CIT v. K. S. M Guruswamy Nadar and Sons.

149 ITR 127High Court1984#1464 most cited

What is CIT v. K. S. M Guruswamy Nadar and Sons. authority for?

Where separate additions are made for suppressed profit and unexplained cash credits under section 68, the assessee can explain that the suppressed profit accounts for the cash credit, allowing for telescoping of additions to prevent double taxation.

78

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

KSM Guruswamy Nadar & Sons · CIT v K. S. M Guruswamy Nadar · 149 ITR 127 · Section 68 · telescoping additions · unexplained cash credit · suppressed profit · rejection of books of account · double taxation · deemed income

Also reported as

19 Taxmann 533

Sections most often in play

Section 153ASection 143(3)Section 153CSection 132Section 69ASection 69CSection 44ADSection 115BBE

Issues it is cited on

section 153cofsection 245c(1)section 245hsection 114(e)section 134section 245csection 245d(4)section 153b(1)(b)section 245don money receiptsection 90asanction under section 151

Judgments citing CIT v. K. S. M Guruswamy Nadar and Sons.

Pramod Mukund Dalvi, Virar vs. DCIT Central Circle, Thane

In the result assessee’sground no

ITA 3393/MUM/2023[2016-17]Status: DisposedITAT Mumbai22 Oct 2024AY 2016-17

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Mr. Mani Jain & Prateek JainFor Respondent: Smt.Madhu Malti Ghosh (CIT
Section 131Section 133(6)Section 143(3)Section 153DSection 250Section 44ASection 69Section 69ASection 69C

…ch of ITAT-Mumbai inRubberwala Housing & Infrastructure Ltd. Vs. DCIT, Centralin ITA No. 3448/Mum/2023 date of pronouncement07.06.2024. “6.3 Similar view was expressed by Hon'ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 6.4 Gainful reference may also be mad…

Pramod Mukund Dalvi, Mumbai vs. DCIT Central Circle, Thane

In the result assessee’sground no

ITA 3392/MUM/2023[2015-16]Status: DisposedITAT Mumbai22 Oct 2024AY 2015-16

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Mr. Mani Jain & Prateek JainFor Respondent: Smt.Madhu Malti Ghosh (CIT
Section 131Section 133(6)Section 143(3)Section 153DSection 250Section 44ASection 69Section 69ASection 69C

…ch of ITAT-Mumbai inRubberwala Housing & Infrastructure Ltd. Vs. DCIT, Centralin ITA No. 3448/Mum/2023 date of pronouncement07.06.2024. “6.3 Similar view was expressed by Hon'ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 6.4 Gainful reference may also be mad…

Mrs Sujata Pramod Dalvi, Thane vs. DCIT CC, Thane

In the result assessee’sground no

ITA 3385/MUM/2023[2016-17]Status: DisposedITAT Mumbai22 Oct 2024AY 2016-17

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Mr. Mani Jain & Prateek JainFor Respondent: Smt.Madhu Malti Ghosh (CIT
Section 131Section 133(6)Section 143(3)Section 153DSection 250Section 44ASection 69Section 69ASection 69C

…ch of ITAT-Mumbai inRubberwala Housing & Infrastructure Ltd. Vs. DCIT, Centralin ITA No. 3448/Mum/2023 date of pronouncement07.06.2024. “6.3 Similar view was expressed by Hon'ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 6.4 Gainful reference may also be mad…

Sujata Pramod Dalvi, Thane vs. DCIT CC, Thane

In the result assessee’sground no

ITA 3381/MUM/2023[2012-13]Status: DisposedITAT Mumbai22 Oct 2024AY 2012-13

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Mr. Mani Jain & Prateek JainFor Respondent: Smt.Madhu Malti Ghosh (CIT
Section 131Section 133(6)Section 143(3)Section 153DSection 250Section 44ASection 69Section 69ASection 69C

…ch of ITAT-Mumbai inRubberwala Housing & Infrastructure Ltd. Vs. DCIT, Centralin ITA No. 3448/Mum/2023 date of pronouncement07.06.2024. “6.3 Similar view was expressed by Hon'ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 6.4 Gainful reference may also be mad…

Ab Medicos Private Ltd vs. Income Tax Officer Ward 1(1) & Anr

ITA/486/2023HC Delhi12 Aug 2024

Bench: HON'BLE MR. JUSTICE RAVINDER DUDEJA,HON'BLE MR. JUSTICE YASHWANT VARMA

Section 68

…titled to write off the excess income shown in the earlier years, inasmuch as the same income cannot be taxed twice, once in the earlier years and again in the year under consideration. 18. In the case of CIT v. K. S. M Guruswamy Nadar and Sons, (1984) 149 ITR 127, it was held that when there are two separate additions, one on account of suppression of profit and another on account of cash credit, it is open to the assessee to explain that the suppressed profits had been brought in as cash credits and one has to be telescoped into the other resulting in only one addition; and that the Tribunal was ri…

Pr. Commissioner of Income Tax (Central)-2 vs. Heritage Beverages Pvt. Ltd

ITA/12/2024HC Delhi09 Aug 2024

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE RAVINDER DUDEJA

Section 132(4)Section 68

…Page 8 of 10 income cannot be taxed twice, once in the earlier years and again in the year under consideration. 18. In the case of CIT v. K. S. M Guruswamy Nadar and Sons, (1984) 149 ITR 127, it was held that when there are two separate additions, one on account of suppression of profit and another on account of cash credit, it is open to the assessee to explain that the suppressed profits had been brought in as cash credits and one has to be telescoped into the other resulting in only one addition; and that the Tribunal was rig…

DCIT, Central Circle - 3, Coimbatore vs. Smt.Vanitha Mohan, Coimbatre

In the result, the appeal by the assessee in ITA No

ITA 498/CHNY/2022[2013-14]Status: DisposedITAT Chennai03 Jul 2024AY 2013-14

Bench: Shri Aby T. Varkey & Shri S.R.Raghunathaआयकर अपील सं./ Ita No.267/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14 V. Shri D. Vijay Mohan, The Dcit, No.232, Tea Estates, Central Circle-3, Race Course Road, Coimbatore. Coimbatore-641 018. [Pan: Aatpm 1202 F] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ Ita No.268/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri T. Banusekar, AdvocateFor Respondent: Shri V. Nandakumar, CIT
Section 132Section 132(4)

…e been reiterated by Hon'ble jurisdictional Madras High Court in the case of CIT v. K. S. M ITA Nos.267 & 268/Chny/2022 (AY 2013-14) ITA Nos.497 & 498/Chny/2022 (AY 2013-14) Shri D. Vijay Mohan & Smt. Vanitha Mohan :: 23 :: Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case also, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 21. Gainful reference may al…

DCIT, Central Circle - 3, Coimbatore vs. Shri D Vijay Mohan, Coimbatore

In the result, the appeal by the assessee in ITA No

ITA 497/CHNY/2022[2013-14]Status: DisposedITAT Chennai03 Jul 2024AY 2013-14

Bench: Shri Aby T. Varkey & Shri S.R.Raghunathaआयकर अपील सं./ Ita No.267/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14 V. Shri D. Vijay Mohan, The Dcit, No.232, Tea Estates, Central Circle-3, Race Course Road, Coimbatore. Coimbatore-641 018. [Pan: Aatpm 1202 F] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ Ita No.268/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri T. Banusekar, AdvocateFor Respondent: Shri V. Nandakumar, CIT
Section 132Section 132(4)

…e been reiterated by Hon'ble jurisdictional Madras High Court in the case of CIT v. K. S. M ITA Nos.267 & 268/Chny/2022 (AY 2013-14) ITA Nos.497 & 498/Chny/2022 (AY 2013-14) Shri D. Vijay Mohan & Smt. Vanitha Mohan :: 23 :: Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case also, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 21. Gainful reference may al…

Vanitha Mohan, Coimbatore vs. DCIT Central Circle-3, Coimbatore

In the result, the appeal by the assessee in ITA No

ITA 268/CHNY/2022[2013-14]Status: DisposedITAT Chennai03 Jul 2024AY 2013-14

Bench: Shri Aby T. Varkey & Shri S.R.Raghunathaआयकर अपील सं./ Ita No.267/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14 V. Shri D. Vijay Mohan, The Dcit, No.232, Tea Estates, Central Circle-3, Race Course Road, Coimbatore. Coimbatore-641 018. [Pan: Aatpm 1202 F] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ Ita No.268/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri T. Banusekar, AdvocateFor Respondent: Shri V. Nandakumar, CIT
Section 132Section 132(4)

…e been reiterated by Hon'ble jurisdictional Madras High Court in the case of CIT v. K. S. M ITA Nos.267 & 268/Chny/2022 (AY 2013-14) ITA Nos.497 & 498/Chny/2022 (AY 2013-14) Shri D. Vijay Mohan & Smt. Vanitha Mohan :: 23 :: Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case also, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 21. Gainful reference may al…

Vijay Mohan, Coimbaore vs. DCIT, Central Circle-(3)(I/C), Coimbatore

In the result, the appeal by the assessee in ITA No

ITA 267/CHNY/2022[2013-14]Status: DisposedITAT Chennai03 Jul 2024AY 2013-14

Bench: Shri Aby T. Varkey & Shri S.R.Raghunathaआयकर अपील सं./ Ita No.267/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14 V. Shri D. Vijay Mohan, The Dcit, No.232, Tea Estates, Central Circle-3, Race Course Road, Coimbatore. Coimbatore-641 018. [Pan: Aatpm 1202 F] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ Ita No.268/Chny/2022 िनधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri T. Banusekar, AdvocateFor Respondent: Shri V. Nandakumar, CIT
Section 132Section 132(4)

…e been reiterated by Hon'ble jurisdictional Madras High Court in the case of CIT v. K. S. M ITA Nos.267 & 268/Chny/2022 (AY 2013-14) ITA Nos.497 & 498/Chny/2022 (AY 2013-14) Shri D. Vijay Mohan & Smt. Vanitha Mohan :: 23 :: Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case also, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 21. Gainful reference may al…

DCIT-CC-4(2), Mumbai vs. Rubberwala Housing and Infrastructure Limited, Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3508/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpal
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI BR BASKARAN, AM AND SHRI ABY T VARKEY, JM आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आ…

Rubberwala Housing and Infrastructure Limited, Mumbai vs. DCIT CC-4(2), Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3448/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023 2

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpa
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69ASection 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI BR BASKARAN, AM AND SHRI ABY T VARKEY, JM आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आ…

M/S Satwant Agro Engineers, Bhawanigarh vs. DCIT, Central Circle, Patiala

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 753/CHANDI/2022[AY 2019-20]Status: DisposedITAT Chandigarh03 May 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 115BSection 133ASection 143(2)Section 143(3)Section 68Section 69Section 69A

…been received by Suresh Bhandari is to be rejected, the said Suresh Bhandari may be liable to be taxed by treating the said amount as undisclosed income, but the firm cannot be subjected to tax on the ground. 3.3 In CIT Vs K.S.M Guruswary Nadar & Sons (1984) 149 ITR 127 it was held that two additions, one towards suppressed books profit and other toward bogus cash credit, should be telescoped and covered into one addition. 3.4 In CIT Vs Burma Electro Corporation (2001) 252 ITR 344 held that, "The assessee was a firm comprising 12 partners. The cash credit to the extent of Rs. 10,000.00 of Shri Had Singh, Rs.5,0…

Pawan Kumar Gupta, New Delhi vs. ITO, Ward- 34(4), New Delhi

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

ITA 789/DEL/2018[2013-14]Status: DisposedITAT Delhi03 May 2024AY 2013-14

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

Section 136Section 143(1)Section 143(2)

…Act. 12. In any case with out prejudice to above the telescoping of two additions on account of rejection of books of accounts and on account of unexplained cash credit u/s 68 needed by allowed in view of the following decisions: i. KSM Guruswami Nadar & Sons 149 ITR 127 (Mad.) ii. Jagatkumar Satishbhai Patel 45 taxmann.com 441 (Guj.) iii. Kunal Motors 180 CTR 166(Raj.)” 18. On the other hand , Ld. DR objected to the submissions made by the assessee and submitted that the issue of cash deposit was found only through AIR report and based on that report it was found that assessee has made huge cash deposit and furt…

Pawan Kumar Gupta, New Delhi vs. ITO, Ward- 34(4), New Delhi

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

ITA 788/DEL/2018[2014-15]Status: DisposedITAT Delhi03 May 2024AY 2014-15

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

Section 136Section 143(1)Section 143(2)

…Act. 12. In any case with out prejudice to above the telescoping of two additions on account of rejection of books of accounts and on account of unexplained cash credit u/s 68 needed by allowed in view of the following decisions: i. KSM Guruswami Nadar & Sons 149 ITR 127 (Mad.) ii. Jagatkumar Satishbhai Patel 45 taxmann.com 441 (Guj.) iii. Kunal Motors 180 CTR 166(Raj.)” 18. On the other hand , Ld. DR objected to the submissions made by the assessee and submitted that the issue of cash deposit was found only through AIR report and based on that report it was found that assessee has made huge cash deposit and furt…

Principal Commissioner of Income Tax-1, Bhubaneswar vs. Kuntala Mohapatra

ITA/10/2024HC Orissa15 Apr 2024

Bench: DR. JUSTICE B.R.SARANGI,MR. JUSTICE GOURISHANKAR SATAPATHY

Assistant Commissioner of Income Tax, Thane West vs. Udhavdas Mohandas Rupchandani, Ulhasnagar

In the result, the appeal of the revenue is dismissed

ITA 3081/MUM/2023[2017-18]Status: DisposedITAT Mumbai08 Apr 2024AY 2017-18

Bench: SHRI VIKAS AWASTHY (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)

For Appellant: Ankush KapoorFor Respondent: M. Subramaniam
Section 132Section 153ASection 153CSection 245D(4)Section 69

…by reference to concealed income earned in that very year then no addition is warranted on account of such cash deficits or cash credits 55. Similar view was expressed by Hon’ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 56. Gainful reference may also be mad…

Assistant Commissioner of Income Tax, Thane West vs. Konark Infrastructure Limited, Ulhasnagar

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 3088/MUM/2023[2017-18]Status: DisposedITAT Mumbai27 Feb 2024AY 2017-18

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 3025/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2017-18) Konark Infrastructure Ltd बिधम/ Dcit, Central Circle – 4 Ground Floor, Sapna 6Th Floor, Ashar It Park, Vs. Talkies, Konark Plaza, Near 16Z, Waghle Estate, Sapna Garden, Ulhasnagar Thane (W) 42100. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabck6745L (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) आयकर अपील सं/ I.T.A. No. 3088/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2017-18) Dcit, Central Circle – 4 बिधम/ Konark Infrastructure Ltd 6Th Floor, Ashar It Park, Ground Floor, Sapna Vs. 16Z, Waghle Estate, Thane Talkies, Konark Plaza, (W) Near Sapna Garden, Ulhasnagar 42100. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabck6745L (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Vijay Mehta Revenue By: Shri Biswanant Das, Cit Dr सुनवाई की तारीख / Date Of Hearing: 14/02/2024 घोषणा की तारीख /Date Of Pronouncement: 27/02/2024 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Vijay MehtaFor Respondent: Shri Biswanant Das, CIT DR
Section 132Section 153A

…reference to concealed income earned in that very year then no addition is warranted on account of such cash deficits or cash credits. 55. Similar view was expressed by Hon’ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of A.Y. 2017-18 Konark Infrastructure Ltd suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other…

Assistant Commissioner of Income Tax, Thane West vs. Konark Infrastructure (Water Supply-Umc)(Jv), Ulhasnagar

In the result, all the appeals of the Revenue are dismissed and

ITA 3061/MUM/2023[2014-15]Status: DisposedITAT Mumbai27 Feb 2024AY 2014-15
For Appellant: Shri Vijay MehtaFor Respondent: Shri Biswanant Das, CIT DR
Section 132Section 139(1)Section 153CSection 245C(1)Section 245D(4)

…y reference to concealed income earned in that very year then no addition is warranted on account of such cash deficits or cash credits. 55. Similar view was expressed by Hon'ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 56. Gainful reference may also be mad…

Assistant Commissioner of Income Tax, Thane West vs. Konark Infrastructure (Water Supply-Umc)(Jv), Ulhasnagar

In the result, all the appeals of the Revenue are dismissed and the appeals of the assessee for AY 2013-14 is allowed, for AYs

ITA 3060/MUM/2023[2015-16]Status: DisposedITAT Mumbai27 Feb 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. Nos. 3021, 3022, 3023 & 3024/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14, 2014-15, 2015-16 & 2017-18) Konark Infrastructure बिधम/ Dcit, Central Circle – 4 (Water Supply-Umc) (J/V) 6Th Floor, Ashar It Park, Vs. 1St Floor, Sapna Talkies, 16Z, Waghle Estate, Konark Plaza, Near Sapna Thane (W) Garden, Ulhasnagar 42100. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaak9702G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) आयकर अपील सं/ I.T.A. Nos. 3058, 3061, 3060 & 3059/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14, 2014-15, 2015-16 & 2017-18) Dcit, Central Circle – 4 बिधम/ Konark Infrastructure 6Th Floor, Ashar It Park, (Water Supply-Umc) Vs. 16Z, Waghle Estate, Thane (J/V) (W) 1St Floor, Sapna Talkies, Konark Plaza, Near Sapna Garden, Ulhasnagar 42100. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaak9702G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Vijay Mehta Revenue By: Shri Biswanant Das, Cit Dr सुनवाई की तारीख / Date Of Hearing: 06 & 14/02/2024 घोषणा की तारीख /Date Of Pronouncement: 27/02/2024 आदेश / O R D E R Per Bench All These Appeals Preferred By The Revenue & The Assessee Are Against The Orders Of The Ld. Cit(A)-11, Pune, All Dated 30-06- 2023 For Ays 2013-14, 2014-15, 2015-16 & Ay 2017-18. Since The Issues Involved Are Common, All The Appeals Have Been Heard Together. Both The Parties Also Raised Similar Arguments On These A.Ys. 2013-14 To 2015-16 Konark Infrastructure., Issues. Accordingly, We Dispose Off All These Appeals By This Consolidated Order For The Sake Of Convenience.

For Appellant: Shri Vijay MehtaFor Respondent: Shri Biswanant Das, CIT DR
Section 132Section 139(1)Section 153CSection 245C(1)Section 245D(4)

…ry year then no addition is warranted on account of such cash deficits or cash credits. A.Ys. 2013-14 to 2015-16 Konark Infrastructure., 55. Similar view was expressed by Hon’ble Madras High Court in the case of CIT v. K. S. M Guruswamy Nadar and Sons, [1984] 149 ITR 127. In the decided case, it was held that when there are two separate additions viz., one on account of suppression of profit and another on account of cash credit, then it is open to the assessee to explain that, the suppressed profits had been brought in as cash credits and has to be telescoped into the other. 56. Gainful reference may also be ma…