ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PRAKASH INDUSTRIES LTD., HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CC-30, NEW DELHI vs. AMARJYOTI VANIJYA PVT. LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e

ACIT. CENTRAL CIRCLE- 30, NEW DELHI vs. AMARJYOTI VANIJYA (P) LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 30, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CC-30, NEW DELHI vs. AMARJYOTI VANIJYA PVT. LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PRAKASH INDUSTRIES LTD., HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

153A, if. that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made and for the relevant

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

153A, if. that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made and for the relevant

AMOL AWASTHI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

153A, if. that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made and for the relevant

AMOL AWASTHI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

153A, if. that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made and for the relevant