Chhaoni Lal Pragdas v. CIT

31 ITR 597High Court1957#5037 most cited

What is Chhaoni Lal Pragdas v. CIT authority for?

The addition of income is not permissible without independent or corroborative evidence of the actual movement of cash, as the Revenue bears the onus of proving such payments.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2023.

Also referred to as

Chhaoni Lal Pragdas v CIT · addition of income · cash movement · corroborative evidence · onus of proof · income tax assessment · actual payment · independent evidence

Issues it is cited on

peak credit theorysection 65bsection 65section 131(1a)short term capital gainspanchnamasection 132(4a)section 34section 292cchildapplication of incomeshort term capital gain

Judgments citing Chhaoni Lal Pragdas v. CIT

DCIT, CC-8, NEW DELHI vs. OPG SECURITIES PVT. LTD., NEW DELHI

In the result, the appeals in ITA No

ITA 59/DEL/2022[2018-19]Status: DisposedITAT Delhi17 Oct 2023AY 2018-19

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

DCIT, CC-8, NEW DELHI vs. OPG SECURITIES PVT. LTD., NEW DELHI

In the result, the appeals in ITA No

ITA 58/DEL/2022[2017-18]Status: DisposedITAT Delhi17 Oct 2023AY 2017-18

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

DCIT, CC-8, NEW DELHI vs. OPG SECURITIES PVT. LTD., DELHI

In the result, the appeals in ITA No

ITA 57/DEL/2022[2016-17]Status: DisposedITAT Delhi17 Oct 2023AY 2016-17

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1824/DEL/2021[2018-19]Status: DisposedITAT Delhi17 Oct 2023AY 2018-19

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1823/DEL/2021[2017-18]Status: DisposedITAT Delhi17 Oct 2023AY 2017-18

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1822/DEL/2021[2016-17]Status: DisposedITAT Delhi17 Oct 2023AY 2016-17

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT- CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1821/DEL/2021[2015-16]Status: DisposedITAT Delhi17 Oct 2023AY 2015-16

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1820/DEL/2021[2014-15]Status: DisposedITAT Delhi17 Oct 2023AY 2014-15

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1819/DEL/2021[2013-14]Status: DisposedITAT Delhi17 Oct 2023AY 2013-14

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

OPG SECURITIES PRIVATE LIMITED,NEW DELHI vs. DCIT, CC-8, NEW DELHI

In the result, the appeals in ITA No

ITA 1818/DEL/2021[2012-13]Status: DisposedITAT Delhi17 Oct 2023AY 2012-13

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…is necessary to make any addition. The Revenue having failed to discharge the heavy onus, which was on it, of proving actual payment or money, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money mus…

DCIT CIRCLE 1 , TIRUNELVELI vs. RM KV FASHION GARMENTS PVT LTD, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 761/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

ACIT CIRCLE 1, TIRUNELVELI vs. M/S RM KV FBRICS PRIVATE LIMITED, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 760/CHNY/2018[2014--15]Status: DisposedITAT Chennai30 Apr 2018

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

ACIT CIRCLE 1, TIRUNELVELI vs. M/S RM K V SILKS PRIVATE LIMITED, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 759/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

M/S RM KV FBRICS PRIVATE LIMITED,TIRUNELVELI vs. ACIT CIRCLE 1, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 614/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

M/S RM K V SILKS PRIVATE LIMITED,TIRUNELVELI vs. ACIT CIRCLE 1, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 613/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FASHION GARMENTS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1626/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FASHION GARMENTS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1625/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FABRICS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1624/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FABRICS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1623/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV SILKS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1622/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…essential factor in determining the profits of the year and therefore, arbitrary valuation cannot be accepted as a method of accounting that may be adopted by the assessee. The Hon’ble High Court of Allahabad in the case of Chhaoni Lal Pragdas v. CIT [1957] 31 ITR 597 (All.) held as follows: “……………This case, to our mind, does not lay down that even if the items in the stock are valued arbitrarily, and not either at cost or at the market rate prevailing, the mere fact that in the earlier years the Income-tax Officer failed to notice this defect, or to raise any objection would justify an assumption that the pr…

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Chhaoni Lal Pragdas v. CIT (31 ITR 597) — Cited in 23 Judgments | BharatTax