ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(3),, MUMBAI vs. FA CONSTRUCTION , MUMBAI

In the result, all the three appeals of the Revenue are In the result, all the three appeals of the Revenue are In the result, all the three appeals of the Revenue are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

68,700/–. 3.1 Subsequently, the Assessing Officer received information from Subsequently, the Assessing Officer received information from Subsequently, the Assessing Officer received information from the in-site portal, i.e., the internal databa site portal, i.e., the internal database of the Income se of the Income-tax Department, Department, Department, indicating indicating indicating that that that the the the assessee assessee

M/S JR FIBER GLASS INDUSTRIES PVT LTD,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE, MUMBAI

The appeal is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.2848/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2009-10) M/S. Jr Fiber Glass Industries Pvt. Ltd.

unexplained deposit in share capital by alleging that assessee did not produce the parties/subscribers and failed to prove the creditworthiness of the parties. Even though, AO has not specifically mentioned section 68 of the Act, the Ld. CIT(A) while deciding the appeal of assessee has examined the addition as if made u/s 68 of the Act. Therefore, before

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

unexplained “Cash credit” like loans, deposits and advances, share capital, etc. The core condition for applicability of deeming provisions of section 68 is “Where any sum is found credited in the books of an assessee……” has to be satisfied and the word “sum” means “amount of money

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

unexplained “Cash credit” like loans, deposits and advances, share capital, etc. The core condition for applicability of deeming provisions of section 68 is “Where any sum is found credited in the books of an assessee……” has to be satisfied and the word “sum” means “amount of money

ACIT CIRCLE-22(1), MUMBAI vs. RAHEJA LEGACY TRUST, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

money in its hands. On this basis, relying upon several decisions, it has been claimed that the provisions of Section 68 do not apply to such loans at all and no part of such loans could have been assessed as unexplained

RAHEJA LEGENCY TRUST,MUMBAI vs. ACIT, CIR-22(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

money in its hands. On this basis, relying upon several decisions, it has been claimed that the provisions of Section 68 do not apply to such loans at all and no part of such loans could have been assessed as unexplained

VODAFONE INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(3), MUMBAI

In the result, the appeal of the assessee is allowed

money falling within the ambit of section 68 or 69. These sections are of universal application and do not make any distinction between a resident or non-resident. Therefore, there is a conflict between the provisions of section 5(2) on the one hand and the provisions of section 68 or 69 on the other hand with reference

M/S.FROHAR TRADING PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER 6(3)1, MUMBAI

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

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2012-13

unexplained cash credit under section 68 - Held, yes (In favor of assessee).” 2. ITO vs. Saffron ComtradePvt Ltd. (supra) “Section 68 of the Act is not applicable on the facts of the assessee^s case, since no money

RAKESH JAIN,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

unexplained money\nand that too when profit derived from\nthose sales proceeds was already taxed as\npart of sales\nVs\nIncome-tax Officer\nIT APPEAL NO. 928 (JP.)\nOF 2024 [ASSESSMENT\nYEAR 2017-18]\nSection 68, read with section

NAV CONSEC P.LTD,MUMBAI vs. ITO 9(2)(3), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri. Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.3258/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S Nav Consec Pvt Ltd बिधम/ Income Tax Officer, Ward 9(2)(3) Mumbai. Vs. C/O Sanjay Shah, 108, 1St Floor Sujata Niketan, Rani Sati Marg Malad East, Mumbai-400097 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcn1435A (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Anil Surana, Ca (Written Submission) Assessee By: Dr Mahesh Akhade, Cit Dr

unexplained cash credit. 7. We have heard both the parties and perused the records. Before us, the main ground raised by the assessee is that no addition could have been sustained under section 68 of the Act, since no sum of money

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

unexplained “Cash credit” like loans,\ndeposits and advances, share capital, etc. The core condition for\napplicability of deeming provisions of section 68 is “Where any sum is\nfound credited in the books of an assessee......” has to be satisfied and the\nword “sum” means “amount of money

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

unexplained “Cash credit” like loans,\ndeposits and advances, share capital, etc. The core condition for\napplicability of deeming provisions of section 68 is “Where any sum is\nfound credited in the books of an assessee......” has to be satisfied and the\nword “sum” means “amount of money

UMASHANKER SHIWAPRASAD MODI,THANE vs. CIRCLE 19(3), MUMBAI, MUMBAI

In the result, appeal of the assessee is allowed for statistical appeal of the assessee is allowed for statistical appeal of the assessee is allowed for statistical purposes

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2018-19 Mr. Umashanker Modi Income Tax Department, Office No. D, 12Th Floor, Mbc Park, National Faceless Appeals Vs. D Building, Near Hypercity, Centre (Nfac), Delhi. Ghodbunder Road, Kasarvadavali, Thane West, Thane- 400615. Pan No. Aabpm 8785 D Appellant Respondent

section 68 wherein the loans taken from the related parties were added as unexplained cash cre taken from the related parties were added as unexplained cash cre taken from the related parties were added as unexplained cash credit which amounting to Rs 11,10,93,681/ amounting to Rs 11,10,93,681/-. The Ld.AO had mentioned in . The Ld.AO

PRITI NILESH JAIN DAGA ,MUMBAI vs. INCOME TAX OFFICER 19(2)(4), MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

money by way of bogus long-term capital gain - Held, yes [Paras 9 and 10] [In favour of assessee] 36. In the case of Pavankumar Bachhraj Chandan reported in [2024] 161 taxmann.com 674 (Mumbai Trib.) held as under. Section 68, read with section 10(38), of the Income-Tax Act, 1961 - Cash credits (Share dealings) Assessment year 2014-15 Assessee

INCOME TAX OFFICER, MUMBAI vs. PRITI NILESH JAIN DAGA, MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

money by way of bogus long-term capital gain - Held, yes [Paras 9 and 10] [In favour of assessee] 36. In the case of Pavankumar Bachhraj Chandan reported in [2024] 161 taxmann.com 674 (Mumbai Trib.) held as under. Section 68, read with section 10(38), of the Income-Tax Act, 1961 - Cash credits (Share dealings) Assessment year 2014-15 Assessee

DCIT CENTRAL CIRCLE-2(2), MUMBAI vs. M/S SUCHIR CHEMICALS PVT LTD, MUMBAI.

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit –Central Circle – 2(2) V. M/S. Suchir Chemicals Pvt. Ltd., Old Cgo Building (Amalgamated Company – Manan Pharma Pvt Ltd. W.E.F 01.04.2013) Room No. 806, 8Th Floor 2Nd Floor, Shiv Ashish M.K. Road, Mumbai - 400020 Andheri Prade, Mumbai - 400005 Pan: Aaccm7533K (Appellant) (Respondent) Assessee By : Ms. Pooja Rander & Shri Rushabh Mehta Department By : Shri Manoj Sinha

money from unexplained source and added the same to the income of the assessee as unexplained cash credit under section 68

AAKASH UNIVERSAL LIMITED ( MERGED ENTITY RAJKIRAN TEXTILES PVT LTD),MUMBAI vs. INCOME TAX OFFICER WARD 13(3)(1), MUMBAI

In the result the appeal filed by the assessee stands\npartly allowed

money\namounting to Rs.2,50,00,000/- received from the above\nInvestors under section 68 of the Act on the alleged ground that\nit is unexplained

SYNTENSIA NETWORK SECURITY INDIA P.LTD,MUMBAI vs. ITO 11(2)(4), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm M/S. Syntensia Network Security Vs. Ito 11(2)(4) India Pvt. Ltd., Churchgate, 506, Laxmi Mall Laxmi Industrial Mumbai - 400020 Estate New Link Road, Andheri (W) Mumbai - 400053 Pan/Gir No.Aalcs1143G Appellant) Respondent) ..

68 of the Income Tax Act (in short "the Act") on account of unexplained cash credit of share allotment. The assessee has received share application money of Rs. 14624696/- during the Financial Year 2007-08 and share application money of Rs. 5654634/- during the Financial Year 2008-09 and thereafter made allotment of shares against the said receipt of share