VISHWANATHAREDDY CHENNAREDDY,BANGALORE vs. INCOME-TAX OFFICER, WARD-2(2)(7), BENGALURU

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: SHRI CHANDRA POOJARI (Accountant Member), SMT. BEENA PILLAI (Judicial Member)

Section 68 - Cash credits: "Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income

MR. P. NARASIMHA RAO,MANGALURU vs. THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1(1) & TPS, MANGALURU

In the result, the assessee’s appeal is partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2012 – 13

section 68 of the Act cannot be applied in this case as the assessee is not maintaining the books of accounts. Further, the P&L account and balance sheet filed by the assessee before the assessing authority cannot be considered as a books of accounts, as contemplated u/s 68 of the Act. Thus, the view of ours fortified

VEERENDRA KUMAR PATIL,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

81[or second proviso]\nshall apply if the person, in whose name the sum referred to therein is\nrecorded, is a venture capital fund or a venture capital company as referred\nto in clause (23FB) of section 10.”\nFrom the above section, it is very much clear that the assessee must have\nmaintained books of accoutns in which

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

81,00,000/- is not merely verbal since all these transactions were carried out through banking channels and hence the validity of the same is unquestionable. c. In any assessment proceeding, the initial onus is upon the assessee to establish three things necessary to obviate the mischief of section 68

VEERENDRA KUMAR PATIL,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

81[or second proviso] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.” 20. From the above section, it is very much clear that the assessee must have maintained books of accoutns

VEERENDRA KUMAR PATIL,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result, appeals filed by the assessee are partly allowed in above\nterms

81[or second proviso]\nshall apply if the person, in whose name the sum referred to therein is\nrecorded, is a venture capital fund or a venture capital company as referred\nto in clause (23FB) of section 10.”\n\nFrom the above section, it is very much clear that the assessee must have\nmaintained books of accoutns

ACIT, BANGALORE vs. SRI. T.G. RANGANATH, BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2008-09

section 68 of the Act, only the credit emerged in assessment year under consideration could be questioned u/s 68 of the Act and not the opening balance. Being so, the ld. A.O has to verify this transaction as to which assessment year it relates and decide accordingly. This ground of appeal is partly allowed for statistical purposes. 30. Next

T.G. RANGANATH,BANGALORE vs. DCIT, BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2008-09

section 68 of the Act, only the credit emerged in assessment year under consideration could be questioned u/s 68 of the Act and not the opening balance. Being so, the ld. A.O has to verify this transaction as to which assessment year it relates and decide accordingly. This ground of appeal is partly allowed for statistical purposes. 30. Next

T.G. RANGANATH,BANGALORE vs. ACIT, BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2008-09

section 68 of the Act, only the credit emerged in assessment year under consideration could be questioned u/s 68 of the Act and not the opening balance. Being so, the ld. A.O has to verify this transaction as to which assessment year it relates and decide accordingly. This ground of appeal is partly allowed for statistical purposes. 30. Next

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 2(1)(1), BANGALORE vs. M/S. CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED, BANGALORE

In the result appeal filed by revenue stands dismissed

Bench: Shri. B.R Baskaran & Smt. Beena Pillaiita 2535/Bang/2019 Assessment Year : 2016-17

81,14,710/-. The case was selected for scrutiny to verify large current liability in comparison to the total asset in the balance sheet, large increase and sundry creditors and reduction in business income as compared to the previous year, and purchases shown in the ITR is less than the invoice value of imports shown the export import. Subsequently, notice

SMT. NISHITA NANDISH,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

81[or second proviso] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.” 18. From the above section, it is very much clear that the assessee must have maintained books of accoutns

SMT. NISHITA NANDISH,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

81[or second proviso] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.” 18. From the above section, it is very much clear that the assessee must have maintained books of accoutns

SMT. NISHITA NANDISH ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

81[or second proviso] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.” 18. From the above section, it is very much clear that the assessee must have maintained books of accoutns

KOGOD BASAVARAJU JAYACHANDRA ,HASSAN vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result the ITA No

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

81[or second proviso] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.” 31. From the above section, it is very much clear that the assessee must have maintained books of accoutns

M/S B B JEWELLERS AND FINANCE PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(4), BANGALORE

In the result, all the five appeals of the assessee are allowed for statistical purposes

Bench: Shri A. K. Garodia & Smt. Beena Pillai

68 as it stood for the impugned assessment year did not require the appellant to prove the source of source of the share applications and hence the orders passed are bad in law and needs to be set aside in the interest of equity and justice. 5. The authorities below failed to take cognisance of the various documents/ details/ information

M/S B B JEWELLERS AND FINANCE PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(4), BANGALORE

In the result, all the five appeals of the assessee are allowed for statistical purposes

Bench: Shri A. K. Garodia & Smt. Beena Pillai

68 as it stood for the impugned assessment year did not require the appellant to prove the source of source of the share applications and hence the orders passed are bad in law and needs to be set aside in the interest of equity and justice. 5. The authorities below failed to take cognisance of the various documents/ details/ information

M/S B B JEWELLERS AND FINANCE PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(4), BANGALORE

In the result, all the five appeals of the assessee are allowed for statistical purposes

Bench: Shri A. K. Garodia & Smt. Beena Pillai

68 as it stood for the impugned assessment year did not require the appellant to prove the source of source of the share applications and hence the orders passed are bad in law and needs to be set aside in the interest of equity and justice. 5. The authorities below failed to take cognisance of the various documents/ details/ information

M/S B B JEWELLERS AND FINANCE PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(4), BANGALORE

In the result, all the five appeals of the assessee are allowed for statistical purposes

Bench: Shri A. K. Garodia & Smt. Beena Pillai

68 as it stood for the impugned assessment year did not require the appellant to prove the source of source of the share applications and hence the orders passed are bad in law and needs to be set aside in the interest of equity and justice. 5. The authorities below failed to take cognisance of the various documents/ details/ information