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 68 - Held, yes [In favor of assessee] Contractor, Kotkapura 11. The ld. CIT DR vehemently argued and relied on the order of the ld. AO. Copy of the said order of para 6.1 is extracted as below: “6.1 The above discussion clearly shows that the assessee had shown inflated cash sales to cover his unaccounted money. Total sale

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 LOAN:- 5. Next issue is related to the amount raise through unsecured loan. The ld. Counsel further argued that both in assessing authority and before the Revisional Authority the assessee has submitted the details related to the loan creditors

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

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

68, 69 to 69D of the Act to create a deeming fiction to tax any sum already credited / offered as income. Such recourse is unwarranted within the objectives to introduce this section 115BBE of the Act. The objects and reasons for amending the section 115BBE by the Taxation Laws (Second Amendment) Bill, 2016 was to prevent misuse

SHRIMATI JATINDER KAUR (ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

68 of proving the cash credit were satisfied by the assessee the addition should have been deleted rather than upholding the same u/s 56(1)(vii) of the Act. 4 That even otherwise on facts too, the CIT(A) has erred in holding that the Gift to the daughter by his father during the year which came from the Bank

SHRIMATI JATINDER KAUR ( ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

68 of proving the cash credit were satisfied by the assessee the addition should have been deleted rather than upholding the same u/s 56(1)(vii) of the Act. 4 That even otherwise on facts too, the CIT(A) has erred in holding that the Gift to the daughter by his father during the year which came from the Bank

SHRIMATI JATINDER KAUR(ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

68 of proving the cash credit were satisfied by the assessee the addition should have been deleted rather than upholding the same u/s 56(1)(vii) of the Act. 4 That even otherwise on facts too, the CIT(A) has erred in holding that the Gift to the daughter by his father during the year which came from the Bank

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 69, 69A, etc. can in fact be invoked only where the Revenue discharges the primary onus on it to show the assessee to be owner of the relevant asset. As explained in Chuharmal v. CIT [1988] 172 ITR 250 (SC), the same seek to provide statutory recognition to the principles of common law jurisprudence as enshrined

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 and also confirming invoking OF provisions of Section 115BBE of Income Tax Act by the Learned AO. 2. That the Worthy CIT (A) has confirmed the additions of Rs.27,00,000/= made by the AO on the basis of suspicion, whims, surmises and conjectures and has not appreciated that

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

section 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. As the credentials of the directors has already been verified during assessment proceedings, the findings of the Ld. CIT(A) are not acceptable.” I.T.A. No.123/Asr/2020 4 I.T.A. No.124/Asr/2020 I.T.A. No.124/Asr/2020

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

section 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. As the credentials of the directors has already been verified during assessment proceedings, the findings of the Ld. CIT(A) are not acceptable.” I.T.A. No.123/Asr/2020 4 I.T.A. No.124/Asr/2020 I.T.A. No.124/Asr/2020

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

SHRI ONKAR SINGH,HOSHIARPUR vs. INCOME TAX OFFICER, WARD-3, HOSHIARPUR

In the result, both the appeals of the assessee ITA No

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

section 68 of the Act is illegal, unjustified and unwarranted by the facts of the case, because the Assessee is an agriculturist and is not maintaining books of A/c. 3. That the AO has not found credit in the books of the Assessee and saving A/c maintained by the Assessee cannot be treated as books of A/c as such

SHRI ONKAR SINGH ,HOSHIARPUR vs. INCOME TAX OFFICER, WARD-3, HOSHIARPUR

In the result, both the appeals of the assessee ITA No

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

section 68 of the Act is illegal, unjustified and unwarranted by the facts of the case, because the Assessee is an agriculturist and is not maintaining books of A/c. 3. That the AO has not found credit in the books of the Assessee and saving A/c maintained by the Assessee cannot be treated as books of A/c as such

SH. SURINDER KUMAR MAHAJAN, GOVT. CONTRACTOR,,PATHANKOT vs. THE INCOME TAX OFFICER,, PATHANKOT

In the result, the appeal of the assesse is allowed

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

44 AD of the Act. 2 Surinder Kumar Mahajan v. ITO 2. The assessee has declared return of income of Rs.3,10,200/- u/s 44AD of the Act showing total sales proceeds at Rs.30,18,825/- on account of clay, rori and bajri proceeds a commission of income tax at Rs.1,20,000/- from a sale of stone during

M/S BLUE CITY TOWNSHIP & COLONIZERS,AMRITSAR. vs. THE INCOME TAX OFFICER,, AMRITSAR.

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

44,550/- by cheque, Rs 1 Crore by cash to purchase land from Baldev Singh R/0 Village Heir, Palah Sahib Road, Amritsar and also invested an amount of Rs 53,98,000/- in cash for the purchase of land from Sh Malook Singh during F Y 2008-09 relevant to A Y 2009-10. The said payments were made

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3, AMRITSAR vs. SHRIMATI RAJ RANI ARORA, AMRITSAR

In the result, the appeal of the department is dismissed

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

section 68 of the act are satisfied with regard to loan*'of Rs 1,00,00,000/- received by the appellant from Sh. Amandeep Singh in the year under consideration and no addition of Rs. 1,00,00,000/- is called for u/s 68 of the act in respect of loan from Sh. Amandeep Singh and the same

SHRI MOHD MANZOOR,RAJOURI vs. INCOME TAX OFFICER WARD -2 (3), JAMMU

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

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

section 69A can be invoked if, in any financial I.T.A. No.166/Asr/2022 17 Assessment Year: 2017-18 year, the assessee is found to be the owner of any money, etc... which has not been recorded in the books of accounts – ITAT rules in assessee ‘favour, holding that mere cash deposit in bank account after the date of demonetization