AISECT LTD. ,BHOPAL vs. ACIT RANGE 1(1), BHOPAL

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Roy

purchase. All the sales/purchases are duly linked to the seized material. Thus the entire purchases made by the appellant is already sold and that too on a higher value. It is also noted that the sales made by the appellant has not been doubted by the AO. Thus once the sales is not doubted, it would not be justified

ACIT RANGE 1(1), BHOPAL vs. AISECT LTD. , BHOPAL

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Roy

purchase. All the sales/purchases are duly linked to the seized material. Thus the entire purchases made by the appellant is already sold and that too on a higher value. It is also noted that the sales made by the appellant has not been doubted by the AO. Thus once the sales is not doubted, it would not be justified

ACIT RANGE 1(1), BHOPAL vs. AISECT LTD. , BHOPAL

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Roy

purchase. All the sales/purchases are duly linked to the seized material. Thus the entire purchases made by the appellant is already sold and that too on a higher value. It is also noted that the sales made by the appellant has not been doubted by the AO. Thus once the sales is not doubted, it would not be justified

KAMAL PANJWANI,INDORE vs. THE ACIT 3 (1), INDORE

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

bogus share-holders in whose name the share had been issued and the money might have been provided by some other person. If the assessment of the person who were alleged to have really advanced the money was sought to be reopened, that would have made some sense but under no circumstances the share capital amounts could be assessed

KAMAL PANJWANI,INDORE vs. THE ACIT 3 (1), INDORE

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

bogus share-holders in whose name the share had been issued and the money might have been provided by some other person. If the assessment of the person who were alleged to have really advanced the money was sought to be reopened, that would have made some sense but under no circumstances the share capital amounts could be assessed

KAMAL PANJWANI,INDORE vs. THE ACIT 3 (1), INDORE

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

bogus share-holders in whose name the share had been issued and the money might have been provided by some other person. If the assessment of the person who were alleged to have really advanced the money was sought to be reopened, that would have made some sense but under no circumstances the share capital amounts could be assessed

KAMAL PANJWANI,INDORE vs. THE ACIT 3 (1), INDORE

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

bogus share-holders in whose name the share had been issued and the money might have been provided by some other person. If the assessment of the person who were alleged to have really advanced the money was sought to be reopened, that would have made some sense but under no circumstances the share capital amounts could be assessed

KAMAL PANJWANI,INDORE vs. THE ACIT 3 (1), INDORE

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

bogus share-holders in whose name the share had been issued and the money might have been provided by some other person. If the assessment of the person who were alleged to have really advanced the money was sought to be reopened, that would have made some sense but under no circumstances the share capital amounts could be assessed

KUNAL VYAS,INDORE vs. ITO 4(1), IND, MAIN BUILDING, INDORE

The appeal of the assessee is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Bhagirath Mal Biyani

purchase of property can be found and sufficient credit entries are also available, the burden shifts to revenue to prove that such credit entries are bogus resulting in unexplained investment

THE ACIT CENTRAL-2, INDORE vs. M/S SHUBHAM FININVEST INDIA P LTD , INDORE

In the result, the appeal filed by the revenue for A

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

unexplained cash credit u/s 68 of the Income-tax Act, 1961 without appreciating that in view of paper creditors without financial or commercial substance and failure on part of assessee to produce share applicants for cross examination, the burden of assessee in establishing the identity, creditworthiness and genuineness of transactions as required u/s 68 of the Income Tax Act could

THE ACIT CENTRAL-2, INDORE vs. M/S SHUBHAM FININVEST INDIA P LTD , INDORE

In the result, the appeal filed by the revenue for A

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

unexplained cash credit u/s 68 of the Income-tax Act, 1961 without appreciating that in view of paper creditors without financial or commercial substance and failure on part of assessee to produce share applicants for cross examination, the burden of assessee in establishing the identity, creditworthiness and genuineness of transactions as required u/s 68 of the Income Tax Act could

INCME TAX OFFICER 2(1), BHOPAL, BHOPAL vs. SWARNA SUKH, BHOPAL

In the result appeal of the revenue is dismissed and \"impugned order” is upheld

bogus and paper transaction. It is also not the case of the revenue that entries made in the books are accommodation entries.\n\n4.14 While it is true that for the sales done in October/November 2016 affidavits of few persons who were the customers of the assessee were produced and request for examination of such persons was made

SEEMA LUNAWAT,RATLAM vs. INCOME TAX OFFICER, MANDSAUR

Appeal is allowed

unexplained investments\nwhen the assessee denies any such liability.\nPr. CIT vs. Veena Gupta (2017) 393 ITR 495 (P&H): The Punjab &\nHaryana High Court held that mere suspicion cannot justify addition\nunder Section 69 unless corroborated by evidence.\n1. 2. Affidavit denial by the assessee:\nThe appellant has categorically denied dealing in the alleged scrip through a sworn\naffidavit

ASSISTANT COMMISSIONER OF INCOME TAX, RATLAM, RATLAM vs. SHRI SURESH CHAND JAIN, JHABUA

In the result, the appeal filed by the revenue for A

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani & Acit 5(1) Shri Suresh Chand Jain Indore 99, Thandla Road, Vs. Meghnagar,Jhabua (Appellant / Revenue) (Respondent/ Assessee) Pan:Aezpj 2697F Revenue By Shri P.K. Mishra, Cit-Dr Respondent By None Date Of Hearing 09.08.2023 Date Of Pronouncement 12 .09.2023

bogus. The AO is not justified in making the addition without rejecting the books of account of the appellant. The AO has not rejected the books of account and not pointed out any specific defect. The appellant's books of account are audited u/s 44AB of the IT Act. All the expenses are duly recorded and entered

ASSISTANT COMMISSIONER OF INCOME TAX, RATLAM vs. SHRI SURESH CHAND JAIN, MEGHNAGAR DIST. JHABUA

In the result, the appeal filed by the revenue for A

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani & Acit 5(1) Shri Suresh Chand Jain Indore 99, Thandla Road, Vs. Meghnagar,Jhabua (Appellant / Revenue) (Respondent/ Assessee) Pan:Aezpj 2697F Revenue By Shri P.K. Mishra, Cit-Dr Respondent By None Date Of Hearing 09.08.2023 Date Of Pronouncement 12 .09.2023

bogus. The AO is not justified in making the addition without rejecting the books of account of the appellant. The AO has not rejected the books of account and not pointed out any specific defect. The appellant's books of account are audited u/s 44AB of the IT Act. All the expenses are duly recorded and entered

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

investment activities. 6.2 Undisputedly, the purchase transactions as well as sale transactions have taken place through online platform of stock exchanges through registered stock broker. These transactions have been subjected to Securities Transaction Tax (STT). The transactions are duly evidenced by contract notes issued by assessee’s share- broker M/s CSL, demat statement evidencing movement of shares, bank statements evidencing

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

investment activities. 6.2 Undisputedly, the purchase transactions as well as sale transactions have taken place through online platform of stock exchanges through registered stock broker. These transactions have been subjected to Securities Transaction Tax (STT). The transactions are duly evidenced by contract notes issued by assessee’s share- broker M/s CSL, demat statement evidencing movement of shares, bank statements evidencing

PAWAN KUMAR CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

investment activities. 6.2 Undisputedly, the purchase transactions as well as sale transactions have taken place through online platform of stock exchanges through registered stock broker. These transactions have been subjected to Securities Transaction Tax (STT). The transactions are duly evidenced by contract notes issued by assessee’s share- broker M/s CSL, demat statement evidencing movement of shares, bank statements evidencing