DCIT, CENTRAL CIRCLE-1, UDIPUR vs. M/S. WAGAD CONSTRUTION COMPANY, UDAIPUR

In the result, appeals of the Revenue are dismissed

unexplained cash credit. 10. Next, let us examine the applicability of section 41(1) in respect of sundry creditors of Rs. 25,91,01,791/-. The appellant referred to the provisions of sec., 41(1) and relied on various judicial decision to argue that where the liabilities are outstanding for earlier years and had not been written back, there

ASHOK PANWAR HUF,JODHPUR vs. ACIT, CENTRAL CIRCLE-3, JODHPUR

In the result, both the appeals of the assesses ITA No

Bench: Dr. Mitha Lal Meena, Hon'Ble & Shri Anikesh Banerjee, Hon'Ble

unexplained expenditure in cash of Rs. 9,35,225/- towards commission for obtaining such bogus long term capital gain, which the AO has added u/s 69C is also confirmed for the same reasons. Addition of Rs. 8,08,458/- to cover up and for certain identified defects in the books of account admitted in course of assessment

IDANA PET INDUSTRIES P. LTD. ,UDAIPUR vs. ITO, WARD-2(1), UDAIPUR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Cash Flow method as well as the fair market value of the assets as on the date of issue of the shares, then this observation of the ld. CIT (A) that the assessee has failed to exercise an option of adopting the method is contrary to the record. Further, despite the fact that all the valuations are available on record

IDANA PET INDUSTRIES P. LTD. ,UDAIPUR vs. ACIT, CIRCLE-1, UDAIPUR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Cash Flow method as well as the fair market value of the assets as on the date of issue of the shares, then this observation of the ld. CIT (A) that the assessee has failed to exercise an option of adopting the method is contrary to the record. Further, despite the fact that all the valuations are available on record

PUSHP RAJ BOHRA,JALORE vs. PR. CIT – 1, JODHPUR, JODHPUR

In the result, appeal filed by the Assessee is allowed

Bench: Dr. Mitha Lal Meena, Hon'Ble & Shri Udayan Das Gupta, Hon'Ble

unexplained money u/s 69A of the IT Act & to be taxed at special rate u/s 115BBE of the IT Act, 1961. Which resulted in under charge of tax and interest having total tax effect of Rs.58,50,128/-." 8.1 The Ld. AR contended that the assessee submitted detailed reply before the PCIT on the issue raised in show-cause notice