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13 results for “section 68”+ Section 276clear

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Key Topics

Section 115B14Section 143(3)13Addition to Income11Section 26310Section 685Section 1445Demonetization5Section 2504Section 694Section 254(1)

SAMIR S MEHTA,MAHARASHTRA vs. CIT (A)-4, SURAT

In the result, appeal filed by the assessee is allowed

ITA 42/SRT/2022[2017-18]Status: DisposedITAT Surat08 May 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.42/Srt/2022 Assessment Year: (2017-18) (Physical Hearing) Samir Shantilal Mehta, Vs. The Acit, Central Circle-4, 1003, 10Th Floor, Sagardeep, South Surat. Ridge Road, Malabar Hill, Mumbai – 400006. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacpm5453D (Assessee) (Respondent) Shri Vartik Choksi & Biren Shah, Ar Assessee By Respondent By Shri Ashok B. Koli, Cit(Dr) Date Of Hearing 26/04/2023 Date Of Pronouncement 08/05/2023

Section 115BSection 143(3)Section 69A

276 (Trib-Indore) has held that "Substantive law shall be understood to be applicable prospectively unless made specifically retrospective. Thus, it is settled position of law that provision of section 115BBE of the Act is clearly not applicable in case of business income which is taxed under section 28 to 44 of the Income Tax Act. The assessing

SHRI RAJENDRABHAI RAMANLAL DESAI,SURAT vs. INCOME TAX OFFICER, WARD 3(2)(6), SURAT

4
Unexplained Investment3
Deduction2

In the result, the appeal filed by the Revenue is dismissed

ITA 293/SRT/2022[2017-18]Status: DisposedITAT Surat22 May 2023AY 2017-18

Bench: SHRI PAWAN SINGH (Judicial Member)

Section 115Section 115BSection 143(3)Section 254(1)Section 69A

276 (Trib-Indore) has held that "Substantive law shall be understood to be applicable prospectively unless made specifically retrospective. Thus, it is settled position of law that provision of section 115BBE of the Act is clearly not applicable in case of business income which is taxed under section 28 to 44 of the Income Tax Act. The assessing

SEJAL JEWELLERS PVT. LTD.,,SURAT vs. THE INCOME TAX OFFICER, WARD-2(1)(2),, SURAT

In the result, appeal of the assessee is allowed

ITA 435/AHD/2017[2012-13]Status: DisposedITAT Surat28 Feb 2022AY 2012-13

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.435/Ahd/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V Ug-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, S. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaqcs 8686 P (Appellant ) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H.P. Meena– CIT-DR
Section 131Section 131(1)(d)Section 133(6)Section 143(3)Section 68

Section 68 of the Act to prove the genuineness of cash credits received by the assessee. Before us the assessee-company has submitted in respect of each share applicants, the following details and documents to prove the Identity, Creditworthiness and Genuineness of Transactions, which are given below: (1) In respect of M/s Momentum Real Estate Pvt Ltd, the assessee

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIR.-3, SURAT vs. SH. HARESHBHAI MOHANBHAI SAKARIYA, SURAT

In the result, Revenue’s appeal is dismissed

ITA 48/SRT/2021[2017-18]Status: DisposedITAT Surat25 May 2022AY 2017-18

Bench: Shri Pawan Singh & Dr. Arjun Lal Sainiit(Ss)A No.01/Srt/2021 (Ay 2010-11) It(Ss)A No.09/Srt/2020 (Ay 2014-15) (Hearing In Physical Court) Deputy Commissioner Of Shri Dineshchandra D Income-Tax, Central Circle- Koradia, 3Room No.507, 5Th Floor, 9/10, Dayanand Society, Aayakar Bhawan, Majura B/H.Navyug College, Gate, Surat-395001 Rander Road, Surat Pan No: Acupk 3696 A Assistant Commissioner Of Vs Income-Tax, Central Circle-3, Room No.507, 5Th Floor, Aayakar Bhawan, Majura Gate, Surat-395001 Appellant / Revenue Respondent /Assessee

Section 132Section 132(1)Section 143(3)Section 14ASection 153ASection 153CSection 158BSection 254(1)

68 therefore, the disallowance of consequence interests is also affirm. This ground No.6 of Revenue is dismissed. 16. In the result, Revenue’s appeal in IT(SS)A No.01/SRT/2021 is dismissed. IT(SS)A No.09/SRT/2020 (for A.Y.2014-15) 17. The Revenue has raised the following grounds of appeal:- “1. On the facts and in the circumstances of the case

PRAMOD N. PRAJAPATI,SURAT vs. THE INCOME TAX OFFICER, WARD-1, VAPI, VAPI

In the result, this appeal of assessee is dismissed

ITA 621/SRT/2018[1998-99]Status: DisposedITAT Surat20 Dec 2022AY 1998-99

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) Pramod N. Prajapati, Pr.Cit-1, B-1, Panchvati Apartment, Valsad. Vs. Tokarkhada, Silvasa, D&Nh-396230 Pan No. Accpp 2457 J Appellant/ Assessee Respondent/ Revenue Hasmukhbhai N. Prajapati, Pr.Cit-1, E 8, Gokul Vihar, Tokarkhada, Valsad. Vs. Silvasa, D&Nh-396230 Pan No. Accpp 2456 K Appellant/ Assessee Respondent/ Revenue

Section 154Section 250Section 254(1)Section 271(1)(c)

68 [F. No. 245/17/71-A&PAC] dated 17/11/1971 of CBDT that rendering of judgment by Supreme Court is interpretation of law therefore subsequent judgment on the issue of law can be given effect by rectification of mistake as apparent on record as also held by Gujarat High Court in CIT Vs Subodhchandra S. Patel (2004) 138 Taxman 185 (Guj) that even

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, BHARUCH vs. SALYA INDIA PRIVATE LIMITED, BHARUCH

In the result, the ground No

ITA 438/SRT/2018[2010-11]Status: DisposedITAT Surat23 Jan 2023AY 2010-11

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.438/Srt/2018 (Ay 2010-11) (Hearing In Physical Court) Assistant Commissioner Of Salya India Pvt. Ltd. Income Tax, Circle-1, Ayan Apartment, Limda Vs Bharuch, 1St Floor, Hari Falia, At & P.O Kamboli, Kunj, Income Tax Office, Bharuch Pan No. Aalcs 7799 C Above Bank Of Baroda Building, Station Road, Bharuch अपीलाथ"/Appellant ""यथ" /Respondent

Section 133(6)Section 143(3)Section 254(1)

68 of the Act or otherwise about sundry creditors or unsecured loan. Therefore, the deletion of such amount is unwarranted, uncalled for and was devoid of merit and such reference was made by Assessing Officer for rejecting the books of account on flimsy ground by taking clue from the assessees affairs, which includes credit balance from India Infoline Limited

SHAH MAGANLAL GULABCHAND CHOKSI,SURAT vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, SURAT

In the result, appeals of assessee are allowed for statistical purpose

ITA 197/SRT/2022[2017-18]Status: DisposedITAT Surat16 Jan 2025AY 2017-18

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI BIJAYANANDA PRUSETH (Accountant Member)

Section 115BSection 131Section 250Section 271ASection 69

68 on protective basis. The addition was deleted because substantive addition was made in case of M/s S. R. Trader in whose bank account cash of Rs.24,35,98,500/- was made out of which Rs.13,36,00,000/- had been transferred to the bank account of the appellant. 14.4 Ground No.5 was addition of bogus purchases

ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -2, SURAT vs. SHAH MAGANLAL GULABCHAND CHOKSI, SURAT

In the result, appeals of assessee are allowed for statistical purpose

ITA 224/SRT/2022[2017-18]Status: DisposedITAT Surat16 Jan 2025AY 2017-18

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI BIJAYANANDA PRUSETH (Accountant Member)

Section 115BSection 131Section 250Section 271ASection 69

68 on protective basis. The addition was deleted because substantive addition was made in case of M/s S. R. Trader in whose bank account cash of Rs.24,35,98,500/- was made out of which Rs.13,36,00,000/- had been transferred to the bank account of the appellant. 14.4 Ground No.5 was addition of bogus purchases

ACIT,CIRCLE-2,, BHARUCH vs. SHRI MOHMEDSADIK A SHAIKH, ANKALESHWAR

In the result, appeal filed by the Revenue is dismissed

ITA 682/SRT/2018[2014-15]Status: DisposedITAT Surat27 Jun 2022AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.682/Srt/2018 ("नधा"रणवष" / Assessment Years: (2014-15) (Virtual Court Hearing) The Acit, Circle-2, Vs. Mohmedsadik A. Shaikh, Bharuch. Prop. Of Earth Power, Behind Mona Complex, Rajpipla Chowkdi, Ankleshwar-395002. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ahzps5638N (Appellant)/(Revenue) (Respondent)/(Assessee) Assessee By : Ms Kinjal V. Shah, Ca Revenue By : Shri Deependra Kumar, Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 27/04/2022 घोषणाक"तार"ख/Date Of Pronouncement : 27/06/2022 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Appeal Filed By The Revenue, Pertaining To Assessment Year (Ay) 2014-15, Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-3, Vadodara [In Short “The Ld. Cit(A)”] In Appeal No. Cit(A)-Vadodara-3/10033/2017-18, Dated 30.07.2018, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 143(3) Of The Income Tax Act, 1961 [Hereinafter Referred To As The “Act”].

For Appellant: Ms Kinjal V. Shah, CAFor Respondent: Shri Deependra Kumar, Sr. DR
Section 143(3)Section 144Section 145(3)Section 40A(2)(b)

68,513/- 4. Aggrieved by the order of the Assessing Officer, the assessee carried the matter in appeal before the Ld. CIT(A) who has made estimated addition at the rate of 10% of Turnover and deleted other addition made by the Assessing Officer observing as follows: ITA.682/SRT/2019/AY.2014-15 Mohmedsadik A. Shaikh “Once books of accounts are rejected under section

KANAIYA READYMADE STORES,SURAT vs. PR. CIT-1, SURAT, SURAT

In the result, appeal filed by the assessee is allowed

ITA 61/SRT/2022[2017-18]Status: DisposedITAT Surat17 Apr 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.61/Srt/2022 Assessment Year: (2017-18) (Physical Hearing) Kanaiya Readymade Stores, The Pcit-1, Surat. Vs. 3/199-200, Main Bazar, Opp. Laliya Lake, Olpad, Surat – 394540. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aalfk1700E (Appellant) (Respondent) Appellant By Shri Rasesh Shah, Ca Respondent By Shri Ritesh Mishra, Cit(Dr) Date Of Hearing 02/02/2023 Date Of Pronouncement 17/04/2023

Section 143(3)Section 263

68,290/-. Thereafter, the case was selected for complete scrutiny for the reason of large cash deposit during demonetization period. The scrutiny assessment under section 143(3) of the Income Tax Act was finalized on 19.12.2019 accepting the returned income. 3. Later on, Ld. PCIT exercised his jurisdiction under section 263 of the Act. On perusal of records

KANTIBHAI PUNJYABHAI PATEL HUF,SURAT vs. INCOME TAX OFFICER, WARD 1(3)(7), SURAT

In the result, appeal of the assessee is allowed for statistical purposes

ITA 723/SRT/2023[2017-18]Status: DisposedITAT Surat22 May 2025AY 2017-18

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.723/Srt/2023 Assessment Year: (2017-18) (Physical Hearing) Kantibhai Punjyabhai Patel Huf, Vs. The Ito, B-1, Durgauri Society, Mora Ward - 1(3)(7), Bhagal Road, Morabhagal, Surat Surat – 395005, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaihk6444A (Appellant) (Respondent) Appellant By Shri Sapnesh Sheth, Ca Respondent By Shri Mukesh Jain, Sr. Dr Date Of Hearing 12/03/2025 Date Of Pronouncement 22/05/2025

Section 115BSection 144Section 2(31)Section 250Section 68

68 of the Act. The AO determined the total income of Rs.51,65,876/- as against the returned income of Rs.3,58,840/-. 4. Aggrieved by the addition made by AO, assessee preferred appeal before CIT(A). The CIT(A) has considered the materials and facts of the case and the objection of the AO at para 7. He observed

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIR.-2,, SURAT vs. SHRI RAMESHBHAI RAGHAVBHAI BHADANI, SURAT

In the result, summarized and concise ground No

ITA 45/SRT/2021[2014-15]Status: DisposedITAT Surat15 Jul 2022AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A.L. Saini, Am आयकरअपीलसं./It(Ss)A Nos.25 &31/Srt/2021 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Deputy Commissioner Of Rameshbhai Raghavbhai Bhadani, Prop. Of M/S Rangeela Fashion, 14, Income-Tax, Central Circle-2, Room No. 505, 5Th Floor, Nirman Industrial Estate, A.K. Road, Fulpada, Surat Aaykar Bhawan, Majura Gate, Vs. Surat-395001. Deputy Commissioner Of Income- Rameshbai Raghavhai Bhadani Plot No.14-16, Nirman Tax, Central Circle-2, Room No.505, 5Th Floor, Aaykar Bhawan, Majura Industrial Estate, A./K. Road, Surat-395008 Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Adkpb 0556 F (Assessee) (Respondent) आयकरअपीलसं./Ita Nos.45/Srt/2021 ("नधा"रणवष" / Assessment Year: (2014-15) Deputy Commissioner Of Shri Rameshbhai Raghavbhai Income-Tax, Circle-3, Room No. Bhadani, Prop. Of M/S Rangeela Vs. 505, 5Th Floor, Aaykar Bhawan, Fashion, 14, Nirman Industrial Majura Gate, Surat-395001. Estate, A.K. Road, Fulpada, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Adkpb 0556 F (Assessee) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H. P. Meena, CIT(DR)
Section 132Section 143(3)

section 132 in the case of Laxmipati group of Surat.” 32. The facts of the case in respect of the addition of Rs.11,00,000/- for unaccounted investment in land at Block no, 215,216,217, 218/2, Sarbhon are as follows. During the course of search at the residence of Shri Piyush G. Modi, a sauda chitthi dated

ENGINEERING PROFESSIONAL CO. PVT LTD,SURAT vs. PCIT-1, SURAT

In the result, appeal of the assessee is partly allowed

ITA 541/SRT/2024[2018-19]Status: DisposedITAT Surat19 Feb 2025AY 2018-19

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.541/Srt/2024 Assessment Year: (2018-19) (Physical Hearing) Engineering Professional Co. Pvt. Ltd., Vs. The Pcit -1, 444, Royal Arcade, Opp. Sarthana Zoo, Surat Varachha Road, Near Sarthana Jakatnaka, Surat – 395006, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aabce0313Q (Appellant) (Respondent) Appellant By Shri P. M. Jagasheth, Ca Respondent By Shri Ravi Kant Gupta, Cit(Dr) Date Of Hearing 13/02/2025 Date Of Pronouncement 19/02/2025

Section 142(1)Section 143(2)Section 143(3)Section 194CSection 263

section 263 of the Act and referred to the decisions of Hon’ble Supreme Court and High Courts in the cases of Malabar Industries Ltd. vs. CIT, 243 ITR 83 (SC), CIT vs. Pavilee Projects Pvt. Ltd., 149 taxman.com 115 (SC), CIT vs. Nagesh Neatwears Pvt. Ltd., 345 ITR 135 (Delhi), ITO vs. D. G. Housing Projcts