SUWALKA AND SUWALKA PROPERTIES AND BUILDERS PVT LTD,KOTA, RAJASTHAN vs. ACIT, CENTRAL CIRLCE, KOTA, KOTA, RAJASTHAN

Bench: Him Challenging The 2 Suwalka & Suwalka Properties & Builders Pvt. Ltd. Vs. Acit Assessment Order Dated 22.12.2019 Passed U/S.143(3)Of The Income Tax

68 of Income Tax Act treating the cash deposited during demonetization as unexplained credit as against unexplained investment held by ld AO u/s 69A and taxing the same under 115BBE of the Act, 1961. (page 30, 38 and 39 of order) a.3 Submission of assessee:- a.3.(i) The assessee maintains proper books of account which were audited by Chartered Accountants

MAHESH KUMAR GUPTA,JAIPUR vs. ACIT ,CIRCLE-4, JAIPUR

In the result, appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

68, Section 69, Section 69A, Section 69B, Section 69C or Section 69D, at the rate of 30% (plus surcharge and cess), without allowing any deduction for any expenditure or allowance. 4.25. Thereafter, the provisions of sub-section (1) of Section 115BBE were substituted by Taxation Laws (Second Amendment) Act, 2016, w.e.f

SHRI BABU LAL DATA,ALWAR vs. DCIT, CENTRAL CIRCLE, ALWAR

In the result, appeal of the revenue is dismissed

68 comes into play immediately when an entry relating to a sum is found to have been credited in the books kept by the assessee. Meaning thereby, that the condition precedent to apply this section is the existence of books and the recording of a sum, as cash credit therein - ITO v. Rajendra Kumar Taparia [2008] 22

ACIT, CENTRAL CIRCLE, ALWAR vs. SHRI BABU LAL DATA, 2015-16

In the result, appeal of the revenue is dismissed

68 comes into play immediately when an entry relating to a sum is found to have been credited in the books kept by the assessee. Meaning thereby, that the condition precedent to apply this section is the existence of books and the recording of a sum, as cash credit therein - ITO v. Rajendra Kumar Taparia [2008] 22

ACIT, CENTRAL CIRCLE, ALWAR vs. SHRI BABU LAL DATA, 2015-16

In the result, appeal of the revenue is dismissed

68 comes into play immediately when an entry relating to a sum is found to have been credited in the books kept by the assessee. Meaning thereby, that the condition precedent to apply this section is the existence of books and the recording of a sum, as cash credit therein - ITO v. Rajendra Kumar Taparia [2008] 22

SHRI BABU LAL DATA,ALWAR vs. DCIT, CENTRAL CIRCLE, ALWAR

In the result, appeal of the revenue is dismissed

68 comes into play immediately when an entry relating to a sum is found to have been credited in the books kept by the assessee. Meaning thereby, that the condition precedent to apply this section is the existence of books and the recording of a sum, as cash credit therein - ITO v. Rajendra Kumar Taparia [2008] 22

SANJAY LUNIA,AJMER vs. ITO WD-2(1), AJMER

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

68, 69, 69A, 69B, 69C or 69D), its taxability cannot be determined in terms of section 115BBE. In the circumstances, it is humbly submitted that the action of ld. CIT(A) in confirming the addition of Rs.16,52,000/- made by ld. AO without appreciating the details and evidences filed, deserves to be deleted

ABHAY CHORDIA,JAIPUR vs. THE ACIT, JAIPUR

In the result the appeal filed by the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

68 and charging income tax as per section 115BBE, the learned AO erred in ignoring various related papers, documents and explanation furnished/produced for the financial year 2016-17 relevant to AY 2017-18 before the AO: i) Month wise details of stock inter alia giving figures of opening stock of each month. ii) Copy of stock register maintained

GEETA DEVI AGARWAL,JAIPUR vs. INCOME TAX OFFICER, ITO WD 1(4), JPR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, आयकर अपील सं. / ITA No. 450/JP/2025 निर्धारण वर्ष / Assessment Year : 2017-18 Badri Lal Agarwal through Legal heir Smt. Geeta Devi G-5, Shyama Residency, Plot No. 7, Purander Ji Ka Bag Moti Doongri Road, Jaipur स्थायी लेखा सं. / जीआईआर सं./PAN/GIR No.: ALGPA5194C अपीलार्थी / Appellant निर्धारिती की ओर से / Assessee by: Sh. S. B. Natani, CA राजस्व की ओर से / Revenue by : Sh. Gautam Singh Choudhary, JCIT सुनवाई की तारीख /

68 does not require that the amount is to be owned by the Assessee. It only deals with any amount shown in the books of accounts of the assessee whereas Section 69A deals with money, etc., owned by the assessee and found in his possession. – d) Riveria Properties (P) Ltd. Vs. ITO (ITAT Mumbai) ITA No. 250/Mum/2013

SURENDRA PAL SINGH SAHNI,KOTA vs. ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA, KOTA

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

68 does not require that the amount is to be owned by the Assessee. It only deals with any amount shown in the books of accounts of the assessee whereas Section 69A deals with money, etc., owned by the assessee and found in his possession. – d) Riveria Properties (P) Ltd. Vs. ITO (ITAT Mumbai) ITA No. 250/Mum/2013

SHRI SHRAVAN CHOUDHARY,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR

In the result, appeal of the assessee is allowed

Bench: The Date Of Hearing.”

68% of share and M/s. Sai Properties has accumulated profits to the tune of Rs. 7,48,07,150/-. The transaction is squarely covered under the provisions of section 2(22

RADHAKISHNA BENIWAL,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1, JAIPUR, JAIPUR

In the result, the appeal filed by the assessee in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

22 May 2023 was passed by Ld. Faceless Assessing Office (“Ld. FAO”) assessing total income at Rs 7,55,95,441 by making the following addition: • Unexplained cash credits under section 68

RADHAKISHAN BENIWAL,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1, JAIPUR, JAIPUR

In the result, the appeal filed by the assessee in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

22 May 2023 was passed by Ld. Faceless Assessing Office (“Ld. FAO”) assessing total income at Rs 7,55,95,441 by making the following addition: • Unexplained cash credits under section 68

RAJENDRA KUMAR AGRAWAL,JAIPUR vs. ACIT CEN CIR 1 , C-SCHEME, JAIPUR

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 68, since amount of loan received by assessee was returned to loan party during year itself and all transactions were carried out through banking channels, impugned addition was to be deleted. b. PCIT Vs. Ojas Tarmake (P.) Ltd. [2023] 156 taxmann.com 75 (Gujarat)[22

SHRI HARI NARAIN GATTANI,JAIPUR vs. DCIT, C-4, JAIPUR

In the result, appeal of the assessee is allowed

22,19,560/- as “current year’s business income offered to tax” and in return, it was shown as business income which is not an income referred to in section 68

PEEYUSH AGARWAL,JAIPUR, RAJASTHAN vs. ITO, WARD 1(5), JAIPUR, JAIPUR, RAJASTHAN

In the result Ground and 1 and 2 raised by the assessee are allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

section 68 of the 51 Peeyush Agarwal, Jaipur. Act that will amount to double taxation once as sales and again as unexplained cash credit which is against the principles of taxation. Assessee was having only one source of income from trading in beedi, tea power and pan masala and therefore provisions of section 115BBE of the Act will

JITENDRA KUMAR TAHILRAMANI,JAIPUR vs. ITO WARD-2, JAIPUR., JAIPUR

Bench: Him.

Section 68 on account of alleged bogus cash sales were deleted: - • ITAT Chandigarh in the case of Smt. Charu Agarwal & M/s. Kalanidhi Jewellers Vs. DCIT ITA No. 310 & 311/Chd/2021 order dated 25/03/2022 The findings of Hon'ble ITAT is in para 10 of the order. Hon'ble ITAT after considering the decision of the Hon'ble Delhi High Court

PADMAVATI AGRICO (INDIA) PVT LTD,AJMER vs. ACIT CIRCLE - 1, AJMER

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 68, it is evident that assessing officer can make addition u/s 68 only under two circumstances, i.e.: (i) Appellant does not offer any explanation about nature and source of such credit or (ii) Explanation offered by Appellant is not upto the satisfaction of Ld. AO. In other words, whenever Appellant provides explanation, before rejecting the same