M/S PAZHAYANGADI G GOLD,KANNUR vs. ITO WARD 1 & TPS, KANNUR

In the result, the appeal by the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri Sandeep Singh Karhailassessment Year : 2018-19 Pazhayangadi G Gold, Ito, Ward-1& Tps, Eazhome Pazhayangadi, Kannur Kannur-670303 Vs. Pan : Aaufp9485G (Appellant) (Respondent) For Assessee : Shri Arun Raj S. Adv. For Revenue : Shri Sanjit Kumar Das, Cit-Dr (Heard In Hybrid Bench) Date Of Hearing : 25-03-2025 Date Of Pronouncement : 27-05-2025 O R D E R

9 creditworthiness and genuineness of the transaction, the AO made the addition under section 68 of the Act treating

BHIMA JEWELLERS,SULTHAN BATHERY, WAYANAD vs. THE PR CIT, KOZHIKKODE, KOZHIKKODE

In the result, appeal of the assessee is dismissed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.208/Coch/2018 Assessment Year : 2013-14 M/S. Bhima Jewellers, Vs. The Pr. Commissioner Of Income- 6/785 Ai, Tax, Kozhikode. Mysore Road, Chungum Junction, Sulthan Bathery, Wayanad-673 592. [Pan: Aakfb 9817C] (Assessee-Appellant) (Revenue-Respondent) Revenue By Shri Dhanaraj A. Sr. Dr Assessee By Shri R. Krishnan, Ca Date Of Hearing 05/07/2018 Date Of Pronouncement 20/08/2018

9 69A). The scheme of the Act makes it clear that Sections 68, 69, 69A to 69D deal with

M/S.SAHYADRI AGENCIES LTD,KANDNASSERY, THRISSUR vs. THE ITO, WD-1(3), THRISSUR

In the result, the appeal filed by the assessee is dismissed

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

9 M/s.Sahyadri Agencies Limited. of (i) large interest expenses relatable to exempt income u/s 14A of the I.T.Act, and (ii) huge interest paid which are not commensurate with the loans raised and had shown less turnover. The assessment was set aside in proceedings u/s 263 of the I.T.Act for the purpose of examination of impact of section

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

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

9. The next common Ground, Ground No. 3 is with to disallowance of deduction u/s. 80P of the Act on addition of unexplained income under section 68

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

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

9. The next common Ground, Ground No. 3 is with to disallowance of deduction u/s. 80P of the Act on addition of unexplained income under section 68

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

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

9. The next common Ground, Ground No. 3 is with to disallowance of deduction u/s. 80P of the Act on addition of unexplained income under section 68

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

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

9. The next common Ground, Ground No. 3 is with to disallowance of deduction u/s. 80P of the Act on addition of unexplained income under section 68

THE ITO, TRIVANDRUM vs. M/S.PERRORKADA SERVICE CO-OP BANK LTD, TRIVANDRUM

In the result, the appeal of the Revenue in I

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

9. The next common Ground, Ground No. 3 is with to disallowance of deduction u/s. 80P of the Act on addition of unexplained income under section 68

E T DEVASSY AND SONS FINANCE PRIVATE LIMITED,THRISSUR vs. DCIT,CIRCLE 1(1)& TPS, THRISSUR

Bench: the Assessing Officer who partly agreed but disagreed finally with the same and made addition in the quantum

68 of the Act was incorrectly invoked by Learned CIT(A). We find merit in the aforesaid contention advanced on behalf of the Assessee to the extent it was contended that the Learned CIT(A) had failed to 4 Assessment Year 2017-2018 consider the material placed before the Learned CIT(A) in the appellate proceedings. We note that

M/S.MUKKAM MEGA MULTIPURPOSE CO-OP SOCEITY LTD,KOZHIKKODE vs. THE ITO, KOZHIKKODE

In the result, the appeal by the assessee is allowed for statistical purposes and the stay petition is dismissed

Bench: Shri George George K. & Ms. Padmavathy S.

section 139; (iv) disallowance of expenditure 68[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return; SP No.76/Coch/2022 & ITA No.952/Coch/2022 Page 6 of 9

SRI.THOMAS EAPEN,ALAPPUZHA vs. THE ITO, WD-5, ALAPPUZHA

In the result, the appeal of the assessee is allowed

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

68 of the Act. In other words, the Assessing Officer has not at all rejected the books of accounts of the assessee. Section 44AD provides that where the assessee is engaged in eligible business as proprietor under that section, a sum equal to 8% of the gross receipts shall be deemed to be the profits and gains

KOODARANHI REGIONAL AGRICULTURAL WELFARE CO-OP SOCIETY LTD,KOZHIKKODE vs. THE ITO, KOZHIKKODE

In the result, the appeal by the assessee is allowed for statistical purposes and the stay petition is dismissed

Bench: Shri George George K. & Ms. Padmavathy S.

9 2. The first appellate authority is not justified in sustaining the disallowance made by Centralized Processing Centre by disallowing chapter VI A deduction of Rs 12,68,076/- since the appellant has filed the return under section

THE ACIT, ERNAKULAM vs. M/S. THOMSON METALS, TRICHUR

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

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

Section 68 applies to all credit entries. 3.c. The CIT(A) erred in not considering the decision in CIT Vs Kishorilal Santhoshilal (1995) 216 ITR 9

THE TRIVANDRUM EMPLOYEES CO-OPERATIVE SOCIETY LIMITED NO. 43,TRIVANDRUM vs. THE ADDITIONAL JOINT DEPUTY ASSISTANT COMMISSIONER OF INCOME TAX, KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68, to be taxed as per provision of section 115BBE of the Income TaxAct, 1961 deserves to be upheld. Accordingly, the grounds no. 6 & 7 of the appeal are dismissed and not allowed.” 5. Suffice to say, the assessee’s case all along is that the source of these funds forming subject matter of sec.68 addition was duly explained

THE TRIVANDRUM EMPLOYEES CO-OPERATIVE SOCIETY LIMITED NO. 43,THIRUVANANTHAPURAM vs. THE INCOME TAX OFFICER, THIRUVANANTHAPURAM

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68, to be taxed as per provision of section 115BBE of the Income TaxAct, 1961 deserves to be upheld. Accordingly, the grounds no. 6 & 7 of the appeal are dismissed and not allowed.” 5. Suffice to say, the assessee’s case all along is that the source of these funds forming subject matter of sec.68 addition was duly explained

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 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9

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 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9

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 68 of the I.T.Act. When an assessee records credit in the name of third party in its books of account, it must prove not only the identity of the creditors, the capacity of the creditors to advance money, but also the genuineness of the transaction. The onus of proving the ITA No.310-316/Coch/2017. 9