GANESH GANPAT ALIM,MAHARASHTRA vs. ITO WASRD-3(3)(1), SURAT

In the result, appeals filed by the assessee is allowed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.40/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F आयकर अपील सं./Ita No.41/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F Appellant By Shri Sapnesh Sheth, Ca Respondent By Shri Ashok B. Koli, Cit(Dr) With Shri Vinod Kumar, Sr. Dr 22/03/2023 Date Of Hearing Date Of Pronouncement 08/05/2023 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Two Appeals Filed By The Assessee, Pertaining To Assessment Year (Ay) 2012-13, Are Directed Against The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), [In Short “The Ld. Cit(A)”], Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 144 R.W.S 147 & A Penalty Order Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

145 taxmann.com 27 (Gujarat) held that where assessee took loan from two parties and assessee had furnished requisite material showing identity of loan givers and that assessee was not beneficiary as loan was repaid in subsequent year, no addition under section 68 could be made on account of such loan. The findings of the Hon`ble Court is reproduced below

GANESH GANPAT ALIM,MAHARASHTRA vs. INCOME TAX OFFICER, WARD-1(1)(1), SURAT

In the result, appeals filed by the assessee is allowed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.40/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F आयकर अपील सं./Ita No.41/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F Appellant By Shri Sapnesh Sheth, Ca Respondent By Shri Ashok B. Koli, Cit(Dr) With Shri Vinod Kumar, Sr. Dr 22/03/2023 Date Of Hearing Date Of Pronouncement 08/05/2023 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Two Appeals Filed By The Assessee, Pertaining To Assessment Year (Ay) 2012-13, Are Directed Against The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), [In Short “The Ld. Cit(A)”], Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 144 R.W.S 147 & A Penalty Order Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

145 taxmann.com 27 (Gujarat) held that where assessee took loan from two parties and assessee had furnished requisite material showing identity of loan givers and that assessee was not beneficiary as loan was repaid in subsequent year, no addition under section 68 could be made on account of such loan. The findings of the Hon`ble Court is reproduced below

SHRIFAL IMPEX PRIVATE LIMITED,SURAT vs. INCOME TAX OFFICER, WARD - 2(1)(3), SURAT

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). ITA Nos. 190 - 191 &250/SRT/2023 Shrifal Impex Pvt. Ltd. 2. Since, the issues involved in all the appeals are common and identical; therefore, these appeals have been heard together and are being disposed of by this consolidated order. For the sake of convenience

SHRIFAL IMPEX PVT. LTD.,,SURAT vs. INCOME TAX OFFICER, WARD - 2(1)(3), SURAT

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). ITA Nos. 190 - 191 &250/SRT/2023 Shrifal Impex Pvt. Ltd. 2. Since, the issues involved in all the appeals are common and identical; therefore, these appeals have been heard together and are being disposed of by this consolidated order. For the sake of convenience

SHRIFAL IMPEX PVT. LTD.,,SURAT vs. INCOME TAX OFFICER, WARD - 2(1)(3), SURAT

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). ITA Nos. 190 - 191 &250/SRT/2023 Shrifal Impex Pvt. Ltd. 2. Since, the issues involved in all the appeals are common and identical; therefore, these appeals have been heard together and are being disposed of by this consolidated order. For the sake of convenience

ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, SURAT vs. M/S. HARSHIT GEMS LTD., , SURAT

In the result, assessee’s Co is allowed and Revenue’s appeal is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

1) on 24.09.2014 and initially assessment under section 143(3) was completed on 25.11.2016, which was revised by Ld. PCIT by invoking his power under section 263 of the Act on 08.03.2019. The time limit under section 153(3) for completion of re-assessment in terms of direction of Ld. PCIT was upto 31.12.2019 i.e., within nine months from

ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, SURAT vs. M/S. HARSHIT GEMS LTD., , SURAT

In the result, assessee’s Co is allowed and Revenue’s appeal is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

1) on 24.09.2014 and initially assessment under section 143(3) was completed on 25.11.2016, which was revised by Ld. PCIT by invoking his power under section 263 of the Act on 08.03.2019. The time limit under section 153(3) for completion of re-assessment in terms of direction of Ld. PCIT was upto 31.12.2019 i.e., within nine months from

HARSHIT GEMS LTD,SURAT vs. DY. COMMISSIONER OF INCOME TAX, SURAT

In the result, assessee’s Co is allowed and Revenue’s appeal is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

1) on 24.09.2014 and initially assessment under section 143(3) was completed on 25.11.2016, which was revised by Ld. PCIT by invoking his power under section 263 of the Act on 08.03.2019. The time limit under section 153(3) for completion of re-assessment in terms of direction of Ld. PCIT was upto 31.12.2019 i.e., within nine months from

HARSHIT GEMS LTD,SURAT vs. ASST. COMMISSIONER OF INCOME TAX, SURAT

In the result, assessee’s Co is allowed and Revenue’s appeal is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

1) on 24.09.2014 and initially assessment under section 143(3) was completed on 25.11.2016, which was revised by Ld. PCIT by invoking his power under section 263 of the Act on 08.03.2019. The time limit under section 153(3) for completion of re-assessment in terms of direction of Ld. PCIT was upto 31.12.2019 i.e., within nine months from

VIVEK KHABIA,SURAT vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, ground No. 3 is allowed and ground No

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No. 1072/Srt/2024 (Ay 2018-19) (Physical Court Hearing) Vivek Khabia Income Tax Officer, Ward- H.No.1187-90-91, 1089, Office 2(3)(4), Surat, Aaykar Bhavan, बनाम No.411, New Dtc Gheekanta Majura Gate, Surat-395 001 Vs Road, Nr. Bhavani Vad Temple, Haripura, Surat-395 003 [Pan : Avspk 5724 E] अपीलाथ"/Appellant ""थ" /Respondent

1. This appeal by assessee is directed against the order of National Faceless Appeal Centre, Delhi/Commissioner of Income tax (Appeals) [for short to as “NFAC/Ld.CIT(A)] dated 30.08.2024 for assessment year (AY) 2018-19, which in turn arises out of assessment order passed by Assessing Officer under section 147 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred

ITO, WARD 2(3)(8), SURAT vs. MUKESH MAHAVIRPRASAD SEN, SURAT

In the result the ground No

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

1) was also issued along with the detailed questionnaire to the assessee calling for various details, clarifications etc. In response to the notices issued, the assessee has filed the details called for. The details are placed on the record. The assessee firm was engaged in the business of trading in diamonds. During the assessment proceedings, as requested by the assessee

INCOME TAX OFFICER, WARD 2(3)(8), SURAT vs. SHRI RAJESH KUMAR PAMECHA, AJMER

In the result the ground No

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

1) was also issued along with the detailed questionnaire to the assessee calling for various details, clarifications etc. In response to the notices issued, the assessee has filed the details called for. The details are placed on the record. The assessee firm was engaged in the business of trading in diamonds. During the assessment proceedings, as requested by the assessee

ITO, WARD-2(3)(7), SURAT vs. ANSHUMAN RAMDAYALJI KUMAWAT, SURAT

In the result the ground No

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

1) was also issued along with the detailed questionnaire to the assessee calling for various details, clarifications etc. In response to the notices issued, the assessee has filed the details called for. The details are placed on the record. The assessee firm was engaged in the business of trading in diamonds. During the assessment proceedings, as requested by the assessee

ITO, WARD-2(3)(7), SURAT vs. ANSHUMAN RAMDAYALJI KUMAWAT, SURAT

In the result the ground No

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

1) was also issued along with the detailed questionnaire to the assessee calling for various details, clarifications etc. In response to the notices issued, the assessee has filed the details called for. The details are placed on the record. The assessee firm was engaged in the business of trading in diamonds. During the assessment proceedings, as requested by the assessee

ITO, WARD 2(3)(8), SURAT vs. MUKESH MAHAVIRPRASAD SEN, SURAT

In the result the ground No

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

1) was also issued along with the detailed questionnaire to the assessee calling for various details, clarifications etc. In response to the notices issued, the assessee has filed the details called for. The details are placed on the record. The assessee firm was engaged in the business of trading in diamonds. During the assessment proceedings, as requested by the assessee

MEENAXI GEMS PVT LTD,SURAT vs. INCOME TAX OFFICER, WD-1(1)(4), SURAT, SURAT

In the result, the appeal of the assessee in ITA No

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita No.612 & 613/Srt/2025 Assessment Year: (2007-08) (Hybrid Hearing) Meenaxi Gems Pvt. Ltd., Vs. Ito, 5/1108-A, 1167/68-B, Santok Ward – 1(1)(4), Diamonds Office No.106, Gurjar Surat Faliya, Haripura, Surat - 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aadcm4645B (Appellant) (Respondent) Appellant By Shri Prakash Jhunjhunwala, Ar Respondent By Shri Ajay Uke, Sr. Dr Date Of Hearing 15/09/2025 Date Of Pronouncement 27/11/2025

section 271(1)(c) of the Act. Since facts are same, with consent of the parties, both appeals were heard together and a common order is passed for the sake of convenience and brevity. The quantum appeal in ITA No.612/SRT/2025 is treated as “lead” case. 1 ITA Nos.612 & 613/SRT/2025/AY 2007-08 Meenaxi Gems Pvt. Ltd. 2. The grounds of appeal

MEENAXI GEMS PVT LTD,SURAT vs. INCOME TAX OFFICER, WD-1(1)(4), SURAT, SURAT

In the result, the appeal of the assessee in ITA No

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita No.612 & 613/Srt/2025 Assessment Year: (2007-08) (Hybrid Hearing) Meenaxi Gems Pvt. Ltd., Vs. Ito, 5/1108-A, 1167/68-B, Santok Ward – 1(1)(4), Diamonds Office No.106, Gurjar Surat Faliya, Haripura, Surat - 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aadcm4645B (Appellant) (Respondent) Appellant By Shri Prakash Jhunjhunwala, Ar Respondent By Shri Ajay Uke, Sr. Dr Date Of Hearing 15/09/2025 Date Of Pronouncement 27/11/2025

section 271(1)(c) of the Act. Since facts are same, with consent of the parties, both appeals were heard together and a common order is passed for the sake of convenience and brevity. The quantum appeal in ITA No.612/SRT/2025 is treated as “lead” case. 1 ITA Nos.612 & 613/SRT/2025/AY 2007-08 Meenaxi Gems Pvt. Ltd. 2. The grounds of appeal

PALAK DESIGNER DIAMOND JEWELLERY,MAHIDHARPURA, SURAT vs. LD. AO, NFAC, DELHI

In the result, the appeal of the assessee for AY 2016-17 is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

1 (SC) that the court cannot investigate into the adequacy or sufficiency of the reasons which have wade with the Assessing Officer in coming to the belief but the court can certainly examine whether the reasons are relevant and have a bearing on the matters in regard to which he is required to entertain the belief before he can issue