CIT v. Bhan

273 ITR 206High Court2005#13953 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2021.

Judgments citing CIT v. Bhan

DCIT CC 8(1), MUMBAI vs. M/S JAINAM INVESTMENTS, MUMBAI

In the result, appeals filed by the revenue are hereby dismissed

ITA 4474/MUM/2019[2016-17]Status: DisposedITAT Mumbai25 Feb 2021AY 2016-17
For Appellant: Shri Suchek Anchaliya (AR)For Respondent: Shri Rahul Raman (DR)
Section 143(1)Section 148Section 68

…s 68 of the Act. He can make further verification to satisfy himself that the transactions are genuine. For this proposition, the Ld DR placed reliance on the decision rendered by Hon'ble Punjab & Haryana High Court in the case of CIT vs. Bhan and sons (2005) 273 ITR 206). The Ld DR submitted that the findings of search officials conclusively prove that the loan transactions are bogus. Accordingly, he submitted that mere furnishing of particulars is not enough in the peculiar facts of the present case. Accordingly, he submitted that the Ld CIT(A) not have brushed aside the findings of search officials. In this if…

SRI JAGDISH PRASAD SHARMA,NEW DELHI vs. ITO, GHAZIABAD

The appeal of the assessee is dismissed

ITA 104/DEL/2015[2009-10]Status: DisposedITAT Delhi13 Jan 2020AY 2009-10

Bench: Shri Prashant Maharishi & Shri K.N.Charysri Jagdish Prasad Sharma, Vs. Ito, C/O. Mr. Sandeep Bhatnagar, Ward-1(3), Flat No. 12, 2Nd Floor, Sheel Tara Ghaziabad House, 4866/24, Ansari Road, Darya Ganj, New Delhi Pan: Azpps2130R (Appellant) (Respondent)

For Appellant: Ms. Timsi Sharma, CAFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 143(3)

…to have been borrowed from certain persons, it is for the assessee to prove, by cogent and proper evidence, that they are the genuine borrowings for the reason that the facts are exclusively within the assessee's knowledge. (ix) In CIT vs. Bhan & Sons (2005) 273 ITR 206 (P & LI), it was found that the credits were received by account payee cheques and the creditors were income tax asscssccs. But the contention of the Assessing Officer was that the assessee did not respond to the requirements of the production of creditors before him for verification. The first appellate authority and the High Court felt that it…

DHANALAXMI JEWELLERS,ANGUL vs. ITO, ANGUL WARD, ANGUL

In the result, appeal of the assessee is partly allowed for statistical purposes in terms as indicated above

ITA 153/CTK/2018[2013-14]Status: DisposedITAT Cuttack01 Oct 2019AY 2013-14

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.153/Ctk/2018 (नििाारण वषा / Assessment Year :2013-2014) M/S Dhanalaxmi Jewellers, Vs. Ito, Angul Ward, Angul Laxmi Bazar, Angul-759122 स्थायी लेखा सं./Panno. : Aagfd 8791 D (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri D.K.Sheth/M. Sheth, Advs. िाजस्व की ओर से /Revenue By : Shri Subhendu Dutta, Dr

For Appellant: Shri D.K.Sheth/M. Sheth, AdvsFor Respondent: Shri Subhendu Dutta, DR
Section 142(1)Section 143(1)Section 68

…endorsed the findings of the Tribunal that it is not necessary that there should be explanation as to the source of the money on the part of the creditors in every case. 19. The Hon’ble Punjab & Haryana High Court in the case of CIT vs. Bhan & Sons (2005) 273 ITR 206 (P & H), has observed that it was found that the credits were received by account payee cheques and the creditors were income tax assessees. But the contention of the Assessing Officer was that the assessee did not respond to the requirements of the production of creditors before him for verification. The first appellate authority and the High C…

DCIT CENT. CIR. - 1(3), MUMBAI vs. JAINAM INVESTMENTS, MUMBAI

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

ITA 6099/MUM/2016[2012-13]Status: DisposedITAT Mumbai10 Aug 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Shri Ramlal Negi (Jm)

Section 68

…s 68 of the Act. He can make further verification to satisfy himself that the transactions are genuine. For this proposition, the Ld DR placed reliance on the decision rendered by Hon’ble Punjab & Haryana High Court in the case of CIT vs. Bhan and sons (2005)(273 ITR 206). The Ld D.R submitted that the findings of search officials conclusively prove that the loan transactions are bogus. Accordingly he submitted that 5 M/s. Jainam Investments mere furnishing of particulars is not enough in the peculiar facts of the present case. Accordingly he submitted that the Ld CIT(A) should not have brushed aside the finding…

DCIT- 3(2)(1), MUMBAI vs. JAGAON FRANCHISEE PVT. LTD., MUMBAI

ITA 2998/MUM/2016[2011-12]Status: DisposedITAT Mumbai13 Jul 2018AY 2011-12

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2011-12 Dcit-3(2)(1), Jalgaon Franchisee Pvt Ltd. Room No.674, 6Th Floor, 42-B Wing, Mittal Tower, बनाम/ Aayakar Bhavan, Free Press Journal Road, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaccj2423R

Section 68

…everse situation against the claim made by the assessee. Reliance was placed upon the decision in Commissioner Of Income- Tax vs Precision Finance Pvt. Ltd. 208 ITR 465 (Cal.), Commissioner Of Income Tax vs Vir Bhan And Sons, order dated 2 August, (2004) 273 ITR 206 (P & H) and another decision from Hon'ble Delhi High Court in CIT vs Jansampark (ITA No.525 /2014) order dated 11/03/2015. 2.1. On the other hand, the Ld. counsel for the assessee, Shri K. Gopal, defended the impugned order by contending that the assessee has fulfilled the conditions contained in section 68 of the Act. It was pleaded that the…

DCIT 7(1)-1, MUMBAI vs. GOLDMOHUR DESIGN & APPAREL PARK LTD, MUMBAI

ITA 622/MUM/2016[2009-10]Status: DisposedITAT Mumbai20 Jun 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit, M/S Goldmohur Design & Circle-7(1)-1, Apparel Park Ltd. बनाम/ Room No.23, Ground Floor, Goldmohur Textile Mill, Vs. Aayakar Bhavan, Dadasaheb Phalke Road, M.K. Road, Dadar (E), Mumbai-400020 Mumbai-400014 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aadcg1613M

Section 139Section 142Section 143Section 143(3)Section 147Section 148

…ted to paper book pages 43, 44 and 47. In reply, the Ld. CIT-DR, contended that it is a case of abnormal share premium. He relied upon the decision in COMMISSIONER OF INCOME-TAX vs PRECISION FINANCE PVT. LTD. 208 ITR 465 (Cal.) and CIT vs Vir Bhan & Sons 273 ITR 206 (P & H). 4 M/s Goldmohur Design & Apparel Park Ltd. 2.1. We have considered the rival submissions and perused the material available on record. Before adverting further, it is our bounded duty to analyze section 147 of the Act also, which is reproduced hereunder:- "147. Income escaping assessment.—If the Assessing Officer, has reason to believe…

SMT. LALTESH RANI,KARNAL vs. ITO, KARNAL

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

ITA 6812/DEL/2015[2011-12]Status: DisposedITAT Delhi28 Mar 2016AY 2011-12

Bench: Smt Diva Singh

Section 143(3)

…the assessee is in appeal. The Ld.AR addressing Ground No.3 submitted that Mr. Yashu Aggarwal had advanced two loans of Rs.30,000/- and Rs.70,000/- totaling to Rs.1,00,000/- on 03.04.2010 and 18.11.2010 respectively. Relying on CIT vs Vir Bhan & Sons [2005] 273 ITR 206 (P&H) it was his submission that the addition can not be sustained as necessary verification should have been done by the AO which it was submitted the AO failed to do so. Sh. Yashu Aggarwal it was submitted was an income tax assessee. 6. Addressing the addition of Rs.25,00,000/- as loan advanced by Smt. Parul Aggarwal it was his submission…

CIT v. Bhan (273 ITR 206) — Cited in 7 Judgments | BharatTax