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1 - 10 of 13 (0.26 seconds)Section 115BBE in The Income Tax Act, 1961 [Entire Act]
The Ito, Ward-2(2)(5), Ahmedabad vs Shri Samir J Shah, Ahmedabad on 22 March, 2023
The copy of chart containing
details of unsecured ITO vs. Shri Samir J. Shah loans which were
provided to the Assessing Officer is produced before us at pages 9 to
13 of the paper book. We observe that ld. CIT(A) also gave due
consideration to the above chart giving details of party wise break
up of loans (at pages 12 to 14 of the order of the CIT(A)), while giving
relief to the assessee. Accordingly, so far as addition u/s. 68 of the
Act on account of opening balance Rs.4,74,88,871/- is concerned,
we find no infirmity in the order of ld.CIT(A) so as to call for any
interference."
Section 131 in The Income Tax Act, 1961 [Entire Act]
Deputy Commissioner Of Income-Tax vs Parikh Petro Chemicals Agencies (P.) ... on 17 August, 2000
Similar
view was also taken by the Gujarat High Court in the case of Dy.
CIT vs. Amod Petro-Chem (P) Ltd. 2008 ITO vs. Shri Samir J. Shah
217 CTR (Guj) 401.
The Commissioner Of Income Tax vs Usha Stud And Agriculatural Farms Pvt. ... on 3 March, 2005
The Delhi High Court in the case of CIT vs. Usha
Stud Agricultural Farms Ltd. 301 ITR 384 (Del) also held that when
the credit balance appearing in the account of the assessee did not
pertain to the year under consideration, the Assessing Officer was
not justified in making the impugned addition u/s. 68 of the Act.
Sarla Agarwal Daughter Of Mahaveer ... vs Income Tax Officer on 27 January, 2022
Again, the Delhi ITAT in the case of Mahaveer Prasad vs. ITO 40
taxman 35 (Del Trib) (Tax Magazine) held that amounts found in the
books of accounts of the assessee were in existence much prior to
the beginning of the accounting period and therefore the same
cannot be treated as income of the assessee during the relevant
previous year.
Section 250 in The Income Tax Act, 1961 [Entire Act]
Acit,, Ludhiana vs M/S Vardhman Holdings Ltd.,, Ludhiana on 31 May, 2019
Further, in the case of Shri
Vardhman Overseas Ltd. vs. ACIT 24 SOT 393 (Delhi Trib.) held that
since no new amount has been credited by the assessee in its
account during the year under consideration, applicability of section
68 of the Act is ruled out. Therefore, in view of the above judgments,
we observe that it is a settled law that opening balance o unsecured
loans coming from previous financial years cannot be added u/s. 68
of the Act to th income of the assessee. We further observe that even
the PAN numbers as well as addresses of all such parities were
duly furnished by the assessee to the ld. Assessing Officer during
the course c assessment proceedings.