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

25,914 5,98,60,500 Percentage of cash sales 81.16% 57.62% h) It is further submitted that the A.O. has invoked the provisions of Section 68

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 68 was to be deleted.” I.T.A. No.117/Asr/2022 25 Assessment Year: 2017-18 2ND ISSUE AMOUNT RAISED THROUGH UNSECURED

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

25. the total deposits in the bank account during the relevant year corresponding to the AY in appeal, was only Rs 41,55,995.00 were as in the Appellant Order, the bank deposits have been mentioned as 68,72,524.00. b. As per the appellant Account No. 0334CD901, as mentioned does not belong to the Appellant. Bank certificate attached

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

68 of the Act. Under the facts and circumstances of the case, we are of the considered view that the authorities below ought to have disproved the claim of the assesse by way of rebutting its contention with support of corroborative documentary evidences on record after granting an adequate opportunity of being heard. 11. The Hon’ble Supreme Court

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 cannot be invoked. Further hon’ble Gujarat high court in the case of PCIT Vs. Ojas Tarmake Pvt. Ltd. (supra) has held that where major portion of the credit has been repaid during the year and the AO has accepted the debit entries as genuine, the Hon'ble court on the said facts ultimately affirmed the decision

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 cannot be invoked. Further hon’ble Gujarat high court in the case of PCIT Vs. Ojas Tarmake Pvt. Ltd. (supra) has held that where major portion of the credit has been repaid during the year and the AO has accepted the debit entries as genuine, the Hon'ble court on the said facts ultimately affirmed the decision

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

68 were justified- 4. Suman Poddar Vs ITO Special Leave to Appeal (C) No. 26864 OF 2019, [2019] 112 taxmann.com 330 (SC)- Where High Court upheld Tribunal's order holding that assessee's claim for exemption under section 10(38) could not be allowed because share transactions 19 I.T.A. Nos. 346 & 347/Asr/2024 Assessment Years: 2014-15 & 2015-16 were

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

68 were justified- 4. Suman Poddar Vs ITO Special Leave to Appeal (C) No. 26864 OF 2019, [2019] 112 taxmann.com 330 (SC)- Where High Court upheld Tribunal's order holding that assessee's claim for exemption under section 10(38) could not be allowed because share transactions 19 I.T.A. Nos. 346 & 347/Asr/2024 Assessment Years: 2014-15 & 2015-16 were

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

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

section 133A of the Act, with reference to the books of accounts, and that the disputed amount has been surrendered as undisclosed income of the appellant over and above the regular business income. 7. We have heard both the sides, perused the record, impugned orders and case law cited before us. Admittedly, the appellant had made the surrender

SMT. KIRAN MAHAJAN,JAMMU vs. INCOME TAX OFFICER, WARD-1(2) JAMMU

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

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 319 & S.A. 15/(Asr)/2017 Assessment Year: 2012-13

section 68, it is in fact immaterial whether the amount credited continues to outstand as at the 14 Kiran Mahajan v. ITO year-end, or not, i.e., credit stand since neutralized, as by repayment of the money, or in any other manner. 5.4 It may, at this stage, also be relevant to, in view of the aforesaid facts, examine

HINDVEE SMALL FINANCE LIMITED,JAIPUR vs. ITO WARD 1(3) JAMMU, JAMMU

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

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

section 68 of the Act 61, is legally not applicable , because in the instant case, there is no cash credit as such, because there is no increase in liability in this case because realization of “loans and advances”( principal amount) during the year will reduce the outstanding balance of “Long term loans and advances ”as reflected in the asset

SH. BARAT PAL SOOD,,PHAGWARA vs. THE INCOME TAX OFFICER,, PHAGWARA

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

25 and 29 of the paper book. In view of the above explanation, the various case laws cited by the assessing officer also stand distinguished. It may also be submitted that the words used in section 68

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED, SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

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

68 of the Act in view of the fact that the identity of the persons is not in doubt as they are all directors of the appellant company, the creditworthiness is established from additional evidences produced during the appellate proceedings and the genuineness of the transaction is evident from the bank statement. I, therefore, direct the I.T.A. No.123/Asr/2020 12 I.T.A

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED , SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

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

68 of the Act in view of the fact that the identity of the persons is not in doubt as they are all directors of the appellant company, the creditworthiness is established from additional evidences produced during the appellate proceedings and the genuineness of the transaction is evident from the bank statement. I, therefore, direct the I.T.A. No.123/Asr/2020 12 I.T.A

NEERAJ KUMAR SETHI,DELHI vs. ITO, NATIONAL FACELESS APPEAL CENTRE (NFAC)

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

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

section 68 whereas there was no sum found credited in books of assessee for which no explanation or unsatisfactory explanation was offered by Assessee. The above ground raised by the appellant is incorrect as the order has been passed correctly by following all the principles of natural justice. Hence, this ground is dismissed. 5.3 Ground No. 3-That

POONAM MARWAHA,AMRITSAR vs. ACIT DCIT CEN CIR, AMRITSAR

In the result, the appeal filed by assessee is allowed

25% and cess 4%]. In this regard your Honor's kind attention is drawn\ntowards the fact that the appellant has already offered a sum of Rs. 50,00,000/- under the\nhead business income and has paid taxes amounting to Rs. 15,60,000/- which is higher than\nthe tax liability

SHRI JASBIR SINGH ,AMRITSAR vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR

In the result, appeal of the assesseeITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 133/Asr/2022 Assessment Year: 2019-20

25 years and the valuation of gold ornaments should have been made on cost or market price whichever is lower at the acquisition in the past. 4. That Ld. AO has not appreciated the fact that surrender was agreed in the hands of four persons to avoid litigation, buy peace and to make amicable settlement with the department. 5. That

M/S. AMAN TRADING CORP.,JAMMU vs. THE INCOME TAX OFFICER, JAMMU

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 255/(Asr)/2013 Assessment Year: 1997-98

section 68; the onus to prove the genuineness of the cash credits being on the assessee (PB pgs. 80-84). The matter was taken up again for assessment vide issue of notices u/ss. 143(2)/142(1) on 07.06.2001 and, further, the assessee required to produce five (5) creditors vide order-sheet entry dated 20.06.2001. However, despite several notices