Chetan Gupta v. ACIT

144 ITD 344Income Tax Appellate Tribunal2013#10169 most cited

What is Chetan Gupta v. ACIT authority for?

The theory of peak credit can be applied for making additions to income. This allows for additions based on the highest credit balance in an account during a period, rather than the total sum of credits.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2021.

Also referred to as

Chetan Gupta v. ACIT · ITAT · peak credit · cash credits · addition to income · section 68 · section 69 · bank deposits · unexplained deposits

Judgments citing Chetan Gupta v. ACIT

Computerland Uk Limited, Pune vs. Assistant Commissioner of Income-Tax, (It)-1, Pune

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

ITA 2505/PUN/2017[2013-14]Status: DisposedITAT Pune06 Dec 2021AY 2013-14

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No. 2505/Pun/2017 धनधाारण वषा / Assessment Year : 2013-14 Computerland Uk Limited C/O. Ventura India Private Limited Commerzone, Building No. 2 & 7, 1St Floor, Survey No.144 & 145, Samrat Ashoka Path, Off. Airport Road, Yerwada, Pune-411 014. Pan : Aaecc4565H .......अपीलाथी / Appellant बनाम / V/S.

For Appellant: Shri Rajendra AgiwalFor Respondent: Shri Rajiv Kumar
Section 144C(5)

…super normal profit making companies or loss making companies from the list of comparable companies. This has been held in the decisions in the cases of : a) Diagio India Private Limited Vs. ACIT (2011) 47 SOT 252 (Mum) b) 24/7 Customer.com (p) Ltd. Vs. DCIT 144 ITD 344 (Bang) c) Exonn Mobil Company India (P) Ltd. Vs. DCIT (2021) 46 SOT 294 (Mum) d) Wills Processing Services (I) (P) Ltd. Vs. DCIT (2013) 57 SOT 339 (Mum) 6.10.2 These decisions hold that as long as a company is functionally comparable, it should be included in the set of the comparable companies, whether it has incurred losses or has earned super…

Shri Shyam Gidwani, Jaipur vs. Income Tax Officer, Ward-6-1, Jaipur

In the result, the explanation so submitted in support of source of deposit of Rs 6 lacs cannot be accepted and is hereby dismissed

ITA 808/JPR/2018[2008-09]Status: DisposedITAT Jaipur21 Oct 2021AY 2008-09
For Appellant: Shri Mahendra Gargieya (Adv.) &For Respondent: Shri A.S. Nehra (Add.CIT) a
Section 147Section 148Section 151Section 69A

…Rs. 5,66,100/- which otherwise sourced from the savings of his wife. The ld. CIT (A) is silent on this aspect. In support, reliance was placed on the following decisions:- • Sind Medical Stores vs. CIT (2015) 117 DTR 78 (Raj.) • Chetan Gupta vs. ACIT (2013) 144 ITD 344 (Del.) • Smt. Maina Devi v/s ITO (2005) 98 TTJ 21 (JD) • ACIT v/s Ram Gopal Manda (2008) 40 TW 16 (Jd) • Thyarmal Bal Chand 165 ITR 453 (Raj). 30. It was submitted that the AO completely ignored the settled law that u/s 68, 69 etc. only a discretion has been conferred upon the AO to be exercised judiciously but he is not always obliged to mak…

Labh Singh, New Delhi vs. ITO Ward -02, Panipat

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

ITA 4037/DEL/2019[2010-11]Status: DisposedITAT Delhi14 Oct 2021AY 2010-11

Bench: Shri R.K. Panda

For Appellant: Shri Somil AgarwalFor Respondent: Sh. R.K. Gupta, Sr. DR
Section 142(1)Section 144Section 147Section 148Section 234ASection 69A

…he bank account and, therefore, only the peak credit should be added to the total income of the assessee. I find some force in the above arguments of the Ld. CIT(A). I find the Coordinate Bench of the Tribunal in the case of Chetan Gupta vs., DCIT reported in 144 ITD 344 has allowed the theory of peak credit for making the addition. I find the Hon’ble Allahabad High Court in the case of Saraf Trading Co., (supra) observed as under : 8 ITA.No.4037/Del./2019 Shri Labh Singh, Panipat. “30. We may also notice that against the Tribunal’s earlier order dated February 13, 2004, the Department filed an appeal under sect…

Mr. Jagat Singh, Delhi vs. ACIT, New Delhi

ITA 3039/DEL/2015[2007-08]Status: DisposedITAT Delhi02 Nov 2018AY 2007-08

Bench: Shri N. K. Saini & Ms Suchitra Kambleita No. 3037/Del/2015 ( A.Y 2005-06) Ita No. 3039/Del/2015 ( A.Y 2007-08)

Section 147Section 148Section 68Section 69

…bmits that the Assessing Officer seriously believes Jagat and Kiran are the names of business concerns which were run by Shri Chetan Gupta and his family. This is evident from the order of the Tribunal dated 21.06.2013 in the case of Shri. Chetan Gupta [2013] 144 ITD 344 (Delhi - Trib.). The Ld. AR submitted that before any addition could have been made at least it had to be identified that Jagat c/o Biba Ji is the assessee. The assumptions & presumptions have no role to play for making any addition which is well known to be an arbitrary and vindictive act. Thus the assessee i.e. Shri Jagat Singh who is a sitting…

Mr. Jagat Singh, Delhi vs. ACIT, New Delhi

ITA 3038/DEL/2015[2006-07]Status: DisposedITAT Delhi02 Nov 2018AY 2006-07

Bench: Shri N. K. Saini & Ms Suchitra Kambleita No. 3037/Del/2015 ( A.Y 2005-06) Ita No. 3039/Del/2015 ( A.Y 2007-08)

Section 147Section 148Section 68Section 69

…bmits that the Assessing Officer seriously believes Jagat and Kiran are the names of business concerns which were run by Shri Chetan Gupta and his family. This is evident from the order of the Tribunal dated 21.06.2013 in the case of Shri. Chetan Gupta [2013] 144 ITD 344 (Delhi - Trib.). The Ld. AR submitted that before any addition could have been made at least it had to be identified that Jagat c/o Biba Ji is the assessee. The assumptions & presumptions have no role to play for making any addition which is well known to be an arbitrary and vindictive act. Thus the assessee i.e. Shri Jagat Singh who is a sitting…

Mr. Jagat Singh, Delhi vs. ACIT, New Delhi

ITA 3037/DEL/2015[2005-06]Status: DisposedITAT Delhi02 Nov 2018AY 2005-06

Bench: Shri N. K. Saini & Ms Suchitra Kambleita No. 3037/Del/2015 ( A.Y 2005-06) Ita No. 3039/Del/2015 ( A.Y 2007-08)

Section 147Section 148Section 68Section 69

…bmits that the Assessing Officer seriously believes Jagat and Kiran are the names of business concerns which were run by Shri Chetan Gupta and his family. This is evident from the order of the Tribunal dated 21.06.2013 in the case of Shri. Chetan Gupta [2013] 144 ITD 344 (Delhi - Trib.). The Ld. AR submitted that before any addition could have been made at least it had to be identified that Jagat c/o Biba Ji is the assessee. The assumptions & presumptions have no role to play for making any addition which is well known to be an arbitrary and vindictive act. Thus the assessee i.e. Shri Jagat Singh who is a sitting…

Mr. Jagat Singh, Delhi vs. ACIT, New Delhi

ITA 3036/DEL/2015[2001-02]Status: DisposedITAT Delhi02 Nov 2018AY 2001-02

Bench: Shri N. K. Saini & Ms Suchitra Kambleita No. 3037/Del/2015 ( A.Y 2005-06) Ita No. 3039/Del/2015 ( A.Y 2007-08)

Section 147Section 148Section 68Section 69

…bmits that the Assessing Officer seriously believes Jagat and Kiran are the names of business concerns which were run by Shri Chetan Gupta and his family. This is evident from the order of the Tribunal dated 21.06.2013 in the case of Shri. Chetan Gupta [2013] 144 ITD 344 (Delhi - Trib.). The Ld. AR submitted that before any addition could have been made at least it had to be identified that Jagat c/o Biba Ji is the assessee. The assumptions & presumptions have no role to play for making any addition which is well known to be an arbitrary and vindictive act. Thus the assessee i.e. Shri Jagat Singh who is a sitting…

M/S. Rl Exports International, New Delhi vs. ACIT, New Delhi

In the result, the appeal for the assessment year 2001-02 stands dismissed while the appeal for the assessment year 2002-03 stands allowed

ITA 2365/DEL/2015[2002-03]Status: DisposedITAT Delhi17 Feb 2016AY 2002-03

Bench: Shri P.K. Bansal

For Appellant: S/Shri Ashwani Kumar & Aditya Kumar, CASFor Respondent: Shri Robin Rawal, Senior DR
Section 147Section 148

…e which were confirmed by the CIT (A). 4. I have heard the rival submissions and carefully considered the same along with the orders of the tax authorities below. I have also gone through the decision of the Tribunal in the case of Chetan Gupta vs. DCIT – 144 ITD 344. I noted that Bench ‘B’ of this Tribunal in the case of Chetan Gupta, in whose case the assessment has been reopened on the basis of some Pen Drive, accepted the working of the peak credit as computed by the assessee in respect of the transaction being recorded in the Pen Drive. For the assessment year 2002-03, a sum of Rs.36,89,310/- was held t…

M/S. Rl Exports International, New Delhi vs. ACIT, New Delhi

In the result, the appeal for the assessment year 2001-02 stands dismissed while the appeal for the assessment year 2002-03 stands allowed

ITA 2364/DEL/2015[2001-02]Status: DisposedITAT Delhi17 Feb 2016AY 2001-02

Bench: Shri P.K. Bansal

For Appellant: S/Shri Ashwani Kumar & Aditya Kumar, CASFor Respondent: Shri Robin Rawal, Senior DR
Section 147Section 148

…e which were confirmed by the CIT (A). 4. I have heard the rival submissions and carefully considered the same along with the orders of the tax authorities below. I have also gone through the decision of the Tribunal in the case of Chetan Gupta vs. DCIT – 144 ITD 344. I noted that Bench ‘B’ of this Tribunal in the case of Chetan Gupta, in whose case the assessment has been reopened on the basis of some Pen Drive, accepted the working of the peak credit as computed by the assessee in respect of the transaction being recorded in the Pen Drive. For the assessment year 2002-03, a sum of Rs.36,89,310/- was held t…

Rl Exports International, New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2195/DEL/2015[2005-06]Status: DisposedITAT Delhi17 Feb 2016AY 2005-06

Bench: Shri P.K. Bansal

For Appellant: S/Shri Ashwani Kumar & Aditya Kumar, CASFor Respondent: Shri Robin Rawal, Senior DR
Section 148Section 68

…orking out the peak credit. 4. I heard the rival submissions and carefully considered the same along with the orders of the tax authorities below. I have also gone through the decision of the Bench ‘B’ of the Tribunal in the case of Chetan Gupta vs. DCIT – 144 ITD 344 and under para 6.2 of this decision, I noted that the Tribunal has given a finding about pen drive contains transactions of Chetan Gupta and ultimately, in the subsequent paragraphs of this order, the addition son the basis of the peak credit worked out by the assessee were accepted in the hand of the assessee as its income. The transaction reco…