SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI MAHAVEERCHAND JAIN,CHENNAI vs. DCIT,CC4(2), CHENNAI

The appeals stand allowed on similar lines

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

unexplained cash deposits in the bank account of the assessee. The assessee was engaged in the business of auctioneering under the name ‘Kankaria Auctioneers’. Pursuant to search action on Shri Jaswant Chand Bhandari on 12.08.2004, it was found that the said group sold jewellery and diamonds through ‘Kankaria Auctioneers’. Accordingly, the assessee’s case was reopened wherein it was found

SHRI V. NATARAJAN (INDIVIDUAL),RASIPURAM vs. ACIT, CENTRAL CIRCLE,, SALEM

In the result, both the appeals of assessee in ITA No

Bench: Shri Manu Kumar Giri & Shri Jagadishआयकर अपील सं./Ita Nos.1535 & 1801/Chny/2024 ननिाारण वर्ा/Assessment Years: 2016-17 & 2015-16 V. Varadappan Natarajan/ The Acit, V. Natarajan (Individual), Central Circle, No.64-C, Rotary Nagar, Salem. Rasipuram Tamil Nadu-637 408. [Pan: Acgpn1477Q] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Appellant By : Mr.T.S. Lakshmi Venkataraman, Fca (Virtual) प्रत्यर्थी की ओर से /Respondent By : Mr.Shiva Srinivas, Cit सुनवाईकीतारीख/Date Of Hearing : 09.10.2025 घोर्णाकीतारीख /Date Of Pronouncement : 31.10.2025

money found to have been received by an assessee, is on the assessee. Once the assessee has submitted the documents relating to identity, genuineness of the transaction, and credit- worthiness, then the AO must conduct an inquiry, and call for more details before invoking Section 68. If the Assessee is not able to provide a satisfactory explanation of the nature

VARADAPPAN NATARAJAN,RASIPURAM vs. ACIT, CENTRAL CIRCLE,, SALEM

In the result, both the appeals of assessee in ITA No

Bench: Shri Manu Kumar Giri & Shri Jagadishआयकर अपील सं./Ita Nos.1535 & 1801/Chny/2024 ननिाारण वर्ा/Assessment Years: 2016-17 & 2015-16 V. Varadappan Natarajan/ The Acit, V. Natarajan (Individual), Central Circle, No.64-C, Rotary Nagar, Salem. Rasipuram Tamil Nadu-637 408. [Pan: Acgpn1477Q] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Appellant By : Mr.T.S. Lakshmi Venkataraman, Fca (Virtual) प्रत्यर्थी की ओर से /Respondent By : Mr.Shiva Srinivas, Cit सुनवाईकीतारीख/Date Of Hearing : 09.10.2025 घोर्णाकीतारीख /Date Of Pronouncement : 31.10.2025

money found to have been received by an assessee, is on the assessee. Once the assessee has submitted the documents relating to identity, genuineness of the transaction, and credit- worthiness, then the AO must conduct an inquiry, and call for more details before invoking Section 68. If the Assessee is not able to provide a satisfactory explanation of the nature

S.GOPI,DHARMAPURI vs. ACIT CENTRAL CIRCLE, SALEM

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 468/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 Shri. S. Gopi, Acit, Prop: S.S. Jewellery, V. Central Circle, 38/118, Duraisamy Naidu Street, Salem. Dharmapuri – 636 701. [Pan:Acdpg-9303-M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. T.S. Lakshmi Venkatraman, Fca ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तार"ख/Date Of Hearing : 20.10.2022 घोषणा क" तार"ख/Date Of Pronouncement : 02.11.2022 आदेश /O R D E R Per G. Manjunatha:

unexplained money. 5. Subsequently, penalty proceedings u/s. 271AAB of the Act was initiated and accordingly notice u/s. 271AAB r.w.s. :-4-: ITA. No:468/Chny/2019 274 of the Act was issued. In response, the assessee submitted that he had filed return in response to notice u/s. 153A of the Act and admitted income towards seized cash

DCIT, CHENNAI vs. JAGATHRAKSKAN SRINISHA, CHENNAI

In the result, the appeals filed by the Revenue in I

Bench: Shri Aby T Varkey & Shri S.R.Raghunathaआयकर अपील सं./Ita Nos.: 1253, 1264 & 1271/Chny/2025 निर्धारण वर्ष / Assessment Year: 2017-18 Dcit, Central Circle -2(3), Chennai. (अपीलार्थी/Appellant) Vs. Jagathrakshakan Srinisha, 1St Main Road, Adyar, Besant Nagar, Chennai - 600 020. Tamil Nadu. [Pan: Abfps-1422-E] (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By : Shri. B. Ramakrishnan, Fca & Shri. Shrenik Chordia, Ca. राजस्व की ओर से / Revenue By : Shri. C.N. Bipin, C.I.T. सुनवाई की तारीख /Date Of Hearing : 07.11.2025 घोषणा की तारीख/Date Of Pronouncement : 18.11.2025 आदेश /Order Per S.R.Raghunatha, Am: The Present Appeal Is Preferred By The Revenue Against The Order Dated 06.02.2025 Passed By The Commissioner Of Income Tax (Appeals)-19 (Hereinafter Referred To As Ld.Cit(A), Chennai, In Respect Of The Assessment Order Dated 01.03.2019 Passed By The Deputy Commissioner Of Income Tax, Central Circle -2(3) (Hereinafter Referred To As Ao) For The Assessment Year 2017-18 (Hereinafter Referred To As The Impugned Assessment Year) U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The Act). :-2-:

money, bullion, jewellery or other valuable article or thing belong or belongs to such person & the onus is on the assessee to furnish evidence or explanations to rebut the same. 3. The Ld.CIT(A) failed to appreciate in the quantum appeal that the onus is on the assessee to prove the claim that the jewellery in contention

ANOTRA REALATORS PRIVATE LIMITED,CHENNAI vs. PCIT (CENTRAL)- 1, CHENNAI

unexplained money u/s 69A of the Income Tax Act, 1961 in the hands of the assessee company and it is liable to be added to their total income. Addition: Rs.5,18,49,128/- Penalty proceedings u/s 271AAC are initiated separately. Subsequently, vide para 6 also he initiated penalty proceedings as under: - "6. Penalty proceedings u/s 271AAC are initiated separately

SRI MAHARANI FINANCE CORPORATON,THIRUCHENGODE vs. DCIT, CENTRAL CIRCLE, SALEM

The appeal stand allowed in terms of our above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1264/Chny/2023 (िनधा;रणवष; / Assessment Year: 2016-17) & 2. आयकरअपील सं./ Ita No.1261/Chny/2023 (िनधा;रणवष; / Assessment Year: 2017-18) & 3. आयकरअपील सं./ Ita No.1262/Chny/2023 (िनधा;रणवष; / Assessment Year: 2018-19) Sri Maharani Finance Corporation Dcit बनाम/ 24A, Velur Road, Central Circle, Vs. Tiruchengode-637 211. Salem. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aahfs-0488-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Appellant By : Shri N. Arjun Raj (Ca)-Ld.Ar " थ"कीओरसे/Respondent By : Shri Ar V Sreenivasan (Addl.Cit)-Ld. Sr. Dr सुनवाई की तारीख/Date Of Hearing : 16-05-2024 घोषणा की तारीख /Date Of Pronouncement : 03-06-2024 आदेश / O R D E R Per Bench: 1. Aggrieved By Confirmation Of Certain Penalty In Captioned Assessment Years, The Assessee Is In Further Appeal Before Us. First, We Take Up Ita No.1264/Chny/2023 For Ay 2016-17 Which Arises Out Of The Order Of Learned Commissioner Of Income Tax (Appeals)-20, Chennai

271(1)(c) vide order dated 30-09-2022. 2. Facts leading the levy of penalty are that the assessee-firm is stated to be engaged in the money lending business. Pursuant to survey action u/s 133A on 19-02-2020, the case for this year was reopened and an assessment was framed u/s

SRI MAHARANI FINANCE CORPORATION ,THIRUCHENGODE vs. DCIT CENTRAL CIRCLE, SALEM

The appeal stand allowed in terms of our above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1264/Chny/2023 (िनधा;रणवष; / Assessment Year: 2016-17) & 2. आयकरअपील सं./ Ita No.1261/Chny/2023 (िनधा;रणवष; / Assessment Year: 2017-18) & 3. आयकरअपील सं./ Ita No.1262/Chny/2023 (िनधा;रणवष; / Assessment Year: 2018-19) Sri Maharani Finance Corporation Dcit बनाम/ 24A, Velur Road, Central Circle, Vs. Tiruchengode-637 211. Salem. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aahfs-0488-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Appellant By : Shri N. Arjun Raj (Ca)-Ld.Ar " थ"कीओरसे/Respondent By : Shri Ar V Sreenivasan (Addl.Cit)-Ld. Sr. Dr सुनवाई की तारीख/Date Of Hearing : 16-05-2024 घोषणा की तारीख /Date Of Pronouncement : 03-06-2024 आदेश / O R D E R Per Bench: 1. Aggrieved By Confirmation Of Certain Penalty In Captioned Assessment Years, The Assessee Is In Further Appeal Before Us. First, We Take Up Ita No.1264/Chny/2023 For Ay 2016-17 Which Arises Out Of The Order Of Learned Commissioner Of Income Tax (Appeals)-20, Chennai

271(1)(c) vide order dated 30-09-2022. 2. Facts leading the levy of penalty are that the assessee-firm is stated to be engaged in the money lending business. Pursuant to survey action u/s 133A on 19-02-2020, the case for this year was reopened and an assessment was framed u/s

SRI MAHARANI FINANCE CORPORATION,THIRUCHENGODE vs. DCIT, CENTRAL CIRCLE, SALEM

The appeal stand allowed in terms of our above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1264/Chny/2023 (िनधा;रणवष; / Assessment Year: 2016-17) & 2. आयकरअपील सं./ Ita No.1261/Chny/2023 (िनधा;रणवष; / Assessment Year: 2017-18) & 3. आयकरअपील सं./ Ita No.1262/Chny/2023 (िनधा;रणवष; / Assessment Year: 2018-19) Sri Maharani Finance Corporation Dcit बनाम/ 24A, Velur Road, Central Circle, Vs. Tiruchengode-637 211. Salem. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aahfs-0488-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Appellant By : Shri N. Arjun Raj (Ca)-Ld.Ar " थ"कीओरसे/Respondent By : Shri Ar V Sreenivasan (Addl.Cit)-Ld. Sr. Dr सुनवाई की तारीख/Date Of Hearing : 16-05-2024 घोषणा की तारीख /Date Of Pronouncement : 03-06-2024 आदेश / O R D E R Per Bench: 1. Aggrieved By Confirmation Of Certain Penalty In Captioned Assessment Years, The Assessee Is In Further Appeal Before Us. First, We Take Up Ita No.1264/Chny/2023 For Ay 2016-17 Which Arises Out Of The Order Of Learned Commissioner Of Income Tax (Appeals)-20, Chennai

271(1)(c) vide order dated 30-09-2022. 2. Facts leading the levy of penalty are that the assessee-firm is stated to be engaged in the money lending business. Pursuant to survey action u/s 133A on 19-02-2020, the case for this year was reopened and an assessment was framed u/s

MUTHUSAMY SAKTHIVEL,ERODE vs. ITO, WARD-1(1), ERODE

In the result, the appeals of the assessee are decided as under:-

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1486/Chny/2024, Assessment Years: 2013-14 आयकर अपील सं./Ita No.1487/Chny/2024, Assessment Years: 2013-14

unexplained money u/s. 69A. Before the Ld. First Appellate Authority the assessee had contended that the Ld.AO ought to have considered its profits in earlier years. The Ld. CIT(A) concluded that the assessee has not availed tendered opportunities and that its compliance was inadequate. Consequently, he did not acceded to the request of setting aside the case

MUTHUSAMY SAKTHIVEL,ERODE vs. ITO, WARD-1(1), ERODE

In the result, the appeals of the assessee are decided as under:-

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1486/Chny/2024, Assessment Years: 2013-14 आयकर अपील सं./Ita No.1487/Chny/2024, Assessment Years: 2013-14

unexplained money u/s. 69A. Before the Ld. First Appellate Authority the assessee had contended that the Ld.AO ought to have considered its profits in earlier years. The Ld. CIT(A) concluded that the assessee has not availed tendered opportunities and that its compliance was inadequate. Consequently, he did not acceded to the request of setting aside the case

MAHENDRA KANCHANLAL MAHER INDL,CHENNAI vs. DCIT, CENTRAL CIRCLE1 (3), CHENNAI

In the result, the appeals filed by the assessees in ITA

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

unexplained by AO belonging to Deleted Confirmed Value - Rs. (gms) (gms) Appellant 229 gms 125 104 Preethi (wife) 645.7 gms 500 145.7 @2,374/-= Sana (Daughter) 242 gms 150 92 Rs.8,11,196/- Veena / Anil 488.10 gms 488.10 - 6.1 The ld.counsel from the above charts stated that the total jewellery found from the premises of these assessees and finally assessed