CIT v. Devi Prasad Vishwanath Prasad

72 ITR 194Supreme Court of India1969#292 most cited

What is CIT v. Devi Prasad Vishwanath Prasad authority for?

If there is an unexplained cash credit, the Assessing Officer can treat it as the assessee's income, even when the income is finalized on an estimation basis, without proving its specific source. The onus then shifts to the assessee to prove that the income represented by the cash credit has already been taxed.

272

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2009 to 2026.

Also referred to as

Devi Prasad Vishwanath Prasad · 72 ITR 194 · Section 68 · unexplained cash credit · onus of proof · estimated assessment · source of income · AO burden of proof · assessee's burden · income finalized on estimation · addition u/s 68

Sections most often in play

Section 68Section 143(3)Section 115BBESection 69ASection 145(3)Section 142(1)Section 144Section 143(2)

Issues it is cited on

section 106section 66creditworthiness of the creditoronus of proofpaper companysection 31source of sourcesection 251(2)share capital and share premiumrejection of books of accountaddition u/s 68section 145(3)

Judgments citing CIT v. Devi Prasad Vishwanath Prasad

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

ITA 5744/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S. Sukhna Real Estate Pvt. Ltd., Ghaziabad

ITA 5742/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S. Sukhna Steel Pvt. Ltd., New Delhi

ITA 5741/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S. Sunlight Tour and Travels Pvt. Ltd., Sahibabad

ITA 5740/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S. Sintex Consumers Electronics Pvt. Ltd., Delhi

ITA 5736/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S. Supreme Placement Services Pvt. Ltd., New Delhi

ITA 5650/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ITO, New Delhi vs. M/S Angel Cement Pvt. Ltd., Ghaziabad

ITA 4691/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…mpliance of 131 and V CIT (1982) 140 ITR 151 133(6) (Page 38 – CIT(A) (All.) order). • R Dalmia V CIT (1976) 113  Neither any person has ITR 522 (Del.) given any statement nor • CIT V Debi Prasad has made any allegation Vishwanath Prasad (1968) against these 72 ITR 194 (SC) companies(Page 38 – • CIT V Hero Cycles Pvt Ltd. CIT(A) order) • CIT V Stepwell Industries Ltd  The reasons given by AO and Others. are very generic in nature • SumatiDayal V CIT (1995) and not backed by any 214 ITR 801 (SC) concrete evidence(Page 38 • CGT V Dr. George Kuruvilla – CIT(A) order). (1969) 74 ITR 328 (SC)  There was no cash dep…

ACIT Central Circle 2(1), Chennai vs. Arvinda Nandagopal, Chennai

In the result, the appeals filed by the Revenue are dismissed

ITA 1470/CHNY/2018[2013-14]Status: DisposedITAT Chennai13 Mar 2020AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1468, 1469 & 1470/Chny/2018 ("नधा"रण वष" / Assessment Year: 2011-12 To 2013-14) Vs Shri Arvinda Nandagopal, The Asst. Commissioner Of No.6, 6Th Street, Rutland Gate, Income Tax, Corporate Circle – 21), Chennai – 600 006. Chennai. Pan: Aafpa6259G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Srinivasa Rao, Cit ""यथ" क" ओर से/Respondent By : Shri K.M. Mohandass, Ca सुनवाई क" तार"ख/Date Of Hearing : 23.01.2020 घोषणा क" तार"ख /Date Of Pronouncement : 13.03.2020 आदेश /O R D E R Per Inturi Rama Rao:

For Appellant: Shri Srinivasa Rao, CITFor Respondent: Shri K.M. Mohandass, CA
Section 132Section 132(4)

…based on the salutary principles of law that one addition can always be telescoped with another addition as enunciated by the Hon’ble Supreme Court in the case of CIT vs. S. Nellaippan reported in 66 ITR 722, CIT vs. Devi Prasad Vishwanath Prasad reported in 72 ITR 194 and Anantharaman Veerasinghaiah & Co. vs. CIT reported in 123 ITR 457. In the present case, the Revenue had not discharged the onus of proving that the money generated out of concealed income was not available with the assessee for the purpose of making the investments subsequently. Therefore, keeping in view of the principles discussed above, we…

ACIT Central Circle 2(1), Chennai vs. Arvinda Nandagopal, Chennai

In the result, the appeals filed by the Revenue are dismissed

ITA 1469/CHNY/2018[2012-13]Status: DisposedITAT Chennai13 Mar 2020AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1468, 1469 & 1470/Chny/2018 ("नधा"रण वष" / Assessment Year: 2011-12 To 2013-14) Vs Shri Arvinda Nandagopal, The Asst. Commissioner Of No.6, 6Th Street, Rutland Gate, Income Tax, Corporate Circle – 21), Chennai – 600 006. Chennai. Pan: Aafpa6259G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Srinivasa Rao, Cit ""यथ" क" ओर से/Respondent By : Shri K.M. Mohandass, Ca सुनवाई क" तार"ख/Date Of Hearing : 23.01.2020 घोषणा क" तार"ख /Date Of Pronouncement : 13.03.2020 आदेश /O R D E R Per Inturi Rama Rao:

For Appellant: Shri Srinivasa Rao, CITFor Respondent: Shri K.M. Mohandass, CA
Section 132Section 132(4)

…based on the salutary principles of law that one addition can always be telescoped with another addition as enunciated by the Hon’ble Supreme Court in the case of CIT vs. S. Nellaippan reported in 66 ITR 722, CIT vs. Devi Prasad Vishwanath Prasad reported in 72 ITR 194 and Anantharaman Veerasinghaiah & Co. vs. CIT reported in 123 ITR 457. In the present case, the Revenue had not discharged the onus of proving that the money generated out of concealed income was not available with the assessee for the purpose of making the investments subsequently. Therefore, keeping in view of the principles discussed above, we…

ACIT Central Circle 2(1), Chennai vs. Arvinda Nandagopal, Chennai

In the result, the appeals filed by the Revenue are dismissed

ITA 1468/CHNY/2018[2011-12]Status: DisposedITAT Chennai13 Mar 2020AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1468, 1469 & 1470/Chny/2018 ("नधा"रण वष" / Assessment Year: 2011-12 To 2013-14) Vs Shri Arvinda Nandagopal, The Asst. Commissioner Of No.6, 6Th Street, Rutland Gate, Income Tax, Corporate Circle – 21), Chennai – 600 006. Chennai. Pan: Aafpa6259G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Srinivasa Rao, Cit ""यथ" क" ओर से/Respondent By : Shri K.M. Mohandass, Ca सुनवाई क" तार"ख/Date Of Hearing : 23.01.2020 घोषणा क" तार"ख /Date Of Pronouncement : 13.03.2020 आदेश /O R D E R Per Inturi Rama Rao:

For Appellant: Shri Srinivasa Rao, CITFor Respondent: Shri K.M. Mohandass, CA
Section 132Section 132(4)

…based on the salutary principles of law that one addition can always be telescoped with another addition as enunciated by the Hon’ble Supreme Court in the case of CIT vs. S. Nellaippan reported in 66 ITR 722, CIT vs. Devi Prasad Vishwanath Prasad reported in 72 ITR 194 and Anantharaman Veerasinghaiah & Co. vs. CIT reported in 123 ITR 457. In the present case, the Revenue had not discharged the onus of proving that the money generated out of concealed income was not available with the assessee for the purpose of making the investments subsequently. Therefore, keeping in view of the principles discussed above, we…

ITO, New Delhi vs. M/S. Jay Shiva Earthmovers & Construction Pvt. Ltd, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3995/DEL/2010[2006-07]Status: DisposedITAT Delhi11 Feb 2020AY 2006-07

Bench: Shri H.S. Sidhu & Shri Prashant Maharishii.T.A. No. 3995/Del/2010 Ay: 2006-07 Ito, Ward 4(2), Vs. Jay Shiva Earthmovers & Construction Pvt. Ltd., Room No. 413A, Bu-60, Sfs Flats, Outer C.R. Building, Ring Road, Pitampura, I.P. Estate, Delhi – 85 New Delhi (Pan: Aabcj1414D) (Appellant) (Respondent)

For Appellant: Sh. Satyajeet Goel, AdvFor Respondent: Sh. R.K. Gupta, Addl. CIT(DR)
Section 143(2)Section 143(3)Section 68

…d Hanif v. ClT [1958] 34 ITR 669 which decision has been affirmed by the Hon'ble Supreme Court in Kalekhan Mohammad Hanifv. CIT [1963] 50 ITR l. The same principle has been reiterated by the Hon'ble Supreme Court in CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194, by Calcutta High Court in Shankar Industries Ltd. v. CIT [1978] 114 ITR 689, C. Kant & Co. v. CIT [1980] 126 ITR 63, Oriental Wire Industries (P.) Ltd. v. CIT [1981] 131 ITR 688, Prakash Textile Agency vs. CIT (1980) 121 ITR 890 & CIT vs. Korlay Trading Company Ltd. (1999) 232 ITR 820, by Orissa High Court in CIT Vs. B.C. Mohanty (1995) 212 ITR 1…

Shri Vikram Singh Shekhawat, Jaipur vs. Deputy Commissioner of Income Tax, Circle, Sikar

In the result, the appeals filed by the assessee in ITA No

ITA 484/JPR/2019[2013-14]Status: DisposedITAT Jaipur23 Jan 2020AY 2013-14
For Appellant: Shri Shrawan Kumar Gupta, AdvocateFor Respondent: Shri K.C. Gupta, JCIT DR
Section 143(3)Section 145(3)Section 154Section 234A

…by the appellant. Further addition by invoking section 40(a)(ia) amounts to punishing the appellant for a same offence on double occasions, which is not permitted by law, as stipulated in the decision given in the case of Devi Prasad Vishwanath Prasad (1969) 72 ITR 194(SC). Further, recently in the case of ACIT V/s M/s. Choudhary & Brothers, Jaipur in ITA No.879/JP/2011the Tribunal has observed that by implication, books of accounts were rejected by the AO and upheld by the CIT(A). Relying on the judgment in the case of Banwarilal Bansidhar reported at (1998) 229 ITR 229 It has been held that if the profit of th…

ITO 14(1)(1), Mumbai vs. Abacus Real Estate P. Ltd, Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 9/MUM/2017[2012-13]Status: DisposedITAT Mumbai20 Dec 2019AY 2012-13

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2012-13 Ito 14(1)(1), Room No. 431, Abacus Real Estate Pvt. Ltd. 4Th Floor, Aayakar Bhavan, Vs. 101, Kalpatru Synergy, Opp. M.K. Road, Mumbai-400020. Grand Hyaatsantacruz East, Mumbai-400055. Pan No. Aagca4865L Appellant Respondent

For Appellant: Ms. Vasanti B. Patel, ARFor Respondent: Mr. Anadi Varma, CIT- DR &
Section 143(3)Section 68

…to us to be amply warranted by the facts of the case. There is no ground for interfering with that finding, and these appeals are accordingly dismissed with costs.’ A similar view was taken by the Supreme Court in CIT v. Devi Prasad Vishwanath Prasad, (1969) 72 ITR 194 (SC). 12. In the light of the aforesaid exposition of the legal position the view taken by the Tribunal cannot be upheld. The Tribunal, however, may be justified in directing the Assessing Officer to afford an opportunity to the assessee of cross-examining the persons who had allegedly given statements before the Investigation Wing implicating th…

Upender Ganna, Hyderabad vs. Income Tax Officer, Ward-15(4), Hyderabad

In the result, the appeal of assessee is allowed

ITA 518/HYD/2018[2014-15]Status: DisposedITAT Hyderabad04 Dec 2019AY 2014-15

Bench: Smt. P. Madhavi Devi

For Appellant: Shri K.A.Sai Prasad, ARFor Respondent: Shri Nilanjan Dey, DR
Section 143(3)Section 68

…nal as well. 6. The Ld.DR, on the other hand, supported the orders of the lower authorities and also placed reliance upon the following decisions: :- 4 -: i. Kale Khan Mohammad Hanif Vs. CIT (1963) [50 ITR 1] (SC); ii. CIT Vs. Devi Prasad Vishwanath (1969) [72 ITR 194] (SC); iii. CIT Vs. Maduri Rajaiahgari Kistaiah (1979) [120 ITR 294] (AP); 7. Having regard to the rival contentions and material on record, I find that in the case of Kale Khan Mohammad Hanif Vs. CIT (Supra), the assessee there-in was a trader, carrying on two businesses and he had submitted a return but as his accounts were not found to be comp…

Purna Chandra Biswal, Jajpur vs. Principal CIT, Cuttack

In the result, appeal of the assessee is partly allowed

ITA 200/CTK/2018[2013-14]Status: DisposedITAT Cuttack15 Nov 2019AY 2013-14

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.200/Ctk/2018 (नििाारण वषा / Assessment Year :2013-2014) Sri Purna Chandra Biswal, Vs. Principal Cit, Cuttack Jakhapura, Jajpur-755019 स्थायी लेखा सं./Panno. : Aclpb 1493 P (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri S.K.Sarangi, Ar िाजस्व की ओर से /Revenue By : Shri S.M.Keshkamat, Citdr

For Appellant: Shri S.K.Sarangi, ARFor Respondent: Shri S.M.Keshkamat, CITDR
Section 143(3)Section 144Section 145Section 145(3)Section 263Section 44ASection 68

…ecommendation of the Ld. Pr. CIT, to verify the same which has already been covered in the assessment by the AO is unreasonable, uncalled for and bad in law. 4. The Ld. Pr. CIT has cited the case of Commissioner of Income Tax v. Devi Prasad Vishwanath [(1969) 72 ITR 194 (SC)], stating that addition u/s 68, 69, 69A, 69B etc is possible even in a case where income is estimated u/s 144 of the IT Act in view of rejection of books u/s 145 (3) of the Act. But the facts of the case cited above and that of the appellant are different, as because in that case there was existence of books accounts which was produced before…

Shri Sant Sadhu Singh, Hoshiarpur vs. Income Tax Officer, Ward-4, Hoshiarpur

In the result, the assessee’s appeal is dismissed

ITA 763/ASR/2017[2009-10]Status: DisposedITAT Amritsar17 Jul 2019AY 2009-10

Bench: Sh. Sanjay Arorai.T.A. No. 763/Asr/2017 Assessment Year: 2009-10

For Appellant: Sh. Surinder Mahajan (C.A.)For Respondent: Sh. Charan Dass (D.R.)
Section 133(6)Section 143(1)Section 143(3)Section 147Section 148Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR (SMC) BEFORE SH. SANJAY ARORA, ACCOUNTANT MEMBER I.T.A. No. 763/Asr/2017 Assessment Year: 2009-10 Sant Sadhu Singh, vs. Income Tax Officer, Chella Sant Hari Singh, Ward-4, Hoshiarpur VPO Kaharpur, Hoshiarpur [PAN: ATOPS 3154J] (Appellant) (Respondent) Appellant by : Sh. Surinder Mahajan (C.A.) Respondent by: Sh. Charan Dass (D.R.) Date of Hearing: 01.05.2019 Date of Pronouncement: 29.07.2019 ORDER Per Sanjay Arora, AM: This is an Appeal by the Assessee-individual, agitating the Order by the Commissioner of Income Tax (Appeals)-1, Jalandhar (…

The ITO, Trivandrum vs. M/S.Perrorkada Service Co-Op Bank Ltd, Trivandrum

In the result, the appeal of the Revenue in I

ITA 47/COCH/2019[2013-14]Status: DisposedITAT Cochin26 Jun 2019AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 194A(3)(viia)Section 195Section 263Section 40Section 40A(3)Section 80P

…plained cash credits with known sources of income of the assessee, there would be no alternative to treating them as income from other sources. 9.7 Reliance is also placed on the judgment of Supreme Court in the case of CIT vs. Deviprasad Viswanath Prasad (72 ITR 194) wherein it was held that when the assessee pleads that the impugned cash credits came out of suppressed profit, it is for him to prove that it is so. If these receipts are allowed by treating as business receipts, then the assessee will be entitled to set off of business expenditure against these receipts which is not permissible. The assessee'…

M/S.Peroorkada Service Co-Op Bank Ltd, Trivandrum vs. The ITO, WD-2(1), Trivandrum

In the result, the appeal of the Revenue in I

ITA 93/COCH/2018[2014-15]Status: DisposedITAT Cochin26 Jun 2019AY 2014-15

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 194A(3)(viia)Section 195Section 263Section 40Section 40A(3)Section 80P

…plained cash credits with known sources of income of the assessee, there would be no alternative to treating them as income from other sources. 9.7 Reliance is also placed on the judgment of Supreme Court in the case of CIT vs. Deviprasad Viswanath Prasad (72 ITR 194) wherein it was held that when the assessee pleads that the impugned cash credits came out of suppressed profit, it is for him to prove that it is so. If these receipts are allowed by treating as business receipts, then the assessee will be entitled to set off of business expenditure against these receipts which is not permissible. The assessee'…

M/S.Perrorkada Service Co-Op Bank Ltd, Trivandrum vs. The ITO, Trivandrum

In the result, the appeal of the Revenue in I

ITA 563/COCH/2018[2013-14]Status: DisposedITAT Cochin26 Jun 2019AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 194A(3)(viia)Section 195Section 263Section 40Section 40A(3)Section 80P

…plained cash credits with known sources of income of the assessee, there would be no alternative to treating them as income from other sources. 9.7 Reliance is also placed on the judgment of Supreme Court in the case of CIT vs. Deviprasad Viswanath Prasad (72 ITR 194) wherein it was held that when the assessee pleads that the impugned cash credits came out of suppressed profit, it is for him to prove that it is so. If these receipts are allowed by treating as business receipts, then the assessee will be entitled to set off of business expenditure against these receipts which is not permissible. The assessee'…

M/S.Peroorkada Service Co-Op Bank Ltd, Trivandrum vs. The ITO, WD-2(1), Trivandrum

In the result, the appeal of the Revenue in I

ITA 400/COCH/2018[2014-15]Status: DisposedITAT Cochin26 Jun 2019AY 2014-15

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 194A(3)(viia)Section 195Section 263Section 40Section 40A(3)Section 80P

…plained cash credits with known sources of income of the assessee, there would be no alternative to treating them as income from other sources. 9.7 Reliance is also placed on the judgment of Supreme Court in the case of CIT vs. Deviprasad Viswanath Prasad (72 ITR 194) wherein it was held that when the assessee pleads that the impugned cash credits came out of suppressed profit, it is for him to prove that it is so. If these receipts are allowed by treating as business receipts, then the assessee will be entitled to set off of business expenditure against these receipts which is not permissible. The assessee'…