M/S NIKHIL ESTATE P LTD,INDORE vs. THE ACIT CENTRAL CIRCLE (3) INDORE, INDORE

In the result, appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Nikhil Estate Pvt. Ltd. Acit (Central)-3 M-102, Mezzanine, Floor, Indore Dhan Trident, P. No.B-3 Pu- Vs. 4, Sch. No.54, Vijay Nagar Square, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Aabcn 8056 D Assessee By Shri S.S. Solanki, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 01.05.2023 Date Of Pronouncement 09.06.2023

68 or 69A, excess stock is covered u/s 69 or 69B, construction of Shed/Godown is covered u/s 69B or 69C and advances made to Sundry Parties is covered u/s 69, 69B or 69D is like an open ended hypothesis which is not supported by any specific finding that the matter shall fall under which of the specific sections

M/S SUPREMO INDIA LTD ,INDORE vs. THE AIT CENTRAL 3, INDORE

In the result, appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Supremo India Pvt. Ltd. Acit Central-3 400/2, Halka Patwari No.52 Indore Vs. Badiakeema Dudhiya, B.O. Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Aafcs 9822 C Assessee By Shri S.S. Solanki, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 01.05.2023 Date Of Pronouncement 07.06.2023

68 or 69A, excess stock is covered u/s 69 or 69B, construction of Shed/Godown is covered u/s 69B or 69C and advances made to Sundry Parties is covered u/s 69, 69B or 69D is like an open ended hypothesis which is not supported by any specific finding that the matter shall fall under which of the specific sections

ACIT 5 (1), BHOPAL vs. M/S VINDHYA SOLVENT PVT. LTD., BHOPAL

In the result, Revenue’s appeal is dismissed

Bench: Ms. Madhumita Roy& Shri Bhagirath Mal Biyani

68 taxmann.com 29), wherein it has been held that AO has to compute the FMV in accordance with the prescribed method. The Tribunal observed that the legislature in its wisdom has also given a formula for computation of the FMV which cannot be ignored by the authorities below. The relevant part of the judgment is reproduced below: "On a careful

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

In the result, this appeal of assessee is dismissed

Bench: Shri T.R. Senthil Kumar & Shri B.M. Biyani

Section 68 of the Act. Thus, the assessees cannot be permitted to contend that the assessments were based on surmises and conjectures or presumptions or assumptions. The assessee does not and cannot dispute the fact that the shares of the companies which they have dealt with were insignificant in value prior to their trading. If such is the situation

AABHUSHAN,DHAMNOD, MADHYA PRADESH vs. ITO DHAR, DHAR

In the result, appeal of the assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniaabhushan Dhamnod Ito, Dhar 1St Floor, Ganpati Market Ab Road Dhamnod Vs. Mp (Appellant / Assessee) (Respondent/ Revenue) Pan: Abgfa0812K Assessee By Shri Pranay Goyal & Shri S.N. Goyal, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 10.04.2024 Date Of Pronouncement 09.05.2024 O R D E R

22. The Rajasthan High Court in CIT Vs. Kewal Krishna and Partners [2009] 18 DTR 121 (Raj) has also taken similar view." 27. Section 68

DECENT INDUSTRIES P. LTD.,BHOPAL vs. ITO-1(2), BHOPAL

Appeal is partly allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

section 68 viz. identity, Page 21 of 44 M/s Decent Industries Pvt. Ltd ITA No. 356/Ind/2023 – AY 2012-13 genuineness and creditworthiness are duly proved. Ld. CIT(A) has already accepted in his order that the first two ingredients of identity and genuineness are proved. So far as the third ingredient of creditworthiness is concerned, the assessee has filed

DCIT-4(1), INDORE vs. M/S. YAKSHA INFRASTRUCTURE COM. PVT. LTD., TALOJA, RAIGARH

Appeal is dismissed

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

Section 68 of the Act on received towards material sales made by the Ld. AO, which were deleted by the First Appellate Authority. Hence, under challenge before us. 13. The impugned addition of Rs. 22

YAKSHA INFRASTRUCTURE COMPANY (P) LTD. (FORMERLY KNOWN FROLIC REALTY (P) LTD.),MUMBAI vs. DCIT-3(1) , INDORE

Appeal is dismissed

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

Section 68 of the Act on received towards material sales made by the Ld. AO, which were deleted by the First Appellate Authority. Hence, under challenge before us. 13. The impugned addition of Rs. 22

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. Therefore, the assessee cannot escape from the burden cast upon him and unfortunately in these cases the burden is heavy as the facts establish that the shares which were traded by the assessees had phenomenal and fanciful rise in price in a short span of time and more importantly after a period

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

section itself, it is quite clear that only the sums found credited during the previous year relevant to the assessment year in question can be added u/s 68. Also, there are various judicial decisions which clearly state that the opening balances cannot be added u/s 68. It has now become a settled law that genuine loans taken in earlier

INCOME TAX OFFICER 5(1), INDORE vs. UMANG DEVELOPERS, INDORE

Appeals are dismissed

section 68 is\nrestricted to the credit entries/loans taken during the year in the books of\nassessee. Going further to the new loans of Rs.4,02,92,500/- taken during\nthe year, the assessee has taken those loans from 6 lenders and filed all\nevidences before CIT(A) [including those evidences which were also filed\nbefore

INCOME TAX OFFICER INDORE 5(1), INDORE vs. UMANG DEVELOPERS, INDORE

Appeals are dismissed

section 68 is\nrestricted to the credit entries/loans taken during the year in the books of\nassessee. Going further to the new loans of Rs.4,02,92,500/- taken during\nthe year, the assessee has taken those loans from 6 lenders and filed all\nevidences before CIT(A) [including those evidences which were also filed\nbefore

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 was not justified and was 27 Sanjay Lunawat ITA No.396/Ind/2018 & C.O.No.32/Ind/2018 rightly deleted by the ld. CIT(A) as the assessee filed requisite documentary evidences so as to justify the identity and creditworthiness of these parties and genuineness of the transactions as entered into with them. Thus, we confirm

THE ACIT-5(1), INDORE vs. M/S. SUNDERDEEP CONSTRUCTION PVT. LTD., INDORE

In the result all the grounds raised by the Revenue are

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2012-13

68. The said section does not permit the AOs to add undisclosed sales under that section Further, the realisations from the sundry debtors cannot be treated as cash credits. Cash credits always appear as a liability in the balance sheet of the assessee. Realisation from the sundry debtors would reduce the sundry debtors appearing on the "assets" side

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

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

section 199C of the Finance Act, 2016 disclosing income of Rs.\n5,00,000/- under Prime Minister Garib Kalyan Yojna Rules 2016. He paid tax of Rs.\n2,49,500/- on 29-03-2017 and deposited Rs.1,25,000/- with UCO Bank as per the scheme.\nThus, addition to the extent of Rs.5,00,000/- on account

RECONNECT ENERGY SOLUTION P LT,BENGALURU vs. THE DCIT 4(1) INDORE, INDORE

In the result, the appeal of assesse is partly allowed for statistical purposes

Bench: Shri Vijay Pal Raoreconnect Energy Solution Ltd. Dcit 1(4) No.22, Vk Kalyani, 7Th Floor Indore Vs. Sankey Road, Bengaluru (Appellant / Assessee) (Revenue) Pan: Aafcr 0074 H Assessee By Shri Anil Khandelwal, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 16.11.2023 Date Of Pronouncement 06.12.2023

section 68 of the Act that if the assessee has explained the identity and capacity of the investor as well as the genuineness of the transactions then the addition cannot be made. Accordingly when the assessee itself has given the fair market value which was considered by the AO while making addition of the excess amount of premium over

SHRI AASHISH MANGAL,BARWANI vs. THE ACIT CENTRAL CIRCLE -2, INDORE

In the result, ITA No. 247/Ind/2021 is dismissed

Bench: Shri Mahavir Prasad & Shri B.M. Biyani(Conducted Through Virtual Court)

68,555/- को "प"ट करने म" असमथ" हूँ । इसके साथ ह" म" इस रा"श को म" चालू "व"त वष" क" अघो"षत आय मानते हुए करारोपण हेतु सम"प"त करता हूँ । इस पर देय कर का भुगतान अ""म कर के "प म" समय पर भुगतान करने का वचन देता हूँ । “ However, we find that

SHRI SHYAMLAL GOYAL,SENDHWA vs. THE ACIT CENTRAL,CIRCLE -2, INDORE

In the result, ITA No. 247/Ind/2021 is dismissed

Bench: Shri Mahavir Prasad & Shri B.M. Biyani(Conducted Through Virtual Court)

68,555/- को "प"ट करने म" असमथ" हूँ । इसके साथ ह" म" इस रा"श को म" चालू "व"त वष" क" अघो"षत आय मानते हुए करारोपण हेतु सम"प"त करता हूँ । इस पर देय कर का भुगतान अ""म कर के "प म" समय पर भुगतान करने का वचन देता हूँ । “ However, we find that