CIT v. Ishwardas Mutha

270 ITR 597High Court2004#8950 most cited
12

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 44ADSection 68Section 69Section 69CSection 115BEESection 139(1)Section 144BSection 147

Issues it is cited on

section 256(2)section 106section 256peak credit theoryincome tax settlement commissioncreditworthiness of the creditorsection 132(4a)section 44adsection 127on-moneydocuments seizedescapement of income

Judgments citing CIT v. Ishwardas Mutha

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

ITA 464/JPR/2024[2017-18]Status: DisposedITAT Jaipur27 Nov 2024AY 2017-18

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…h November, 2014) has held as under:- "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

ITA 463/JPR/2024[2016-17]Status: DisposedITAT Jaipur27 Nov 2024AY 2016-17

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…h November, 2014) has held as under:- "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

ACIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

ITA 462/JPR/2024[2015-16]Status: DisposedITAT Jaipur27 Nov 2024AY 2015-16

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…h November, 2014) has held as under:- "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

ACIT, CC-2, JAIPUR, INCOME TAX DEPARTMENT vs. CHANDRA MOHAN BADAYA, JAIPUR

In the result the four appeals filed by the assessee stands

ITA 427/JPR/2024[2014-15]Status: DisposedITAT Jaipur27 Nov 2024AY 2014-15

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…h November, 2014) has held as under:- "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

CHANDRA MOHAN BADAYA,JAIPUR vs. DCIT, CENTRAL CIRCLE-2, JAIPUR

In the result the four appeals filed by the assessee stands

ITA 423/JPR/2024[2017-18]Status: DisposedITAT Jaipur27 Nov 2024AY 2017-18

Bench: Him In The Case Of The Assessee For All These Four Assessment Year.

For Appellant: Shri S. L. GuptaFor Respondent: Shri Ajay Malik (CIT-DR)
Section 143Section 69

…h November, 2014) has held as under:- "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

SH. BHUPENDRA MEENA,JAIPUR vs. ITO, WARD-1(1), JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 905/JPR/2024[2016-17]Status: DisposedITAT Jaipur04 Oct 2024AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Anoop Singh (Addl.CIT) a
Section 139(1)Section 144BSection 147Section 148Section 148ASection 44ASection 69A

…this judgement is reproduced as under: "12. This court in the case of Commissioner of Income Tax Vs. Tyaryamat Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

BHAGWAN SINGH POSWAL,JAIPUR vs. INCOME TAX OFFICE, WARD 1(4), JAIPUR

In the result, the appeals of the assessee is allowed for statistical purposes

ITA 266/JPR/2020[2011-12]Status: DisposedITAT Jaipur31 Oct 2022AY 2011-12

Bench: Or During The Course Of The Hearing Of The Appeal.”

For Appellant: Shri Bhagwan Singh Poswal (Self)For Respondent: Ms. Runi pal (Addl.CIT) a
Section 143(1)Section 143(2)Section 144Section 156Section 234ASection 271(1)(c)Section 68Section 80C

…497 wherein it was held that as under:- "12. This court in the case of Commissioner of Income Tax Vs. Thryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

SMT KRISHNA AGARWAL ,PALI vs. ITO WARD-1, PALI, PALI

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

ITA 53/JODH/2021[2017-18]Status: DisposedITAT Jodhpur07 Sept 2021AY 2017-18
For Appellant: Shri Rajendra Jain (C.A.)For Respondent: Miss Kajal Singh (JCIT) a
Section 143(2)Section 143(3)Section 69A

…IT reported in 117 DTR (Raj) 78 held as under:- "Court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. We hold the assessee was entitled to the benefit of peak credit which ought to have been allowed inste…

ACIT, CENTRAL CIRCLE-3, JODHPUR vs. BHANWAR SINGH RATHORE , PALI

Accordingly, it is held that the AO rightly added Rs.19,06,200/- u/s 68 of the IT. Act,1961. The appellant fails on this ground. The ground raised by the appellant regarding this issue is, hereby, ...

ITA 347/JODH/2019[2012-13]Status: DisposedITAT Jodhpur21 Dec 2020AY 2012-13

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. No.347/Jodh/2019 ("नधा"रणवष" / Assessment Year: 2012-13) Acit-Central Circle-2 Bhanwar Singh Rathore बनाम/ Room No.68, Income Tax Office Bagh Niwas, Sumerpur Road Paota, C-Road Village-Mandali, Hemawas, Pali Vs. Jodhpur, Rajasthan- 342 006. Rajasthan-306 401 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Abepr-9925-L (अपीलाथ"/Appellant) (""यथ" / Respondent) : & C.O. No.02/Jodh/2020 (Arising Out Of Ita No.347/Jodh/2019 ("नधा"रणवष" / Assessment Year: 2012-13) Bhanwar Singh Rathore Acit-Central Circle-2 बनाम/ Bagh Niwas, Sumerpur Road Room No.68, Income Tax Office Village-Mandali, Hemawas, Pali Paota, C-Road Vs. Rajasthan-306 401 Jodhpur, Rajasthan- 342 006. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Abepr-9925-L (अपीलाथ"/Appellant) (""यथ" / Respondent) :

For Appellant: Shri Rajendra Jain (Advocate) & MsFor Respondent: Shri A.S. Yadav- Ld. Sr. DR
Section 143(3)

…T reported in 117 DTR (Raj) 78 held as under- "Court in the case of Commissioner of Income Tax Vs. Tyaryamal Balchand V (supra), after relying on several judgments, also upheld the finding about peak credit theory. This Court in CIT Vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit. When any amount is paid, later withdrawn from the books, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue, We hold the assessee ' was entitled to the benefit of peak credit which ought to have been allowed ins…

SHANKAR JHALANI,JAIPUR vs. ITO, JAIPUR

In the result, appeal of the assessee is dismissed

ITA 1053/JPR/2016[2011-12]Status: DisposedITAT Jaipur19 Feb 2018AY 2011-12

Bench: The Itat By Taking Following

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT)
Section 144Section 40

…ce which were not admitted in view of the discussion made earlier in this order. However, it may be mentioned that in the case of Sind Medical Stores vs. CIT (Supra), the Hon’ble jurisdictional High Court held that this court in CIT vs. Ishwardas Mutha (2004) 270 ITR 597 (Raj.) also accepted the contention to take into account, the peak credit theory. When any amount is paid, later withdrawn from the bank, would be available for recycling and rotation, unless otherwise established as invested elsewhere by the Revenue. It was held that the assessee was entitled to the benefit of peak credit which ought to have bee…

NIRAJAN LAL SAINI,JAIPUR vs. ITO, ALWAR

In the result, appeal of the assessee is allowed for statistical purposes in terms of the direction herein above

ITA 92/JPR/2017[2010-11]Status: DisposedITAT Jaipur10 Mar 2017AY 2010-11
For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl. CIT)
Section 144Section 148

…IT (A) ought to have applied peak credit theory. In support, he has relied on the judgments of Hon’ble Rajasthan High Court rendered in the cases of Sind 3 Shri Niranjan Lal Saini. Medical Stores vs. CIT (2015) 117 DTR 78 (Raj.), CIT vs. Ishwardass Mutha, 270 ITR 597 (Raj.), judgment of Hon’ble Andhra Pradesh High Court rendered in the case of CIT vs. Purushottam Jhawar (2014) 220 Taxman 74 (AP). The ld. Counsel also placed reliance on the decision of Coordinate Bench of the Tribunal in the case of ITO vs. Mahesh Kumar Jayantilal Vora, 3 SOT 96 (Rajkot) in support of the contention that in the case of unexp…

ITO 25(3)(4), MUMBAI vs. SUNIL KUMAR MEHTA, MUMBAI

In the result ground No.4 is PARTLY ALLOWED

ITA 5319/MUM/2013[2009-10]Status: DisposedITAT Mumbai31 Mar 2016AY 2009-10
For Appellant: Shri Prakash JhunjhunwalaFor Respondent: Shri Vivek A Ojha
Section 143(3)

…axation. In the case of Sanjay Kumar Jain vs. CIT [118 Taxman 821], Hon'ble Calcutta High Court decided that - to find out the peak cash credit, out of so many bogus cash credit, taxable is only peak cash credit amount. In the case of CIT vs. Ishwardass Mutha[270 ITR 597] Hon'ble Gujarat High Court decided 'that- , Tribunal having sustained the addition in respect of un .explained investment in money-lending business only to the extent of peak credit and thus held that no question of law arises. In the case of CIT vs, Neemar Ram Badlu Ram [122 ITR 68] Hon'ble Allahabad High Court decided that- TribunaI, was justi…

CIT v. Ishwardas Mutha (270 ITR 597) — Cited in 12 Judgments | BharatTax