ACIT, CIRCLE 2(2)(1), BANGALORE vs. VASTIMAL BHIM RAJ SANCHETI, BANGALORE

In the result, the appeals of the Revenue are dismissed\nPronounced in the open court on the date mentioned on the caption\npage

Section 68 of the Act prior to its amendment through\nFinance Act, 2022, a company in which the public is not substantially\ninterested is required only to explain the immediate source of the receipt\nconcerning unsecured loans, and no obligation exists to trace the source of\nsuch funds beyond the immediate creditor. In the present case, the assessee\nraised

ACIT, CIRCLE-2(2)(1), BANGALORE vs. VASTIMAL BHIM RAJ SANCHETI, BANGALORE

In the result, the appeals of the Revenue are dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K

section 68 of the IT Act, 1961. 8. In the assessment order passed, the assessing officer has discussed total disallowance of Rs 6,13,95,000/- u/s 68 of the IT Act, 1961, but inadvertently in the computation, addition for Rs 5,87,25,000/- was considered. Thus, the issues in regard to addition

MR. MOHAMMED HANIF MOHAMMED YUSUF DHARWADKAR,HUBLI vs. INCOME-TAX OFFICER, WARD-1(1), HUBLI

In the result, the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017-18

Section 68 of the Act. Accordingly, he added Rs. 1,25,89,399/- to the income of the assessee and completed the assessment. Against this assessee went in appeal before ld. CIT(A). 8. The ld. CIT(A) observed that the assessee had opportunity before three forums - ITO(Inv.), AO and these proceedings — to furnish requisite material to establish

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the Act. In that case also the assessee received a share of goodwill. The Hon’ble High Court held that receipt of share value of goodwill cannot be subjected to capital gains tax as there was no transfer of goodwill to the firm. The Hon’ble High Court dealt the whole issue as under

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the Act. In that case also the assessee received a share of goodwill. The Hon’ble High Court held that receipt of share value of goodwill cannot be subjected to capital gains tax as there was no transfer of goodwill to the firm. The Hon’ble High Court dealt the whole issue as under

SRI. MARUTHIVANDITH REDDY MANNUR,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX , CENTRAL CIRCLE-1(1), BANGALORE

In the result, appeal of the assessee in ITA No

4) of the\nAct and material seized from the search conducted on Jain group of\ncompanies. The assessment order was also passed under Section 143(3) read\nwith Section 153C of the Act making additions under Section 68

SRI. MARUTHIVANDITH REDDY MANNUR,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(1), BANGALORE

In the result, appeal of the assessee in ITA No

4) of the\nAct and material seized from the search conducted on Jain group of\ncompanies. The assessment order was also passed under Section 143(3) read\nwith Section 153C of the Act making additions under Section 68

M/S. MUKKA PROTEINS LIMITED (FORMERLY KNOW AS MUKKA SEA FOOD INDUSTRIES LTD., ),MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , MANGALURU

In the result, appeals of the assessee in ITA Nos

Bench: Shri Chandra Poojari & Shri Keshav Dubey

68 of the Income Tax Act, 1961, on account of the statements made by the assessee’s Directors in the course of search under Section 132 of the Act were not justified?” (a) In the case, the learned CIT-(A) held that evidence does not mean only documentary evidence and the statement under section 132(4

AUGUST JEWELLERY PRIVATE LIMITED,BENGALURU vs. D.C.I.T., CIRCLE 1(1)(1), BENGALURU, BENGALURU

4 (See Pages 89 to 91 of PB) explaining the nature of\nthe converted securities, the Series C4 structure, and the fact\nthat this was merely a conversion of CCDs issued in the\nprevious year.\n21.\nThe learned AO has failed to appreciate the legal and\nfactual position that:\na. Section 68

AUGUST JEWELLERY PVT LTD,BENGALURU vs. D.C.I.T., CIRCLE 1(1)(1), BENGALURU, BENGALURU

4 (See Pages 89 to 91 of PB) explaining the nature of\nthe converted securities, the Series C4 structure, and the fact\nthat this was merely a conversion of CCDs issued in the\nprevious year.\n21.\nThe learned AO has failed to appreciate the legal and\nfactual position that:\na. Section 68

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. AURA JEWELS, BANGALORE

In the result, the cross objection filed by the assessee is dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2017-18

4. On the facts and circumstances of the case, the learned CIT(A) erred in deleting the above mentioned addition as section 68

TABESCO HINDUSTAN INFRA DEVELOPERS PVT LTD., ,KERALA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, , MANGALORE

In the result, appeals of the assessee in ITA Nos

4)", "Section 153C", "Section 148", "Section 143(3)", "Section 132", "Section 131", "Section 133A", "Section 69B", "Section 69C", "Section 115BBE"], "issues": "Whether additions made under Section 68

AUGUST JEWELLERY PVT LTD,BENGALURU vs. D.C.I.T., CIRCLE 1(1)(1), BANGALORE, BANGALORE

4 (See Pages 89 to 91 of PB) explaining the nature of\nthe converted securities, the Series C4 structure, and the fact\nthat this was merely a conversion of CCDs issued in the\nprevious year.\n21.\nThe learned AO has failed to appreciate the legal and\nfactual position that:\na. Section 68

MKH INFRASTRUCTURE,KERALA vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, MANGALORE

In the result, appeals of the assessee in ITA Nos

4)", "Section 153C", "Section 148", "Section 143(2)", "Section 142(1)", "Section 131", "Section 69B", "Section 115BBE", "Section 69C" ], "issues": "Whether additions made under Section 68

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1-(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD., BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S SNOWSHINE REALTORS PVT.LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

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

4) of the Act was recorded of the directors,\ntrustees and key employees of the finance department. The search\noperation showed that there are evidence relating to violation with\nrespect to the diversion of trust funds to the trustees for purchase of\nland in their individual capacity and advances to related entities.\nThere was bogus expenditure debited by the trust