M/S PURVI FINVEST LIMITED,BILASPUR vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1),, BILASPUR

In the result, appeal of the assessee company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpia

21,88,00,000/- made under section 68 of the Income Tax Act, 1961 in disregard of the binding judgments of Hon'ble Apex Court, Hon'ble High Courts and the Hon'ble ITATs which directly lays down ratio on the merits of the addition of share capital under section 68 of the Income Tax Act. 1961. 5

INCOME TAX OFFICER, WARD-1(1), BILASPUR vs. M/S JAYEM HOLDING PVT. LTD., BILASPUR

In the result, appeal filed by the department in ITA no

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am

21 & CO No. 08/RPR/2018 revenue authorities too, thus the onus cast upon the assessee in terms of 1st proviso to section 68 was not satisfied at any stage of assessment proceedings or appellate proceedings. Thus, it can be concluded that, the Ld. AO has justifiably invoked the provisions of Section 68 and accordingly, the addition

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE- 1(1), BHILAI vs. SHRI NITIN SANKHLA, DURG

In the result, grounds no 2 to 7 on this single issue of the appeal of the revenue are dismissed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.98/Rpr/2020 (Assessment Year: 2017-18) Asstt. Commissioner Of Income Tax- Vs Shri Nitin Sankhla 1(1), Bhilai 1St Floor, Navkar Bullion, Above Navin Jeweller, Jawahar Chowk, Durg Pan No. :Bbups 4874 C (अपीलाथ" /Appellant) (""यथ" / Respondent) .. : Shri Ravi Agarwal, Ca "नधा"रती क" ओर से /Assessee By राज"व क" ओर से /Revenue By : Shri Ila M. Parmar, Cit- Dr सुनवाई क" तार"ख / Date Of Hearing : 02/06/2023 घोषणा क" तार"ख/Date Of Pronouncement : 08/06/2023 आदेश / O R D E R Per Arun Khodpia, Am :

section 115BBE has been inserted in the I. T. Act, 1961. Judicial pronouncement 1. SMT. HARSHIL CHORDIA VS. ITO [298 ITR 0349 (RAJSTHAN HC)] [Page 153-160 of PB] "Addition u/s 68 cannot be made in respect of the amount which was found to cash receipts from customers against which delivery of goods was made to them." 2. ACIT

M/S TRIMURTHY FINVEST LIMITED,BILASPUR vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1(1), BILASPUR

In the result, appeal of the assesse company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpia

section 68, applicable w.e.f from AY 2013-13, not only is the assessee required to explain the source of share application money, but in case the applicant is a company, then the said applicant company is also required to explain the source of money in is handing out of which the amount of share application money was advanced

EAST WEST FINVEST INDIA LIMITED,BILASPUR vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -1(1), BILASPR

In the result, appeal of the assessee company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpia

section 68, applicable w.e.f from AY 2013-13, not only is the assessee required to explain the source of share application money, but in case the applicant is a company, then the said applicant company is also required to explain the source of money in is handing out of which the amount of share application money was advanced

MESERS S R INGOSTS PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, RAIPUR

In the result Revised Ground no 4 of the assessee is partly allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.04/Rpr/2020 (Assessment Year: 2011-2012) M/S S R Ingots Pvt. Ltd., Vs Acit, Cc-1, Raipur House No.16, Opp.Cg Gramin Bank, Choubey Colony, Raipur Pan No. :Aaics 5559 D (अपीलाथ" /Appellant) .. (""यथ" / Respondent) "नधा"रती क" ओर से /Assessee By : Shri Ajoy Kumar Singh & Smt. Surbhi Jain, Ars राज"व क" ओर से /Revenue By : Smt. Ila M. Parmar, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 12/04/2023 घोषणा क" तार"ख/Date Of Pronouncement : 09/06/2023 आदेश / O R D E R Per Arun Khodpia, Am :

5) On the merit of the additions made in the income of the assessee, there is a clear finding, and about which there is no dispute, that the amount added in the income of the assessee as unexplained investment or cash credit in the A.Y. 1993-94 was the same amount which was credited in the books of account

MESERS GOYAL INFRAVENTURES PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result, all the appeals filed by the assessee vide ITA No

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singh

section 68 was warranted in absence of incriminating evidence, in the abated assessment. We hold so. In the result the ground No. 3 raised by the assessee is allowed. M/s. Goyal Energy & Steel Pvt. Ltd.& another ITA Nos.240-243 & 246/RPR/2019 21. We further find that the assessee in response to the show cause notice dated 29.08.2018 filed its detail reply

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result, all the appeals filed by the assessee vide ITA No

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singh

section 68 was warranted in absence of incriminating evidence, in the abated assessment. We hold so. In the result the ground No. 3 raised by the assessee is allowed. M/s. Goyal Energy & Steel Pvt. Ltd.& another ITA Nos.240-243 & 246/RPR/2019 21. We further find that the assessee in response to the show cause notice dated 29.08.2018 filed its detail reply

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result, all the appeals filed by the assessee vide ITA No

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singh

section 68 was warranted in absence of incriminating evidence, in the abated assessment. We hold so. In the result the ground No. 3 raised by the assessee is allowed. M/s. Goyal Energy & Steel Pvt. Ltd.& another ITA Nos.240-243 & 246/RPR/2019 21. We further find that the assessee in response to the show cause notice dated 29.08.2018 filed its detail reply

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result, all the appeals filed by the assessee vide ITA No

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singh

section 68 was warranted in absence of incriminating evidence, in the abated assessment. We hold so. In the result the ground No. 3 raised by the assessee is allowed. M/s. Goyal Energy & Steel Pvt. Ltd.& another ITA Nos.240-243 & 246/RPR/2019 21. We further find that the assessee in response to the show cause notice dated 29.08.2018 filed its detail reply

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result, all the appeals filed by the assessee vide ITA No

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singh

section 68 was warranted in absence of incriminating evidence, in the abated assessment. We hold so. In the result the ground No. 3 raised by the assessee is allowed. M/s. Goyal Energy & Steel Pvt. Ltd.& another ITA Nos.240-243 & 246/RPR/2019 21. We further find that the assessee in response to the show cause notice dated 29.08.2018 filed its detail reply

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

section 68 - Addition is called for. Pramila Investment and Finance Ltd. v. ITO (2013) 22 ITJ 149 (Trib. =Indore). 3. CIT vs Bikram Singh (Delhi High Court): P Mohankala 291 ITR 278 (SC): Diza Holdings 255 ITR 573 (Ker): CIT vs Precision Finance 208 ITR 265 (Cal~ wherein it has been held that if the lenders do not have

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

section 68 - Addition is called for. Pramila Investment and Finance Ltd. v. ITO (2013) 22 ITJ 149 (Trib. =Indore). 3. CIT vs Bikram Singh (Delhi High Court): P Mohankala 291 ITR 278 (SC): Diza Holdings 255 ITR 573 (Ker): CIT vs Precision Finance 208 ITR 265 (Cal~ wherein it has been held that if the lenders do not have

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), RAIPUR vs. MESERS VANDANA ISPAT LIMITED, RAIPUR

In the result, the appeal of revenue is dismissed

5, the question before the hon'ble Supreme Court was—whether the amount of share money can be regarded as undisclosed income under section 68 of the Act ? Answering the above question, the hon'ble Supreme Court has held that if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), RAIPUR (CG) vs. M/S VANDANA VIDYUT LIMITED,, RAIPUR (CG)

In the result, appeal of the revenue is allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.138/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Vandana Vidyut Limited Vandana Building, M.G Road, Jawahar Nagar, Raipur (C.G.) Pan : Aaacv7850L ……""यथ" / Respondent

section 68 of the Act ? Answering the above question, the hon'ble Supreme Court has held that if the share application money is received by the assessee-company from alleged 10 ACIT, Circle-1(1), Raipur. Vs. M/s. Vandana Vidyut Limited bogus shareholders, whose names are given to the Assessing Officer in the Department is free to proceed

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result both the appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.244 & 245/Rpr/2019 (ननधाारण वषा / Assessment Year :2016-2017 & 2017-2018) M/S Goyal Energy & Steel Pvt. Ltd. Vs Acit, Central-2, Raipur Behind Happy Restaurant, Ring Road-2, Tatiband Chowk, Raipur-492009 Pan No. :Aaccg 2758 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

5. Ld. AR relied on the decision of the Hon’ble Supreme Court in the case of CIT Vs National Thermal Power Corporation (NTPC), reported in 229 ITR 383 and submitted that the additional ground may be taken on record and the both the appeals of the assessee may be decided on the additional ground raised. 6. Brief facts

MESERS GOYAL ENERGY & STEEL PRIVATE LIMITED,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAIPUR

In the result both the appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.244 & 245/Rpr/2019 (ननधाारण वषा / Assessment Year :2016-2017 & 2017-2018) M/S Goyal Energy & Steel Pvt. Ltd. Vs Acit, Central-2, Raipur Behind Happy Restaurant, Ring Road-2, Tatiband Chowk, Raipur-492009 Pan No. :Aaccg 2758 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

5. Ld. AR relied on the decision of the Hon’ble Supreme Court in the case of CIT Vs National Thermal Power Corporation (NTPC), reported in 229 ITR 383 and submitted that the additional ground may be taken on record and the both the appeals of the assessee may be decided on the additional ground raised. 6. Brief facts

JITENDRA GUPTA,SURAJPUR vs. PR. COMMISSIONER OF INCOME TAX-1, RAIPUR

The appeal of the assessee is dismissed, in terms of aforestated observation

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. : 56/Rpr/2021 कर िनधा"रण वष" / Assessment Year : 2015-2016 Jitendra Gupta Prop. : M/S Maa Vaishnav Goods Carrier, Salka, Aghina, Surajpur, (C.G.) Pan : Arbpg 1102 H . . . . . . . अपीलाथ" / Appellant बनाम / V/S Pr. Commissioner Of Income-Tax, Raipur-1 (C.G.) . . . . . . . ""यथ" / Respondent }Kjk / Appearances Assessee By : Shri S. R. Rao Revenue By : Shri P. K. Mishra सुनवाई क" तारीख / Date Of Conclusive Hearing : 10/02/2022 घोषणा क" तारीख / Date Of Pronouncement : 21/04/2022 आदेश / Order Per Jamlappa D Battull, Am; The Present Appeal Of The Assessee Assailed Against The Revisionary Order Of Principal Commissioner Of Income Tax-Raipur-1 [For Short “Pcit”] Passed U/S 263 Of The Income Tax Act, [For Short “The Act”] Vide Order Dt 09/03/2021 For The Assessment Year [For Short “Ay”] 2015-2016, Which In Turn Emanated Out Of The Assessment Order Dt 28/11/2018 Passed By The Assessing Officer [For Short “Ao”] U/S 143(3) R.W.S. 147 Of The Act.

21,68,707/- and completed the assessment accepting returned income without variation by an order u/s 143(2) r.w.s. 147 of the Act. 6.3 Within a period of two years from the end of assessment year in which the assessment was framed, the assessment records were perused and prefiguring the total bank credits vis-à-vis deposit