DCIT 13(1)(2), Mumbai vs. Pipal Tree Ventures P.Ltd, Mumbai
In the result, this appeal by the revenue stands allowed for statistical purposes
ITA 2490/MUM/2017[2009-10]Status: DisposedITAT Mumbai01 Jan 2021AY 2009-10
Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm Dy. Cit, Circle – 13(1)(2), M/S. Pipal Tree Ventures Pvt. Ltd. 2Nd Floor, Room No. 218, 108/109, Mehta Industrial Estate, Vs. Aayakar Bhavan, M. K. Road, I.B. Patel Road, Next To Swati Mumbai-400 020 Studio, Goregaon, Mumbai -400 063 Pan/Gir No. Aaecp 4464 E (Appellant) : (Respondent) : Shri Uodal Raj Singh Appellant By Respondent By : Shri Krish Desai Date Of Hearing : 20.10.2020 Date Of Pronouncement : 01.01.2021 O R D E R Per Shamim Yahya, A. M.:
For Respondent: Shri Krish Desai
Section 133(6)Section 143(3)Section 148Section 68
…money may be charged to tax as the assessee’s income from undisclosed sources. It is not necessary for the Income Tax Officer to locate the exact source of the credits. 5.13 This view finds full support in the case of CIT Vs Deviprasad Khandelwal and Co Ltd. (81 ITR 460) wherein the Hon'ble Bombay High Court had observed as under: "Section 68 of the Act, itself provides that where an sum is found credited in the books of the assessee for any previous year, the same may be charged to income-tax as income of the assessee of the previous year if the explanation offered by the assessee about the nature and source of…
