THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, KOMBODINJAMAKKAL, TRICHUR, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

section leaves no doubt that the addition u/s 68 has to be made in the hands of the assessee in whose books the credits appear and not in the hands of the creditor of the assessee. 2. The CIT(A) in deciding that unexplained credits brought into the books of the firm by the partners need to considered

THE ACIT, CEN-CIRCLE-2, KOCHI, KOCHI vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

section leaves no doubt that the addition u/s 68 has to be made in the hands of the assessee in whose books the credits appear and not in the hands of the creditor of the assessee. 2. The CIT(A) in deciding that unexplained credits brought into the books of the firm by the partners need to considered

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

section leaves no doubt that the addition u/s 68 has to be made in the hands of the assessee in whose books the credits appear and not in the hands of the creditor of the assessee. 2. The CIT(A) in deciding that unexplained credits brought into the books of the firm by the partners need to considered

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

section leaves no doubt that the addition u/s 68 has to be made in the hands of the assessee in whose books the credits appear and not in the hands of the creditor of the assessee. 2. The CIT(A) in deciding that unexplained credits brought into the books of the firm by the partners need to considered

THE ACIT, CEN-CIRCLE-2, ERNAKULAM, ERNAKULAM vs. M/S.THOMSON AGENCIES, TRICHUR

In the result, the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

section leaves no doubt that the addition u/s 68 has to be made in the hands of the assessee in whose books the credits appear and not in the hands of the creditor of the assessee. 2. The CIT(A) in deciding that unexplained credits brought into the books of the firm by the partners need to considered

SRI.ANWARSADATH,ALAPPUZHA vs. THE ITO, WD-1, ALAPPUZHA

In the result, the appeals of the assessee are partly allowed

Bench: Shri George George K.

70,000 introduced in the firm as his capital as reduced by the sum of Rs. 1,71,758 computed as maturity proceeds of chitty as discussed above, the difference amounting to Rs. 1,98,242 is treated as unexplained credits liable to be taxed in the hands of the assessee under section 68

SRI.ANWARSADATH,ALAPPUZHA vs. THE ITO, WD-1, ALAPPUZHA

In the result, the appeals of the assessee are partly allowed

Bench: Shri George George K.

70,000 introduced in the firm as his capital as reduced by the sum of Rs. 1,71,758 computed as maturity proceeds of chitty as discussed above, the difference amounting to Rs. 1,98,242 is treated as unexplained credits liable to be taxed in the hands of the assessee under section 68

M/S.SNEHA TRUST FOR CHARITY EDUATION,PALALLAD vs. THE ACIT, PALAKKAD

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Chandra Poojari

70,000, totaling to Rs.11,90,000. However, the assessee has not filed the confirmation letters from the above two donors. If the assessee is able to file the confirmation letters stating that it was received the amount as donation towards corpus fund of the assessee-trust, then there cannot be any application of section 68

INCOME TAX OFFICER, THIRUVANANTHAPURAM vs. THIRUVANANTHAPURAM SERVICE CO-OPERATIVE BANK LTD, THIRUVANANTHAPURAM

Bench: Shri Inturi Rama Rao, Am & Shri Sonjoy Sarma, Jm

70,470/-. The case was selected for scrutiny under CASS, and assessment was completed under Section 143(3) of the Income-tax Act, 1961 on 26.12.2019. The AO assessed the total income at Rs.16,27,30,080/- after making the addition of Rs.2,83,80,844/- under Section 40A(ia) for disallowance of expenses where

SRI.NIHAS BASHEER,ALAPPUZHA vs. THE ITO, WD-3, ALAPPUZHA, ALAPPUZHA

In the result, ground No.3 raised by the assessee is rejected

Bench: Shri George George K

70,000 Cash 7. Sayana Hakkim 23.11.2009 1,50,000 Cash 26,29,436 4.1 The Assessing Officer, after examining the details of each of the credits, held that the above creditors are not genuine and added the sum of Rs.26,29,436 u/s 68 of the I.T.Act. The A.O. held that even after repeated requests none of the creditors

THE ACIT, KOLLAM vs. SRI.P. SUNIL KUMAR, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE ACIT, KOLLAM vs. SRI.P.SUNILKUMAR, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE ACIT, CEN-CIRCLE, KOLLAM vs. M/S.SABARI ENTERPRISES P. LTD,, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE ACIT, CEN-CIRCLE, KOLLAM vs. M/S.SABARI ENTERPRISES P. LTD,, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

SRI.P.SUNIL KUMAR,KOLLAM vs. THE ACIT, CEN-CIRCLE,KOLLAM, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE ACIT, CEN-CIRCLE, KOLLAM vs. M/S.SABARI ENTERPRISES P. LTD,, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE CENTRAL CIRCLE, KOLLAM, THE CENTRAL CIRCLE,KOLLAM vs. SRI.P.SUNIL KUMAR, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential

THE ACIT, KOLLAM vs. SRI.P.SUNILKUMAR, KOLLAM

In the result, the appeals of the Revenue as well as the Cross

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

section 68 of the I.T. Act. 3. Since the facts are similar in all the appeals, we consider the facts as narrated in ITA No. 347/Coch/2017. The assessee is an individual conducting 2 I.T.A. Nos.347-354 etc. /Coch/2017 & C.O. Nos. 33-39, 40-42/Coch/2017 business of trading of import duty scrips. A search was conducted at the residential