RUPESH VYAS,INDORE vs. THE ACIT3(1), INDORE, INDORE

In the result, this appeal of assessee is dismissed

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

Section 68 of the Act, where any sum is found credited in the books of the assessee for any previous year the same may be charged to income tax as the income of the assessee of that previous year if the explanation offered by the assessee about the nature and source thereof is, in the opinion of the Assessing

THE ACIT, 4(1), INDORE vs. SHRI SANJAY LUNAWAT, INDORE

Bench: Shri Rajpal Yadav, Vice- & Shri Manish Boradvirtual Hearing Assessment Year 2010-11

Section 68 of the Act, stood reconciled against different sale deeds executed by the assessee. Once registered sale deeds had been executed by the assessee and the cash credit entries found standing in the books of account of the assessee during the previous year relevant to the Assessment Year 2005-06 had been adjusted against the same, there remained

ITO 1(1), BHOPAL vs. M/S AMKAY COLONISERS & BUILDERS P LTD, BHOPAL

In the result, this appeal of revenue is partly allowed

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2013-14 Ito 1(1) M/S. Amkay Colonisers & Bhopal Builders Pvt. Ltd. बनाम/ 16, Amar Stambh, Z-1, M.P. Nagar Vs. Bhopal (Appellant / Revenue ) (Respondent / Assessee) Pan: Aaeca 6272 F Assessee By None Revenue By Shri P.K. Mishra, Cit- Dr Date Of Hearing 12.12.2022 Date Of Pronouncement 20.12.2022

68. 8. During assessment-proceeding, Ld. AO observed that the assessee had shown a short-term borrowing of Rs. 3,75,00,000/-. When the Ld. AO /confronted the assessee about the nature and source of this borrowing, the assessee submitted that it had received an advance / security deposit from M/s Rajat Consumers and Services Private Limited [“RCSPL”] under

THE DCIT1(1), INDORE vs. SHRI RAVI ARORA, INDORE

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year:2011-12 Dcit-5(1), Shri Ravi Arora, Indore 1007, Khatiwala Tank, बनाम/ 236, Indraprasth Tower, 6, M.G. Road, Vs. Indore. (Revenue / Appellant) (Assessee / Respondent) Pan: Agdpa8921H Assessee By Shri Yash Kukreja, Ca & Shri Hitesh Chimnani, Adv & Ld. Ars Revenue By Shri P.K.Mishra, Cit Dr Date Of Hearing 04.05.2023 Date Of Pronouncement 31.07.2023

section 68 does not permit any addition qua the opening balances which are carried forward from earlier year and not accepted during the year. Ld. CIT(A) has rightly taken into account the decision of (i) Hon'ble Delhi High Court in case of CIT vs. Usha Stud Farms (301 ITR 384), (ii) Shri Vardhman Overseas Page

ACIT CENTTRAL -2 INDORE, INDORE vs. M/S KALYAN TOLL INFRASTRUCTURE LTD, INDORE

Accordingly ground no. 2 of the cross objection stands allowed

Bench: Shri Mahavir Prasad & Shri Manish Boradvirtual Hearing Assessment Year:2013-14 Dcit Central-2, M/S Kalyan Toll Infrastructure Indore Ltd., Indore बनाम/ (Appellant) (Respondent ) Vs. P.A. No.Aacck1840M

100/- and the share premium increased by Rs. 69,74,35,880/-. Out of these amounts the AO made addition u/s 68 of Rs. 36,15,98,952/- i.e. in respect of 4635884 shares which all were issued to certain Mumbai based companies. We also find that the issue price of Rs. 78 per share was decided on the basis

THE ACIT, CENTRAL-1, INDORE vs. M/S SURYA INFRA VENTURE PVT. LTD., INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

100/- during the year under consideration. The appellant submitted that during the year under consideration, the contract receipt has been increased from Rs.19,15,31,078/- to Rs.23,55,53,052/- i.e. by Rs.4,40,21,344/-. The Assessing Officer during the course of assessment proceedings has not pointed out any defect in the books of accounts. Most

THE ACIT, CIRCLE 2(1), INDORE vs. M/S SURYA INFRA VENTURE PVT. LTD., INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

100/- during the year under consideration. The appellant submitted that during the year under consideration, the contract receipt has been increased from Rs.19,15,31,078/- to Rs.23,55,53,052/- i.e. by Rs.4,40,21,344/-. The Assessing Officer during the course of assessment proceedings has not pointed out any defect in the books of accounts. Most

THE AIT,ENTRAL-1, INDORE vs. SURYA INFRAVENTURE P LTD, INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

100/- during the year under consideration. The appellant submitted that during the year under consideration, the contract receipt has been increased from Rs.19,15,31,078/- to Rs.23,55,53,052/- i.e. by Rs.4,40,21,344/-. The Assessing Officer during the course of assessment proceedings has not pointed out any defect in the books of accounts. Most

OMPRAKASH JAISWAL,INDORE vs. ACIT-1(1), INDORE

Appeal is partly allowed for statistical purpose

section 68 of the Act, said books of account ceased to\nexist and no addition can be made u/s 68. This legal position is held by\nnumerous judicial decisions.\n(iii) Thirdly, it is submitted that the assessee is engaged in liquor trade\nand in the line of assessee's business, the sales is made in cash and major

PINTU TILLANI,BURHANPUR vs. INCOME TAX OFFICER, BURHANPUR, BURHANPUR

Appeal is allowed for statistical purpose

Bench: Shri Bhagirath Mal Biyani & Shri Paresh M Joshiassessment Year: 2017-18

68,100/- to the total income of the assessee by treating the same as unexplained. (3) Undisclosed Cash Credited in Capital Account- The Ld. AO basis capital account of the assessee in his propitiatory concern noticed that the ‘capital account’ was credited by Rs.17,20,000/- on account of “Cash declared (under PMGKY 2016). It was further observed that this

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION) CIRCLE BHOPAL, BHOPAL vs. MAYANK WELFARE SOCIETY, INDORE

In the result, Revenue’s appeal for the AY 2013-14

Bench: Shri Manish Borad & Ms. Madhumita Royvirtual Hearing Assessment Year: 2013-14

section 12A - list of honors submitted Incomplete details of donors does not mean donations are unaccounted money - Addition oj Donations as cash credit and denying benefit not justified - Income-tax Act, 1961, ss. 11, 12A, 68." 3.14 As decided in the cases of Vaishnavi Educations Society vs Deputy Commissioner of Income Tax ITAT Hyderabad Tribunal {B} {20l5

THE DCIT, (EXEMPTION) CIRCLE, BHOPAL vs. M/S. MAYANK WELFARE SOCIETY, BHOPAL

In the result, Revenue’s appeal for the AY 2013-14

Bench: Shri Manish Borad & Ms. Madhumita Royvirtual Hearing Assessment Year: 2013-14

section 12A - list of honors submitted Incomplete details of donors does not mean donations are unaccounted money - Addition oj Donations as cash credit and denying benefit not justified - Income-tax Act, 1961, ss. 11, 12A, 68." 3.14 As decided in the cases of Vaishnavi Educations Society vs Deputy Commissioner of Income Tax ITAT Hyderabad Tribunal {B} {20l5

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

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

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

68 liable to deleted. The ld.CIT(A) in turn deleted the same, by holding that no incriminating documents/evidences in respect of these loans were found during the course of search and those additions were outside the purview of section 153A. Therefore, since the loans taken were found to be genuine, disallowance of interest on such loans was not valid

JCIT(OSD),-2(1),INDORE, INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

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

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

68 liable to deleted. The ld.CIT(A) in turn deleted the same, by holding that no incriminating documents/evidences in respect of these loans were found during the course of search and those additions were outside the purview of section 153A. Therefore, since the loans taken were found to be genuine, disallowance of interest on such loans was not valid

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

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

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

68 liable to deleted. The ld.CIT(A) in turn deleted the same, by holding that no incriminating documents/evidences in respect of these loans were found during the course of search and those additions were outside the purview of section 153A. Therefore, since the loans taken were found to be genuine, disallowance of interest on such loans was not valid

AG-8 VENTURES LTD.,BHOPAL vs. ACIT, CENTRAL-1, BHOPAL

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad

68,100 Nil 2010-11 71-98 01.04.2011 7,94,27,760 23.09.2015 7,94,27,760 Nil ** 2011-12

AG-8 VENTURES LTD.,BHOPAL vs. ACIT, CENTRAL-1, BHOPAL

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad

68,100 Nil 2010-11 71-98 01.04.2011 7,94,27,760 23.09.2015 7,94,27,760 Nil ** 2011-12

INCOME TAX OFFICER-1(2), INDORE, INDORE vs. DIVINE INFRACREATION AND TRADING PRIVATE LIMITED, MUMBAI

Accordingly quash the assessment-order made by AO.\nThe assessee's ground is allowed

100/- in\ntwo years, namely Rs.42,01,80,700/- in Previous Year 2009-10 relevant to\nAY 2010-11 and Rs.6,45,41,400/- in Previous Year 2010-11 relevant to AY\n2011-12. Accordingly, relying upon the provision of section 68