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 366,421 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

Smt. Malapur Mounika, Chitradurga vs. Income-Tax Officer, Ward-1, Chitradurga

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 599/BANG/2023[2017-18]Status: DisposedITAT Bangalore30 Oct 2023AY 2017-18

Bench: Shri George George Kassessment Year : 2017-18 Smt. Malapur Mounika, Vs. Ito, Prop : M/S. Kaligal Poultry Services, Ward – 1, M H Road, Chitradurga. Chitradurga – 577 501. Pan : Bhypm 5247 F Appellant Respondent Assessee By : Ms. Sunaina Bhatia, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 27.10.2023 Date Of Pronouncement : 30.10.2023

For Appellant: Ms. Sunaina Bhatia, CAFor Respondent: Shri. Ganesh R Ghale, Advocate, Standing Counsel for Revenue
Section 115BSection 15BSection 234Section 250Section 69A

…credited to profit 8: loss account) and on the other hand amounts received from above parties has also been added u/s 68 of the Act. This view has been held by the Hon'ble Page 16 of 18 Supreme Court in the case of CIT vs. Devi Prasad Vishwnath Prasad (1969) 72 ITR 194(SC) that "It is for the assessee to prove that even if the cash credit represents income, it is income from as source, which has already been taxed." The assessee has already offered the sales for taxation hence the onus has been discharged by it and the same income cannot be taxed again." 14. The ld. DR, has relied upon the decision of ITAT, Hyde…

ITO, WD-5(1), Kolkata vs. M/S Safeline Marketing Pvt. Ltd, Kolkata

ITA 20/KOL/2021[2012-13]Status: DisposedITAT Kolkata16 Oct 2023AY 2012-13

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Sunil Surana, A/RFor Respondent: Shri S. Datta, CIT, D/R
Section 250Section 68

…on Finance Pvt. Ltd. 208 ITR 463 (Cal), CIT v Nipun Builders & Developers Pvt. Ltd. (2013) 30 taxmann.com 292 (Delhi)) Kachwala Gems v JCIT, Jaipur 158 Taxman 71 (SC), A Govindarajulu Mudaliar c CIT [1995] 34 ITR 807, CIT v Devi Prasad Viswanath Prasad [1969] 72 ITR 194 (SC), CIT v Independent Media Pvt. Ltd. [2012] 25 taxmann.com 276 (Delhi), Star Griha Pvt. Ltd v CIT and M/s Bisakha Sales Pvt. Ltd. v CIT. 5.3.1. I have gone through the assessment order and the submission and evidences adduced by the appellant. Based upon the same, I deal with the various adverse findings of the AO based upon which the share cap…

M/S.Vibgyor Texotech Private Limited, Mumbai vs. ACIT-8(3)(2), Mumbai

In the result, the appeal filed by the revenue is allowed and appeal filed by the assessee is partly allowed

ITA 489/MUM/2019[2011-12]Status: DisposedITAT Mumbai27 Sept 2023AY 2011-12

Bench: Shri S. Rifaur Rahman, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: NoneFor Respondent: Shri Vranda U. Matkari
Section 10ASection 143(3)Section 144Section 147Section 148Section 250Section 264ASection 40

…reliance on the judgement of jurisdictional High Court in the case of CIT v. Maduri Rajaiahgari Kistaiah (120 ITR 294). Further, we Smt. Shobha Gupta place reliance on the judgement of Hon'ble Supreme Court in the case of CIT v. Devi Prasad Viswanath Prasad (72 ITR 194) wherein held that on rejection of books of account, business income estimated, addition towards unexplained cash credit separately valued. 13. Further, the approach of the various High Courts' is not uniform on the above aspect as would be seen from the following cases. In CIT v. Aggarwal Engg. Co. (Jai.) (2006) 206 CTR (P&H) 648, the Punjab & Ha…

M/S.Vibgyor Texotech Private Limited, Mumbai vs. ACIT-8(3)(2), Mumbai

In the result, the appeal filed by the revenue is allowed and appeal filed by the assessee is partly allowed

ITA 1514/MUM/2018[2008-09]Status: DisposedITAT Mumbai27 Sept 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: NoneFor Respondent: Shri Vranda U. Matkari
Section 10ASection 143(3)Section 144Section 147Section 148Section 250Section 264ASection 40

…reliance on the judgement of jurisdictional High Court in the case of CIT v. Maduri Rajaiahgari Kistaiah (120 ITR 294). Further, we Smt. Shobha Gupta place reliance on the judgement of Hon'ble Supreme Court in the case of CIT v. Devi Prasad Viswanath Prasad (72 ITR 194) wherein held that on rejection of books of account, business income estimated, addition towards unexplained cash credit separately valued. 13. Further, the approach of the various High Courts' is not uniform on the above aspect as would be seen from the following cases. In CIT v. Aggarwal Engg. Co. (Jai.) (2006) 206 CTR (P&H) 648, the Punjab & Ha…

M/S. Layog Properties Pvt. Ltd., New Delhi vs. ITO, New Delhi

ITA 753/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Sept 2023AY 2012-13

Bench: Shri Shamim Yahya & Ms. Astha Chandraasstt. Year 2012-13 M/S. Layog Properties Pvt. Ltd. Vs. Ito N-18, First Floor, Ward-15(2) Malviya Nagar, New Delhi. New Delhi – 110 017 Pan Aabcl9997R (Appellant) (Respondent)

For Appellant: Shri Salil Aggarwal, Sr. AdvocateFor Respondent: Ms. Smita Singh, Sr. DR
Section 131Section 133(6)Section 234BSection 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year 2012-13 M/s. Layog Properties Pvt. Ltd. Vs. ITO N-18, First Floor, Ward-15(2) Malviya Nagar, New Delhi. New Delhi – 110 017 PAN AABCL9997R (Appellant) (Respondent) Assessee by: Shri Salil Aggarwal, Sr. Advocate, Shri Shailesh Gupta, Advocate, Shri Madhur Aggarwal, Advocate Department by: Ms. Smita Singh, Sr. DR Date of Hearing: 10.08.2023 Date of 13.09.2023 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against the…

Ravi Mahexa, Daman and Diu vs. Income Tax Officer, Daman Ward, Daman

ITA 195/SRT/2022[2017-18]Status: DisposedITAT Surat31 Jul 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

Section 115BSection 143(3)Section 145(3)Section 40ASection 68

…ice ultimately credited to profit & loss account) and on the other hand amounts received from above parties has also been added u/s. 68 of the Act. This view has been held by the Hon'ble Supreme Court in the case of CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 that "It is for the assessee to prove that even if the cash credit represents income, it is income from a source, which has already been taxed. The assessee has already offered the sales for taxation hence the onus has been discharged by it and the same income cannot be taxed again.” I find the Coordinate Bench of the Tribunal in the case of M/s.…

Ravi Mahexa, Daman and Diu vs. Income Tax Officer, Daman Ward, Daman

ITA 194/SRT/2022[2016-17]Status: DisposedITAT Surat31 Jul 2023AY 2016-17

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

Section 115BSection 143(3)Section 145(3)Section 40ASection 68

…ice ultimately credited to profit & loss account) and on the other hand amounts received from above parties has also been added u/s. 68 of the Act. This view has been held by the Hon'ble Supreme Court in the case of CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 that "It is for the assessee to prove that even if the cash credit represents income, it is income from a source, which has already been taxed. The assessee has already offered the sales for taxation hence the onus has been discharged by it and the same income cannot be taxed again.” I find the Coordinate Bench of the Tribunal in the case of M/s.…

Ravi Mahexa, Daman and Diu vs. Income Tax Officer, Ward 5, Vapi

ITA 193/SRT/2022[2015-16]Status: DisposedITAT Surat31 Jul 2023AY 2015-16

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

Section 115BSection 143(3)Section 145(3)Section 40ASection 68

…ice ultimately credited to profit & loss account) and on the other hand amounts received from above parties has also been added u/s. 68 of the Act. This view has been held by the Hon'ble Supreme Court in the case of CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 that "It is for the assessee to prove that even if the cash credit represents income, it is income from a source, which has already been taxed. The assessee has already offered the sales for taxation hence the onus has been discharged by it and the same income cannot be taxed again.” I find the Coordinate Bench of the Tribunal in the case of M/s.…

Chiragbhai S. Gadhiya, Surat vs. I.T.O., Ward-3(2)(6), Surat

In the result, this appeal of assessee is allowed

ITA 240/SRT/2021[2016-17]Status: DisposedITAT Surat28 Jul 2023AY 2016-17

Bench: Shri Pawan Singh(Physical Hearing) Chiragbhai S. Gadhiya, I.T.O., 79, Mani Nagar Society, Nana Ward-3(2)(6), Vs. Varachha, Nr. Sarthana Jakat Naka, Surat. Surat-395006. Pan No. Ajypg 7927 K Appellant/ Assessee Respondent/ Revenue

Section 133(6)Section 143(3)Section 254(1)Section 68

…s Industries Ltd. Vs DCIT ITA No. 995/Ahd/2014, decision of Hon'ble Rajasthan High Court in Smt. Harshila Chordia Vs ITO 298 ITR 349, Kolkata Tribunal in Shri Sanjeev Kejriwal Vs ITO ITS No. 371/Kol/2010, Hon'ble Supreme Court in CIT Vs Devi Prasad Vishwanath 72 ITR 194 (SC) and the decision of Delhi Tribunal in Racmann Springs (P) Ltd. Vs DCIT 52 TTJ 660. The ld. AR of the assessee further submits that when books of account was rejected, profit is required to be estimated on the credit made by way of cash in 11 Chiragbhai S. Gadhiya Vs ITO the books. To support such submission, the ld. AR relied on the decision…

Bhandari Gold and Jewellers Private Limited, Mumbai vs. CIT (Appeal), NFAC - Delhi

In the result, appeal filed by the assessee is allowed for statistical purpose

ITA 1619/MUM/2022[2017-2018]Status: DisposedITAT Mumbai19 Jul 2023AY 2017-2018

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

Section 143(3)Section 68

…the sales and no unexplained cash credits were found, thus, the case law relied upon by the Ld.DR is also distinguishable on the facts of the case. The Ld.DR relied on the decision of CIT VS P.Mohanakala, 161 Taxmann 169, CIT vs Devi Prasad Vishwanath Prasad 72 ITR 194(SC) both the cases refer to the sums found credited in the books of account but not offered as income, whereas in the instant case the assessee admitted the same as sales and offered for taxation, hence, the case laws has no application in the assessee's case. The Ld.DR also relied on the decision in Naresh Kumar Tulshanus. 5th ITO, ITAT Bombay (s…

Cy. CIT 6(1) (2), Mumbai vs. M/S. Bhandari Gold & Jewellers Pvt. Ltd, Mumbai

In the result, appeal filed by the assessee is allowed for statistical purpose

ITA 1564/MUM/2022[2017-18]Status: DisposedITAT Mumbai19 Jul 2023AY 2017-18

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

Section 143(3)Section 68

…the sales and no unexplained cash credits were found, thus, the case law relied upon by the Ld.DR is also distinguishable on the facts of the case. The Ld.DR relied on the decision of CIT VS P.Mohanakala, 161 Taxmann 169, CIT vs Devi Prasad Vishwanath Prasad 72 ITR 194(SC) both the cases refer to the sums found credited in the books of account but not offered as income, whereas in the instant case the assessee admitted the same as sales and offered for taxation, hence, the case laws has no application in the assessee's case. The Ld.DR also relied on the decision in Naresh Kumar Tulshanus. 5th ITO, ITAT Bombay (s…

ITO, Ward-5(1), Kolkata vs. M/S Fastflow Securities (P) Ltd, Kolkata

ITA 32/KOL/2021[2012-13]Status: DisposedITAT Kolkata13 Jul 2023AY 2012-13

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 32/Kol/2021 Assessment Year: 2012-13 Ito, Ward-5(1), Kolkata...................……….........…..........………...…… Appellant Vs. M/S. Fastflow Securities Pvt. Ltd.........…....…….......….....…...…....... Respondent 41, N.S. Kolkata - 70001 [Pan: Aabcf8361P] Appearances By: Shri G. Hukugha Sema, Cit-Dr, Appeared On Behalf Of The Appellant. Shri V.K. Jain, Fca, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : June 15Th, 2023 Date Of Pronouncing The Order : July 13Th, 2023 आदेश / Order Per Dr. Manish Borad, Accounant Member: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 02.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Registry Has Pointed Out That There Is A Delay Of 35 (Thirty Five) Days In Filing The Present Appeal Before The Tribunal. The Impugned Order By Ld. Cit(A) Is Dated 02/09/2020 Which Falls Within The Period Of Pandemic Of Covid-19. Petition For Condonation Of Delay Is Placed On Record By Revenue Explaining The Reasons For Delay, Owing To Pandemic Of Covid-19 During That Time. We Note That The Period Of Delay Falls During The Time Of Pandemic Of I.T.A. No. 32/Kol/2021 Assessment Year: 2012-13 M/S. Fastflow Securities Pvt. Ltd

Section 131Section 133(6)Section 143(2)Section 250Section 68

…ich is not the case of the appellant provided the confirmation of transactions and documentary evidence the identity and creditworthiness of creditors and the genuineness of transactions. The AO also relied upon (c) CIT vs Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC), (d) CIT vs Independent Media (P) Ltd. [2012] 25 taxman.com 276 (Delhi). The former was on action of AO to add the income from undisclosed sources, even when he had rejected the books and estimated the income. On the appellant's case, ITO has not rejected the books or estimated the income. The facts are different. In Independent Media was whe…

DCIT CC 3(4) Cen RG 3, Mumbai vs. Patel Engineering Ltd, Mumbai

In the result, appeal filed by the assessee is dismissed

ITA 2486/MUM/2017[2007-08]Status: DisposedITAT Mumbai07 Jul 2023AY 2007-08

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

Section 14ASection 154Section 199(2)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI ABY T. VARKEY, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON’BLE ACCOUNTANT MEMBER ITA NO. 2485 & 2486/MUM/2017 (A.Ys: 2006-07 & 2007-08) DCIT – CC-3(4) v. M/s. Patel Engineering Ltd. Central Range – 3 Patel Estate Road Room No. 1915, 19th Floor Jogeswari (W) Air India Building, Nariman Point Mumbai - 400102 Mumbai – 400 021 PAN: AAACP2567L (Appellant) (Respondent) C.O. NO. 265 & 355/MUM/2018 [ARISING OUT OF ITA NO. 2485 & 2486/MUM/2017 (A.Ys: 2006-07 & 2007-08)] M/s. Patel Engineering Ltd. v. DCIT – CC-3(4) Patel Estate Road Cent…

DCIT CC 3(4) Cen RG 3, Mumbai vs. Patel Engineering Ltd, Mumbai

In the result, appeal filed by the assessee is dismissed

ITA 2485/MUM/2017[2006-07]Status: DisposedITAT Mumbai07 Jul 2023AY 2006-07

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

Section 14ASection 154Section 199(2)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI ABY T. VARKEY, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON’BLE ACCOUNTANT MEMBER ITA NO. 2485 & 2486/MUM/2017 (A.Ys: 2006-07 & 2007-08) DCIT – CC-3(4) v. M/s. Patel Engineering Ltd. Central Range – 3 Patel Estate Road Room No. 1915, 19th Floor Jogeswari (W) Air India Building, Nariman Point Mumbai - 400102 Mumbai – 400 021 PAN: AAACP2567L (Appellant) (Respondent) C.O. NO. 265 & 355/MUM/2018 [ARISING OUT OF ITA NO. 2485 & 2486/MUM/2017 (A.Ys: 2006-07 & 2007-08)] M/s. Patel Engineering Ltd. v. DCIT – CC-3(4) Patel Estate Road Cent…

M/S. Goldline Dealers Pvt. Ltd., Kolkata vs. ITO, Ward - 9(2), Kolkata

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 608/KOL/2019[2012-13]Status: DisposedITAT Kolkata03 Jul 2023AY 2012-13

Bench: Sri Rajpal Yadav & Sri Rajesh Kumar

Section 249Section 253Section 3Section 5

…is entitled to draw the inference that the receipt are of an assessable nature. This view was adopted in the case of A. Govindarajulu Mudaliar v. CIT [1958] 34 ITR 807. Similar view was also taken in the case of (i) CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC), and (ii) Commissioner of Income-tax v. Independent Media (P.) Ltd. [2012] 25 taxmann.com 276 (Delhi). In the light of the facts of the case and aforesaid exposition of the legal position, with regard to the identity and creditworthiness of the subscriber-companies and the genuineness of the transactions, I am of the opinion that the credit o…

Arjunsinh Harisinh Thakor, Surat vs. Income Tax Officer, Bardoli

In the result, grounds No

ITA 245/SRT/2021[2017-18]Status: DisposedITAT Surat15 Jun 2023AY 2017-18

Bench: Shri Pawan Singh(Physical Hearing) Arjunsinh Harisinh Thakor, I.T.O., 1 Thakor Niwas, Zanda Chowk, Ward-1, Vs. Tarasadi Road, Kosamba, Bardoli. Surat-394120. Pan No. Aabpt 1270 G Appellant/ Assessee Respondent/ Revenue

Section 115BSection 254(1)Section 68

…with it, for which reference is made to CIT vs. Ganapathi Mudaliar (M.) [1964] 53 ITR 623 (SC), cited during hearing itself. Reference may also be made to Seth Kale Khan Mohamed Hanif v. CIT [1963] 50 ITR 1 (SC) and CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC). In the facts of both these cases, the assessee’s business income was estimated consequent to rejection of it’s books of account as unreliable. The Revenue also bringing to tax unexplained credit/s therein, challenged by the assessee on that basis, the Apex Court explained that there is nothing in law that prevents the assessing authority to…

Purani Hospital Supplies Private Limited, Coimbatore vs. DCIT Corporate Circle-2, Coimbatore

In the result, appeal filed by the assessee is allowed

ITA 489/CHNY/2022[2017-18]Status: DisposedITAT Chennai31 May 2023AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 489/Chny/2022 िनधा"रण वष" / Assessment Year: 2017-18

For Respondent: Shri. D. Hema Bhupal, JCIT
Section 115BSection 115JSection 143(2)Section 69

…022 ultimately credited to profit 8: loss account) and on the other hand amounts received from above parties has also been added u/s 68 of the Act. This view has been held by the Hon'ble Supreme Court in the case of CIT vs. Devi Prasad Vishwnath Prasad (1969) 72 ITR 194(SC) that "It is for the assessee to prove that even if the cash credit represents income, it is income from as source, which has already been taxed." The assessee has already offered the sales for taxation hence the onus has been discharged by it and the same income cannot be taxed again." 14. The ld. DR, has relied upon the decision of ITAT, Hyd…

One Stop Commosale Pvt. Ltd., Kolkata vs. I.T.O., Ward-6(3), Kolkata

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

ITA 636/KOL/2019[2012-13]Status: DisposedITAT Kolkata03 May 2023AY 2012-13

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 133(6)Section 143(2)Section 143(3)Section 14ASection 250Section 68

…s entitled to draw the inference that the receipt are of an assessable nature. This view was adopted in the case of A. Govindarajulu Mudaliar vs CIT [1958] 34 ITR 807. Similar view was also taken in the case of:- (i) CIT vs Devi Prasad Viswanath Prasad [1969] 72 ITR 194 (SC), and (ii) Commissioner of Income-tax vs Independent Media (P) Ltd. [2012] 25 taxman.com 276 (Delhi). Reliance is also being placed on the decision of jurisdictional ITAT in the case of M/s Star Griha Pvt. Ltd vs CIT and M/s Bisakha Sales Pvt. Ltd. vs. CIT. wherein Hon’ble ITAT has given detailed findings of modus operand! of such type of comp…

Dy. Commissioner of Income Tax, Circle - 01, Varanasi vs. Perfect Tecno Counsultants Pvt. Ltd., Varanasi

In the result, the appeal of the Revenue is allowed for statistical purposes

ITA 139/VNS/2020[2017-2018]Status: DisposedITAT Varanasi13 Apr 2023AY 2017-2018

Bench: Shri Ramit Kochar & Shri Pavan Kumar Gadaleassessment Year: 2017-18 Dy. Commissioner Of Income Perfect Techno Consultants Pvt. Ltd., Tax, Circle-1, Aayakarbhawan, V. N-1/65-A, Narrotam Nagar Colony, M A Road, Varanasi- Nagwa, Lanka Varanasi-221005,U.P. 221002,U.P. Pan:Aagcp3236N (Appellant) (Respondent) Revenue By: Sh. Amalendunath Mishra, Cit Dr Assessee By: Sh. Mohammad Ashraf, C.A. Date Of Hearing: 11.04.2023 Date Of Pronouncement: 13.04.2023 O R D E R

For Appellant: Sh. Mohammad Ashraf, C.AFor Respondent: Sh. AmalenduNath Mishra, CIT DR
Section 115JSection 142(1)Section 143(2)Section 144Section 250Section 68Section 69A

…powers of ld. AO. It is relevant to refer at this stage to the decision 10 Assessment Year: 2017-18 DCIT, Circle-1, Varanasi, U.P. v. Perfect Techno Consultants Pvt. Ltd. of Hon’ble Supreme Court in the case of CIT v. Devi Prasad Vishwanath reported n (1969) 72 ITR 194(SC), wherein Hon’ble Supreme Court observed as under: “There is nothing in law which prevents the Income-tax Officer in an appropriate case in taxing both the cash credit, the source and nature of which is not satisfactorily explained, and the business income estimated by him under section 13 of the Income-tax Act, after rejecting the books of acc…

Basappa Ramesh, Bangalore vs. The ACIT, Circle-2(2)(1), Bangalore

In the result, the appeal is allowed in favour of the assessee

ITA 1093/BANG/2022[2017-18]Status: DisposedITAT Bangalore24 Feb 2023AY 2017-18

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2017-18

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Smt. Priyadarshini Besaganni, Addl.CIT(DR)(ITAT), Bengaluru
Section 115BSection 68

…Agons Global (P) Ltd., Vs. ACIT [ITA 3741 to 3746/Del/2019] (ii) The Hon’ble Indore ITAT in the case of Dewas Soya Ltd., Vs. ITO [ITA No.336/Ind/2012]. 11.We also notice that the Hon’ble Supreme Court in the case of CIT Vs. Devi Prasad Viswanath Prasad (1969) 72 ITR 194 (SC) on the issue of additions under section 68 held that “It is for the assessee to prove that even if the cash receipts represents income, it is income from a Page 10 of 11 source, which has already been taxed.” Applying this ratio, in our view, the assessee has discharged the onus by offering the sales for taxation and therefore the same incom…