TYHE ITO-4(5), INDORE vs. M/S. URVASHI WORLD WIDE P. LTD., INDORE

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

Bench: Shri C.M. Garg & Shri Bhagirath Mal Biyaniassessment Year: 2012-13

160/-. However, vide order u/s 143(3) of the Act, the total income was assessed at Rs.20.06 cores by the A.O. On appeal Ld. Commissioner of Income Tax (A) vide order dt. 28.02.2019 granted substantial relief against which the Revenue has preferred appeal challenging the deletion of following additions made by A.O. u/s 68 of the Act: - a) Unsecured loan

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 Income-Tax Act, 1961 on account of unsecured loans if the assessee establishes the identity and creditworthiness of the parties and genuineness of the transactions as entered into with them. Our view is supported by the following judicial pronouncements: CIT, Meerut v. Avant Grade Carpets Ltd. as reported in [2015] 54 taxmann.com

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

160 has held that (Refer para 3 to 6):- “3. We have heard learned counsel for the parties. Section 68

ACIT CENTRAL-2, INDORE vs. M/S MAYUR INDUSTRIES, FATEPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyaniit(Ss)A No.212/Ind/2021 (Assessment Year: 2018-19) Vs. Acit, Central-2, M/S. Mayur Industries, Indore Khandwa "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abefm 4664 K (Appellant) .. (Respondent) Revenue By : Shri P. K. Mishra, Cit.D.R. Shri S.N. Agrawal, Ca Assessee By : 19.12.2022 Date Of Hearing Date Of Pronouncement 15.03.2023 O R D E R Per Ms. Madhumita Roy - Jm: The Instant Appeal Filed By The Revenue Is Directed Against The Order Dated 26.08.2021 Passed By The Ld. Cit(A)-3, Bhopal (M.P.) (Hereinafter Referred To As ‘Ld. Cit(A)’) Arising Out Of The Order Dated 30.12.2019 Passed By The Dcit (Central)-2, Indore (Hereinafter Referred To As ‘Ld. Ao’) Under Section 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) For Assessment Year (Hereinafter Referred To As ‘A.Y.’) 2018-19 With The Following Ground:

section 68 of the Income-Tax Act, 1961 and therefore, no addition is sustainable to the total income of the respondent firm on account of capital introduced by the partners. 1.5.5.1] The said documents as submitted during the course of appellate proceedings were also forwarded to the assessing officer for his comments. However, the assessing officer in his remand

THE DCIT, 1(1), INDORE vs. M/S. MODERN LABORATORIES, INDORE

In the result, the CO of the assessee is partly allowed

Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./ ./ ./ I.T.A. No.277 & Co.16/Ind/2014 ./ "नधा"रण वष" /Assessment Year:2008-09

68 of the Act. Out of this the Ld. CIT (A) deleted addition of Rs. 1,33,00,000 by treating same as genuine transaction. The assessee has borrowed fund from various parties of which confirmation, together with PAN numbers, bank statements and income-tax returns were furnished. In most of the cases, notice under section 133(6) have

ACIT CENTRAL-2, INDORE vs. SARTHAK INNOVATION (P) LTD., INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 may be invoked which is not the case here at all 4.19 With due respect, it is submitted that the allegation that the appellant has infused its own money in the grab of unsecured loon is without any basis and not correct and merely on the basis of conjecture or surmises. It is also undisputed fact that

ACIT CENTRAL-2, INDORE vs. SARTHAK INNOVATION (P) LTD., INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 may be invoked which is not the case here at all 4.19 With due respect, it is submitted that the allegation that the appellant has infused its own money in the grab of unsecured loon is without any basis and not correct and merely on the basis of conjecture or surmises. It is also undisputed fact that

DCIT CENTRAL-1, INDORE vs. SARTHAK INNOVATION (P) LTD., INDORE

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 may be invoked which is not the case here at all 4.19 With due respect, it is submitted that the allegation that the appellant has infused its own money in the grab of unsecured loon is without any basis and not correct and merely on the basis of conjecture or surmises. It is also undisputed fact that

SHRI SUKHRAM MUKATI,INDORE vs. THE ITO WD-3(3), INDORE

In the result, the appeal of Shri Sukhram Mukati and

Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./I.T.A No.409&410/Ind/2014 "नधा"रण वष"/Assessment Year : 2008-09

68 read with section 69A without verifying the facts of the case. The addition so made being illegal and wrong, the same required to be deleted. 3. That the learned CIT (A) erred in making addition of Rs. 27, 66,000 under section 69 without pinpointing any unexplained deposit. The addition so made being illegal and wrong

CHANDRA SAHU,BHOPAL vs. ITO-1(4), BHOPAL

In the result appeal of the assessee for Assessment Year 2010-

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

section 68 of the Act. Smt. Chandra Sahu ITA No.75 & 76/Ind/2019 7. That, the appellant, carves leave to add, amend, alter or otherwise raise any other ground of appeal. 3. Brief facts of the case as culled out from the records are that the assessee is an individual deriving income from House Property and income from running a restaurant

CHANDRA SAHU,BHOPAL vs. ITO-1(4), BHOPAL

In the result appeal of the assessee for Assessment Year 2010-

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

section 68 of the Act. Smt. Chandra Sahu ITA No.75 & 76/Ind/2019 7. That, the appellant, carves leave to add, amend, alter or otherwise raise any other ground of appeal. 3. Brief facts of the case as culled out from the records are that the assessee is an individual deriving income from House Property and income from running a restaurant

SARITA BAGDI ,INDORE vs. THE ITO WARD-4(1), INDORE

In the result appeal of the assessee is allowed

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2011-12

160/-. Payment for purchase was made during Financial Year 2010-11 and 9000 shares were sold through registered broker at recognized stock exchange at a sale price of Rs.52,87,709/-. On examining these details Ld. A.O observed that registration certificate of M/s Eden Financial Services was cancelled by Securities Exchange Board of India (In short ‘SEBI’) vide its order

THE ADDL. CIT RANGE -1, INDORE vs. M/S PRAKASH OILS LTD., DHAR

In the result, the above captioned appeals filed by the Revenue as well as the

Bench: Shri C.M. Garg & Shri Bhagirath Mal Biyani

160/- made on account of additions u/s 68 of the Act and corresponding unexplained expenditure of Rs. 66,261/- u/s 69C has overlooking the findings of the AO recorded in the Assessment order. The ld.CIT-DR also pointed out that the ld. AO, after considering the entire facts and circumstances, made disallowance u/s 68 of the Act pertaining to accommodation

THE ACIT ,CENTRAL-1, INDORE vs. M/S PRAKASH OILS LTD., DHAR

In the result, the above captioned appeals filed by the Revenue as well as the

Bench: Shri C.M. Garg & Shri Bhagirath Mal Biyani

160/- made on account of additions u/s 68 of the Act and corresponding unexplained expenditure of Rs. 66,261/- u/s 69C has overlooking the findings of the AO recorded in the Assessment order. The ld.CIT-DR also pointed out that the ld. AO, after considering the entire facts and circumstances, made disallowance u/s 68 of the Act pertaining to accommodation

THE ACIT,CENTRAL-1, INDORE vs. M/S PRAKASH OILS LTD., DHAR

In the result, the above captioned appeals filed by the Revenue as well as the

Bench: Shri C.M. Garg & Shri Bhagirath Mal Biyani

160/- made on account of additions u/s 68 of the Act and corresponding unexplained expenditure of Rs. 66,261/- u/s 69C has overlooking the findings of the AO recorded in the Assessment order. The ld.CIT-DR also pointed out that the ld. AO, after considering the entire facts and circumstances, made disallowance u/s 68 of the Act pertaining to accommodation

THEDCIT 1(1) , INDORE, INDORE vs. M/S AD-MANUM FINANCE LTD., INDORE

In the result, Revenue’s appeal in ITANo

Bench: Hon’Ble Rajpal Yadav & Hon’Ble Manish Boradvirtual Hearing Assessment Year 2011-12

section 68 of the Income Tax Act, 1961 has also been fulfilled in this case. The appellant, in this case has also filed the financials of the companies, along with the balance sheets, reflecting the et owned funds of both these companies and also the gross revenues and net profits earned by U1C 15 Ad-Manum Finance

M/S RADHISHWARI DEVLOPERS P LTD,INDORE vs. PR CIT -2 INDORE, INDORE

In the result, Assessee’s appeal in ITANo

Bench: Hon’Ble Rajpal Yadav & Hon’Ble Manish Boradvirtual Hearing Assessment Year 2013-14 M/S. Radhishwari Developers P. Ltd. (Now Known As R.C. Warehousing Pvt. Ltd. ) Indore : Appellant Pan :Aafcr1916A V/S Pr. Cito-2 : Respondent Indore Appellant By S/Shri Sumit Nema Sr. Adv. With Gagan Tiwari & Piyush Parashar Advs. Revenue By Shri S.S. Mantri, Cit-Dr Date Of Hearing 24.05.2021 Date Of Pronouncement 20.07.2021

68. The judgements are respectfully distinguished as it has clearly been held in the preceding discussion that further enquiries are required to be made to ascertain the creditworthiness and genuineness of the companies. M/s. Radheshwari Developers Pvt. Ltd. The assessee has also submitted that the loans have been repaid through proper banking channel. The submission has no relevance

M/S AD-MANUM FINANCE LTD.,INDORE vs. THEDCIT 1(1) , INDORE, INDORE

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2010-11

68 of the Income Tax Act, 1961 viz creditworthiness, of the loan creditors and the genuineness of the transactions, which have been doubted, by the AO in the assessment order. Both these issues are discussed here under: 6. A. CREDIT WORTHINESS OF THE LENDER COMPANIES: The facts pertaining to each company are discussed separately as under.- 6.1 I. M/S CHAMAK