BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX, (OSD) CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD) CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI ADINARAYAGUPATHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

In the result, the appeals of the assessee for

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX(OSD), CENTRAL CIRCLE 1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD) CENTRAL CIRCLE-1(3), BENGALURU

In the result, the appeals of the assessee for Assessment Years

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX(OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

In the result, the appeals of the assessee for Assessment Years

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

bogus transactions. Sales cannot take place without purchases, and reconciliation of stock showed that no part of purchases could be treated as unexplained. The allegation that 25% of cash purchases were invested in jewellery or cash loans was also incorrect. No such assets were found in the search, and the value of seized jewellery was much lower than the disallowance

DCIT, GULBARGA vs. M/S JUPITERBIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

DCIT, GULBARGA vs. M/S JUPITERBIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

ACIT, GULBARGA vs. M/S. JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

purchase of fixed assets to the extent was bogus and therefore the opening written down value (wdv) of the assets on which depreciation was claimed by the Assessee in AY 2004-05 on the same item of machinery had to be reduced and as a consequence ITA Nos. 1232/Bang/2005, 990/Bang/2008, 627, 628, 950, 951/Bang/2009, C.O. Nos.6 to 10-Bang

M/S. RUKMINI EDUCATIONAL CHARITABLE TRUST ,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL , BANGALORE

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

purchase of land in their individual capacity and advances to related entities. There was bogus expenditure debited by the trust for generation of cash through bogus billing and invoices including unaccounted and unexplained cash transactions across several years. 05. Based on the case of assessee selected for scrutiny and as per second proviso to section 143(3) reference was sent

M/S. CRYSTAL GRANITE AND MARBLE PRIVATE LIMITED,RAMANAGARAM vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes and Stay Petition is dismissed as infructuous

Bench: Shri George George K & Shri Laxmi Prasad Sahus.P No.29/Bang/2023 Assessment Year: 2017-18

purchase bills to various entities, and there was no actual supply of goods. Further during the post search enquiry statement of Shri Urvil A Jani, one of the key persons of the Oneworld group of companies recorded on 08.02.2020, wherein he admitted that various Oneworldd group entities have made bogus purchase/bogus sales transactions with various entities controlled and managed

LAXMIPAT DUDHERIA ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(1)(2), BANGALORE

In the result, all the four appeals filed by the assessee are allowed

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

exempt from tax under section 10(38) of the Income Tax Act, 1961. The Directorate of Investigation, Kolkata investigated transactions in 84 such penny stock shares quoted on BSE and examined on oath a large number of brokers, directors of companies that finally purchased the shares, the promoters of Penny stock companies, the entry operators who managed the dummy companies