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COMMISSIONER OF INCOME TAX I Versus HARSHAD BABULAL MAKWANA

2015 (5) TMI 229 - GUJARAT HIGH COURT

Unexplained source of the cash deposit in bank account - ITAT deleted addition relying upon its observation in the case of M/s. Natural Biocon (India) Ltd - Held that:- On considering the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. for the Assessment Year 1996-97 the learned Tribunal had an occasion to consider the share application money of ₹ 25 lacs received by M/s. Natural Biocon (India) Ltd. from the present assessee-Shri Makwana. It is true tha .....

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earned Tribunal has also observed in the case of M/s. Natural Biocon (India) Ltd. that the Assessing Officer himself admitted that such advance was given to Shri Makwana through banking channel. The learned Tribunal also observed that there is no dispute about the capacity of the M/s. Natural Biocon (India) Ltd. in giving the advance of ₹ 25 lacs to Shri Makwana.

Thus it cannot be said that the learned Tribunal has committed any error in deleting the addition of ₹ 25 lacs .....

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medabad (hereinafter referred to as the Tribunal ) dated 30/05/2014 for the Assessment Year 1996-97 in ITA No.49/Ahd/2009, the revenue has preferred the present Tax Appeal with the following substantial questions of law; (i) Whether on the facts and in law, the ITAT was justified in not upholding the finding of the CIT(A) that the source of the cash deposit of ₹ 25 in the assessee s bank account was not explained and, therefore, the said amount was liable to be taxed in his hands as his de .....

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e have also gone through and considered the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. in ITA No.2638/Ahd/2003 in which the very amount of ₹ 25 lacs came to be considered. The Assessing Officer made the addition of ₹ 25 lacs being unexplained investment in the share of the company namely M/s. Natural Biocon (India) Ltd.. The learned CIT(A) sustained the said addition. However, on appeal, the learned Tribunal has deleted the said addition by o .....

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hands of the assessee-Shri Makwana can be said to be unexplained investment. Consequently, the learned Tribunal has deleted the addition of ₹ 25 lacs made by the Assessing Officer confirmed by the learned CIT(A) on the ground that the aforesaid amount of ₹ 25 lacs is not unexplained investment. On considering the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. for the Assessment Year 1996-97 the learned Tribunal had an occasion to consider the sh .....

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