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

unexplained credits, money, investment, expenditure, etc., which has been deemed as income under section 68, section 69, section 69A, section

SHREE DURGA JEWELLERS,JAWAHAR NAGAR JAIPUR vs. AO CIRCLE 4 JAIPUR, CR BUILDING JAIPUR

In the result, the appeal of the assessee is allowed

unexplained\ncredit under section 68 of the Act.\n8.10 In the cases where credit entry has been made in the books of the assessee,\nthe ambit of Section 68 is wide and inclusive. Provision applies to all credit entries.\nIn the case of Gumani Ram Siri Ram v. CIT [1975] 98 ITR 337 (Punj. &Har.), it was\nheld that

SHANKAR LAL LUDHANI THROUGH LATA DEVI LUDHANI AS LEGAL HEIR,AJMER vs. DCIT, CENTRAL CIRCLE, AJMER, AJMER

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

investments are taxed at a flat rate of 60% (before surcharge and cess). The fact that the assessee himself opted to pay tax under Section 115BBE indicates an implicit acknowledgment that the surrendered income falls under the ambit of unexplained income as per Sections 68

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)

unexplained credits, money, investment, expenditure, etc., which were deemed as income under Section 68, Section 69, Section 69A, Section 69B, Section

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)

unexplained credits, Money, investment, expenditure, etc., which were deemed as income under Section 68, Section 69, Section 69A, Section 69B, Section

CHANDRA MOHAN BADAYA,JAIPUR vs. DCIT, CENTRAL CIRCLE-2, JAIPUR

In the result the four appeals filed by the assessee stands

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

investments if made out of unexplained received will be liable to be taxed under section 69 despite of the acceptance the fact loans have been received by such assessee. Alternatively such credite (loans received) Chandra Mohan Badaya vs. DCIT will be liable to be taxed under section 68

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

investments if made out of unexplained received will be liable to be taxed under section 69 despite of the acceptance the fact loans have been received by such assessee. Alternatively such credite (loans received) Chandra Mohan Badaya vs. DCIT will be liable to be taxed under section 68

ACIT, CC-2, JAIPUR, INCOME TAX DEPARTMENT vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

investments if made out of unexplained received will be liable to be taxed under section 69 despite of the acceptance the fact loans have been received by such assessee. Alternatively such credite (loans received) Chandra Mohan Badaya vs. DCIT will be liable to be taxed under section 68

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

investments if made out of unexplained received will be liable to be taxed under section 69 despite of the acceptance the fact loans have been received by such assessee. Alternatively such credite (loans received) Chandra Mohan Badaya vs. DCIT will be liable to be taxed under section 68

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

investments if made out of unexplained received will be liable to be taxed under section 69 despite of the acceptance the fact loans have been received by such assessee. Alternatively such credite (loans received) Chandra Mohan Badaya vs. DCIT will be liable to be taxed under section 68

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

In the result, appeal of the revenue is dismissed

unexplained cash loan is unwarranted and unjustified. 3 Without prejudice to above, AO has made the addition of the amounts noted on this paper u/s 68 of the Act. Section 68 of the Act reads as under: Where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation

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

In the result, appeal of the revenue is dismissed

unexplained cash loan is unwarranted and unjustified. 3 Without prejudice to above, AO has made the addition of the amounts noted on this paper u/s 68 of the Act. Section 68 of the Act reads as under: Where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation

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

In the result, appeal of the revenue is dismissed

unexplained cash loan is unwarranted and unjustified. 3 Without prejudice to above, AO has made the addition of the amounts noted on this paper u/s 68 of the Act. Section 68 of the Act reads as under: Where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation

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

In the result, appeal of the revenue is dismissed

unexplained cash loan is unwarranted and unjustified. 3 Without prejudice to above, AO has made the addition of the amounts noted on this paper u/s 68 of the Act. Section 68 of the Act reads as under: Where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation

JAGDISH KUMAR ARORA,BHAWANIMANDI vs. DCIT, CENTRAL CIRCLE- KOTA, KOTA

In the result, the appeal of the assessee is allowed

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

investment, any unexplained money, bullion or jewellery, any unexplained expenditure or any amount of loan repaid in the assessment order in this respect. Therefore, the provisions of Section 68

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, section 69, section 69A, section 698B, section 69C or section 690, if such income is not covered under clause (a), the income- tax payable shall be the aggregate of (i) The amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent and (ii) The amount

SHRI RAJESH CHACHWANI,JAIPUR vs. INCOME TAX OFFICER, WARD-6-4, JAIPUR

In the result, the appeal of the assessee is dismissed

unexplained cash credits taxed under section 68 cannot be pegged to any head of income. [Para 18]” The fact that these sums have been surrendered clearly shows that the deposit of the amounts in the banks are not being denied and also that assessee has no explanation for the same, In the present proceedings, the plea has been taken that

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)

Unexplained cash deposits in two bank accounts - Legal tender money in demonetization of currency - AO culled out, the deposits that was made of bank notes that were declared as not legal tender owing to demonetization of currency - HELD THAT: - Both AO and CIT(A) accepted the fact that the cash receipts are nothing but sale proceeds in the business

KATH BROTHERS,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

investments and expenses intended to be brought to tax as 18 Kath Brothers vs. ACIT Undisclosed Income, these provisions are not only clearty worded but also indicated to plug the loopholes and check the menace of black money. Likewise, unexplained credits in the Balance Sheet are also brought to tax under Section 68