee preferred appeal to the learned CIT-A. The assessee before the learned CIT-A has filed the duplicate copies of the invoices for the purchase of 5 cars but the assessee has not filed

AANYA DEVELOPERS,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-2(2), AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rifaur Rahman

section 68 of the Act. He further observed that the assessee has alleged payment of interest on these loans which were termed as bogus, therefore, the expenses claimed in the shape of interest deserves to be disallowed. He disallowed such interest expenditure and made addition of Rs.3,01,277/-. 5. Dissatisfied with the additions, the assessee carried the matter

ACIT, CIRCLE-1, BHAVNAGAR, BHAVNAGAR vs. LEELA NEWS NETWORK PRIVATE LIMITED, BHAVNAGAR, GUJARAT

In the result the appeal filed by the Revenue is hereby dismissed

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

section 133(6) of the Act was issued to M/s VRR Financial Services Pvt. Ltd., which were duly responded by it. The identity of the parties could not be, therefore disputed. The entire amount advanced by the M/s VRR Financial Services Pvt. Ltd. was through banking channels, this fact has been made part of the assessment order

SHRI RAVINDRASINH N.GOHIL,,BHAVNAGAR vs. INCOME TAX OFFICE,WARD-1(1),, BHAVNAGAR

Appeal is allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

Section 68 creates a legal fiction whereby cash credits received are deemed to be unexplained for want of necessary evidences and consequently addition is made u/s.68. He further submitted that when addition is made by invoking legal fiction it is not necessary that penalty u/s. 271(1)(c) should also be levied. Ld. ITA Nos.3343 & 3344/Ahd/2015 Shri Ravindrasinh

SHRI RAVINDRASINH N.GOHIL,,BHAVNAGAR vs. INCOME TAX OFFICE,WARD-1(1),, BHAVNAGAR

Appeal is allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

Section 68 creates a legal fiction whereby cash credits received are deemed to be unexplained for want of necessary evidences and consequently addition is made u/s.68. He further submitted that when addition is made by invoking legal fiction it is not necessary that penalty u/s. 271(1)(c) should also be levied. Ld. ITA Nos.3343 & 3344/Ahd/2015 Shri Ravindrasinh