OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

DCIT, CC-I, LUDHIANA vs. OSWAL POLYCOT (INDIA) PVT. LTD., LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

DCIT, CC-I, LUDHIANA vs. OSWAL POLYCOT (INDIA) PVT. LTD., LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

AUTOPACE NETWORK PRIVATE LIMITED,CHANDIGARH vs. INCOME TAX OFFICER, CHANDIGARH

In the result, appeal of the Assessee is allowed for statistical purposes

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

112-113, Industrial Area, Phase-1, Ward 2(1), Chandigarh Chandigarh- 160001 "ायी लेखा सं./PAN NO: AABCA9033B अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Ms. Garima Bector, C.A राज" की ओर से/ Revenue by : Shri Vivek Vardhan, Addl. CIT, Sr. DR सुनवाई की तारीख/Date of Hearing : 26/03/2025 उदघोषणा की तारीख/Date of Pronouncement : 02/04/2025

M/S K.LALL OVERSEAS,LUDHIANA vs. ACIT,CIRCLE-6, LUDHIANA

The appeal of the assessee is hereby allowed whereas the appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

section 68 and it is the primary onus of assessee only to prove the identity, genuineness and creditworthiness.” ITA No. 165 &174-Chd-2020 A.Y. 2012-13 Page 18 of 29 10. Being aggrieved by the above additions confirmed by the CIT(A), the assessee has come in appeal before us. 11. We have considered the rival submissions

ACIT, LUDHIANA vs. M/S K LAL OVERSEAS PVT. LTD., LUDHIANA

The appeal of the assessee is hereby allowed whereas the appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

section 68 and it is the primary onus of assessee only to prove the identity, genuineness and creditworthiness.” ITA No. 165 &174-Chd-2020 A.Y. 2012-13 Page 18 of 29 10. Being aggrieved by the above additions confirmed by the CIT(A), the assessee has come in appeal before us. 11. We have considered the rival submissions

DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH vs. JAMES HOTELS LTD, CHANDIGARH

Bench: The Said Resolution To Enhance Authorized Share Capital.

68 of the Income Tax Act which means that identity of the person, creditworthiness of the persons contributing the money and genuineness of the transactions has been duly accepted in the regular assessment proceedings. On the above issue, we hereby places reliance on the following judicial pronouncements which states that any violations under the provision of Companies

SH. BALJIT SINGH,LUDHIANA vs. PR. CIT, LUDHIANA -1, LUDHIANA

In the result, appeal of the Assessee is dismissed

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

68 with regard to unsecured loans and payment of interest thereon as a consequence thereof expenditure of Rs. 1,32,97,887/- has remained unexplained. The other issue dealt by him in para 4 & 5(supra) of the impugned order stands dealt with in fresh assessment order dt. 27/03/2023-i.e; the consequential order passed in pursuance to order under section

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

68 ITD 65 CHD, and viii) Rupesh Chiman Lal V ITO, order dated 30.01.2017 in ITA Nos. 6179-6182/Mum/2016 13.5 Then, it is well settled that the assessee cannot be expected to be after the person with whom he has entered in the business transactions and the assessee's onus is to establish the identity of the party

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

68 ITD 65 CHD, and viii) Rupesh Chiman Lal V ITO, order dated 30.01.2017 in ITA Nos. 6179-6182/Mum/2016 13.5 Then, it is well settled that the assessee cannot be expected to be after the person with whom he has entered in the business transactions and the assessee's onus is to establish the identity of the party

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

68 ITD 65 CHD, and viii) Rupesh Chiman Lal V ITO, order dated 30.01.2017 in ITA Nos. 6179-6182/Mum/2016 13.5 Then, it is well settled that the assessee cannot be expected to be after the person with whom he has entered in the business transactions and the assessee's onus is to establish the identity of the party

M/S PARDEEP ISPAT(P) LTD.,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

68 of the Act. It was also submitted that the bank account does not constitute “books of account” of the assessee, as has been held in following cases: i) 113 TTJ 178 (Del) Mayawati vs. DCIT Affirmed by Hon’ble High Court of Delhi in the case of CIT vs. Mayawati reported

SHRI. TARSEM GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

68 of the Act. It was also submitted that the bank account does not constitute “books of account” of the assessee, as has been held in following cases: i) 113 TTJ 178 (Del) Mayawati vs. DCIT Affirmed by Hon’ble High Court of Delhi in the case of CIT vs. Mayawati reported

SH. PARSHOTAM GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

68 of the Act. It was also submitted that the bank account does not constitute “books of account” of the assessee, as has been held in following cases: i) 113 TTJ 178 (Del) Mayawati vs. DCIT Affirmed by Hon’ble High Court of Delhi in the case of CIT vs. Mayawati reported

SHRI RAJEEV GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

68 of the Act. It was also submitted that the bank account does not constitute “books of account” of the assessee, as has been held in following cases: i) 113 TTJ 178 (Del) Mayawati vs. DCIT Affirmed by Hon’ble High Court of Delhi in the case of CIT vs. Mayawati reported

PRIYA GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

68 of the Act. It was also submitted that the bank account does not constitute “books of account” of the assessee, as has been held in following cases: i) 113 TTJ 178 (Del) Mayawati vs. DCIT Affirmed by Hon’ble High Court of Delhi in the case of CIT vs. Mayawati reported