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, resulting in double taxation, were liable to be deleted Kalpana vs ITO [1996] 84 Section 69A of the Income-tax Act, 1961 - Unexplained moneys

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

unexplained cash credit (Mumbai - within meaning of section 68 and added same in Trib.) income of assessee - Whether since assessee was not maintaining any account books and bank Pass Book or bank statement could not be construed to be a book maintained by assessee for any previous year, impugned addition was unsustainable on account of inapplicability of section 68 - Held

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

money as income from other sources. The entry of the deposits in the bank accounts remained thus un-explained and is required to e brought to tax as per the provisions section 68 of the Income Tax Act, 1961. During the appellate proceedings, the appellant has taken the ground that no addition can be made under section 68

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 has to be assessed under section 56. In the case before us, source of unexplained cash credits is not known and hence they cannot be linked to any known source/head of income including income from other sources. In order to constitute 'income from 'other sources', the source, namely, the "other sources", has to be identified. Income from unexplained

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

money to the partners and in the shape of the copies of the returns of income/statements of computation of income/capital accounts of all the creditors. The Assessing Officer, however, rejected assessee's explanation and made addition under section 68. Held that on facts, onus cast upon the assessee in regard to the capital contributions made by the partners

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

unexplained credit liable to tax under the special provisions of section 115BBE read with sec. 68 of the Income Tax Act. 4. That while confirming the above additions, the ld. CIT(A) failed to appreciate that the special provisions of section 115BEE read with section 68/69 were not applicable to the case of trust, inasmuch as, once the donations

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

unexplained. Reliance, in this regard, is placed on following decisions, wherein it is held that receipts in cash against sale consideration cannot be added under section 68 of the Act: Reference in this regard may be made to the decision of the Rajasthan High Court in case of Smt. Harshila Chordia vs ITO: 298 ITR 349 [Refer Page No.86

SH. SATISH KUMAR,JALANDHAR vs. THE INCOME TAX OFFICER,, JALANDHAR

The appeal of the assessee is allowed

Bench: Shri N.K. Saini & Shri Ravish Soodita No.105/Asr./2017 (Assessment Years: 2008-09)

Section 68. That our aforesaid view is fortified by the judgment of the Hon'ble High Court of Bombay in the case of CIT Vs. Bhaichand'N. Gandhi (1983) 141 ITR 67 (Bombay) wherein the Hon'ble High Court has held as under: - "As the Tribunal has pointed out, it is fairly well settled that when moneys are deposited

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 in the face of overwhelming evidence regarding the existence, credit worthiness and the 5 Asstt. CIT v. Mohd. Ashraf Sheikh genuineness of the credit transactions, cannot be countenanced. It is a fact on record, which has not even been disputed by the AO that the appellant deals in real estate in terms of selling land

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

unexplained credit under section 68” 6.1 In this regard, it appears that these names and the amount have been taken from the 03 parties out of 07 are tabulated as under: Name of Person Amount Received Sh.Vinod Kumar 20,00,000/- Smt. Pawandeep Kaur 20,00,000/- Sh. Jagjit Singh 11,00,000/- 6.2 The ld. AO further observed that

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

unexplained credit under section 68” 6.1 In this regard, it appears that these names and the amount have been taken from the 03 parties out of 07 are tabulated as under: Name of Person Amount Received Sh.Vinod Kumar 20,00,000/- Smt. Pawandeep Kaur 20,00,000/- Sh. Jagjit Singh 11,00,000/- 6.2 The ld. AO further observed that

DR. HARPRIT SINGH ,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, JALANDHAR

In the result, the appeal of the assessee stands allowed

Bench: Shri N.K. Choudhry & Shri O.P.Meenaआ.अ.संसंसंसं././././I.T.A No.195/Asr/2018 िनधा"रणवष"/A.Y.:2011-12 िनधा"रणवष" िनधा"रणवष" िनधा"रणवष" Dr. Harprit Singh, C/O M/S. Vs. Deputy Commissioner Of Orthonova Hospital, Near Nari Income-Tax, Niketan, Nakoddar Road, Central Circle –Ii, Jalandhar Jalandhar(Pb) (Pb) Pan: Acmps 7237 F अपीलाथ"Appellant अपीलाथ" ""यथ"/Respondent ""यथ" अपीलाथ" अपीलाथ" ""यथ" ""यथ"

unexplained cash credit under section 68 of the Act. Without prejudice to the above, the AO further observed that if at any stage in the appellate proceedings, the higher judicial authorities, hold that the cash deposits as explained, and cash is actually belongs to the company, then the payment to be examined in the light of provisions of section

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

unexplained money, without considering the facts of the case and without observing the principles of natural justice. 6. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making an addition of Rs.15,40,998/- u/s 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

unexplained money, without considering the facts of the case and without observing the principles of natural justice. 6. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making an addition of Rs.15,40,998/- u/s 68

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

unexplained sources, when appellate produced sufficient direct evidences, the circumstantial presumptions cannot be preferred. Further, the Ld. CIT (A) has relied on the Apex Courts judgment in case of Sumati Dayal Vs CIT (1995), the issue in the said case is different from this case. Primarily the addition in that case was tinder section 68, while as addition

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

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

unexplained cash credit under Sec. 68, which was subjected to the special tax rates under Sec. 115BBE of the Act. On appeal, the CIT(A) taking cognizance of the returns filed by the assesee in the preceding years, observed, that as the assessee had in the preceding years also reflected income from tuition and art work, thus on an estimate

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

money is payable’ Thus, there is marked difference between a credit representing a liability payable by the assessee and a credit representing monies received from another person. It is because of this distinction, a liability for purchase which has been credited in the account of the supplier cannot be added under section 68 of the Act, more so when

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

money is payable’ Thus, there is marked difference between a credit representing a liability payable by the assessee and a credit representing monies received from another person. It is because of this distinction, a liability for purchase which has been credited in the account of the supplier cannot be added under section 68 of the Act, more so when

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

unexplained investment of assessee [In favour of assessee] e) 2017] 83 taxmann.com 246 (Mumbai - Trib.) IN THE ITAT MUMBAI BENCH ' J'Jaspal Singh Sehgal v. Income-tax Officer WD 21(2)(1), Mumbai* Section 68 of the Income-tax Act, 1961 - Cash credit (Cash) - Assessment year 2009-10 - Where assessee submitted detailed cash summary showing inflow and outflow of cash