THE ACIT, CIRCLE-5, AHMEDABAD vs. M/S. RAJESH MALLEABLES LTD.,, AHMEDABAD

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed

68.” DCIT vs. Rajesh Malleables Ltd. Asst.Year - 2003-04 7.13. Thus, in the present facts and circumstances, all informations were available about the loans but AO did not make further inquiry. If he has any doubt on unsecured loan of all above mention parties, the AO could have conducted necessary enquiries. But the AO failed to do so. However assessee

INCOME TAX OFFICER, VEJAPUR vs. DARSHAN ORNA LIMITED, NAVRANGPURA

In the result, Revenue’s appeal is accordingly allowed for statistical purposes

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1606/Ahd/2024 िनधा"रण वष" /Assessment Year : 2017-18 Income Tax Officer Darshan Orna Limited बनाम/ Vejalpur 102, Shri Balaju Paragon V/S. Ahmedabad – 380 015 C.G. Road Navrangpura Ahmedabad – 380 009 "थायी लेखा सं./Pan: Aadcd 7142 E अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri Deepak Shah, Ar Revenue By : Shri B.P. Srivastava, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 21/04/2025 घोषणा की तारीख /Date Of Pronouncement: 23/04/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

68 of the Act and added to the total income of the assessee. 3. The assessee preferred an appeal before CIT(A). During the course of appellate proceedings, the assessee submitted that it was maintaining regular books of accounts which were duly audited under the Companies Act, 2013 as well as under section 44AB of the Act, without

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

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

section 68 on the reasoning that there was not sufficient capacity/creditworthiness of her father to justify the disbursement of such amount in cash and jewelry. 39. However the AO disregarded the explanation furnished by the assessee by observing as under: 3. I have carefully considered the assessee’s reply, but the same is not found tenable. At the time

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

section 68 on the reasoning that there was not sufficient capacity/creditworthiness of her father to justify the disbursement of such amount in cash and jewelry. 39. However the AO disregarded the explanation furnished by the assessee by observing as under: 3. I have carefully considered the assessee’s reply, but the same is not found tenable. At the time

ANISHA 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

section 68 on the reasoning that there was not sufficient capacity/creditworthiness of her father to justify the disbursement of such amount in cash and jewelry. 39. However the AO disregarded the explanation furnished by the assessee by observing as under: 3. I have carefully considered the assessee’s reply, but the same is not found tenable. At the time

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

section 68 on the reasoning that there was not sufficient capacity/creditworthiness of her father to justify the disbursement of such amount in cash and jewelry. 39. However the AO disregarded the explanation furnished by the assessee by observing as under: 3. I have carefully considered the assessee’s reply, but the same is not found tenable. At the time

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GUJARAT INFOTECH LIMITED,, AHMEDABAD

In the result, the appeal is allowed for statistical purposes in the terms indicated above

section 68 of the Act, These are : (i) the identity of investors; (ii) their creditworthiness/investments, and (iii) the genuineness of the transaction. In the present case, the assessee company failed to prove all three conditions cumulatively. 5. Further, An assessee's explanation of the nature and source of the credits cannot be entertained and held satisfactory unless and until

DCIT CIRCLE-3(3), AHMEDABAD vs. SHRI ALPESHKUMAR C.PATEL, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita No. 1908/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 Alpeshkumar C. Patel, A.C.I.T., 503, Milestone Building, Vs. Circle-3(3), Drive In Road, Ahmedabad. Thaltej, Ahmedabad-380052. Pan: Aeapp9489G

221 Taxmann 143 (Guj.) as the appellant was not required to reflect such entries in his books of account. Further, on perusal of the assessment order, I find that the AO has not suspected or questioned the transaction with the confirming party on the ground of adequacy/inadequacy of consideration but has merely doubted the genuineness of the payment made solely

AMBE TRADECORP PVT. LTD.,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.53/Ahd/2021 िनधा"रण वष"/Asstt. Year: 2010-2011 Ambe Tradecorp Private Limited, The P.C.I.T.(Central) Iscon House, Vs. Ahmedabad. B/H. Rembrandt Building, C.G. Road, Ahmedabad.

221 to 239 and 421 to 425 of paper book where huge additions made in the hands of these companies on account of unexplained credit under section 68

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

section 143(3) of the Act. 16.9 On perusal of the ledgers of the laborers we note that the payment was made by the assessee periodically after the deduction of TDS. Thus, the assessee cannot be penalized if the laborers have raised the bills at the end of the accounting year. 16.10 We also note that the assessee

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

section 143(3) of the Act. 16.9 On perusal of the ledgers of the laborers we note that the payment was made by the assessee periodically after the deduction of TDS. Thus, the assessee cannot be penalized if the laborers have raised the bills at the end of the accounting year. 16.10 We also note that the assessee

M/S. SHRI RANG INFRASTRUCTURE PVT. LTD.,,GANDHINAGAR vs. DCIT, GANDHINAGAR CIRCLE, GANDHINAGAR

In the result, appeal of the assessee is partly allowed

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2012-13

Section 68 the onus on assessee has been duly discharged in reassessment proceedings. It has been held in Apex Court and jurisdictional High Court that when the primary onus on the assessee is discharged then the Ld. A.O. cannot proceed further for making addition u/s. 68 of the Act.” 10.1 The Ld. AR also relied upon the following decisions

ACIT, CENTRAL CIRCLE-1(1), AHMEDABAD vs. M/S. ASHRITA CONSTRUCTION PVT. LTD., AHMEDABAD

In the result, the Cross Objection filed by the Assessee is allowed

221 Taxmann.com 146 (Guj.) wherein it was held that where department had accepted repayment of loan in subsequent year, no addition was to be made in current year on account of cash credit u/s. 68 of the Act. 6.3. The Ld. Senior Counsel also further relied upon the Hon’ble Supreme Court Judgment in the case of Kishinchand Chellaram reported

THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 145A. The Ld. D.R. relied upon the assessment order. 55. The Ld. A.R. submitted that the AO found that opening balance of "CENVAT credit" was Rs. 1,65,68,670/-whereas closing balance of CENVAT credit was Rs.3,52,63,221

THE DCIT(OSD) RANGE-1,, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 145A. The Ld. D.R. relied upon the assessment order. 55. The Ld. A.R. submitted that the AO found that opening balance of "CENVAT credit" was Rs. 1,65,68,670/-whereas closing balance of CENVAT credit was Rs.3,52,63,221

CORRTECH INTERNATIONAL PVT. LTD.,AHMEDABAD vs. THE ADDL. CIT, TDS RANGE,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 145A. The Ld. D.R. relied upon the assessment order. 55. The Ld. A.R. submitted that the AO found that opening balance of "CENVAT credit" was Rs. 1,65,68,670/-whereas closing balance of CENVAT credit was Rs.3,52,63,221

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,(OSD),, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 145A. The Ld. D.R. relied upon the assessment order. 55. The Ld. A.R. submitted that the AO found that opening balance of "CENVAT credit" was Rs. 1,65,68,670/-whereas closing balance of CENVAT credit was Rs.3,52,63,221

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT. LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 145A. The Ld. D.R. relied upon the assessment order. 55. The Ld. A.R. submitted that the AO found that opening balance of "CENVAT credit" was Rs. 1,65,68,670/-whereas closing balance of CENVAT credit was Rs.3,52,63,221