THE DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD vs. M/S. GTC OILFIELDS SERVICES P. LTD, AHMEDABAD

In the result, all the 8 appeals filed by the Revenue are dismissed

Bench: Shri P.M. Jagtap, Vice- & Ms. Madhumita Royappeal No. Ay Appellant Respondent Sn M/S. Gtc Oilfields Services P. Ltd., 2009-10 The Dcit, 61, New York Tower, A-Block, It(Ss)A Nos. 1-3 2010-11 Central Circle 1(4), Thaltej Char Rasta, S.G. Road, 314 To 316/Ahd/2019 2014-15 Ahmedabad Ahmedabad-380054 Pan : Aaacg 8684 P The Dcit, M/S. Gtc Oilfields Services P. Ltd.

Section 68 of the Act by treating the share capital and share premium amounts as unexplained cash credit were not sustainable as rightly held by the learned CIT(A). 14. At the time of hearing before us, the learned Counsel for the assessee has emphasized that the facts involved in the present cases are materially similar to the facts

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

section 68 of the Act by making the addition to the total income of the assessee. 12. Aggrieved assessee preferred an appeal to the learned CIT-A. 13. The assessee before the learned CIT(A) reiterated that cash was deposited out of opening balance and withdrawal made during the year and all the withdrawal and deposits are duly recorded

DCIT, CENTRAL CIRCLE-(1)(2), AHMEDABAD vs. SHREYASI DHARMEN SUTARIA, AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 797/Ahd/2019 With C.O.No.173/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., Shreyasi Dharmen Sutaria, Central Circle-1(2), Vs. 16-B, Jadav Chamber, Ahmedabad. Ashram Road, Ahmedabad-380009. 2Nd Address: 8, Amrashagun Bunglows, Nr. Hathisingh Park, Satellite, Ahmedabad-380015. Pan: Awops1881R

section 68 of the Act by making the addition to the total income of the assessee. 10. Aggrieved assessee preferred an appeal to the learned CIT-A. 11. The assessee before the learned CIT(A) reiterated that cash was deposited out of opening balance and withdrawal made during the year and all the withdrawal and deposits are duly recorded

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

section 68 of the Act by making the addition to the total income of the assessee. 12. Aggrieved assessee preferred an appeal to the learned CIT-A. With C.O.No.169/Ahd/2019 Asstt. Year 2010-11 15 12.1 The assessee before the learned CIT(A) reiterated that cash was deposited out of opening balance and withdrawal made during the year

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRA SPACE PRIVATE LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

68,93,96,668/- instead of deleting the same in entirety. 50. There was a survey operation under section 133A of the Act dated 17th October 2013 at the premises of the assessee. In the course of survey operation, a diary marked as annexure AS-2 was found wherein the construction cost as on the date of survey

JAS INFRASPACE PVT. LTD.,AHMEDABAD vs. DCIT, CIRCLE-2(2)(1),, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

68,93,96,668/- instead of deleting the same in entirety. 50. There was a survey operation under section 133A of the Act dated 17th October 2013 at the premises of the assessee. In the course of survey operation, a diary marked as annexure AS-2 was found wherein the construction cost as on the date of survey

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRA SPACE PRIVATE LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

68,93,96,668/- instead of deleting the same in entirety. 50. There was a survey operation under section 133A of the Act dated 17th October 2013 at the premises of the assessee. In the course of survey operation, a diary marked as annexure AS-2 was found wherein the construction cost as on the date of survey

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRASPACE PRIVATE LIMITED,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

68,93,96,668/- instead of deleting the same in entirety. 50. There was a survey operation under section 133A of the Act dated 17th October 2013 at the premises of the assessee. In the course of survey operation, a diary marked as annexure AS-2 was found wherein the construction cost as on the date of survey

M/S. ARIHANT JEWELS,AHMEDABAD vs. THE ITO, WARD-5(3)(3), AHMEDABAD

In the result, the appeal of the assessee is allowed

71 was applicable and by applying the decision in case of Fakir Mohammed Haji Hasan (supra) as explained in case of Radhe developers India Ltd. the same cannot be declined. The ld. counsel has also brought to the notice of the ld. CIT(A) that the Finance Act, 2016 has brought amendment in section 115BBE and the amendment

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

section 68 of the Act once the same has been repaid through the banking channel. Hence, we set aside the finding of the ld. CIT-A and direct AO to the addition made by him. Thus, the ground of appeal of the assessee is hereby allowed. 7. The 2nd issue raised by the assessee is that

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

section 68 of the Act once the same has been repaid through the banking channel. Hence, we set aside the finding of the ld. CIT-A and direct AO to the addition made by him. Thus, the ground of appeal of the assessee is hereby allowed. 7. The 2nd issue raised by the assessee is that

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

section 68 of the Act once the same has been repaid through the banking channel. Hence, we set aside the finding of the ld. CIT-A and direct AO to the addition made by him. Thus, the ground of appeal of the assessee is hereby allowed. 7. The 2nd issue raised by the assessee is that

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

section 68 of the Act once the same has been repaid through the banking channel. Hence, we set aside the finding of the ld. CIT-A and direct AO to the addition made by him. Thus, the ground of appeal of the assessee is hereby allowed. 7. The 2nd issue raised by the assessee is that

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

section 68 of the Act once the same has been repaid through the banking channel. Hence, we set aside the finding of the ld. CIT-A and direct AO to the addition made by him. Thus, the ground of appeal of the assessee is hereby allowed. 7. The 2nd issue raised by the assessee is that

ACIT, CIRCLE-3(2), AHMEDABAD vs. M/S. KRAFT LAMINATE, AHMEDABAD

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

Bench: Shri P.M. Jagtap, Vice- & Shri T.R. Senthil Kumarassessment Years : 2015-16 Assistant Commissioner Of M/S. Kraft Laminate, Income-Tax, Vs C/O. Laxmi Timber, Nr. Circle 3(2), Ahmedabad Mahalaxmi Textile Mill, Opp. Rajbai Patel Timber Market, Narol Naroda Highway, Narol, Ahmedabad-382405 Pan : Aamfk 8120 F अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri V.K. Singh, Sr. Dr Assessee By : Shri Manish J. Shah, Advocate सुनवाई क" तार"ख/Date Of Hearing : 24/02/2022 घोषणा क" तार"ख /Date Of Pronouncement: 16/03/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-:

Section 68 of the Income-tax Act, 1961 (“the Act” in short). 3. The assessee, in the present case, is a partnership-firm which is engaged in the business of manufacturing of Laminate Sheets. The return of income for the year under consideration was filed by it on 15.09.2015 declaring a loss of (-) Rs.2,29,71

NARENDRA CHANDUBHAI RAFALIYA,AHMEDABAD vs. ITO, WARD-3(3)(8), AHMEDABAD

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

71 taxmann.com 246 (Chandigarh - Trib.), held that where profit declared by assessee under presumptive taxation as provided under section 44AD was accepted, Assessing Officer could not make separate addition by invoking provisions of section 69C of the Act. The facts of this case were that assessee was a civil contractor. He had declared its profits under section

PAWAN EDIFICE PVT. LTD.,VADODARA vs. THE DY.CIT, CIRCLE-2(1)(2), VADODARA

68,995/-\nTotal Own Funds (a + b)\n19,52,09,835/-\n20,76,83,195/-\n18. It was thus urged that, in view of the availability of substantial own\nfunds and the binding judicial precedents, the disallowance sustained by\nthe CIT(A) under section 14A ought to be deleted in full.\n19. With regard to the disallowance of administrative

RAVIKUMAR KAMLESHBHAI SHAH,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD -5(2)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: SHRI WASEEM AHMED (Accountant Member), MS. MADHUMITA ROY (Judicial Member)

71 held that rejection of books of account under section 145 justified and best judgment assessment under section 144 of the Act needed. 10.1 The Hon'ble Bombay High Court in Bastiram Narayandas v. CIT [1994] 210 ITR 438/74 Taxman 454 held that rejection of books of account justified under section 145 and best judgment assessment under