CIT v. Korlay Trading Co. Ltd.

232 ITR 820High Court1998#859 most cited

What is CIT v. Korlay Trading Co. Ltd. authority for?

To discharge the onus under Section 68, an assessee must establish the identity of the creditor, the genuineness of the transaction, and the creditworthiness of the creditor. Merely providing basic documentary evidence or a file number is insufficient; each credit entry requires a separate, detailed explanation.

122

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT v. Korlay Trading Co. Ltd. · 232 ITR 820 · Section 68 · cash credit · unexplained cash credit · onus of proof · identity genuineness creditworthiness · share capital · accommodation entry · mere furnishing PAN ITR insufficient · each entry explained separately

Sections most often in play

Section 68Section 115BBESection 143(3)Section 69Section 69CSection 133ASection 142(1)Section 144

Issues it is cited on

section 106creditworthiness of the creditorsection 31paper companysource of sourcesection 251(2)share capital and share premiumsection 251(1)(a)live linkincome tax settlement commissionadmission of additional evidenceentry operator

Judgments citing CIT v. Korlay Trading Co. Ltd.

HEMANT KUMAR, ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. KASTURI JEWELLERS PVT. LTD., DELHI

In the result, impugned order is upheld and appeal of the Revenue is dismissed

ITA 3926/DEL/2025[2017-18]Status: DisposedITAT Delhi11 Feb 2026AY 2017-18

Bench: Shri Vikas Awasthy& Shri S Rifaur Rahmanआअसं.3926/धिल्ली/2025 (नि.व. 2017-18) Hemant Kumar, Assistant Commissioner Of Income Tax, R. No. 316A, 3Rd Floor, Cr Building, Ip Estate, ...... अपीलार्थी/Appellant New Delhi 110002 बिाम Vs. Kasturi Jewellers P. Ltd., Gg-1/140A, Vikas Puri, New Delhi 110018 .....प्रनिवादी/Respondent Pan: Aacck-7027-J

For Appellant: Ms. Monika Singh, CIT(DR)For Respondent: Shri Atul Puri, Chartered Accountant
Section 115BSection 139ASection 68

…आयकर अपीलीय अधिकरण धिल्ली पीठ “एफ”, धिल्ली श्री धिकास अिस्थी, न्याधयक सिस्य एिं श्री एस रिफौि िहमान, लेखाकार सिस्यके समक्ष IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER& SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER आअसं.3926/धिल्ली/2025 (नि.व. 2017-18) Hemant Kumar, Assistant Commissioner of Income Tax, R. No. 316A, 3rd Floor, CR Building, IP Estate, ...... अपीलार्थी/Appellant New Delhi 110002 बिाम Vs. Kasturi Jewellers P. Ltd., GG-1/140A, Vikas Puri, New Delhi 110018 .....प्रनिवादी/Respondent PAN: AACCK-7027-J Appellant by : Ms. Monika Singh, CIT(DR) Respond…

SUMAN FORWARDING AGENCY PRIVATE LTD.,,HOWRAH vs. DCIT, CIRCLE 13(1),, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1432/KOL/2025[2017-2018]Status: DisposedITAT Kolkata15 Sept 2025AY 2017-2018

Bench: SHRI RAJESH KUMAR, AM\nAND\nSHRIPRADIP KUMAR CHOUBEY, JM\nITA No.1432/KOL/2025\n(Assessment Year:2017-18)\nSuman Forwarding Agency\nPrivate Ltd.\nC/o Subash Agarwal &\nAssociates, Advocates Sidha\nGibson, 1, Gibson Lane, Suite\n213, 2nd Floor, Kolkata-700069\nWest Bengal\n(Appellant)\nVs.\nDCIT, Circle 13(1),\nP-7, Chowringhee Square,\nEsplanade, Chowringhee North,\nBow Barracks, Kolkata-700069\nWest Bengal\n(Respondent)\nPAN No. AAICS7247Q\nAssessee by\nRevenue by\nShri Siddarth Agarwal, A

Section 133(6)Section 142(1)Section 143(1)Section 143(3)Section 68Section 69C

…uce unaccounted income as share\ncapital.\nThe appellant's argument that mere filing of documentary evidence is sufficient to\ndischarge the onus under section 68 is misplaced. In C/T vs. Precision Finance Pvt. Ltd.\n(208 ITR 465) and Korlay Trading Co. Ltd. (232 ITR 820), the Hon'ble Calcutta High\nCourt held that mere furnishing of PAN, ITR, or bank details is not sufficient, the\nappellant must establish the actual identity, financial capacity, and bona fide nature of\nthe transaction.\nIn light of the above, the AO rightly concluded that the share capital of Rs.\n4,46,00,000/- remained unexplained and thus ma…

RAGHAV KUMAR DHOOT,JAIPUR vs. DCIT CENTRAL CIRCLE 1, JAIPUR

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

ITA 491/JPR/2025[2018-19]Status: DisposedITAT Jaipur06 Aug 2025AY 2018-19
For Appellant: Shri C.M. Agarwal, C.AFor Respondent: Shri Rajesh Ojha, CIT- DR
Section 143(2)Section 143(3)Section 153ASection 292BSection 68

…d section 68 of the\nIncome Tax Act will be that apart from establishing the identity of the\ncreditor, the assessee must establish the genuineness of the transaction\nas well as the creditworthiness of the creditors. In CIT v. Korlay Trading\nCo. Ltd. [1998] 232 ITR 820 (Cal.), it was held that mere mention of file\nnumber of creditor will not suffice and each entry has to be explained\nseparately by the assessee CIT v. R.S. Rathaore [1995] 212 ITR 390/86\nTaxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra\nKothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that\ntransaction by cheques m…

DCIT, CIRCLE-1(3), SURAT, ANAVIL BUSINESS CENTRE, ADAJAN, SURAT vs. SHRI ASFAQ HAJIYUNUS NOORANI, RANDER

In the result, appeal of the revenue is dismissed

ITA 716/SRT/2023[2018-19]Status: DisposedITAT Surat30 Jun 2025AY 2018-19

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Prusethआयकर अपील सं./Ita No.716/Srt/2023 Assessment Year: (2018-19) (Hybrid Hearing) Dcit, Vs. Asfaq Hajiyunus Noorani, Circle – 1(3), 1, Abdullah Park, Gorat Road, Surat Rander, Surat - 395009 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaopn6148A (Appellant) (Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Suresh K. Kabra, Ca Date Of Hearing 05/06/2025 Date Of Pronouncement 30/06/2025

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

…/- is prima facie non-genuine as the creditworthiness of the loanees is not proved beyond doubt. The AO has invoked provisions of section 68 of the Act and has relied on various decisions, i.e., Sumati Dayal, 214 ITR 801 (SC), CIT vs. Korlay Trading Co. Ltd., 232 ITR 820 (Cal.), K. M. Sadhukhan & Sons Pvt. Ltd. vs. CIT, 239 ITR 77 (Cal.), CIT vs. Orissa Corporation Pvt. Ltd., 159 ITR 78 (Orissa), CIT vs. Kishorilal & Santhoshilal, 216 ITR 9 (Raj.), A. Govindarajulu Mudaliar vs. CIT, 34 ITR 807, CIT vs. Oasis Hospitalities (P.) Ltd., 333 ITR 119 (Del.) and Kale Khan Mohammad Hanif vs. CIT, 50 ITR 1 (SC). He held t…

INCOME TAX OFFICER-1, MORENA vs. SHRI AGRASEN LOGISTICS, JOTAI ROAD, PORSA,

In the result, the appeal of the Revenue is dismissed

ITA 108/AGR/2025[2022-23]Status: DisposedITAT Agra24 Jun 2025AY 2022-23

Bench: Shri Sunil Kumar Singh & Shri Manish Agarwal

Section 143(2)Section 143(3)Section 250Section 68

…Ld. AO: i. At para 4.6 the AO has referred about the discussion made as above that the assessee fails to prove the credit worthiness of the lenders and also referred to the case laws on following issues as under: Case of CIT Vs. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal.) wherein it is held, without filing confirmation the creditor and merely mentioning Income tax file no. of the creditors, the genuniness of the cash credit cannot be said to have been proved by the assessee. Smt. Suman Gupta vs. Income-tax f Officer, Ward 1. Aligarh [2012] 25 taxmann.com220 (Agra) may also be referred to on this issue. In t…

MAHENDRA SINGH NARUKA,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

In the result, the appeal of the assesseein ITA no

ITA 205/JPR/2025[2016-17]Status: DisposedITAT Jaipur04 Jun 2025AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकरअपीलसं. / ITA. No. 204 & 205/JPR/2025 निर्धारणवर्ष / AssessmentYears : 2015-16 & 2016-17 Shri Mahendra Singh Naruka B-536, J.D.A. Colony Malivya Nagar, Jaipur 302 017 अपीलार्थी / Appellant स्थायीलेखा सं. / जीआईआरसं./PAN/GIR No.: ABUPN 1656 J बनाम Vs. The ACIT Central Circle-3 Jaipur प्रत्यर्थी / Respondent निधर्धारिती की ओरसे / Assesseeby : Shri S.R. Sharma, Advocate राजस्व की ओरसे /Revenue by : Mrs. Anita Rinesh

For Appellant: Shri S.R. Sharma, AdvocateFor Respondent: Mrs. Anita Rinesh, JCIT -DR a
Section 115BSection 143(3)Section 153ASection 68

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A’’ JAIPUR Mk0 ,l- lhrky{eh]U;kf;dlnL; ,oaJhjkBkSM+ deys'kt;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihyla-@ITA. No. 204 & 205/JPR/2025 fu/kZkj.ko"kZ@AssessmentYears : 2015-16 & 2016-17 Shri Mahendra Singh Naruka cuke The ACIT B-536, J.D.A. Colony Vs. Central Circle-3 Malivya Nagar, Jaipur 302 017 Jaipur LFkk;hys[kk la-@thvkbZvkjla-@PAN/GIR No.: ABUPN 1656 J vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri S.R. Sharma, Advocate…

MAHENDRA SINGH NARUKA,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

In the result, the appeal of the assesseein ITA no

ITA 204/JPR/2025[2015-16]Status: DisposedITAT Jaipur04 Jun 2025AY 2015-16

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकरअपीलसं. / ITA. No. 204 & 205/JPR/2025 निर्धारणवर्ष / AssessmentYears : 2015-16 & 2016-17 Shri Mahendra Singh Naruka B-536, J.D.A. Colony Malivya Nagar, Jaipur 302 017 अपीलार्थी / Appellant बनाम Vs. The ACIT Central Circle-3 Jaipur प्रत्यर्थी / Respondent स्थायीलेखा सं. / जीआईआरसं./PAN/GIR No.: ABUPN 1656 J निधर्धारिती की ओरसे / Assesseeby : Shri S.R. Sharma, Advocate राजस्व की ओरसे /Revenue by : Mrs. Anita Rinesh

For Appellant: Shri S.R. Sharma, AdvocateFor Respondent: Mrs. Anita Rinesh, JCIT -DR a
Section 115BSection 143(3)Section 153ASection 68

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A’’ JAIPUR Mk0 ,l- lhrky{eh]U;kf;dlnL; ,oaJhjkBkSM+ deys'kt;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihyla-@ITA. No. 204 & 205/JPR/2025 fu/kZkj.ko"kZ@AssessmentYears : 2015-16 & 2016-17 Shri Mahendra Singh Naruka cuke The ACIT B-536, J.D.A. Colony Vs. Central Circle-3 Malivya Nagar, Jaipur 302 017 Jaipur LFkk;hys[kk la-@thvkbZvkjla-@PAN/GIR No.: ABUPN 1656 J vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri S.R. Sharma, Advocate…

KAILASH CHAND MAHESHWARI,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX , JAIPUR

ITA 1463/JPR/2024[2015-16]Status: DisposedITAT Jaipur20 May 2025AY 2015-16

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Shri S. L. Poddar, AdvFor Respondent: Shri Rajesh Ojha, CIT-DR
Section 127Section 132Section 133ASection 144Section 153ASection 57Section 68Section 69C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA Nos. 1463 to 1465/JP/2024 fu/kZkj.k o"kZ@Assessment Years : 2015-16 to 2017-18 cuke Kailash Chand Maheshwari DCIT, Vs. 223 Kirti Nagar, Near Kamal and Central Circle-02, Company Tonk Road, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AKQPM5593A vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri S. L.…

KATH BROTHERS,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 77/JPR/2025[2019-20]Status: DisposedITAT Jaipur28 Apr 2025AY 2019-20

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Shrawan Kumar Gupta, AdvFor Respondent: Sh. Anoop Singh, Addl. CIT
Section 115BSection 133ASection 143(2)Section 143(3)Section 145(3)Section 234ASection 69

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal.), it was held that mere mention of file number of creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that transaction by cheques may not…

PRAKASH CHAND VARINDANI,JAIPUR vs. ACIT CERTAL CIRLCE-3, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 1146/JPR/2024[2017-18]Status: DisposedITAT Jaipur09 Apr 2025AY 2017-18
For Appellant: Sh. Abhishek Soni, CAFor Respondent: Mrs. Swapnil Parihar, JCIT-DR
Section 144Section 68

…d section 68 of the Income Tax\nAct will be that apart from establishing the identity of the creditor, the assessee\nmust establish the genuineness of the transaction as well as the creditworthiness\nof the creditors. In. CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was\nheld that mere mention of file number of creditor will not suffice and each entry has\nto be explained separately by the assesseeCIT v. RS. Rathacre [1995] 212 ITR\n390/86 Laxman 20 (Raj). The Hon'ble Guwahati High Court in Nemi Chandra\nKothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that transaction by\nchesques may…

DCIT, JAIPUR vs. AMRAPALI JEWELS PVT. LTD. , JAIPUR

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

ITA 740/JPR/2024[2021]Status: DisposedITAT Jaipur19 Feb 2025

Bench: Him.

For Appellant: Sh. Sanjay Jhanwar, Sr. AdvFor Respondent: Mrs. Alka Gautam, CIT-DR
Section 143(3)Section 145(3)Section 153DSection 251Section 69B

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 750/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2021-22 cuke Amrapali Jewels Pvt. Ltd. ACIT, Vs. K-14B Ashok Marg, C-Scheme, Central Circle-01, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCA 3277 F vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 740/JP/2024 fu/kZkj.k o"kZ@Assessment Years : 2021-22 cuke DCIT A…

RAJ KUMARI AGARWAL,JAIPUR vs. ACIT CEN CIR 2, , JAIPUR

ITA 1024/JPR/2024[2017-18]Status: DisposedITAT Jaipur26 Dec 2024AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. L. Poddar, AdvFor Respondent: Smt Hitiesha Ruhela, Addl.CIT
Section 115BSection 133(6)Section 142(1)Section 143(2)Section 143(3)Section 68

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal.), it was held that mere mention of file number of creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi 13 Raj Kumari Agarwal vs. ACIT Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held th…

MOHAN LAL ASHOK KUMAR SARAF,JAIPUR vs. DCIT CEN CIR 1, JAIPUR

In the result, the appeal of the assessee is allowed as indicated hereinabove

ITA 879/JPR/2024[2017-2018]Status: DisposedITAT Jaipur28 Nov 2024AY 2017-2018
For Appellant: Shri Ankit Totuka, AdvocateFor Respondent: Ms. Alka Gautam, CIT-DR
Section 143(3)Section 68

…ct and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal.), it was held that mere mention of file number of creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 300/86 Taxman 20 (Raj). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/2004) 136 Taxman 213 held that transaction by cheques may not b…

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

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was held that mere mention of file number of Chandra Mohan Badaya vs. DCIT creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that t…

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

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was held that mere mention of file number of Chandra Mohan Badaya vs. DCIT creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that t…

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

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was held that mere mention of file number of Chandra Mohan Badaya vs. DCIT creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that t…

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

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was held that mere mention of file number of Chandra Mohan Badaya vs. DCIT creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that t…

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

…t and section 68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT v. Korlay Trading Co. Ltd. [1998] 232 ITR 820 (Cal), it was held that mere mention of file number of Chandra Mohan Badaya vs. DCIT creditor will not suffice and each entry has to be explained separately by the assesseeCIT v. R.S. Rathaore [1995] 212 ITR 390/86 Taxman 20 (Raj.). The Hon'ble Guwahati High Court in Nemi Chandra Kothari v. CIT [2003] 264 ITR 254/[2004] 136 Taxman 213 held that t…

DCIT, CIRCLE-6, JAIPUR, NCRB, JAIPUR vs. PARADISE PROPERTIES, SAROJNI MARG, JAIPUR

In the result appeal filed by the revenue is partly allowed

ITA 324/JPR/2024[2017-18]Status: DisposedITAT Jaipur11 Sept 2024AY 2017-18

Bench: The Ld. Cit(A).

For Appellant: Shri S. L. Poddar, AdvFor Respondent: Shri Arvind Kumar, CIT
Section 115BSection 143(3)Section 68

…ndia) 1-5 2. CIT vs. Precision Fianance (P.) Ltd.[1995] 82 Taxman 31 (Calcutta) High Court of 6-8 Calcutta/ 208 ITR 465 3. Nemi Chand Kothari vs. CIT [2004] 136 Taxman 213 [2003]264 ITR 254(High 9-17 Court of Gauhati) 4. CIT Vs. Korley Trading Co. Ltd. (1998) 232 ITR 820 (High Court of Calcutta) 18-19 5. Kamal Motors vs. CIT [2003] 131 Taxman 155(High Court of Rajasthan, Jaipur 20-21 Bench) 6. CIT vs. R.S. Rathore[1996] 86 Taxman 20(High Court of Rajasthan)212 ITR 390 22-24 7. CIT vs. Oasis Hospitalities (P.) Ltd. [2011] 9 taxmann.com 179 (Delhi) (High Court 25-34 of Delhi)[333 ITR 119 (Delhi)] 8. Roshan Di Hatti…

MILAN MANUBHAI SHETH,GHATKOPAR WEST vs. INCOME TAX OFFICER, CIRCLE 27(2), MUMBAI, IT OFFICE, VASHI RAILWAY STATION BUILDING

In the result, the appeal is dismissed

ITA 263/MUM/2024[2009-10]Status: DisposedITAT Mumbai26 Jul 2024AY 2009-10

Bench: Shri Amit Shukla & Ratnesh Nandan Sahayassessment Year: 2009-10 Milan Manubhai Sheth Income Tax Officer, Shop No.1, Circle 27(2) Patanwala Compound, It Office, Vs. Next To Fitness Club, Vashi Railway Station Lbs Marg, Building, Maharashtra- 400086. Navi Mumbai. Pan: Aamps3459B (Appellant) (Respondent) Present For : Assessee By : None Revenue By : Ms. Kakoli Ghosh, Sr. D.R.

For Appellant: NoneFor Respondent: Ms. Kakoli Ghosh, SR. D.R
Section 133(6)Section 250

…. No serious efforts were made by the assessee to discharge such burden of proving the genuineness of transactions with these parties. In this regard, reliance is placed on Calcutta High Court decision in the case of CIT v. Korlay Trading Co. Ltd. reported in 232 ITR 820 where the Hon'ble Court has held that the initial burden is on the assessee to prove the genuineness of purchases. 9. The assessee failed to produce any of the suppliers, brokers or transporters before the undersigned in spite of opportunity being granted. It was unimaginable that all the suppliers and all the brokers suddenly vanished from the s…

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