BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the Act would vitiate the decision to tax share capital contribution in the hands of the appellant especially in para 55 of the impugned order on various grounds. 11. The CIT (Appeals) failed to appreciate that having taken on record the objections of the Appellant with regard to the issues emanating from the remand report

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the Act would vitiate the decision to tax share capital contribution in the hands of the appellant especially in para 55 of the impugned order on various grounds. 11. The CIT (Appeals) failed to appreciate that having taken on record the objections of the Appellant with regard to the issues emanating from the remand report

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the Act would vitiate the decision to tax share capital contribution in the hands of the appellant especially in para 55 of the impugned order on various grounds. 11. The CIT (Appeals) failed to appreciate that having taken on record the objections of the Appellant with regard to the issues emanating from the remand report

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the Act would vitiate the decision to tax share capital contribution in the hands of the appellant especially in para 55 of the impugned order on various grounds. 11. The CIT (Appeals) failed to appreciate that having taken on record the objections of the Appellant with regard to the issues emanating from the remand report

A. JOTHIMANI,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

A. JOTHIMANI,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

A. JOTHIMANI,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

A. JOTHIMANI,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

P.ANBAZHAGAN,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

A. JOTHIMANI,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

DCIT, SALEM vs. SHRI P. ANBAZHAGAN, KOMARAPALAYAM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

SHRI ANBURAJ EXPORTS,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

SHRI ANBURAJ EXPORTS,KOMARAPALAYAM vs. DCIT, SALEM

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos. 2174 To 2178/Mds/2013 िनधा"रण वष" / Assessment Years :2002-03, 2003-04,2004-05,2005-06 & 2006-07 Smt. A. Jothimani, The Deputy Commissioner Of No.11-D-2, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No. 2183/Mds/2013 िनधा"रण वष" / Assessment Year : 2001-02 The Deputy Commissioner Of Shri P. Anbazhagan Income Tax, V. No.11-D-2, Sivasakthi Nagar, Central Circle, Bye-Pass Road, Salem. Komarapalayam-638183 Pan : Aavpa7006J (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos. 2172 & 2173/Mds/2013 िनधा"रण वष" / Assessment Years : 2005-06 & 2006-07 M/S. Anburaj Exports, The Deputy Commissioner Of No.11-D, Sivasakthi Nagar, V. Income Tax, Bye-Pass Road, Central Circle, Komarapalayam Salem. Pan : Adopj2834Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

96,110/-. Since, the assessee has not disclosed the income in the regular course by filing a return of income and time limit to complete the assessment under Section 143(3) of the Act has not expired, this Tribunal is of the considered opinion, the Assessing Officer has rightly compared the average profit for the assessment year

DEPUTY COMMISSIONER OF INCOME-TAX, MADURAI vs. STANDARD FIREWORKS PRIVATE LIMITED, SIVAKASI, TAMILNADU

In the result, appeals filed by the Revenue and Cross-Objections\nfiled by the assessee are dismissed

Section 68 of the Act, for any credit in the\nbooks to be treated as unexplained, the AO must establish:\n• Identity of the creditor,\n• Genuineness of the transaction, and\n• Creditworthiness of the creditor.\n6.4.12 In this case, all three conditions have been satisfied. The amounts\nwere received through bank-issued demand drafts, ensuring both the identity

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

96,02,715 9.60 230.46\nMJC 2012-13 2013-14 || 2,28,08,394 22.80 547.40\nEnerk 28,30,976 2.83 67.94\nMJC 2013-14 2014-15 6,39,837 0.64 15.35\nEnerk 2,12,60,091 21.26 510.24\n4.1 The share application money was received through banking channels with Foreign Inward Remittance Certificates. The receipt of the share application

SHRI MUKESH AGARWAL,,CHENNAI vs. DCIT, CC-3(2),, CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.3093/Chny/2019 िनधा"रण वष" /Assessment Year: 2011-12 V. Mr.Mukesh Agarwal, The Dy. Commissioner- No.127A, Brickline Road, Flat 3181, Of Income Tax, Tvh Kumbini Square, 18Th Floor, Central Circle-3(2), 3Rd Block, Purasawalkam, Chennai. Chennai-600 010. [Pan: Aafpk 6968 E] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 68 of the Act had no application to the facts of the present case and further ought to have appreciated that the action of the Assessing Officer in bringing to tax the unsecured loans despite establishing the identity of the contributor/creditor as well as the genuineness of the transactions was wholly unjustified and unsustainable

NARESH PRASAD AGARWAL,CHENNAI vs. DCIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George]

68,000 10,02,87,876 2007-08 2,43,35,309 11,38,61,202 2008-09 1,37,48,719 40,31,39,884 2009-10 4,97,61,208 176,36,06,437 2010-11 4,96

SAHAI & SONS (I) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George]

68,000 10,02,87,876 2007-08 2,43,35,309 11,38,61,202 2008-09 1,37,48,719 40,31,39,884 2009-10 4,97,61,208 176,36,06,437 2010-11 4,96

ACIT CENTRAL CIRCLE 3(1), CHENNAI vs. SHIV SAHAI & SONS (INDIA) LTD., CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George]

68,000 10,02,87,876 2007-08 2,43,35,309 11,38,61,202 2008-09 1,37,48,719 40,31,39,884 2009-10 4,97,61,208 176,36,06,437 2010-11 4,96