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

unexplained credits were added as Income by the assessing officer by invoking the section 68 of the IT Act, 1961. Hence, Ld. CIT(A) ought not to have deleted the addition made under section 68 of the IT Act, 1961. 8. In the assessment order passed, the assessing officer has discussed total disallowance

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

section 68, the sum found credited in the books of accounts for which the assessee offers no explanation, the said sum is deemed to be income of the assessee. In the instant case the assessee had explained the source as sales, produced the sale bills and admitted the same as revenue receipt. The assessee is engaged in the jewellery business

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 Unexplained The assessee has merely transferred his own 68: Cash Credit money from his account in Barclays Bank, Mauritius to NRI A/c held in Axis Bank and Indusind bank. As he transferred the amount from his own bank a/c. Therefore, the question of unexplained credit will not come. 69: Unexplained The amount of Rs.78,04,58,374/- does

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 Unexplained The assessee has merely transferred his own 68: Cash Credit money from his account in Barclays Bank, Mauritius to NRI A/c held in Axis Bank and Indusind bank. As he transferred the amount from his own bank a/c. Therefore, the question of unexplained credit will not come. 69: Unexplained The amount of Rs.78,04,58,374/- does

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 Unexplained The assessee has merely transferred his own 68: Cash Credit money from his account in Barclays Bank, Mauritius to NRI A/c held in Axis Bank and Indusind bank. As he transferred the amount from his own bank a/c. Therefore, the question of unexplained credit will not come. 69: Unexplained The amount of Rs.78,04,58,374/- does

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

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

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

investment with cooperative societies as well as with Bank/cooperative bank. One such amount included interest income of Rs. 47,692/- from fixed deposit with the SUCO bank. This amount was held as not eligible for deduction under section 80P(2)(a)(i) of the Act by the AO and by the learned CIT(A). There was no finding on record

ARJUN SHETTY,MANGALURU vs. INCOME TAX OFFICER, TPS, CIRCLE - 1(1), MANGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri.Laxmi Prasad Sahu & Shri.Keshav Dubeyassessment Year : 2018-19 Arjun Shetty, Vs. Ito, 16-6-393/9 Shubha Krishna Building, Ward – Tps, Highland Falnir, Mangalore - 575002. Circle – 1(1), Pan :Ainps5294H Mangalore. Appellant Respondent Assessee By : S/Shri. Pranav G Ambekar, V. Narendra Sharma, Advocates Revenue By : Shri. Nilanjan Dey,Jcit(Dr)(Itat), Bangalore. Date Of Hearing : 15.09.2025 Date Of Pronouncement : 29.10.2025

unexplained cash credit. 7.2 The judgment to which the ld. AR has relied for the proposition of law that without there being physical transfer of money, the provisions of section 68 cannot be invoked are applicable to the issue before us. In fact, in ACIT vs. Shri Suren Goel (supra) the Revenue has challenged before the Tribunal the deletion made

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

BHUWALKA SALES CORPORATION,BANGALORE vs. ACIT, BANGALORE

In the result, the assessee's appeal for Assessment Year 2009-10 is treated as allowed for statistical purposes

Bench: Smt. P. Madhavi Devi & Shri Jason P. Boazi.T. A. No.1436/Bang/2013 (Assessment Year : 2009-10) M/S. Bhuwalka Sales Corporation, No.5, Walker Lane, Bhuwalka Landmark, Langford Road, Richmond Town, Bangalore-560 025 …. Appellant. Pan Aaifb 0063G Vs. Asst. Commissioner Of Income Tax, Circle 1(1), Bangalore. ….. Respondent. Appellant By : Shri K. Seshadri, C.A. Respondent By : Shri P. Dhivahar, Jcit (D.R). Date Of Hearing : 2.2.2015. Date Of Pronouncement : 1.4.2015. O R D E R Per Shri Jason P. Boaz, A.M. : This Appeal By The Assessee Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-I, Bangalore Dt.12.8.2013 For Assessment Year 2009-10. 2. The Facts Of The Case, Briefly, Are As Under :- 2.1 The Assessee, In The Business Of Trading In Rolled Products, Filed The Return Of Income For Assessment Year 2009-10 On 26.9.2009 Declaring Income Of Rs.49,25,026. The Return Was Processed Under Section 143(1) Of The Income Tax Act, 1961 (In Short 'The Act') & The Case Was Taken Up For Scrutiny. The Assessment Was Completed Under Section 143(3) Of The Act Vide

68 of the Act in place of deemed dividend u/s.2(22)(e) of the Act, the learned CIT (Appeals) on the merits of the issue, at para 3.16 of the order, held that the addition of Rs.1.25 Crores is to be made as unexplained cash credit u/s.68 of the Act instead of the addition as deemed dividend under Section

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

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

Section 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

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

Section 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

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

Section 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

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

Section 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

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

Section 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

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 ground

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 ground

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 ground