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

90,465/- under the provisions of section 68 of the Act on account of low creditworthiness of the loan

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

90,465/- under the provisions of section 68 of the Act on account of low creditworthiness of the loan

THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD vs. M/S. SARTHAV BUILDERS, AHMEDABAD

In the result appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 908/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., M/S. Sarthav Builders, Central Circle-1(2), Vs. B-1, Abhishree Complex, Ahmedabad. Opp. Star Bazar, Satellite, Ahmedabad. Pan: Abffs3812C

section 68 of the Act. 14. The assessee in the year under consideration has shown the loan from certain parties as detailed under: Sr.No Name of Depositor PAN Amount(Rs.) 1. Abhishree Residency AAAAA8661L 90

THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD vs. M/S. STHAPATYA SHILP CONSTRUCTION, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 907/Ahd/2019 With C.O.No.170/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., M/S. Sthapatya Shilp Construction, Central Circle-1(2), Vs. 2, Abhiraj Complex, Ahmedabad. 68-B, Swastic Society, Ahmedabad. Pan: Abffs2922P

section 68 of the Act by furnishing the necessary details which has been elaborately discussed in the preceding paragraph. Thus the onus shifted upon the AO to disprove the contention of the assessee based on the tangible materials. But we note that the AO has not brought any iota of evidence suggesting that the amount of cash deposit

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.

68,90,000.00 11,36,85,000.00 12,05,75,000.00 Total 40,38,25,000.00 GTC Petrotech Pvt. Ltd. 2014-15 Ambika Commodeal P. Ltd. 10,75,000.00 2,04,25,000.00 2,15,00,000.00 Total 2,15,00,000.00 4. On examination of the share capital and share premium amounts claimed to be received by the assessee

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

section 68 of the Act by furnishing the necessary details which has been elaborately discussed in the preceding paragraph. Thus the onus shifted upon the AO to disprove the contention of the assessee based With C.O.No.172/Ahd/2019 Asstt. Year 2010-11 17 on the tangible materials. But we note that the AO has not brought any iota of evidence

THE ACIT, CIRCLE-2(1)(1), AHMEDABAD vs. MAYORA INDIA PRIVATE LIMITED (FORMERLY KNOWN AS "INBISCO INDIA PVT. LTD.), AHMEDABAD

In the result, the appeals of the Department are dismissed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

Section 68 will not be applicable since funds have been received from non-resident foreign of the assessee company. In the case of Bycell Telecommunications India (P.) Ltd. vs. PCIT 90

THE ACIT, CIRCLE-2(1)(1), AHMEDABAD vs. MAYORA INDIA PRIVATE LIMITED (FORMERLY KNOWN AS , AHMEDABAD

In the result, the appeals of the Department are dismissed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

Section 68 will not be applicable since funds have been received from non-resident foreign of the assessee company. In the case of Bycell Telecommunications India (P.) Ltd. vs. PCIT 90

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 furnishing the necessary details which has been elaborately discussed in the preceding paragraph. Thus the onus shifted upon the AO to disprove the contention of the assessee based on the tangible materials. But we note that the AO has not brought any iota of evidence suggesting that the amount of cash deposit

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 furnishing the necessary details which has been elaborately discussed in the preceding paragraph. Thus the onus shifted upon the AO to disprove the contention of the assessee based on the tangible materials. But we note that the AO has not brought any iota of evidence suggesting that the amount of cash deposit

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 furnishing the necessary details which has been elaborately discussed in the preceding paragraph. Thus the onus shifted upon the AO to disprove the contention of the assessee based on the tangible materials. But we note that the AO has not brought any iota of evidence suggesting that the amount of cash deposit

ARVINDBHAI PUNABHAI PATEL,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Accordingly accepted in principle, and the issue is restored to the\nAssessing Officer for fresh adjudication in terms of directions\nabove.\n25. In the combined result, the appeal of the assessee ...

section 68 of the Act, treating the said\namount as unexplained cash credit on account of large cash\ndeposits made in the following four ICICI Bank accounts held by\nthe assessee:\nSr. No.\nAccount Number\nAmount (Rs.)\n1\n006705000412\n12,99,100/-\n2\n093005001118\n8,22,21,444/-\n3\n093005500510\n1,37,90

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

Bench: Shri Sanjay Garg & Makarand V. Mahadeokar

90,00,000/-, aggregating to Rs. 11,95,65,260/-, which was fully received back during the same year through proper cheque entries. The closing balance was nil in the books. These transactions were duly reflected in the regular audited books and were not disputed. The AO had added Rs. 4 crore under section 68

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

Bench: Shri Sanjay Garg & Makarand V. Mahadeokar

90,00,000/-, aggregating to Rs. 11,95,65,260/-, which was fully received back during the same year through proper cheque entries. The closing balance was nil in the books. These transactions were duly reflected in the regular audited books and were not disputed. The AO had added Rs. 4 crore under section 68

SHRI NARENDRA B. PATEL,,SABARKANTHA vs. THE INCOME TAX OFFICER, WARD-2,, HIMATNAGAR

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 3153/Ahd/2014 िनधा"रण वष"/Asstt. Year: 2011-12 Narendra B. Patel, I.T.O., 592, Pampaliva Vas, Vs. Ward-2, Moyad, Himatnagar. Sabarkantha-383110. Pan: Asupp6989M

section 68 of the Act except the sum of Rs. 2 lacs and added the remaining amount of Rs. 46,24,400/- to the total income of the assessee. A.Y. 2011-12 11 Survey No. 124 12.4 The assessee has purchased the impugned survey number at a price of Rs. 2,11,90

JAP AGRO FOODS PVT.LTD.,BARODA vs. THE INCOME TAX OFFICER,WARD-1(4),, BARODA

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकरअपीलसं./Ita No. 191/Ahd/2016 "नधा"रणवष"/Asstt. Year: 2011-2012 M/S Jap Agro Foods Pvt. Ltd., I.T.O, Block No.295, Vs. Ward-1(4), Ranu Tal. Padra, Baroda. Vadodara.

section 68 of the Act. From the preceding discussion, we note that there is no ambiguity about the identity and the genuineness of the transaction as the assessee has filed the copy of the income tax return and the transaction was carried out through the banking channel. The dispute relates only with the creditworthiness of the party. In this

RICH PAINTS LIMITED,,BARODA vs. THE INCOME TAX OFFICER,WARD-4(2),, BARODA

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 186/Ahd/2015 1995-96 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H 2. 187/Ahd/2015 1996-97 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H 3. 188/Ahd/2015 1997-98 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H

Section 68 of the Act. 18. However, the Learned CIT(A) rejected the contention of the assessee by observing that it is the set-aside proceedings and the scope in such proceedings was limited to the extent of the direction issued by the ITAT. As per the direction of the ITAT the assessee was to establish the identity creditworthiness

RICH PAINTS LIMITED,,BARODA vs. THE INCOME TAX OFFICER,WARD-4(2),, BARODA

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 186/Ahd/2015 1995-96 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H 2. 187/Ahd/2015 1996-97 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H 3. 188/Ahd/2015 1997-98 M/S. Rich Paints Ltd. Ito-4(2), C/O Smt. Bhartiben M. Shah, Baroda 60 Sundaram Nagar, Near Jakat Naka, Vasna Road, Vadodara (Guj.)-390007 Pan No. Aaacr8988H

Section 68 of the Act. 18. However, the Learned CIT(A) rejected the contention of the assessee by observing that it is the set-aside proceedings and the scope in such proceedings was limited to the extent of the direction issued by the ITAT. As per the direction of the ITAT the assessee was to establish the identity creditworthiness