NITIN VIJAY,JAIPUR vs. ITO WARD 1(4), JAIPUR, JAIPUR

section 68 of the Income\nTax Act and therefore in the assessment completed addition of Rs. 1,73,56,000/-\nis made.\n3.4.12 Accordingly, the A.O. referred to provision u/s 68 of the I. T. Act and also\nrelied upon the decision of Hon'ble Supreme Court in the case of CIT v Durga\nPrasad More

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

In the result, appeal of the revenue is dismissed

68,00,000/-without appreciating the fact that the assessee has not maintained any books of accounts and also failed to provide name, PAN, address of the persons with whom the loans were said to be taken." 4. "On the facts and circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition made

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

In the result, appeal of the revenue is dismissed

68,00,000/-without appreciating the fact that the assessee has not maintained any books of accounts and also failed to provide name, PAN, address of the persons with whom the loans were said to be taken." 4. "On the facts and circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition made

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

In the result, appeal of the revenue is dismissed

68,00,000/-without appreciating the fact that the assessee has not maintained any books of accounts and also failed to provide name, PAN, address of the persons with whom the loans were said to be taken." 4. "On the facts and circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition made

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

In the result, appeal of the revenue is dismissed

68,00,000/-without appreciating the fact that the assessee has not maintained any books of accounts and also failed to provide name, PAN, address of the persons with whom the loans were said to be taken." 4. "On the facts and circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition made

SANDEEP SETHI ,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-1,JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed

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

68,69,69A,69B,69C or 69D. 12. The ld. DR is heard who has relied on the findings of the lower authorities as regards the addition sustained. As regards the charge of tax u/s. 115BBE he has vehemently argued that provision section 4 being the charging section does not support the contentions of the assessee so raised

RAJIV NIGOTIYA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-1, JAIPUR

In the result, both the appeals of the assessee are allowed

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

68,69,69A,69B,69C or 69D. 12. The ld. DR is heard who has relied on the findings of the lower authorities as regards the addition sustained. As regards the charge of tax u/s. 115BBE he has vehemently argued that provision section 4 being the charging section does not support the contentions of the assessee so raised

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 of the Act. While making the addition ld. AO relied upon the decision of Hon'ble High Court of Delhi in 32 Rajendra Kumar Agrawal vs. ACIT the case of Commissioner of Income Tax-VI Vs. T. S. Kishan & Co. Ltd., [2014] 50 taxmann.com 368 (Delhi). This decision deals with the share capital credit

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

KALINDEE ESTATES PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER , JAIPUR

68 and addition of Rs. 7,50,000/- by\nalleging that assesse had paid commission @ 5% rate for arranging such\naccommodating entry.\nAggrieved of the addition so made by Id.AO, assessee has preferred appeal\nbefore Id. CIT(A), wherein Id. CIT(A) dismissed the appeal of assessee in casual\nmanner without considering the submission made, evidence adduced before him\nand

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)

68. Aggrieved of the addition so made by ld.AO, assessee has preferred appeal before ld. CIT(A), wherein ld. CIT(A) arbitrarily dismissed the appeal of assessee without considering the submission made, evidence adduced before him and soley relying upon the information received from the Investigation Wing and statement of Shri Praveen Kumar Jain through the same was retracted

UPENDRA KUMAR SONI,KOTA vs. ACIT, CENTRAL CORCLE-KOTA, KOTA

In the result, both the appeals of the assesee are allowed for statistical purposes

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

68 etc. The action of the AO in taxing as per section 115BBE is found to be as per provisions of the IT Act and upheld This ground of appeal is treated as dismissed.’’ Ground No. 6 of the assessee:- Ld. CIT(A)’s findings in respect of grounds of appeal of the assessee. 9.3 I have considered

UPENDRA KUMAR SONI,KOTA vs. ACIT, CENTRAL CIRCLE-KOTA, CENTRAL CIRCLE, KOTA

In the result, both the appeals of the assesee are allowed for statistical purposes

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

68 etc. The action of the AO in taxing as per section 115BBE is found to be as per provisions of the IT Act and upheld This ground of appeal is treated as dismissed.’’ Ground No. 6 of the assessee:- Ld. CIT(A)’s findings in respect of grounds of appeal of the assessee. 9.3 I have considered

KAPIL TANEJA,JAIPUR vs. ACIT CIRCLE 3, JAIPUR

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

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

57(iii) of the Act should be given a narrow and constricted meaning not warranted by the language of the section and, in fact, contrary to such language." In view of above, it is submitted that interest expenditure incurred by assessee during the course of business deserves to be allowed as claimed. Grounds of Appeal

MOHAN LAL ASHOK KUMAR SARAF,JAIPUR vs. DCIT CEN CIR 1, JAIPUR

In the result, the appeal of the assessee is allowed as indicated hereinabove

section 68 on account of cash deposits could not be made simply on the reason that during the demonetization period, cash deposits vis-à-vis cash sales ratio was higher. If customers during the period of demonetization purchased jewellery in cash which has been duly recorded in the books of account of the Appellant and also tallying with

ACIT CENTRAL CIRCLE-1 , JAIPUR vs. MAHENDRA KUMAR AGARWAL, JAIPUR

In the result, appeal of the revenue is dismissed

section 68 of the Act while the provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts because the sale transaction are already part of the income which is already credited in Profit & Loss Account, therefore there is no occasion to again consider the same as income of the appellant

M/S. ROYAL JEWELLERS,JAIPUR vs. DCIT, CENTRAL CIRCLE, JAIPUR

In the result, appeal of the assessee in ITA No

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

section 115BBE are not applicable and such order deserves to be upheld. Without prejudice to our legal submission made above, it is submitted that during the course of search, Shri Manoj Khandelwal, partner in his statement recorded u/s 132(4) in reply to question No.30 (PB A.Y. 2016-17 pages 73-74) had categorically stated that these papers contain

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeal of the assessee in ITA No

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

section 115BBE are not applicable and such order deserves to be upheld. Without prejudice to our legal submission made above, it is submitted that during the course of search, Shri Manoj Khandelwal, partner in his statement recorded u/s 132(4) in reply to question No.30 (PB A.Y. 2016-17 pages 73-74) had categorically stated that these papers contain