THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

34 ITR 10 has held that in assessing the amount of profits and gains liable to tax, one must necessarily have regard to the accepted commercial practice that deduction of such expenses and losses is to be allowed, if it arises in carrying on business and is incidental to it. [Para 10] • On the basis of the aforesaid decision

SMT. CHANDRIKABEN NARANBHAI BHORANIA,MORBI vs. ITO, WARD-1 , MORBI

In the result, the appeal of the assessee is allowed

10. The provisions of section 68 can be invoked with respect to the sum found credited in the books of accounts and the assessee offers no explanation about I.T.A No. 204/Rjt/2019 A.Y. 2015-16 Page No 4 Chandrikaben Naranbhai Bhorania Vs. ITO the nature and source thereof or the explanation offered by him is not satisfactory. Thus

THE DCIT, MORBI CIRCLE, , MORBI vs. M/S. CLAYRIS CERAMICS PVT. LTD.,, MORBI

In the result, the appeal of the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकरअपीलसं./Ita No. 287/Rjt/2018 With Co No. 28/Rjt/2018 निर्धररवरध/Asstt. Year: 2013-14 D.C.I.T, M/S. Clayris Ceramic Pvt. Ltd., Morbi Circle, Vs. Opp. Soriso Ceramics, Morbi. B.H Fame Ceramics Pvt., 8A-Nh, Morbi.

34,150/- only whereas the assessee has claimed receipt of unsecured loan of Rs. 40 Lakh. There were no other details furnished by the assessee to establish the sources and creditworthiness of impugned loan parties. 2.4 Regarding the credit of loan from M/s Dhiman Trading Pvt Ltd, the AO found that loan amount was adjusted against the allotment of shares

RADHE RENEWABLE ENERGY DEVELOPMENT PVT LTD,RAJKOT vs. THE PCIT, RAJKOT-1, RAJKOT, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

10. Copy of audited accounts of the depositor wherein the loan o the appellant has been duly reflected in the balance sheet. 11. Details showing net worth of the depositor from their audited financial statement which shows that the loan advanced to the appellant constitutes a small fraction of the net worth. 5.5. The law about cash credits has been

THE DY. COMMR. OF INCOME TAX, CIRCLE-1(1),, RAJKOT-GUJARAT vs. M/S. RADHE RENEWABLE ENERGY DEVELOPEMENT PVT. LTD.,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

10. Copy of audited accounts of the depositor wherein the loan o the appellant has been duly reflected in the balance sheet. 11. Details showing net worth of the depositor from their audited financial statement which shows that the loan advanced to the appellant constitutes a small fraction of the net worth. 5.5. The law about cash credits has been

M/S RADHE RENEWABLE ENERGY DEVELOPMENT PVT. LTD.,,RAJKOT-GUJARAT vs. THE ASSTT. COMMR. INCOME TAX, CIRCLE-5,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

10. Copy of audited accounts of the depositor wherein the loan o the appellant has been duly reflected in the balance sheet. 11. Details showing net worth of the depositor from their audited financial statement which shows that the loan advanced to the appellant constitutes a small fraction of the net worth. 5.5. The law about cash credits has been

THE DEPUTY COMMR. INCOME TAX, CIRCLE-1(2),, RAJKOT vs. M/S RADHE RENEWABLE ENERGY DEVELOPMENT PVT. LTD.,, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

10. Copy of audited accounts of the depositor wherein the loan o the appellant has been duly reflected in the balance sheet. 11. Details showing net worth of the depositor from their audited financial statement which shows that the loan advanced to the appellant constitutes a small fraction of the net worth. 5.5. The law about cash credits has been

SHRI JAYANTILAL RUDABHAI BHALANI,JAMNAGAR vs. THE ITO, WARD-1(3), JAMNAGAR

In the result, appeal of the assessee is dismissed

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarassessment Year : 2009-10 Jayantilal Rudabhai Bhalani Ito, Ward-1(3) Bilnath Krupa Vs Jamnagar. Opp: Khodiyar Colony Air Force Road, Nilkamal Colony Jamanagar 361 008. (Applicant) (Responent) : Shri Mehul Ranpura, Ar Assessee By Revenue By : Shri S.S. Rathi, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 31/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 03/06/2022 आदेश/O R D E R

68 of the Act. 5. Aggrieved, the assessee filed appeal before the ld.CIT(A). Before the ld.CIT(A) assessee filed a detailed submissions, which appellate authority has reproduced from page no.4 to 9 of the impugned order. Crux of the submissions made by the assessee before the ld.CIT(A) can be summarized as follows: i) The assessee is mainly engaged

THE ACIT, CIRCLE- 1,, RAJKOT-GUJARAT vs. SMT. MANISHABEN N. MASHRU,, RAJKOT-GUJARAT

In the result, appeal of the Revenue in ITA No

Bench: Shri Pramod Kumar & Shri Rajpal Yadavsr.No.

section 68 of the Act contemplates where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof, or the explanation offered by the assessee is not, in the opinion of the AO satisfactory, then the sum so credited in the accounts

SHRI SANJAYBHAI GORDHANBHAI JAKSANIA,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2 ,, RAJKOT-GUJARAT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

10,2005 Rs.1,00,000/- 3 By Cheque 17,12,2005 Rs.1,00,000/- Rs39,00,000/- The assessee during the assessment proceedings failed to justify the source of deposits in his bank account, therefore the AO treated the same as unexplained cash credit under section 68 of the Act. Hence the AO added

SHRI KISHOR GORDHANBHAI JAKSANIA,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2,, RAJKOT-GUJARAT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

10,2005 Rs.1,00,000/- 3 By Cheque 17,12,2005 Rs.1,00,000/- Rs39,00,000/- The assessee during the assessment proceedings failed to justify the source of deposits in his bank account, therefore the AO treated the same as unexplained cash credit under section 68 of the Act. Hence the AO added

SHRI GHANSHYAMBHAI GORDHANBHAI JAKSANIA,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2,, RAJKOT-GUJARAT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

10,2005 Rs.1,00,000/- 3 By Cheque 17,12,2005 Rs.1,00,000/- Rs39,00,000/- The assessee during the assessment proceedings failed to justify the source of deposits in his bank account, therefore the AO treated the same as unexplained cash credit under section 68 of the Act. Hence the AO added

ACIT CIRCLE-1(1), RAJKOT, RAJKOT vs. GRENIC TILES PVT LTD, MORBI

The appeal of the assessee is allowed, whereas\nappeal of the revenue is dismissed

10,42,157 15,93,888\n6,40,719 6,40,719 1,15,07,773\nJul-16\n1,15,07,773\n4,54,876 6,86,825 11,41,701\n6,80,184 6,80,184 1,19,69,290\nAug-16 1,19,69,290\n4,68,307 4,95,238\n9,63,445\n6,34

GRENIC TILES PRIVATE LIMITED,WANKANER-MORBI vs. ASST.COMMISSIONER OF INCOME-TAX CIRCLE 1(1) RKT, RAJKOT

The appeal of the assessee is allowed, whereas\nappeal of the revenue is dismissed

10,42,157 15,93,888\n6,40,719 6,40,719 1,15,07,773\nJul-16\n1,15,07,773\n4,54,876 6,86,825 11,41,701\n6,80,184 6,80,184 1,19,69,290\nAug-16 1,19,69,290\n4,68,307 4,95,238\n9,63,445\n6,34

ASHVIN DINESHBHAI JADAV,RAJKOT vs. ITO, WARD-1(1)(1), RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

68-Held, yes [Para 14] [In favour of assessee)” (iii) Hon'ble ITAT Delhi Bench 'A' in the case of ACE Infracity Developers (P.) Ltd. V DCIT held as under: Page 8 of 10 Ashvin D Jadav “7.… It also further mentions that the pre-amended provision of section 115BBE of the Act did not convey the intention that

KALPESH RAVJIBHAI SOJITRA,JASDAN vs. THE INCOME TAX OFFICER, WARD 2(1)(2), RAJKOT, RAJKOT

In the result, appeal filed by the assessee is allowed, in above terms

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha(Hybrid Hearing) Kalpesh Ravjibhai Sojitra, Vs. The Ito, Prop. Sojitra Petrolium, Bypass Ward-2(1)(2), Circle Atkot Road, Jasdan, Rajkot 360050, Rajkot-( Guj) "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Bqmps8120G (/Appellant) (/Respondent)

68 amounting to Rs. 90,39,290/- is duly justified, owing to the failure of the assessee to explain the nature and source of cash deposits; no violation of principles of natural justice has been established and no supporting documentary evidence has been submitted either at assessment, therefore findings of the assessing officer, was confirmed by the learned

SHRI LALJI KHIMJI PATEL,,BHUJ vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRASL CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

10 respectable witnesses in his defence before the Assessing Officer to establish the contents of the so called affidavit as true nor their affidavits were filed. Those two persons were the actual witnesses of the search proceedings and were from the same locality. Thus, the copy of the so called affidavit not supported by any evidence had no evidentiary value

SHRI LALJIBHAI KHIMJIBHAI PATEL,,BHUJ vs. THE INCOME TAX OFFICER, WARD-2,, BHUJ

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

10 respectable witnesses in his defence before the Assessing Officer to establish the contents of the so called affidavit as true nor their affidavits were filed. Those two persons were the actual witnesses of the search proceedings and were from the same locality. Thus, the copy of the so called affidavit not supported by any evidence had no evidentiary value