SH. KRISHAN KUMAR,KHANNA vs. DCIT, CC-1, LUDHIANA

In the result, the appeal of the Assessee is allowed

Bench: Shri A.D. Jain & Shri Vikram Singh Yadav

68 or 69A, excess stock is covered u/s 69 or 69B, construction of Shed/Godown is covered u/s 69B or 69C and advances made to Sundry Parties is covered u/s 69, 69B or 69D is like an open ended hypothesis which is not supported by any specific finding that the matter shall fall under which of the specific sections

BANUR BROTHER ,PATIALA vs. ITO-WARD-1, AMBALA

In the result appeal of the assessee is allowed as and by way of remand to Ld

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

68,63,786/- u/s 69A of the Income Tax Act, 1961 with respect to cash withdrawals without any finding doubting the source of funds withdrawn. 3. That under the facts and circumstances of the case, the Ld. CIT (Appeals) had erred in upholding the order of the Ld. AO making an addition u/s 69A based on surmises and conjectures

RAJIV KUMAR GOYAL,DHURI vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assessee is allowed

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By Order Of The Ld. Cit(A) Dated 03/02/2023 In Appeal No. 10850/2018-19/It/Cit(A)-5/Ldh/2021-22 For A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 03/02/2023 Which Is Hereiafter Referred To As The Impugned Order. Factual Matrix 3. The Assessee Had For The Relevant Year I.E; A.Y. 2019-20 Was Also Engaged In The Same Business I.E; Manufacturing Of Pvc Pipes & Had Filed

68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent

ACIT, CENTRAL CIRCLE -1,, LUDHIANA vs. M/S OSWAL APPARELS PVT. LTD., LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

ACIT -CENTRAL CIRCLE-1,, LUDHIANA vs. M/S OSWAL TRENDS PVT. LTD., LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

M/S OSWAL APPARELS PVT. LTD.,LUDHIANA vs. DCIT, C.C.- 1, LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

ACIT, CENTRAL CIRCLE -1,, LUDHIANA vs. M/S OSWAL APPARELS PVT. LTD., LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

M/S OSWAL TREND (P) LTD.,LUDHIANA vs. DCIT, C. C.-1, LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

ACIT -CENTRAL CIRCLE-1,, LUDHIANA vs. M/S OSWAL TRENDS PVT. LTD., LUDHIANA

In the result, this appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Krinwant Sahay

section 68.” 11. Respectfully following the above decisions, which, in our view, are squarely applicable on the facts of the instant case, we find that the assessee has successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of share applicant and genuineness of the share transactions and correctness of such details

SHRI BHUWAN GOYAL,LUDHIANA vs. DCIT, CC-1, LUDHIANA

In the result, appeal of the assessee is allowed

77,08,316/- was found out of which jewellery wroth Rs. 31,63,785/- had been seized alongwith cash of Rs. 1,51,600/-, a pocket diary was also found & seized which contained the details of certain real estate transactions and profit earned thereon including commission thereof by the Directors of the company i.e; the assessee and his father Shri

SH. ABHISHEK BANSAL,BARNALA vs. PR. CIT, PATIALA

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

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 131/Chd/2023 "नधा"रण वष" / Assessment Year : 2017-18 Abhishek Bansal, Vs. Pr. Commissioner बनाम Prop. M/S Lifeline Multi Income Tax, Specialilty Hospitality, 25 Acre Patiala Extn., Near Fountain Chowk, Barnala, Punjab "थायी लेखा सं./Pan No: Acgpb5740E अपीलाथ" ./ Appellant ""यथ" / Respondent ( Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Rohit Sharma, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 09.05.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 13.06.2024 आदेश/Order Per Dr. Krinwant Sahay, A.M.:

77,08,798.70/-, the assessee paid taxes at normal rate of tax applicable to the assessee. Thereafter, the case of the assessee was selected for Compulsory scrutiny and a notice u/s 143(2) of the Act dated 12.09.2018 was issued to the assessee intimating the assessee of the selection of the case of the assessee for scrutiny. Notice

M/S JASHAN FINLEASE LTD.,KHANNA vs. DCIT, CC-1, LUDHIANA

In the result, the appeal of the assessee is allowed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

68 or 69A, excess stock is covered u/s 69 or 69B, construction of Shed/Godown is covered u/s 69B or 69C and advances made to Sundry Parties is covered u/s 69, 69B or 69D is like an open ended hypothesis which is not supported by any specific finding that the matter shall fall under which of the specific sections

DCIT, C-1, LUDHIANA vs. M/S GOLD STAR AMCO STEELS PVT. LTD., LUDHIANA

In the results, the book results as duly audited need to be accepted and the addition so made is hereby directed to be deleted

Bench: 30Th Of September 2013 And, As Such, Framing Of Assessment By The Assessing Officer Without Observing Mandatory

Section 68 of the Act. 8.2 Being aggrieved, the assessee carried the matter in appeal before the Ld. CIT(A). 8.3 Regarding M/s Goldstar Industry, it was submitted during the appellate proceedings that the company had been making sales to M/s Goldstar Industry against advances received from time to time. In support confirmed copy of the accounts

M/S GOLD STAR AMCO STEELS PVT. LTD.,LUDHIANA vs. DCIT, C-1, LUDHIANA

In the results, the book results as duly audited need to be accepted and the addition so made is hereby directed to be deleted

Bench: 30Th Of September 2013 And, As Such, Framing Of Assessment By The Assessing Officer Without Observing Mandatory

Section 68 of the Act. 8.2 Being aggrieved, the assessee carried the matter in appeal before the Ld. CIT(A). 8.3 Regarding M/s Goldstar Industry, it was submitted during the appellate proceedings that the company had been making sales to M/s Goldstar Industry against advances received from time to time. In support confirmed copy of the accounts

RAV SHARAN SINGH,PATIALA vs. ACIT, C.C., PATIALA

In the result, appeal of the assessee is allowed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

68 or 69A, excess stock is covered u/s 69 or 69B, construction of Shed/Godown is covered u/s 69B or 69C and advances made to Sundry Parties is covered u/s 69, 69B or 69D is like an open ended hypothesis which is not supported by any specific finding that the matter shall fall under which of the specific sections

BHAWNA PURI,MANDI vs. INCOME TAX OFFICER WARD, MANDI, MANDI

The appeal of the assessee is partly allowed in the above terms

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

section 68 of the Income-tax Act, 1961 on account of cash deposits during the demonetization period. 2. In the present appeal Assessee has raised the following grounds: 1. That in the facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeals) is not justified in not considering / appreciating the submission put forth by the assessee

RACHIT AGGARWAL (PROP.) ASHOK KUMAR GUPTA & CO.,LUDHIANA vs. ITO, WARD II(2), LUDHIANA

In the result, appeal of the assessee is allowed

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

Section 68 of the Act." 13.1 Similarly, the ITAT Visakhapatnam in “ACIT Vs. Hirapanna Jewellers”, ITA No. 253(Viz) of 2020 [2021] 128 taxmann.com 291, in para 9 on page 17 of the judgement held as under : “Para 9. In view of the foregoing discussion and taking into consideration of all the facts and the circumstances of the case

SAWASTIKA PRINTING & PACKAGING,KALA MAB vs. ASSESSING OFFICER, NAHAN

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

Bench: the Hon'ble CIT(A)(NFAC) that assessee is having business turnover of Rs 16,77,30,943/-. While upholding the additions of Rs 20,81,000/- the Hon'ble CIT(A) (NFAC) has observed in last para of his order as under:-

section 68 is unsustainable both on facts and in law. On merits, it was argued that the assessee is a regularly assessed partnership firm engaged in manufacturing activities with a substantial business turnover of about Rs. 16,77

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

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

77,80 ITA 3 &144/CHD/2023 A.Y. 2014-15 50 and 81 of the APS before us also, the assessee company had filed a copy of the assessment order dated 24.12.2019, by Shri Sahil single and assessment order dated 26.12.2019, of Smt. Kiran Singla, for assessment year 2014-15, passed u/s 153A(1)(b) read with Section