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

In the result, appeal of the revenue is dismissed

sections 68 and 269SS are mutually exclusive. Further it can be noted that there is no dispute that the amount received is a capital receipt. The only difference is that as per the AO it is a cash loan for which penalty proceedings u/s 271D

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

In the result, appeal of the revenue is dismissed

sections 68 and 269SS are mutually exclusive. Further it can be noted that there is no dispute that the amount received is a capital receipt. The only difference is that as per the AO it is a cash loan for which penalty proceedings u/s 271D

SHRI RAM KISHAN VERMA,KOTA vs. ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-1, KOTA

In the result, appeal of the assessee is allowed

271D are initiated and penalty is levied generally when the transaction of violation of provisions of section 269SS is not in dispute but the only question regarding the levy of penalty is whether the assessee has been able to explain a reasonable cause for the violation. In the case in hand, the transaction of alleged loan itself

KANHIAYA LAL SAIN,JAIPUR vs. JCIT RANGE-7 JAIPUR, JAIPUR

In the result, the Appeals of the appellant stands allowed with no orders as to costs

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

section 269SS—Loan or deposit—Assessee filed return of income—During assessment proceeding, AO noted that assessee had received cash on different dates from his father—Assessee claimed that cash was received from his father representing gift—Assessee in support of his claim filed a Gift Deed prepared on Stamp Paper however, AO observed that gift was received

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

In the result the appeal of the department is dismissed

section 68 is not applicable considering the facts of the case and deleted the quantum additions and accordingly based on that finding the sum is not of the nature of loan or advances the penalty u/s 271D

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. SH. ASHWANI GUPTA, JAIPUR

In the result, all the appeals of the revenue are dismissed

68,450/- against the aforesaid carried\nforward cash loans and cash loans taken during the year, which is also in violation\nto the provisions of section 269T of the I.T. Act, 1961. Also it is noted that\nassessment order in this case was passed on 23.03.2024. The Addi/Jt. CIT finally\nsummarized in the penalty order that the assessee

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. SH. ASHWANI GUPTA, JAIPUR

In the result, all the appeals of the revenue are dismissed

68,450/- against the aforesaid carried\nforward cash loans and cash loans taken during the year, which is also in violation\nto the provisions of section 269T of the I.T. Act, 1961. Also it is noted that\nassessment order in this case was passed on 23.03.2024. The Addi/Jt. CIT finally\nsummarized in the penalty order that the assessee

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. SH. ASHWANI GUPTA, JAIPUR

In the result, all the appeals of the revenue are dismissed

68,450/- against the aforesaid carried\nforward cash loans and cash loans taken during the year, which is also in violation\nto the provisions of section 269T of the I.T. Act, 1961. Also it is noted that\nassessment order in this case was passed on 23.03.2024. The Addi/Jt. CIT finally\nsummarized in the penalty order that the assessee

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. ASHWANI GUPTA, JAIPUR

In the result, all the appeals of the revenue are dismissed

68,450/- against the aforesaid carried\nforward cash loans and cash loans taken during the year, which is also in violation\nto the provisions of section 269T of the I.T. Act, 1961. Also it is noted that\nassessment order in this case was passed on 23.03.2024. The Addi/Jt. CIT finally\nsummarized in the penalty order that the assessee

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. SH. ASHWANI GUPTA, JAIPUR

In the result, all the appeals of the revenue are dismissed

68,450/- against the aforesaid carried\nforward cash loans and cash loans taken during the year, which is also in violation\nto the provisions of section 269T of the I.T. Act, 1961. Also it is noted that\nassessment order in this case was passed on 23.03.2024. The Addi/Jt. CIT finally\nsummarized in the penalty order that the assessee

MANPHOOL SINGH,JAIPUR vs. ITO WARD 6(2), JAIPUR

In the result, the appeal of the assessee is allowed

Bench: The Appeal Hearing.”

68[or section 44BB orsection 44BBB], as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such 69 [previous year,] ] The following clause (iv) shall be inserted after clause

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTAL CIRCLE-3, JAIPUR, JODHPUR

In the result, all appeals of the assessee are disposed off in terms of

section 68 of the Act are not satisfied. However the appellant / Id. AR has submitted ledger account of Kotak Bank loan and made arguments regarding Kotak Bank Loan and contended that bank loan cannot be treated as unexplained and that the substantial entries are matching in the ledger account in Jai Shree Ram and Ambika Garments. Accordingly the addition

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 68 of the Act are not satisfied. However the appellant / Id. AR has submitted ledger account of Kotak Bank loan and made arguments regarding Kotak Bank Loan and contended that bank loan cannot be treated as unexplained and that the substantial entries are matching in the ledger account in Jai Shree Ram and Ambika Garments. Accordingly the addition

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

section 68 of the Act are not satisfied. However the appellant / Id. AR has submitted ledger account of Kotak Bank loan and made arguments regarding Kotak Bank Loan and contended that bank loan cannot be treated as unexplained and that the substantial entries are matching in the ledger account in Jai Shree Ram and Ambika Garments. Accordingly the addition

SANJAY KUMAR KARNANI,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: AO on 12-04-2021 18. Reply filed before AO on 15-07-2021 19. Additional Written Submissions filed before CIT(A) for AY 2014-15 on 11-11-2024 20. Written Submissions filed before CIT(A) for AY 2014-15 21. Written Submissions filed before CIT(A) for AY 2015-16 on 10-10-2024 22. Written Submissions filed before CIT(A) for AY 2016-17 on 10-10-2024 23. Written Submissions filed before CIT(A) for AY 2017-18 on 15-10-2024 24. Written Submissions filed before CIT(A) for AY 2018-19 on 15-10-2024 25.

section 68 of the Act are not satisfied. However the appellant / Id. AR has submitted ledger account of Kotak Bank loan and made arguments regarding Kotak Bank Loan and contended that bank loan cannot be treated as unexplained and that the substantial entries are matching in the ledger account in Jai Shree Ram and Ambika Garments. Accordingly the addition

SANJAY KUMAR KARNANI,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 68 of the Act are not satisfied. However the appellant / Id. AR has submitted ledger account of Kotak Bank loan and made arguments regarding Kotak Bank Loan and contended that bank loan cannot be treated as unexplained and that the substantial entries are matching in the ledger account in Jai Shree Ram and Ambika Garments. Accordingly the addition

SHRI AMBICA GARMENTS,JODHPUR vs. ACIT, CENTAL CIRCLE-3, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of\nthe above observations

68 of the Act\nare not satisfied. However the appellant / Id. AR has submitted ledger account of\nKotak Bank loan and made arguments regarding Kotak Bank Loan and\ncontended that bank loan cannot be treated as unexplained and that the\nsubstantial entries are matching in the ledger account in Jai Shree Ram and\nAmbika Garments. Accordingly the addition

SH. ASHOK KUMAR PORWAL,JHALAWAR vs. JCIT, RANGE-1, KOTA, KOTA

In the result, appeal of the assessee is partly allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

271D for violation of section 269SS. 6. The observation made by the Ld. CIT(A) in its order are incorrect and irrelevant in as much as, as explained above, assessee has not taken any cash loan. The cash amount deposited in the bank account of the assessee by his employer is only an accommodation transaction done for the reasons