M/S OREF SECURITIES PRIVATE LTD. ,MANDSAUR vs. INCOME TAX OFFICER, INDORE

In the result, appeal of the assessee is allowed

Bench: Shri Manish Borad & Ms.Madhumita Royआयकर अपील सं./ Ita No.70/Ind/2018 "नधा"रण वष"/Asstt. Year: 2013-14 Vs. Ito, Mandsaur. M/S.Oref Securities P.Ltd. 69, Agrasen Nagar B/H. Mid India Mandsaur.

section in detail We have raised ground no. 1 to keep this matter alive. If any adjudication is to be given on this issue, We may be given some time to give separate submission on this issue. Ground No.2 2.1 This ground relates to addition of Rs. 17750000/- by alleging that credit worthiness and genuineness of the share transaction

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 216

PIYUSH JAIN,INDORE vs. INCOME TAX OFFICER-4(4), INDORE , ITO, INDORE

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

68 of the Act....''\nThe honourable Bench further held as under :-\n“We have heard both the parties and perused the materials available on record. From the\nassessment records, it is noted that the AO made an addition of Rs.2,90,93,500/- in\ndeclared income by holding that said amount of cash deposited by the assessee in his bank

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

THE DCIT-2(1), INDORE vs. M/S. CENTURY 21 MALL (P) LTD., INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 sustaining/enhancing by observing that excess expenditure on the amount account of cost of Century 21 Malls P.Ltd Vs. ACIT (Indore Bench) – (9 Cross-Appeals) 29 belongs to Shri construction Keshav Nanchani determined by the DVO. 2009-10 Rs.20,04,41,842/- 7,03,97,955 Rs.1,99,42,216

M/S CENTURY 21 MALLS P. LTD.,INDORE vs. THE ACIT 2(1), INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 sustaining/enhancing by observing that excess expenditure on the amount account of cost of Century 21 Malls P.Ltd Vs. ACIT (Indore Bench) – (9 Cross-Appeals) 29 belongs to Shri construction Keshav Nanchani determined by the DVO. 2009-10 Rs.20,04,41,842/- 7,03,97,955 Rs.1,99,42,216

THE DCIT, 2(1), INDORE vs. M/S. CENTURE 21 MALL PVT. LTD., INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 68 sustaining/enhancing by observing that excess expenditure on the amount account of cost of Century 21 Malls P.Ltd Vs. ACIT (Indore Bench) – (9 Cross-Appeals) 29 belongs to Shri construction Keshav Nanchani determined by the DVO. 2009-10 Rs.20,04,41,842/- 7,03,97,955 Rs.1,99,42,216

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

216 of 2021 and others DR. Hence, it can be seen that the assessee filed ample corroborative documentary evidences and satisfactorily discharged the primary onus cast upon it under section 68

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

216 of 2021 and others DR. Hence, it can be seen that the assessee filed ample corroborative documentary evidences and satisfactorily discharged the primary onus cast upon it under section 68

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

216 of 2021 and others DR. Hence, it can be seen that the assessee filed ample corroborative documentary evidences and satisfactorily discharged the primary onus cast upon it under section 68

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. 11. Being, aggrieved, the assessee filed an appeal before the Ld. CIT (A). During the course of appellate proceedings, confirmation letters, copy of acknowledgement of returns, copy of bank account of depositors, were filed which were forwarded to the AO for his comments. The CIT (A) noted that the AO has made three observation in remand

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

68,732/- 18 3. Shri Utpal Goyal 1,31,868/- 18 4. Shri Narendra Barta 8,58,336/- 16 Total 45,65,847/- 5. According to the Ld. AO, such excess interest to the persons covered under Section 40A(2)(b) of the Act was not available in terms of the provisions of the said Section and thus

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

68,732/- 18 3. Shri Utpal Goyal 1,31,868/- 18 4. Shri Narendra Barta 8,58,336/- 16 Total 45,65,847/- 5. According to the Ld. AO, such excess interest to the persons covered under Section 40A(2)(b) of the Act was not available in terms of the provisions of the said Section and thus

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

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

68,732/- 18 3. Shri Utpal Goyal 1,31,868/- 18 4. Shri Narendra Barta 8,58,336/- 16 Total 45,65,847/- 5. According to the Ld. AO, such excess interest to the persons covered under Section 40A(2)(b) of the Act was not available in terms of the provisions of the said Section and thus

M/S SHRI GURMUKHDAS CONTRACTORS P LTD,BHOPAL vs. DCIT-CENRRAL-1, BHOPAL

In the result, Revenue’s appeals in I

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

216 CTR 303 (S.C.) : [2008] 7 DTR (SC) 27: [2008] 300 ITR 403 (SC) while discussing the requirement of prior approval of Chief Commissioner or Commissioner in terms of provision of section 142(2A) of the Act, opined that the requirement of previous I.T.(SS)A. Nos.639, 640, 641, 649, 642 & 651 approval of the Chief Commissioner or Commissioner

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

216 Taxman 18/[2012] 28 taxmann.com 119 (Gujarat High Court) and CIT v. Marikamba Transport Co. In 319 ITU 129 (Karnataka) and v at tons decisions of coordinates benches of Honourable ITAT and concluded that if the assessee compiles with the provisions of section 194C(6) of the Act, disallowance under section

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

216 Taxman 18/[2012] 28 taxmann.com 119 (Gujarat High Court) and CIT v. Marikamba Transport Co. In 319 ITU 129 (Karnataka) and v at tons decisions of coordinates benches of Honourable ITAT and concluded that if the assessee compiles with the provisions of section 194C(6) of the Act, disallowance under section

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

216 Taxman 18/[2012] 28 taxmann.com 119 (Gujarat High Court) and CIT v. Marikamba Transport Co. In 319 ITU 129 (Karnataka) and v at tons decisions of coordinates benches of Honourable ITAT and concluded that if the assessee compiles with the provisions of section 194C(6) of the Act, disallowance under section

THE ACIT, 3(1), INDORE vs. SHRI PRAMOD KUMAR SETHI, INDORE

In the result appeal filed by the revenue being I

Bench: Shri Kul Bharat & Shri Manish Borad

216 CTR (SC) 195 and Mod Creations (P) ltd (2013) 354 ITR 282 (Del). Since appellant discharged initial onus, the onus shifted on revenue and there was no legal obligation on the appellant to produce directors of creditors before AO and if AO had any doubt about identity of share applicants despite their filing income tax returns, he could have