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

section 145(3) on the ground that the I.T.A. No.195/Asr/2022 9 Assessment Year: 2017-18 assessee has not furnished the sales bills. That the addition of Rs 2,74,00,000/- was made u/s 68 of the Act on account of unexplained cash deposit and the same is taxed u/s 115BBE of the Act at the rate

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 made to income of assessee was to be deleted - Held, yes [Paras 13 to 16] [In favour of assessee] 7. The ld. CIT-DR vehemently argued & relied on the order of revisional authority. But unable to bring any contrary fact in relation to the submission of the assessee. 8. We heard the rival submission and relied

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

29-03-2008 as per details given in tabular form here under: Bank account Number Amount of cash deposited 03345B9741 Rs. 68,72,524-00 0334CD901 Rs. 16,00,421-00 0334CD953 Rs. 14,96,450-00 Total Rs. 99,69,395 From perusal of the above bank statement it is revealed that total cash deposits made during the period

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 of the Act w.e.f. 01.04.2013 empowers the A.O. to examine source of source in case of share application money / share capital / share premium from 01.04.2013 and this amendment does not give power to the A.O. to examine source of source of non-share capital cases. 29

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 of the Act w.e.f. 01.04.2013 empowers the A.O. to examine source of source in case of share application money / share capital / share premium from 01.04.2013 and this amendment does not give power to the A.O. to examine source of source of non-share capital cases. 29

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 - Whether Tribunal had rightly concluded that there was no merit in appeal against Commissioner (Appeals) order - Held, yes [Para 4] [In favour of assessee]” 15. Recently, the Hon’ble Apex Court in the case of PCIT v. Dipansu Mohapatra [2024] 160 taxmann.com 289 (SC) dismissed against order of High Court that where assessee provided all details of purchase

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 - Whether Tribunal had rightly concluded that there was no merit in appeal against Commissioner (Appeals) order - Held, yes [Para 4] [In favour of assessee]” 15. Recently, the Hon’ble Apex Court in the case of PCIT v. Dipansu Mohapatra [2024] 160 taxmann.com 289 (SC) dismissed against order of High Court that where assessee provided all details of purchase

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

68 to 69D to hold that income/investment, whose source is not explained, will still be classified as income under any head u/s 14. It would be, therefore, impermissible to attempt and classify such incomes under any of specific heads, even if there is any activity which can be remotely/indirectly linked to such deemed income. The word 'source’ in the same

THE DY. COMMISSIONER OF INCOME-TAX,, JAMMU vs. M/S. CONTINENTAL CONSTRUCTION CO,, JAMMU ( J&K)

In the result, the appeal filed by the assessee is allowed as well as the appeal filed the Revenue Department is dismissed and Cross Objection also stands disposed off

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryita No.38(Asr)/2013 Assessment Year:2009-10

68 is on the assessee, which has not furnished any material in the assessment proceedings. However, it is not clear if the AO had in any of the notices u/s. 142(1) required the assessee to support its’ claim qua the said loan with any material/ evidence. This does not appear to be the case as there is no reference

M/S. CONTINENTAL CONSTRUCTION CO.,,JAMMU vs. THE DY. COMMISSIONER OF INCOME-TAX (HQRS), JAMMU

In the result, the appeal filed by the assessee is allowed as well as the appeal filed the Revenue Department is dismissed and Cross Objection also stands disposed off

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryita No.38(Asr)/2013 Assessment Year:2009-10

68 is on the assessee, which has not furnished any material in the assessment proceedings. However, it is not clear if the AO had in any of the notices u/s. 142(1) required the assessee to support its’ claim qua the said loan with any material/ evidence. This does not appear to be the case as there is no reference

ABDUL HAFIZ,UDHAMPUR vs. D.C.I.T, CIRCLE-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. 465/(Asr)/2017 Assessment Year: 2013-14

section 68 would not apply where, as observed by the Assessing Officer (AO), the impugned sum had not been found credited in his books of account, is rendered of no consequence as, by own admission, the impugned sum stands credited in the assessee’s books of account (PB pg. 29

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

29-37, 38-44, 45-53). It was explained by Sh. Arora that the credits represent the advances against supplies, which were made in the following year, adjusting the entire credit/s, referring to the ledger accounts of the said parties for the subsequent year at pgs. 17 to 20 of the assessee’s paper-book, as well as the copies

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

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

SHRI OM PARKASH LEGAL HEIAR SMT PUSHPA VERMA,JALANDHAR vs. INCOME TAX OFFICER WARD-1(3), JALANDHAR

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 756/Asr/2017 Assessment Year: 2014-15

68, i.e., to explain the nature and source of the credit. The question therefore is if the initial onus on the Revenue to show the remission or cessation of a trading liability, for it to invoke the provision, is satisfied in the facts and circumstances of the case; the matter, as afore-noted, being essentially and primarily factual. This

HIMALYA SPINNING MILLS,AMRITSAR vs. INCOME TAX OFFICER WARD- 2 (1), AMRITSAR

In the result, the appeal of the assessee is allowed

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

68 of the Income Tax Act,1961. The parawise observation of Worthy CIT(A) with submissions of the appellant are as under ; Para Observations of CIT (A)/AO’s observation Submissions No of (reproduced) CIT(A)’s order 3.3 To verify the cash sale, the assessee was The appellant provided asked to produce complete books of stock detail/tally during accounts

SHRI GAMDOOR SINGH ,MANSA vs. INCOME TAX OFFICER WARD- 1 (5), MANSA

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

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

section 68 are not applicable as the assessee appellant has made re- payment of loan taken from the bank against limit. As such addition of Rs. 9,10,000/- confirmed by the Ld. CIT(A) is unjustified and bad in law. The same be deleted. 3 I.T.A. No. 149/Asr/2023 Gamdoor Singh v. ITO 6. That the appellant craves

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

29,638/- @8% made on a/c of disallowance of expenses amount of Rs. 66,20,474/- @ 10% . The assessee could not substantiate these expenses during assessment proceedings. The relief is allowed entirely on estimation basis without appreciating the I.T.A. No.123/Asr/2020 3 I.T.A. No.124/Asr/2020 fact that disallowance was made owing to non production of relevant voucher/bills of expenses. As the quantum

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

29,638/- @8% made on a/c of disallowance of expenses amount of Rs. 66,20,474/- @ 10% . The assessee could not substantiate these expenses during assessment proceedings. The relief is allowed entirely on estimation basis without appreciating the I.T.A. No.123/Asr/2020 3 I.T.A. No.124/Asr/2020 fact that disallowance was made owing to non production of relevant voucher/bills of expenses. As the quantum