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

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 :

68, the addition made by AO and confirmed by Ld CIT(A) is bad in law. 15. However, since the issue raised in ground 1 was never raised by the assessee before the Ld CIT(A) which is evident from the additional ground no 2 of the assessee which is “That the proceeds of Share Application Money received

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

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

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

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

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

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 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

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

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

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

In the result, the appeal of revenue is dismissed

68 of the IT Act. Thus we do not perceive any reason to interfere with the observation of the Ld CIT(A) qua the impugned 18 allegation of the revenue and thus upheld the order of the CIT and reject this ground of revenue. 20. Apropos, the second issue with respect to disallowance u/s 14A. 21. Ld DR had strongly

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 as per which the share subscriber in the assessee company should explain the source of funds out of which payment has been made to the assessee. ---Assessee has furnished documents and balance sheet and bank accounts of the three investor companies explaining the source. Fund flow of the three companies having common director was also provided

SANDEEP SINGH,JUNA LAKHANPUR vs. ITO AMBIKAPUR, AMBIKAPUR

In the result, appeal of the assessee is allowed

Bench: Shri Partha Sarathi Chaudhuryआयकर अपील सं./Ita No.448/Rpr/2025 "नधा"रण वष" /Assessment Year : 2017-18 Sandeep Singh Juna Lakhanpur, Lakhanpur, Surguja-497 116 (C.G.) Ambikapur Pan: Gesps5929Q .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ambikapur (C.G.) ……""यथ" / Respondent

29,500/- which pertains to prior to the demonetization period and thereafter, remaining amount of Rs.2,30,500/- was brought to tax as unexplained money u/s. 69A of the Income Tax Act, 1961 (for short ‘the Act’) and added to the hands of the assessee. 4. Adjudicating on the said issue at Para.6.4, the Ld. CIT(Appeals)/NFAC referred

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), RAIPUR vs. M/S TRIPCO SERVICES PVT. LTD., , RAIPUR

In the result, the appeal of the revenue is partly allowed in terms of our observations above

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.110/Rpr/2020 "नधा"रण वष" / Assessment Year : 2015-16

68 has been amended by Finance Act, 2012 inserting the sub-section 1 that source of source has to be proved in the cases of share application money ? 5. "Whether on the facts of the cases and in law, the CIT(A) is justified in replying on jurisdictional high court order in the case of ACIT Vs Venkateshwar (spat

MESERS DHARIWAL BROTHERS,RAIPUR vs. INCOME TAX OFFICER, WARD 3(1), RAIPUR

In the result, the appeal of the assessee is partly allowed

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. No.186/Rpr/2018 (िनधा"रण वष" / Assessment Year : 2013-14) बनाम/ M/S. Dhariwal Brothers, Income Tax Officer- C/O. Raymond Retail Shop, Ward (3)(1), Raipur Vs. Jeewan Bima Marg, Pandri, Raipur (C.G.) "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadfd 6404 E (अपीलाथ" /Appellant) (""थ" / Respondent) ..

Section 143(3) of the Income Tax Act, 1961 (“the Act” in short). The grounds of appeal raised by the assessee read as under :- “1. Ld. CIT(A) erred in confirming the addition of Rs.2,15,750/- made by the AO u/s 68 on account of loan received by the appellant from Sunil Kumar Prashan Kumar HUF & interest thereon

DEPUTY COMMISSIONER O F INCOME TAX, RAIPUR vs. BALAJEE LOHA PVT. LTD., RAIPUR

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं. / Ita No: 356/Rpr/2024 (िनधा"रण वष" Assessment Year: 2014-15)

Section 68 of the Act stood discharged by the Assessee. 25 DCIT vs Balajee Loha Pvt. Ltd., Raipur 7. For the foregoing reasons, we are of the view that the impugned order of the Tribunal has to be set aside, answering the question of law, framed and quoted above, in favour of the Assessee

SARVESH BARDIA,RAJNANDGAON vs. INCOME TAX OFFICER-1, RAJNANDGAON

In the result, appeal filed by the assessee is partly allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.299/Rpr/2024 "नधा"रण वष" / Assessment Year : 2017-18 Sarvesh Bardia Bardia Niwas, Sadar Bazar, Rajnandgaon (C.G.)-491 441 Pan: Aqbpb3485F .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer-1, Rajnandgaon (C.G.) ……""यथ" / Respondent

Section 68 of the Act stood discharged by the Assessee.” Also, the Hon’ble High Court of Delhi in the case of Deputy Commissioner of Income Tax Vs. Rohini Builders, (2002) 256 ITR 360 (Del.), had held, that it is not for the assessee to prove the genuineness of the cash deposits in the bank accounts of the creditors