DCIT,CENTRAL-2, INDORE vs. SHRI KRIHNA KUMAR VERMA, INDORE

In the result, appeal of the revenue is dismissed

Bench: SHRI CHANDRA MOHAN GARG (Judicial Member), SHRI BHAGIRATH MAL BIYANI (Accountant Member)

35 taxamann.com 456 (P&H)submitted that where the amount surrendered during the survey was not reflected in books of 4ITA No.185/Ind/2020 DCIT vs. Shri Krishna Kumar Verma account and no source from where it was derived was declared by assessee, it was assessable as deemed income of assessee under section 69A and not business income of the assessee

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

section 68, 69, 69A, 69B, 69C and 69D i.e. from residuary category w.e.f 01.04.2017. Hon’ble Supreme court in the case of CIT vs Vatika Township Pvt Ltd (2014) 24 ITJ 532 (SC): (2014) 271 CTR 1: (2014) 227 Taxmann 121 has held that “An amendment made to the taxing statute can be said to be intended to remove

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

section 68, 69, 69A, 69B, 69C and 69D i.e. from residuary category w.e.f 01.04.2017. Hon’ble Supreme court in the case of CIT vs Vatika Township Pvt Ltd (2014) 24 ITJ 532 (SC): (2014) 271 CTR 1: (2014) 227 Taxmann 121 has held that “An amendment made to the taxing statute can be said to be intended to remove

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

35 - the Act would also make it clear that the burden is on the assessing officer to prove that conditions of section 41(1).of the Act have been fulfilled to treat a liability as an income on account of remission or cessation of liability in a particular assessment year. 9.20.1 In the facts of the present case

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

68 of the Act or deny claim of exemption under section 10(38) of the Act and therefore, the addition made and confirmed is invalid. 2.7 That various adverse findings and conclusions recorded by the learned Commissioner of Income Tax (Appeals) are factually incorrect and contrary to record, legally misconceived and untenable. 2.8 That the learned Commissioner of Income

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

section 68 of the Act. Accordingly, we of the considered opinion that there was no justification for making addition to the total income of the assessee on account of capital introduced by its partners since the assessee duly justified the identity and creditworthiness of the partners as well as genuineness of the transactions as entered into with them

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 is very much illegal. Ld. DR for assessee has though relied upon statements of Shri Anand Sharma and the observations made by AO in various paras of assessment-order (as narrated by us in foregoing paras of this order) but, however, could not controvert these vital points as noted by us. Page 27 of 44 M/s Decent

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.

35 taxmann. Com 289 Section 68 of the income- tax Act, 1961 - cash credits [Share application money]- Assessment year

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

Appeals are dismissed

section 271.\"\nAdditional evidences are normally not allowed so as to bring finality to\nassessment proceedings. However, this cannot be at the cost of natural\njustice. Therefore, Rule 46A(1)(b) & 46A(1)(c) give opportunity to appellant to\nproduce additional evidences in cases where an appellant is prevented by\nsufficient cause from producing such evidences. The rule

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

PRAYANK JAIN,INDORE vs. ACIT5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

SAPAN SHAH,INDORE vs. ACIT-4(I), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

MANISH GOVIND AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

GOVIND HARINARAYAN AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

DARSHAN KUMAR PAHWA,INDORE vs. DCIT CIRCLE5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

SHIV NARAYAN SHARMA,INDORE vs. ACIT CIRCLE 3(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

section 10(38). (Tax Effect Rs. 205916/-) 2. Addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified. That addition of Rs. 7,43,099/- on account of loss in trading in shares of VAS Infra is unjustified and improper. The learned CIT(A) has confirmed addition

VIRENDRA KUMAR MANDOT,, SADAR BAZAR SAILANA RATLAM vs. INCOME TAX OFFICER, ITO-1, RATLAM, RATLAM

Appeal is partly allowed for statistical purpose

68 of the Act. The contention\nof the appellant in raising these grounds is that the AO has not considered\ncash sales which have been taken in the P&L account and the addition made\nby the AO has resulted in double addition.\n8.1 There have been lot of judicial pronouncements on the issue of cash\ndeposits during demonetization period