CIT v. Daulat Ram Rawatmull

87 ITR 349Supreme Court of India1973#124 most cited

What is CIT v. Daulat Ram Rawatmull authority for?

The onus to prove that an apparent transaction or explanation is not real lies with the person who claims it to be so. If an assessee provides a plausible explanation for a transaction, the revenue must establish that the apparent transaction is not genuine.

525

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Daulat Ram Rawatmull · 87 ITR 349 · Section 68 · Section 69A · onus of proof · burden of proof · apparent is not real · genuineness of transaction · cash credit · unexplained money · suspicion not evidence · sufficiency of evidence

Sections most often in play

Section 68Section 143(3)Section 153ASection 132Section 132(4)Section 148Section 69CSection 133(6)
Read the full judgment

Issues it is cited on

retraction of statementdumb documentscreditworthiness of the creditorbogus long term capital gainsection 132(4a)section 292csection 132(4)loose papersaddition under section 68section 10(38)section 127on-money

Judgments citing CIT v. Daulat Ram Rawatmull

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. M/S Sri Basaveshwar Veerashaiva Vidyavardhak Sangha, Bagalkote

In the result, the assessee’s appeals in ITA Nos

ITA 65/BANG/2018[2013-14]Status: DisposedITAT Bangalore29 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. M/S Sri Basaveshwar Veerashaiva Vidyavardhak Sangha, Bagalkote

In the result, the assessee’s appeals in ITA Nos

ITA 64/BANG/2018[2012-13]Status: DisposedITAT Bangalore29 Aug 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. Sri V C Charantimath, Bagalkot

In the result, the assessee’s appeals in ITA Nos

ITA 236/BANG/2018[2013-14]Status: DisposedITAT Bangalore29 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. Sri.V.C.Charantimath, Bagalkot

In the result, the assessee’s appeals in ITA Nos

ITA 235/BANG/2018[2012-13]Status: DisposedITAT Bangalore29 Aug 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Assistant Commissioner of Income-Tax, Central Circle-2(2), Bengaluru vs. M/S. Sri. Basaveshwar Veerashaiva Vidyavardhak Sangha, Bagalkote

In the result, the assessee’s appeals in ITA Nos

ITA 234/BANG/2018[2013-14]Status: DisposedITAT Bangalore29 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Sri Basaveshwar Veerashaiva Vidyavardhak Sagha, Bagalkot vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bengaluru

In the result, the assessee’s appeals in ITA Nos

ITA 2777/BANG/2017[2014-15]Status: DisposedITAT Bangalore29 Aug 2022AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Sri Basaveshwar Veerashaiva Vidyavardhak Sangha, Bagalkot vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bengaluru

In the result, the assessee’s appeals in ITA Nos

ITA 2776/BANG/2017[2013-14]Status: DisposedITAT Bangalore29 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Sri Basaveshwar Veershaiva Vidyavardhak Sangha, Bagalkot vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bengaluru

In the result, the assessee’s appeals in ITA Nos

ITA 2775/BANG/2017[2012-13]Status: DisposedITAT Bangalore29 Aug 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S. Ramasubramanian, A.RFor Respondent: Shri Sumer Singh Meena, D.R
Section 10Section 11Section 12ASection 35ASection 80G

…d material. The assessee hiding the true facts mentioned in the seized material. The onus to prove that apparent, is not the real one, is on the party who claims it be so, as held by the Hon’ble Supreme Court in the case of CIT Vs. Daulat Ram Rawatmull (1973) 87 ITR 349 (SC) and CIT Vs. V. Durga Prasad More (1971) 82 ITR 540 (SC). In the case of CIT V. Durga Prasad More (supra), it has been held by the Apex Court that though an apparent statement must be considered real, until it was shown that there were reasons to believe that apparent was not the real, in a case where an authority relied on self serving recita…

Morani Motoras Private Limited, Jaipur vs. Assistant Commissioner of Income Tax, Jaipur

In the result the ground no

ITA 434/JPR/2018[2011-12]Status: DisposedITAT Jaipur02 Aug 2022AY 2011-12
For Appellant: Sh. Suhani Maharwal (CA)For Respondent: Sh. A. S. Nehara (Addl.CIT)
Section 68

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,’A’ JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh jkBkSM deys’k t;arHkkbZ] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 434/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2011-12 cuke Morani Motors Private Limited ACIT, Vs. 14, Bajaj Nagar Enclave, Circle-6, Bajaj Nagar, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AADCM 5046 N vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Suhani Maharwal (CA) jktLo dh vksj ls@ Re…

M/S Morani Cars Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Ward-6, Jaipur

In the result the appeal of the assessee is partly allowed

ITA 184/JPR/2019[2011-12]Status: DisposedITAT Jaipur26 Jul 2022AY 2011-12
For Appellant: Sh. Suhani Maharwal (CA)For Respondent: Sh. A. S. Nehara (Addl.CIT)
Section 139(1)Section 143(3)Section 148Section 40ASection 40aSection 68

…e of CIT v. K.S. Kannan Kunhi 87 ITR 395 (SC) that A.O must examine the merits of assessee’s explanation for Cash Credit in the books. No addition can be made by merely observing that the explanation is not satisfactory. In case of CIT v. Daulat Ram Rawatmull 87 ITR 349 (SC) held that the onus to prove that the apparent is not the real is on the party who claims it to be so. Further, the cash credits above are not the unsecured loan. These are share capital. And in case of share capital the onus to prove is lighter than unsecured loan. It was held that Once the identity and other relevant particulars of sharehold…

Shri.J M Vrushabendraiah, Hospet vs. Assistant Commissioner of Income Tax Circle-1, Bellary

The appeal of the assessee is partly allowed

ITA 299/BANG/2019[2010-11]Status: DisposedITAT Bangalore20 Jul 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Narayana K.R., D.R
Section 147Section 148Section 153CSection 250

…It is also relevant to refer to the following judgments that have reiterated the same principle of law – (i) Constitution Bench of the Hon’ble Supreme Court in M. Ct. Muthiah v. CIT AIR 1956 SC 269 (ii) Commissioner of Income-tax v. Daulat Ram Rawatmul [1973] 87 ITR 349 (SC), (iii) Equitable Investment Co. [P.] Ltd. vs ITO G- Ward And Others 174 ITR 714 (Cal) (iv) Hindustan Lever Limited V. R.B. Wadkar, Assistant Commissioner of Income Tax, 268 ITR 332 (Bom) (v) Birla VXL Ltd Vs ACIT [1995] 217 ITR 1 (Guj) (vi) CIT Vs. N. Thippashetty [2010] 322 ITR 525 (Kar) (vii) Assam Co. Ltd v. UOI 150 Taxman 571 (Gau) (viii)…

Principal Commissioner of Income Tax 9 Kolkata vs. M/S Sreeleathers

Accordingly, the appeal fails and is dismissed

ITAT/18/2022HC Calcutta14 Jul 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE BIVAS PATTANAYAK

Section 133(6)Section 142(2)Section 143Section 143(3)Section 260ASection 68

…ourt in CIT Versus Daulat Ram Rawatmull 9, the onus of proving 4 (1963) 49 ITR 112 5 (2007) 291 ITR 278 (SC) 6 (1944) 12 ITR 441 (Cal) 7 (1972 84 ITR 307 (Cal) 8 (1958) 34 ITR 328 (Mad) 9 (1973) 87 ITR 349 (SC) ITAT 18 OF 2022 Page 11 of 14 that the appellant was not the real was on the party who claims it to be so. Bearing the above legal principles in mind, if we examine the case on hand, it is clear that the assessing officer issued show cause notice only in respect of one of the lender M/s. Fast Glow Distributors. The assessee respond…

Shri Kirodi Mal, Alwar vs. Income Tax Officer, Alwar

Appeal is dismissed

ITA 883/JPR/2017[2009-10]Status: DisposedITAT Jaipur13 Jul 2022AY 2009-10
For Appellant: Sh. Javed Khan, AdvFor Respondent: Sh. A. S. Nehara (Addl. CIT)
Section 147Section 148Section 149

…- Whether in order to fasten liability on assessee by including such credits as its incomes from unexplained sources, a nexus has to be established by revenue that sources of creditors' deposit flow from assessee - Held, yes. 57 ITR 532 (SC) P. Seetharamamma 87 ITR 349 (SC) Daulat Ram Rawatmull 19 Shri Kirodi Mal vs. ITO It was held that the fact, that as assessee was not able to satisfy the Authority as to the source of the source, from which the creditor of assessee derive the money would not justify the addition being made in respect of such credit in the hands of assessee CIT Vs. Heerala Chagan Lal 257,ITR…

Shri Vasantrao Gopalrao Ghonge, Wardha vs. Dy. C.I.T. Central Cir. 1(1), Nagpur

In the result, assessee’s appeal is partly allowed

ITA 37/NAG/2016[2011-12]Status: DisposedITAT Nagpur28 Jun 2022AY 2011-12

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2011-12 Late Vasantrao Gopalrao Ghonge Vs. The Dcit Thru Legal Heir Vilas Vasantrao Ghonge Central Circle 1 (1) Gharpure Layout, Nagri Bank Colony, Nagpur Warda Pan No.:Aiwpg 6212 C Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 26/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Appellant Against Order Of Learned Commissioner Of Income Tax (Appeals)-3, Nagpur Dated 21/12/2015 In Appeal Nos. Cit(A)-3/242/2013-14 For Asstt. Year 2011-12. Grounds Of Appeal Raised By The Appellant For Asstt. Year 2011-12 Are As Under:- “A) The Learned A.O. Was Wrong & Unjustified In Making An Addition Of Samarpan Nidhi Of Rs.20,79,936/- To The Total Income Of The Undersigned Assessee As Net Business / Vocational Income. B) The Learned A.O. Was Wrong Arbitrary & Unjustified In Making An Addition Of Receipts Of B.S.Y. Vasantrao Gopalrao Ghonge Maharaj Nyas Of Rs.5,21,349/- To The Total Income Of The Undersigned Assessee On The Presumption That Those Receipts Belong To The Undersigned.

For Appellant: Shri K.P. Dewani, AdvFor Respondent: Shri Piyush Kolhe (CIT-DR)
Section 11Section 132Section 139(1)Section 143(3)Section 153A

…me of trust belongs to appellant or is being used for his personal benefits. It is settled proposition of law that apparent is real. This proposition is in terms of law laid down by the Hon’ble Apex Court in the case of CIT vs Daulat Ram Rawatmull reported at 87 ITR 349(SC). Returns of trust have been filed upto Asstt. Year 2009-10 along with financial statement much before the date of search and thus observation of CIT(A) that income shown by the trust is after thought in view of search is unjustified. In the case of appellant upto earlier assessment years pending appeals have been settled by filing application…

Asstt. CIT, Cir- 7, Nagpur vs. M/S. Newquest Corporation Ltd., Chandrapur

ITA 328/NAG/2014[2008-09]Status: DisposedITAT Nagpur28 Jun 2022AY 2008-09

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S.Newquest Corporation Ltd. Circle-7, (Now Known As M/S. Avantha Nagpur Holding Ltd. Ballalrpur Paper Mills P.O. Ballarpur, Distt. Chandrapur Pan No.:Aabcb 6134 E Appellant Respondent

For Appellant: Shri K.P. Dewani (Adv.)For Respondent: ShriPiyushKolhe (CIT-DR)
Section 40

…sale of shares is not genuine and decision of purchase and sale of shares is to be considered from the point of view of businessman and not subjective standard of Revenue Officer. The ld. AR relied on following case laws:- 1. CIT vsDaulat Ram Rawatmal (1973) 87 ITR 349 (SC) 2. CIT vs Sales Magnesite Pvt. Ltd.(1995) 214 ITR 1 (Bom) 3. CIT vs Motor Industries Co. Ltd. (1997) 214 ITR 112 (Ker.) 3.5 The ld. AR further submitted that purchase & sale of shares are not disputed. The loss suffered by the assessee had been claimed to be carried forward and there is no revenue advantage to assessee for the year under con…

Maruti Nivrutti Navale, Pune vs. Deputy Commissioner of Income-Tax

In the result, the appeal filed by the assessee stands partly allowed

ITA 1062/PUN/2014[2009-10]Status: DisposedITAT Pune24 Jun 2022AY 2009-10
For Appellant: Shri Suhas P. BoraFor Respondent: Shri S. P. Walimbe
Section 131Section 69C

…, as they have not filed any return of income. In the absence of return of income, the loan creditors could not have generated enough income etc. The ld. AR placing reliance on decision of the Hon’ble Supreme Court in the case of CIT vs. Daulat Ram Rawatmull, 87 ITR 349 (SC) submits that merely because the Assessing Officer doubts the explanation given by the creditors, the Assessing Officer cannot make addition in the hands of the appellant u/s 69 of the Act. He also placed reliance on the decision of the Hon’ble Rajasthan High Court in the case of Mangilal Agarwal vs. ACIT, 300 ITR 372 (Raj.) wherein addition m…

Uppal Shah Prop-J K Sugars, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle - 2, Kolhapur

In the result, the cross appeal of the Revenue in ITA

ITA 1954/PUN/2017[2012-13]Status: DisposedITAT Pune16 Jun 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Shivraj B. Morey &
Section 131(1)(d)Section 133(6)Section 143(3)Section 41(1)Section 68

…idence filed was false and the assessee was not required to explain the source of source i.e. to explain the source of money provided by the creditors. 17. In the light of the judgement of the Hon’ble Supreme Court in the case of CIT vs. Daulat Ram Rawatmull, 87 ITR 349 (SC) and the decision of the Hon’ble Calcutta High Court in the case of CIT vs. Agarpara Co. Ltd., 158 ITR 78 (Cal.) and also in the light of our foregoing detailed discussions on this issue, we do not find any reasoning to interfere with the order of the ld. CIT(A) though the order of the ld. CIT(A) is cryptic. Thus, the ground of appeal no.1 and…

Assistant Commissioner of Income-Tax, Circle - 2, Kolhapur vs. Uppal Jitendra Shah, Kolhapur

In the result, the cross appeal of the Revenue in ITA

ITA 1893/PUN/2017[2012-13]Status: DisposedITAT Pune16 Jun 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Shivraj B. Morey &
Section 131(1)(d)Section 133(6)Section 143(3)Section 41(1)Section 68

…idence filed was false and the assessee was not required to explain the source of source i.e. to explain the source of money provided by the creditors. 17. In the light of the judgement of the Hon’ble Supreme Court in the case of CIT vs. Daulat Ram Rawatmull, 87 ITR 349 (SC) and the decision of the Hon’ble Calcutta High Court in the case of CIT vs. Agarpara Co. Ltd., 158 ITR 78 (Cal.) and also in the light of our foregoing detailed discussions on this issue, we do not find any reasoning to interfere with the order of the ld. CIT(A) though the order of the ld. CIT(A) is cryptic. Thus, the ground of appeal no.1 and…

ACIT CC-30, New Delhi vs. Mk Wood India Pvt Ltd, New Delhi

ITA 572/DEL/2021[2012-13]Status: DisposedITAT Delhi27 May 2022AY 2012-13

Bench: Dr. B.R.R. Kumar & Sh. Anubhav Sharmaita No. 571& 572/Del/2021 (Assessment Year : 2011-12, 2012-13)

Section 139Section 143Section 143(3)Section 147Section 153ASection 68Section 69C

…e Act which were available with the Ld. AO but instead of examining these on borrowed satisfaction the reassessment was done. In this context, the ld. Counsel for the assessee relied judgment of Hon’ble Supreme Court of India in CIT vs. Daulat Ram Rawatmull : 87 ITR 349 to contend that any finding based on conjectures, surmises and suspicions cannot be sustained. He relied judgment of Hon’ble Delhi High Court Avtee Ltd. v. DCIT [2017] 395 ITR 434 (Delhi) to contend that the reasons to believe recorded by the Ld. AO should make it clear as to what tangible material was considered by the Ld. AO. Judgment of Hon’ble…

ACIT CC-30, New Delhi vs. Mk Wood India Pvt Ltd, New Delhi

ITA 571/DEL/2021[2011-12]Status: DisposedITAT Delhi27 May 2022AY 2011-12

Bench: Dr. B.R.R. Kumar & Sh. Anubhav Sharmaita No. 571& 572/Del/2021 (Assessment Year : 2011-12, 2012-13)

Section 139Section 143Section 143(3)Section 147Section 153ASection 68Section 69C

…e Act which were available with the Ld. AO but instead of examining these on borrowed satisfaction the reassessment was done. In this context, the ld. Counsel for the assessee relied judgment of Hon’ble Supreme Court of India in CIT vs. Daulat Ram Rawatmull : 87 ITR 349 to contend that any finding based on conjectures, surmises and suspicions cannot be sustained. He relied judgment of Hon’ble Delhi High Court Avtee Ltd. v. DCIT [2017] 395 ITR 434 (Delhi) to contend that the reasons to believe recorded by the Ld. AO should make it clear as to what tangible material was considered by the Ld. AO. Judgment of Hon’ble…