ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, NASHIK, NASHIK vs. MADANLAL LALCHAND JAIN, NANDURBAR

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

68 r.w.s. 115BBE of the Act cannot be attracted to the additional income declared during the course of search. 26. Even otherwise also the assessee during the course of search in his statement recorded u/s 132(4) of the Act has stated to have obtained loans from various persons as per the seized document. 27. We find the Pune Bench

MADANLAL LALCHAND JAIN,NANDURBAR vs. ACIT CENTRAL CIRCLE 2, NASHIK

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

68 r.w.s. 115BBE of the Act cannot be attracted to the additional income declared during the course of search. 26. Even otherwise also the assessee during the course of search in his statement recorded u/s 132(4) of the Act has stated to have obtained loans from various persons as per the seized document. 27. We find the Pune Bench

MADANLAL LALCHAND JAIN,NANDURBAR vs. ACIT CENTRAL CIRCLE 2, NASHIK

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

68 r.w.s. 115BBE of the Act cannot be attracted to the additional income declared during the course of search. 26. Even otherwise also the assessee during the course of search in his statement recorded u/s 132(4) of the Act has stated to have obtained loans from various persons as per the seized document. 27. We find the Pune Bench

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

108 (Bom), he submitted that the\nHon'ble High Court in the said decision has held that where DMAT account and\ncontract note showed details of share transaction and the Assessing Officer had not\nproved said transaction as bogus, capital gain earned on said transaction could not\nbe treated as unaccounted income under section 68

YASH CONSTRUCTION CO.,LATUR vs. ACIT, CIRCLE 1, AURANGABAD, AURANGABAD

In the result, the appeal filed by the assessee stands allowed

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

68, 69, 69A to 69D of the Act. 4.4 The Hon'ble Gujarat High Court in case of Fakir Mohmed Haji Hasan vs. CIT 120 TAXMAN 11 (Gujarat) had to decide question whether value of gold found during search is to be included in income where no explanation about source of investment made is provided. The Hon‟ble High Court

YASH CONSTRUCTION CO. ,NANDED vs. ACIT, CIRCLE , NANDED

In the result, the appeal filed by the assessee stands allowed

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

68, 69, 69A to 69D of the Act. 4.4 The Hon'ble Gujarat High Court in case of Fakir Mohmed Haji Hasan vs. CIT 120 TAXMAN 11 (Gujarat) had to decide question whether value of gold found during search is to be included in income where no explanation about source of investment made is provided. The Hon‟ble High Court

JAIBHAGWAN BANARASIDAS JINDAL,JALNA vs. THE INCOME TAX OFFICER, WARD-1, JALNA

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

108, he submitted that the Hon’ble High Court in the said decision has held that where DMAT account and contract note showed details of share transaction and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income under section 68

SHARAD SHAMRAO SAWANT ,SANGLI vs. ASSESTANT COMISSIONER OF INCOME TAX CENTRAL CIRCLE KOLHAPUR, KOLHAPUR

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

Bench: Shri Manish Borad & Ms. Astha Chandra

68, 69, 69A to 69D of the Act: 9.1 The Hon‟ble Gujrat High Court in case of Fakir Mohmed Haji Hasan vs CIT 120 TAXMAN 11 (Gujarat) had to decide question whether value of gold found during search is to be included in income where no explanation about source of investment made is provided. The Hon‟ble High Court

DY.COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, AURANGABAD, AURANGABAD vs. SHRI. BALAJI RAMCHANDRA ANDE, LATUR

In the result, appeal of the Revenue dismissed

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

68, 69, 69A to 69D of the Act: 5.3.1. The Hon'ble Gujrat High Court in case of Fakir Mohmed Haji Hasan vs CIT 120 TAXMAN 11 (Gujarat) had to decide question whether value of gold found during search is to be included in income where no explanation about source of investment made is provided. The Hon'ble High Court

DR. PRATAP PANDHIRANATH PATIL,PUNE vs. PCIT - 2, PUNE

In the result, the appeal filed by the assessee is allowed as per terms indicated above

Bench: Dr.Manish Borad & Shri Vinay Bhamore

68 of the Income Tax Act, 1961. II. To examine the feasibility of addition on account of agriculture expenditure of Rs.4,36,820/- under Section 69C of the Income Tax Act, 1961.” 9. Aggrieved assessee is now in appeal before this Tribunal. 10. Ld. Counsel for the assessee made multifold arguments. Firstly, he stated that ld. PCIT erred

SONAL SANDEEP SATAV,PUNE vs. PCIT, PUNE-2, PUNE

In the result, the appeal of the assessee is dismissed

Bench: Ms. Astha Chandra & Shree G.D. Padmahshali

68 r.w.s. 115BBE of the Act should have been applied in this regard and the decision of the Ld. AO to not draw any adverse inference about the substantive loan of Rs.3,37,65,561/- was not only erroneous but also prejudicial to the interest of Revenue. 3.5 The assessee filed her detailed reply to the show cause notice issued

SANGEETA BASAVRAJ MANGRULE,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, AURANGABAD

Appeal is dismissed in above terms

section 68, to either disprove or exhibit the transaction as sham or bogus, and its obligation only extends to show that the genuineness of the impugned credit transaction is doubtful or has not been satisfactorily proved by the assessee. 5. In the result, the Revenue's appeal is allowed". The Hon’ble Mumbai ITAT in the case of Ratnakar

KALAVATHI DEVI SHARMA,HYDERABAD vs. ITO, WARD-1, NANDED, NANDED

In the result, appeal of the assessee is dismissed

Bench: Dr.Manish Borad

section 68 of the Income Tax Act, 1961, while making addition. 9. The Appellate Commissioner erred in confirming the order of the AO, who has reopened the assessment based on the report of the Investment Wing, without further Inquiry or verifying the credentials. 3 Kalavathi Devi Sharma 10. Any other ground which the Assessee may urge either before

JAYNA ENTERPRISES PRIVATE LIMITED,,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,, PUNE

In the result, the appeal of the assessee in ITA

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

108 (Bom) Conclusion : Where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income under section 68

BVG INDIA LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), PUNE, PUNE

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri G.D. Padmahshali

108 to 133 of the paper book-II. The ld. AR argued that the Hon’ble High Court of Chhattisgarh in both the above said cases held that DIN is required to be affixed on approval granted and since approval issued u/s. 151 of the Act contained DIN, the same cannot be held to be invalid. Further, he submits that

A.C.I.T ,WARDHA CIRCLE , WARDHA , WARDHA vs. M/S KAPIL SOLVEX PVT .LTD , YAVATMAL

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2009-10

68 is not in accordance with law. However, the CIT(A) while deleting the addition on merit, dismissed the grounds challenging the validity of re-assessment proceedings by observing as under: 5. I have duly considered the submissions of the appellant. The appellant company is engaged in the business of extraction of oil from Soya Seeds by solvent extraction plant

DCIT, CIRCLE- 5, PUNE vs. SHRI AMEETSINGH A RAJPAL, PUNE

Appeals are dismissed in above terms

section 68 to make both these additions thereby treating the same as unexplained cash credit deposits whereas the ICIT(A) had reversed the assessment finding to this effect. A.Y. 2007-08 to 2009-10 3. The first and foremost vital question that arises for our adjudication is regarding maintainability of Revenue’s instant three appeals. Case laws

DCIT, CIRCLE- 5, PUNE vs. SHRI AMEETSINGH A RAJPAL, PUNE

Appeals are dismissed in above terms

section 68 to make both these additions thereby treating the same as unexplained cash credit deposits whereas the ICIT(A) had reversed the assessment finding to this effect. A.Y. 2007-08 to 2009-10 3. The first and foremost vital question that arises for our adjudication is regarding maintainability of Revenue’s instant three appeals. Case laws