SHRI RAJ KUMAR ( M/S RADHIKA SALES CORP ), AMRITSAR vs. INCOME TAX OFFICER WARD- 3 (3), AMRITSAR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

68, read with section 153A, of the Income-tax Act, 1961 - Cash credit (Unexplained cash deposits) -Assessment year 2017-18 - Certain cash was deposited during post-demonetization in account of assessee, engaged in resale of jewellery, diamond etc. -Assessing Officer observed that there were two sets of books of account, i.e., one in computer of accountant and another

HOSHIARPUR TRADERS ,HOSHIARPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

section 263 of the. I.T. Act, 1961. The assessment order is set aside to this extent, i.e., to the extent of the issues discussed above, to the file of the assessing officer to pass a fresh order after making necessary enquiries/investigations in the light of the discussions made above and after giving due opportunity of being heard

SH. FARUKH JEHAN ZEB ,SRINAGAR vs. INCOME TAX OFFICER, ANANT NAG

In the result, the appeal of the assessee is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

14. The submission is not well founded. This is merely a case of a wrong section being mentioned in the assessment order and in the order of CIT (A). All the jurisdictional facts for invoking section 68

M/S SANT BABA BHAG SINGH MEMORIAL CHARITABLE SOCIETY,JALANDHAR vs. D.C.I.T, CIRCLE - 1 (EXEMPTION), CHANDIGARH

In the result, the assessee’s appeal is partly allowed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 432/(Asr)/2017 Assessment Year: 2014-15

14 Sant Baba Bhag Singh M. C. Society v. Dy. CIT inter alia, to Sumati Dayal v. CIT [1995] 214 ITR 801 (SC), a decision by the larger bench of the Apex Court, rendered in the context of section 68

SHRI SATBIR SINGH BHULLAR,AMRITSAR vs. INCOME TAX OFFICER WARD- 5 (4), AMRITSAR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

section 68 was inapplicable for assessment of such gift in assessee’s hands - Held, yes 8. Assessee’s Ground No. 4 The ld. Counsel placed the argument related to Ground No. 4 Ground That CIT(A) has erred in confirming the addition of Rs. 737948/- on No 4 account of peak cash deposited in ICICI Bank Account

M/S SHANKAR RICE & GENERAL MILLS ,MOGA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE, MOGA

In the result, the appeal of the assessee is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

14 allows the taxability of income under specific provisions of the I. T. Act outside Chapter TV. For the reasons aforestated, the income assessable under section 68

SHRI RAVINDER SACHDEVA,AMRITSAR vs. INCOME TAX OFFICER WARD -5 (4), AMRITSAR

In the result, the appeal of the assesse is allowed for statistical

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

14-Kennedy Avenue, Mall Road, Amritsar-143001-Punjab PAN: AMJPS2481A APPELLANT RESPONDENT Assessee by: Shri. P.N. Arora, Advocate Revenue by: Shri Pardeep Kumar, Sr. DR Date of Hearing: 13/06/2023 Date of Pronouncement: 20/06/2023 ORDER Per Dr. M. L. Meena, AM: This appeal is filed by the Assessee against the order of the Ld. CIT(A)/NFAC Delhi dt. 16/11/2022

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1, JAMMU vs. M/S MOHD ASRAF SHEIKH, JAMMU

In the result, the appeal of the Revenue is allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 68 of the Act.” 11. In the present case, the assessee has failed to establish genuineness of the transaction, and credit-worthiness, before either of the authorities below and the assessee has not been able to provide a satisfactory explanation of the nature and source, of the investments made, by the creditors in the form of advances against

JASDEEP KAUR CHADHA-JALANDHAR,PUNJAB vs. JAO THE DCIT CIRCLE-4 JALANDHAR, PUNJAB

In the result, the appeal of the assessee is allowed and the revenue appeal is dismissed

Bench: Sh. Udayan Das Gupta & Sh. Khettra Mohan Roy

section 68 is added, so as to provide that the nature and source of any sum, whether in the form of loan or borrowing, or any other liability credited in the books of an assessee shall be treated as explained only if the source of funds is also explained in the hands of the creditor or entry provider. However

ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S JASDEEP KAUR CHADHA, JALANDHAR

In the result, the appeal of the assessee is allowed and the revenue appeal is dismissed

Bench: Sh. Udayan Das Gupta & Sh. Khettra Mohan Roy

section 68 is added, so as to provide that the nature and source of any sum, whether in the form of loan or borrowing, or any other liability credited in the books of an assessee shall be treated as explained only if the source of funds is also explained in the hands of the creditor or entry provider. However

SHRI FAROOQ AHMAD AHANGAR,SRINAGAR vs. INCOME TAX OFICER, WARD-3(1, SRINAGAR

In the result, both the appeals are allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

14. of the Act of wages payable on the basis of not establishing identity of the parties and genuineness of the transactions. 15. The Appellant stated in the written submission that the addition is unjustified and against the law. Further the entire addition of Rs 572590.00 u/s 68 of the Act, is based on presumptions by ignoring the facts

SHRI FAROOQ AHMAD AHANGAR,SRINAGAR vs. INCOME TAX OFFICER,WARD-3(1), SRINAGAR

In the result, both the appeals are allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

14. of the Act of wages payable on the basis of not establishing identity of the parties and genuineness of the transactions. 15. The Appellant stated in the written submission that the addition is unjustified and against the law. Further the entire addition of Rs 572590.00 u/s 68 of the Act, is based on presumptions by ignoring the facts

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH. CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

14. In another case of Principal Commissioner of Income-tax vs. Indravan Jain, HUF [2023] 156 taxmann.com 605 (Bombay) the Hon’ble HIGH COURT OF BOMBAY held as under- “section 68

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH, CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

14. In another case of Principal Commissioner of Income-tax vs. Indravan Jain, HUF [2023] 156 taxmann.com 605 (Bombay) the Hon’ble HIGH COURT OF BOMBAY held as under- “section 68

BHUPENDRA FLOUR MILLS PVT LTD,BATHINDA vs. ITO, WARD 1(1), BATHINDA, BATHINDA

The appeal stands partly allowed in terms of out above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Shri Udayandasgupta, Jm आयकरअपीलसं. / Ita No.54/Asr/2025 (िनधा"रणवष" / Assessment Year: 2017-18) M/S Bhupendra Flour Mills Pvt Ltd. Ito Ward - 1(1) बनाम/ Railway Road Central Revenue Building Bhatinda, Punjab – 151001 Civil Lines, Bhatinda Vs. Punjab - 151001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccb-6192-P (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Sudhir Sehgal (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Sh. Farhat Khan (Cit) – Ld. Dr (Virtual) सुनवाईकीतारीख/Date Of Hearing : 05-02-2026 घोषणाकीतारीख /Date Of Pronouncement 20.02.2026 : आदेश / O R D E R

14 read with Section 56(2)(viii), any income not falling under other specific heads shall be chargeable to tax under the head “Income from Other Sources.” The timing of such taxation, as per Section 145B(1), is on receipt basis. (vii) Consequently, the definition of “interest” under Section 2(28A) squarely covers interest on enhanced compensation

SHRI JASHANDEEP SINGH SIDHU,BATHINDA vs. INCOME TAX OFFICER WARD- 1 (3), BATHINDA

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

section 68 of the Act cannot apply to bank statement etc. which makes the addition as bad in law. 8. That the ld. CIT(A) erred on facts and law in confirming the ex- parte assessment orders passed by the ld. AO u/s. 144 dated 27.12.2017 in violation of principles of natural justice because neither notice

SHRI JASHANDEEP SINGH SIDHU,BATHINDA vs. INCOME TAX OFFICER WARD-1(3), BATHINDA

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

section 68 of the Act cannot apply to bank statement etc. which makes the addition as bad in law. 8. That the ld. CIT(A) erred on facts and law in confirming the ex- parte assessment orders passed by the ld. AO u/s. 144 dated 27.12.2017 in violation of principles of natural justice because neither notice

SHRIMATI MEERA AGGARWAL,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE- 2, JALANDHAR

Bench: Shri L. P. Sahu & Shri Ravish Sood

Section 68 of the Act. Therefore, on this count itself the impugned addition Rs.2,35,000/- deserves to be deleted. We thus ‘set aside’ the order of the CIT(A) and delete the addition of Rs.2,35,000/- sustained by him under Sec.68 of the Act. As we have quashed the addition of Rs. 2,35,000/- that

SHRI NASIR AHMED RANGSHU,ANANTNAG vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1, SRINAGAR

In the result, the appeal of the assessee is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

68 makes addition , which is in the books of accounts,, and appellate cannot prove source of credit, while as section 69A makes additions which is out of books of accounts. Therefore this judgment is not applicable in the instant case. Regarding the issue of taking support from M/s Me Dowell & Co. Ltd. The said judgment has no relevance with