CIT v. N. Swamy

241 ITR 363High Court2000#3088 most cited

What is CIT v. N. Swamy authority for?

The revenue bears the burden of proving that an assessee has undisclosed income. A mere assertion by the assessee, especially without evidence or linkage to seized documents, cannot be accepted.

38

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. N. Swamy · 241 ITR 363 · undisclosed income · burden of proof on revenue · retracted statement · loose papers · documents seized · search and seizure · section 131 · section 132

Sections most often in play

Section 143(3)Section 115BBESection 132(4A)Section 153ASection 292CSection 69CSection 131(1)Section 131(1A)

Issues it is cited on

retracted statementloose papersdocuments seizedunexplained expenditureundisclosed incomeincome-tax officersection 131search and seizureassistant commissionersection 69section 132section 153

Judgments citing CIT v. N. Swamy

Shri. Jitendra Virwani, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle - 1(3), Bangalore

In the result, the appeals by the assessee in ITA Nos

ITA 1212/BANG/2019[2010-11]Status: DisposedITAT Bangalore30 Jul 2021AY 2010-11

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri S. Ramasubramaniam, CAFor Respondent: Shri K.R. Narayana, Addl.CIT(DR)(ITAT), Bengaluru
Section 132Section 142(1)Section 143(2)Section 153ASection 6(1)(a)Section 6(1)(c)

…415 ITR 49 the Hon'ble High Court approved the finding of the Tribunal that the burden was on the department to prove understatement of sale consideration which was not discharged and therefore, the addition of S.69B is not justified. 85. In CIT Vs M. Swamy 241 ITR 363 the Hon'ble Madras High Court held that the burden of showing that the assessee has undisclosed income is on the revenue. That burden cannot be said to be discharged by merely referring to the statement given by the assessee to the third party in connection with the transaction which was not directly related to the assessment. It is important to…

Shri Jitendra Virwani, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle - 1(3), Bangalore

In the result, the appeals by the assessee in ITA Nos

ITA 1211/BANG/2019[2009-10]Status: DisposedITAT Bangalore30 Jul 2021AY 2009-10

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri S. Ramasubramaniam, CAFor Respondent: Shri K.R. Narayana, Addl.CIT(DR)(ITAT), Bengaluru
Section 132Section 142(1)Section 143(2)Section 153ASection 6(1)(a)Section 6(1)(c)

…415 ITR 49 the Hon'ble High Court approved the finding of the Tribunal that the burden was on the department to prove understatement of sale consideration which was not discharged and therefore, the addition of S.69B is not justified. 85. In CIT Vs M. Swamy 241 ITR 363 the Hon'ble Madras High Court held that the burden of showing that the assessee has undisclosed income is on the revenue. That burden cannot be said to be discharged by merely referring to the statement given by the assessee to the third party in connection with the transaction which was not directly related to the assessment. It is important to…

ACIT Non Corporate Circle 20(1), Chennai vs. Ramcharan Tej Konidala, Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 2074/CHNY/2018[2009-10]Status: DisposedITAT Chennai28 Apr 2021AY 2009-10

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunathaआयकरअपीलसं./I.T.A.No.2074/Chny/2018 ("नधा"रणवष" / Assessment Year: 2009-10) The Assistant Commissioner Of Income Vs Mr. Ramcharan Tej Konidala, Tax, 98, Kamdar Nagar, Non-Corporate Circle-20(1) Mahalingapuram, Chennai. Chennai-600 034. Pan: Alipk 5347D (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 139Section 143(3)Section 147Section 148

…uthorities below, it is clear that no corroborative evidence is available with the Department or the 11 Department made any extensive enquiry to conclude that the assessee might have paid on money towards purchase of flats. 6.1 In the case of CIT v. N. Swamy 241 ITR 363, the Hon’ble Jurisdictional High Court has held that the burden of showing that the assessee had undisclosed income is on the Revenue and the burden cannot be said to be discharged by merely referring to the thirty party statements. Alternatively, with a view to assist the Assessing Officer and to reduce the rigour of the burden that lay upon the…

ACIT Corporate Circle 2, Coimbatore vs. Elgi Electric & Industries Ltd., Coimbatore

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

ITA 2116/CHNY/2018[2008-09]Status: DisposedITAT Chennai02 Jan 2020AY 2008-09

Bench: Shri Inturi Rama Rao & Shri Duvvuru R.L. Reddyआयकर अपील सं./I.T.A.No.2116/Chny/2018 िनधा"रण वष"/Assessment Year: 2008-09 The Assistant Commissioner Of M/S. Elgi Electric & Industries Ltd., Income Tax, Corporate Circle, Vs. 737-D, Elgi Towers, Puliakulam, 63-A, Race Course Road, Coimbatore. Green Fields, Coimbatore 641 045. [Pan:Aabhs0590L] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri A. Sundararajan, Addl. Jcit ""थ" की ओर से/Respondent By : Ms. T. Sandhyaarti, Ca सुनवाई की तारीख/ Date Of Hearing : 06.11.2019 घोषणा की तारीख /Date Of Pronouncement : 02.01.2020 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 1, Coimbatore, Dated 04.04.2018 For The Assessment Year 2008-09. The Revenue Has Challenged The Order Of Deleting The Addition Made On Account Of Variation In The Value Of Closing Stock Declared In The Balance Sheet Vis-À-Vis That Declared Before The Bankers, Without Appreciating The Fact That Both The Figures Are Certified By The Assessee Itself.

For Appellant: Shri A. Sundararajan, Addl. JCITFor Respondent: Ms. T. Sandhyaarti, CA
Section 143(3)Section 69

…he difference between the value of stock furnished before the Banks and the return of income and pleaded for reversing the appellate order and restoring that of the assessment order. On the other hand, by relying on the decision in the case of CIT v. N. Swamy 241 ITR 363 (Mad), the ld. Counsel for the assessee has prayed for confirming the appellate order in deleting the addition made under section 69 of the Act. 4. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below including paper 4 I.T.A. No. 2116/Chny/18 book filed by the assessee and cas…

Balaji Steel Traders, Ongole vs. The Income Tax Officer, Ward-5(4), Visakhapatnam

In the result, appeal of the assessee is allowed and the stay application is dismissed

ITA 112/VIZ/2019[2014-15]Status: DisposedITAT Visakhapatnam25 Sept 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhs.A.No.57/Viz/2019 (Arising Out Of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [Pan : Aajfb3629D] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यधथी की ओर से / Respondent By : Shri V.Appala Raju, Dr सुनवधई की तधरीख / Date Of Hearing : 14.08.2019 25.09.2019 घोर्णध की तधरीख/Date Of Pronouncement : आदेश /O R D E R

For Appellant: Shri C.Subrahmanyam, ARFor Respondent: Shri V.Appala Raju, DR
Section 69B

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर धसंह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER S.A.No.57/Viz/2019 (Arising out of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [PAN : AAJFB3629D] (…

Ramesh Chand Prop., Narnaul vs. ITO, Ward- 2, Narnaul

In the result, the appeal of assessee is allowed

ITA 2980/DEL/2019[2014-15]Status: DisposedITAT Delhi01 Aug 2019AY 2014-15

Bench: Shri Bhavnesh Saini

For Appellant: Shri Siddharth Mittal, AdvocateFor Respondent: Shri S.L. Anuragi, Sr. DR
Section 133(6)Section 44ASection 69B

…submitted that the Hon’ble Punjab & Haryana High Court in the case of CIT vs. Shri Bharat Bhushan Suri (HUF) has also followed the above judgment and allowed the appeal of assessee. Similarly, the Hon’ble Madras High Court in the case of CIT vs. N. Swamy, 241 ITR 363 has observed as under: “4. We find it a little difficult to agree with those observations. The assessee’s income is to be assessed by the Income tax Officer on the basis of 6 ITA.No.2980/Del./2019 the material which is required to be considered for the purpose of assessment and ordinarily not on the basis of the statement which the assessee may…

Shri Lakhwinder Singh, Amritsar vs. Income Tax Officer Ward 3(2), Amritsar

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

ITA 656/ASR/2016[2010-11]Status: DisposedITAT Amritsar14 Jun 2019AY 2010-11

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 656/Asr./2016 : Asstt. Year : 2010-11 Shri. Lakhwinder Singh, Vs Income Tax Officer, C.A. Ashwani Kalia, 237, Ward-3(2), Basant Avenue, Maqbool Road, Amritsar Amritsar (Appellant) (Respondent) Pan No. Ceops9859D Assessee By : Shri. Aswani Kalia, Ca Revenue By : Sh. Charan Dass, Dr Date Of Hearing :15.05.2019 Date Of Pronouncement : 14.06.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Commissioner Of Income Tax(Appeals)-1, Amritsar Dated 08.09.2016. 2. In Ground No. 3 Of The Appeal, The Grievance Of The Assessee Is That The Commissioner Of Income Tax(Appeals) Erred In Confirming Addition Of Rs.47,48,000/- As Unexplained Income From Purchase Of Land.

For Appellant: Shri. Aswani Kalia, CAFor Respondent: Sh. Charan Dass, DR
Section 69

…he income of the assessee which was confirmed by the Commissioner of Income Tax(Appeals). 6. We find that it is not in dispute that the said statement was not made for income tax assessment. The Hon'ble Madras High Court in the case of CIT Vs N. Swamy (2000) 241 ITR 363 (Mad.) has held as under: “The assessee’s income is to be assessed by the Income Tax Officer on the basis of the material which is required to be considered for the purpose of assessment and ordinarily not on the basis of the statement which the assessee may have given to a third party unless there is material to corroborate that statement of the…

The DCIT(OSD), Circle-8, Ahmedabad vs. M/S. Torrent Cables Ltd., Ahmedabad

In the result, appeal filed by the Department is dismissed

ITA 1293/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad26 Oct 2018AY 2010-11

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

For Appellant: Shri Lalit P. Shah, Sr. D.RFor Respondent: Shri P. M. Mehta, A.R
Section 145Section 145ASection 14SSection 43B

…essing Officer observed that as there is discrepancy in book stock in comparison with stock statement given to bank, differential amount is required to be added to the total income of the assessee. 20. In appeal, ld. CIT(A) cited an order of CIT vs. N. Swamy 241 ITR 363 has held as under: "Section 143 of the Income-tax Act, 1961 - Assessment - Additions to income -Assessment year 1977-78 - Whether assessee "s income is to be assessed on basis of material which is required to be considered for purpose of assessment and not on basis of statement which assessee may have given to a third party even if it be a bank -…

M/S S & K Grains Processing Pvt. Ltd., Burdwan vs. ACIT, Cir-2, Burdwan

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

ITA 906/KOL/2017[2008-09]Status: DisposedITAT Kolkata08 Nov 2017AY 2008-09

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (SMC), KOLKATA [Before Shri P.M. Jagtap, AM] I.T.A. No. 906/Kol/2017 Assessment Year : 2008-09 M/s. S & K Grains Processing Pvt. Ltd. .............................………………Appellant Vill. Babbati, P.O. Torkona, East Burdwan - 713423 [Pan : AALCS2458J] ACIT, Circle 2 Burdwan...................…………………………………………..Respondent Aayakar Bhawan, Kachari Road, Burdwan - 713101 Appearances by: Shri Suvo Chakraborty, Advocate appearing on behalf of the Assessee. Shri Soumyajit Dasgupta, Addl. CIT appearing on behalf of the Revenue. Date of concluding the hearing : November 01,…

DCIT, Circle-2, Jaipur vs. M/S Pyramid Tradelinks Pvt. Ltd., Jaipur

In the result, the appeal of the Revenue is dismissed

ITA 512/JPR/2015[2011-12]Status: DisposedITAT Jaipur27 Jul 2017AY 2011-12
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri D.C. Kothari (CIT)

…dia 49 ITR 165 (SC), CIT Vs. Daulat Ram 87 ITR 349, 360-61 (SC). The presumption is in favour of good faith and non-concealment of income and the initial burden of finding some material in support of finding of concealed income is on department (CIT Vs. Swami 241 ITR 363). In view of this position of law and there being no material or evidence against assessee company the loss of Rs. 6,18,87,318/- incurred in transactions with MCPL by assessee in NMCE cannot be disallowed in law and action of Ld. A.O. is wrong and bad in law. In view of the above submissions that the transactions carried through MCPL in NMCE are…

Sivakumar & Co., Rep. by S.Mohanraj, Chennai vs. ITO, Erode

In the result, the appeal of the assessee is partly allowed

ITA 706/CHNY/2016[2011-2012]Status: DisposedITAT Chennai07 Jun 2017AY 2011-2012

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.706/Mds/2016 "नधा*रण वष* /Assessment Year: 2011-12

For Respondent: Mr.Shiva Srinivas, JCIT
Section 131Section 41(1)Section 68

…ch should be reckoned as a correct stock for the purpose of Income Tax and the stocks valued and given to the banks should be ignored. The assessee also relied on the decision of the Hon’ble jurisdictional High Court in the case of – • CIT vs. N.Swamy 2000 241 ITR 363 (Mad) • CIT Ahmedabad-III v. Riddhi Steel and Tubes Pvt. Ltd. [2013] 40 taxman.com 177 (Gujarat). :- 13 -: 7.2 On the other hand, the Ld.DR argued that the assessee has furnished the details of stocks held as on 31.03.2011 at Rs.85,05,720/- to the bank with various quantitative details after duly certifying that the stock as per the stock statem…

DCIT Cir 29(3), Mumbai vs. Raj Girish Karia, Mumbai

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

ITA 1279/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Apr 2017AY 2010-11

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2010-11

For Appellant: Shri Dharmesh Shah, ARFor Respondent: Shri Arun Shenoy, DR
Section 36(1)(iii)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 DCIT CIR 29(3) Vs. Mr. Raj Girish Karia 4th Floor, R. No. 402 Prop. Rajgiri Marmo C-10 Bldg, Pratyakshkar Bhavan Garage No. 3, Vasudha BKC Bandra (E) BPS Road, Mulund (West) Mumbai – 400051 Mumbai - 400080 PAN No. AHXPK7597E Assessment Year: 2010-11 Mr. Raj Girish Karia Vs. JCIT 23(3) 3 Vasudha B.P.S. Road, BKC, Bandra (E) Mulund (W) Mumbai - 400051 Mumbai - 400080 PAN No. AHXPK7597E (Appellant) (Respondent) Revenue by : Shri Arun Shenoy, DR…

Raj Girish Karia, Mumbai vs. JCIT 23(3), Mumbai

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

ITA 1037/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Apr 2017AY 2010-11

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2010-11

For Appellant: Shri Dharmesh Shah, ARFor Respondent: Shri Arun Shenoy, DR
Section 36(1)(iii)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 DCIT CIR 29(3) Vs. Mr. Raj Girish Karia 4th Floor, R. No. 402 Prop. Rajgiri Marmo C-10 Bldg, Pratyakshkar Bhavan Garage No. 3, Vasudha BKC Bandra (E) BPS Road, Mulund (West) Mumbai – 400051 Mumbai - 400080 PAN No. AHXPK7597E Assessment Year: 2010-11 Mr. Raj Girish Karia Vs. JCIT 23(3) 3 Vasudha B.P.S. Road, BKC, Bandra (E) Mulund (W) Mumbai - 400051 Mumbai - 400080 PAN No. AHXPK7597E (Appellant) (Respondent) Revenue by : Shri Arun Shenoy, DR…

ACIT, New Delhi vs. M/S. Vikas Diamond Pvt. Ltd., New Delhi

The appeals of the Department stands dismissed

ITA 1677/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Apr 2017AY 2009-10

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

Section 254Section 69

…the books of accounts 5. We have heard the rival submissions and have perused the relevant material on record. It is seen that the Ld. CIT (Appeals) has relied on the judgement of the Hon’ble Madras High Court in the case of CIT versus N. Swami reported in 241 ITR 363 for the proposition that addition could not be made on account of difference in stock as per the statement given to the bank for enjoying overdraft facility and stock as per books of accounts. The Ld. CIT (Appeals) has noted that the assessing officer could not point out any difference in quantity of stock as per the books of accounts vis-a-vi…

JCIT (OSD), Chennai vs. Blue Metals Company Pvt Ltd., Chennai

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

ITA 1544/CHNY/2016[2011-12]Status: DisposedITAT Chennai07 Apr 2017AY 2011-12

Bench: Shri Abraham P.George & Shri George Mathan

Section 14A

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी अ"ाहम पी. जॉज", लेखासद"य एवं "ी जॉज" माथन, "या%यक सद"य के सम& BEFORE SHRI ABRAHAM P.GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER आयकर अपील सं./ITA Nos.1543 & 1544/Mds/2016 %नधा"रण वष" /Assessment Years: 2008-09 & 2011-12 Vs. The Jt. Commissioner of Income- M/s.Blue Metals Company- Tax (OSD), Pvt. Ltd., Corporate Circle-1(2), 32/2, BMC House, Halls Road, Chennai-600 034. Egmore, Chennai-600 008. [PAN: AACCB 7122 P] (अपीलाथ(/Appellant) ()*यथ(/Respondent) : अपीलाथ( क+ ओर से/ Appellant by Smt…

JCIT (OSD), Chennai vs. Blue Metals Company Pvt Ltd., Chennai

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

ITA 1543/CHNY/2016[2008-09]Status: DisposedITAT Chennai07 Apr 2017AY 2008-09

Bench: Shri Abraham P.George & Shri George Mathan

Section 14A

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी अ"ाहम पी. जॉज", लेखासद"य एवं "ी जॉज" माथन, "या%यक सद"य के सम& BEFORE SHRI ABRAHAM P.GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER आयकर अपील सं./ITA Nos.1543 & 1544/Mds/2016 %नधा"रण वष" /Assessment Years: 2008-09 & 2011-12 Vs. The Jt. Commissioner of Income- M/s.Blue Metals Company- Tax (OSD), Pvt. Ltd., Corporate Circle-1(2), 32/2, BMC House, Halls Road, Chennai-600 034. Egmore, Chennai-600 008. [PAN: AACCB 7122 P] (अपीलाथ(/Appellant) ()*यथ(/Respondent) : अपीलाथ( क+ ओर से/ Appellant by Smt…

ITO, Ward - 49 (1), Kolkata vs. Md. Jearul Haque, North 24 Parganas

In the result, the appeal of the Revenue is dismissed

ITA 1766/KOL/2011[2008-09]Status: DisposedITAT Kolkata20 Nov 2015AY 2008-09

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 143(3)

…eclared by the assessee at a higher value to Bank for specific purpose alone was not sustainable. In support of this contention, reliance was placed by the assessee on the decision of the Hon’ble Madras High Court in the case of CIT –vs.- N. Swami reported in 241 ITR 363 (Mad.) and that of Hon’ble Rajasthan High Court in the case of CIT –vs.- Relaxo Footwear [2000] reported in 123 Taxman 322 (Raj.). As regards the decision of the Hon’ble Madras High Court in the case of Coimbatore Spinning & Weaving Co. Ltd. (supra) relied upon by the Assessing Officer, it was contended on behalf of the assessee before the ld. CI…

ITO, Ward - 1(1), Midnapore vs. Kala Baran Banerjee, Paschim Medinipur

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

ITA 102/KOL/2012[2008-09]Status: DisposedITAT Kolkata28 Sept 2015AY 2008-09

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2008-09 Ito Ward-1(1), Office Of V/S. Kala Baran Banerjee The Joint, Cit Range-1, Vill. Uttar Sirsha, P.O. Midnapore, Amaravati Sirsha, Dist.Paschim (1St Floor), Keranitola, Medinipur, Pin – 721 260 Midnapore-721101 [Pan No. Ajspb 5857 D]

Section 143(3)Section 145(3)Section 69BSection 69C

…drawings as unexplained expenditure of Rs.6,67,506/-. Aggrieved assessee preferred an appeal before the CIT(A) who has deleted the addition made by the AO, having the reliance on the judgment of Hon’ble Madras High Court in the case of CIT Vs N. Swamy (2000) 241 ITR 363 (Mad), it is held that the assessee’s income is to be assessed by the ITO on the basis of material which is required to be considered for the purpose of assessment and not on the basis of the statement which the assessee may have given to a third party, even if it be a bank. The mere fact that the assessee had made such a statement by itself cann…

CIT v. N. Swamy (241 ITR 363) — Cited in 38 Judgments | BharatTax