UPPAL SHAH PROP-J K SUGARS,,KOLHAPUR vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, KOLHAPUR

In the result, the cross appeal of the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

68 of the Act. Then the Assessing Officer had proceeded to verify the information filed by issuing notices u/s 133(6) which were returned un-served and then issued a commission u/s 133(1)(d) to the Jurisdictional Assessing Officer in respect of 16 parties to verify the transactions and who, in turn, had issued summons u/s 131 but returned

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, KOLHAPUR vs. UPPAL JITENDRA SHAH,, KOLHAPUR

In the result, the cross appeal of the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

68 of the Act. Then the Assessing Officer had proceeded to verify the information filed by issuing notices u/s 133(6) which were returned un-served and then issued a commission u/s 133(1)(d) to the Jurisdictional Assessing Officer in respect of 16 parties to verify the transactions and who, in turn, had issued summons u/s 131 but returned

RAJENDRA MOHANLAL AGRAWAL,JALNA vs. INCOME TAX OFFICER, WARD-1, JALNA, JALNA

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2017-18

section 68 are not applicable to sales credited in the books of accounts, is rejected. 10. Next contention raised by the appellant is that he is under no obligation to provide confirmations of debtors from whom cash was collected. This, contention of the appellant is not acceptable because the primary burden to prove the genuineness of credits

SARIKA ASHOK SATAV,,PUNE vs. INCOME-TAX OFFICER, WARD - 12(4),, PUNE

Appeal is partly allowed for statistical purposes in above terms

Bench: Shri S.S.Godara, Jm & Shri G.D. Padmahshali, Am आयकर अपील सं. / Ita No.1952/Pun/2017 धनधाारण वषा / Assessment Year : 2013-14

section 68 addition as per Ivan Sing V/s. ACIT (2020) 422 ITR 128 (Bom.) Learned counsel further argued that the assessee had paid the impugned alleged unsecured loans to the creditor parties through her sisters-in-law in subsequent assessment year. He lastly argued that the by lower authorities have not restricted impugned additions to the extent

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

Appeal is dismissed in above terms

section 68. In the case of Usha Chandresh Shah Vs. ITO (2014-TIOL-1459-ITAT-MUM),the Hon‟ble ITAT Mumbai held that the shares of the company was declared as "Penny Stock" by SEBI and the broker Sanju Kabra, (through whom the shares were sold by the assessee) was indicted for manipulating the prices of penny stock shares

RATHOD JEWELLERS,PUNE vs. ACIT, CENTRAL CIRCLE -2(3), PUNE

In the result, appeal of the assessee is dismissed

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

section 68 of the Act which has been upheld by the Ld. CITIA). The Ld. AO found that during the demonetization period, M/s. AB Agrotech Pvt. Ltd. had transferred Rs. 10,00,000 to the bank account of the assessee, M/s. Rathod Jewellers along with other beneficiaries. It is not clear in our mind as to why Atul bora

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

In the result, appeal of the assessee is dismissed

Bench: Dr.Manish Borad

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

INCOME TAX OFFICER, WARD 1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

68 of the Act.\n7. Further, the Assessing Officer held that the accommodation entries\nregarding sale of shares have been obtained by the assessee after paying certain\ncharges i.e. commission as is the case with all such penny stocks involving\naccommodation entries in the form of bogus LTCG/STCG. As these charges are\nnot recorded in the books, such commission

THE ITO, WARD-8(2),, AHMEDABAD vs. SILICON SECURITIES PVT. LTD.,, PUNE

Appeal is allowed for statistical purposes in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No.3017/Ahd/2014 ननधधारण वषा / Assessment Year : 2009-10

68 unexplained share capital of Rs.1,56,35,000/-, share application money of Rs.25,00,000/- and share premium of Rs.2,22,65,000/-; respectively. There is hardly any dispute between the parties that the Assessing officer had framed his section 144 r.w.s. 147 assessment / reassessment dated 30.11.2011 ex-parte after holding that the assessee had failed to even

PODDAR FININ COSULTANCY PVT.LTD,,RAIGAD vs. INCOME-TAX OFFICER, WARD - 3,, PANVEL

Appeal is dismissed in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपील सं. / Ita No.1007/Pun/2018 धनधाारण वषा / Assessment Year : 2014-15

section 68. A.Y. 2014-15, Poddar Finin Consultancy P.Ltd., 4. Sanraj Engineering Pvt. Ltd. Vs CIT (ITA 79/2016) (Delhi) - where Hon'ble Delhi High Court held that addition made u/s 68 on account of unsecured loans was justified, where initial onus of proving the creditworthiness of the lenders was not discharged by the assessee. 5. Narcsh Chandra Jain

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD -1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

68 of the Act. 7. Further, the Assessing Officer held that the accommodation entries regarding sale of shares have been obtained by the assessee after paying certain charges i.e. commission as is the case with all such penny stocks involving accommodation entries in the form of bogus LTCG/STCG. As these charges are not recorded in the books, such commission

INCOME TAX OFFICER WARD HINGOLI, WARD HINGOLI (CAMP AT PARBHANI) vs. VISHWAS AGRO PRODUCT PVT LTD, PARBHANI

In the result, the appeal filed by the Revenue is allowed for statistical purposes

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2017-18

214 ITR 801 (SC), the Assessing Officer made addition of Rs.1,62,84,153/- to the total income of the assessee by observing as under: “9….. The explanation of the assessee has been considered but the same is found not acceptable. The assessee-company is trying to state that Pranav International Ltd., Dubai advanced to the assessee-company at Rs.2