What is CIT v. Om Overseas authority for?

A cash deposit in a bank account, traceable to the available cash balance as per the assessee's cash book, cannot be treated as unexplained under Section 68 or 69A. The Assessing Officer cannot reject books of account or make an addition without pointing out specific defects.

How many judgments cite CIT v. Om Overseas?

60 judgments on BharatTax cite CIT v. Om Overseas (315 ITR 185), spanning 2010 to 2026.

Which sections of the Income Tax Act does CIT v. Om Overseas come up under?

It is most often cited in judgments turning on Section 143(3), Section 1961, Section 145(3), Section 115BBE, Section 133(6), Section 147.

CIT v. Om Overseas (315 ITR 185)

Uniseven Engineering and Infrastructure Pvt. Ltd., Kolkata vs. DCIT, Circle - 7(1), Kolkata

In the result, both the appeals of the assessee are allowed

ITA 2652/KOL/2024[2015-16]Status: DisposedITAT Kolkata22 Apr 2025AY 2015-16

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm]

Section 143(3)Section 147Section 148Section 148ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, KOLKATA [Before Shri Rajesh Kumar, AM & Shri Pradip Kumar Choubey, JM] I.T.A. Nos. 2651 & 2652/Kol/2024 Assessment Years: 2014-15 & 2015-16 Uniseven Engineering & Infrastructure Vs. DCIT, Central Circle-7(1), Kolkata Pvt. Ltd. 30D, Jawaharlal Nehru Road, Park Street, Kolkata-700016. (PAN: AAACU9083G) Appellant Respondent Date of conclusion of Hearing 17.03.2025 Date of Pronouncement 22.04.2025 For the Assessee Shri Sunil Surana, AR For the Revenue Shri Sailen Samadder, Addl. CIT, Sr. DR ORDER Per Shri Rajesh Kumar, AM Both these appeals filed by the assessee are…

Uniseven Engineering and Infrastructure Pvt. Ltd., Kolkata vs. DCIT, Circle - 7(1), Kolkata

In the result, both the appeals of the assessee are allowed

ITA 2651/KOL/2024[2014-15]Status: DisposedITAT Kolkata22 Apr 2025AY 2014-15

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm]

Section 143(3)Section 147Section 148Section 148ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, KOLKATA [Before Shri Rajesh Kumar, AM & Shri Pradip Kumar Choubey, JM] I.T.A. Nos. 2651 & 2652/Kol/2024 Assessment Years: 2014-15 & 2015-16 Uniseven Engineering & Infrastructure Vs. DCIT, Central Circle-7(1), Kolkata Pvt. Ltd. 30D, Jawaharlal Nehru Road, Park Street, Kolkata-700016. (PAN: AAACU9083G) Appellant Respondent Date of conclusion of Hearing 17.03.2025 Date of Pronouncement 22.04.2025 For the Assessee Shri Sunil Surana, AR For the Revenue Shri Sailen Samadder, Addl. CIT, Sr. DR ORDER Per Shri Rajesh Kumar, AM Both these appeals filed by the assessee are…

Malkiat Agro Industries 01, Cantt Road, Nabha 147201, Punjab vs. Lovish Shelley the DCIT Circle Mandigobind Garh Jao Income Tax Officer Nabha, Punjab

In the result, assessee’s appeal is allowed

ITA 485/CHANDI/2024[2012-2013]Status: DisposedITAT Chandigarh01 Apr 2025AY 2012-2013

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Sudhir Sehgal, Advocate and Shri K.K. Singla, C.AFor Respondent: Smt. Kusum Bansal, CIT DR

Section 133Section 133(6)Section 143(1)Section 148

…by the Assessing Officer and CIT(A) and, such books of accounts have not been rejected u/s 145(3) and, thus, as per the judgment in the case of Jurisdictional High Court in the case of Ludhiana Steel Rolling Mills, 295 ITR 111 and in the case of Om Overseas, 315 ITR 185, wherein it was held impugned addition were not liable to be made. b). That the Ld. Assessing Officer have failed to appreciate that there was requisite stocks available with the assessee in respect of 'Combines' and 'spare parts' out of which, the sales have been made and the balance closing stock as on 31.03.2012 have been accepted by the Asses…

Kiran Fine Jewellers Private Limited, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-2, Jaipur

In the result ground no 2 raised by the assessee is allowed

ITA 648/JPR/2024[2017-18]Status: DisposedITAT Jaipur25 Feb 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. R. Sharma, CA &For Respondent: Sh. P. P. Meena, CIT-Th. V.H

Section 115BSection 143(3)Section 145(3)Section 68Section 69A

…he above facts and provisions of I. T. Act, 1961 the mobile number, complete address and PAN of customers on each and every cash sales 59 Kiran Fine Jewellers Pvt. Ltd. vs. DCIT invoices as the same is not required in law. In the case of CIT Vs Om Overseas (315 ITR 185), It was held by Hon’ble Punjab & Haryana High Court that there was no legal obligation on the part of the assessee to maintain such a record and the audited accounts could not have been rejected without pointing out any specific defect or deficiencies in the books of account maintained by the assessee. A(iii) There is no dispute to the well sett…

DCIT, Patiala vs. Prime Steel Industries Private Limited, Dirba

In the result, the appeal of the Assessee is allowed whereas, the appeal filed by the Revenue stands dismissed

ITA 500/CHANDI/2024[2021-22]Status: DisposedITAT Chandigarh20 Sept 2024AY 2021-22

Bench: Shri A.D. Jain & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 275/Chd/2024 "नधा"रण वष" / Assessment Year : 2021-22 Prime Steel Industries Private Vs. The Dcit, बनाम Circle, Limited, Semi Industry, Patiala Plot No. 27, Anaj Mandi Dibra, Sangrur "थायी लेखा सं./Pan No: Aagca3988E अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita No. 500/Chd/2024 "नधा"रण वष" / Assessment Year : 2021-22 The Dcit, Vs. Prime Steel Industries Private बनाम Circle, Limited, Semi Industry, Patiala Plot No. 27, Anaj Mandi Dibra, Sangrur "थायी लेखा सं./Pan No: Aagca3988E अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate & Shri Viboore Garg, Ca राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 24.07.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 20.09.2024

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Viboore Garg, CAFor Respondent: Smt. Kusum Bansal, CIT DR

Section 69C

…of purchases and stock record and other quantitative details having not been disproved, either by the Assessing Officer/CIT(A) and relied upon on number of judgments of jurisdictional Punjab & Haryana High Court in the case of CIT Vs Om Overseas, reported in 315 ITR 185 (P&H), Delhi High Court in the case of CIT Vs. Paradise Holidays, 325 ITR 13 and other case laws that under such circumstances, where no specific defects have been pointed out in the maintenance of record, 275 & 500-Chd-2024 – Prime Steel Industries Pvt. Ltd., Dibra, Sangrur, 15 the addition on account of 'profit embedded' in resect of alleged…

Prime Steel Industries Private Limited, Semi Industry Plot No.-27, Anaj Mandi Dirba, Sangrur, Punjab vs. The Assessing Officer NFAC, the Jurisdictional Assessing Officer, DCIT Circle Patiala, Patiala, Punjab

In the result, the appeal of the Assessee is allowed whereas, the appeal filed by the Revenue stands dismissed

ITA 275/CHANDI/2024[2021-2022]Status: DisposedITAT Chandigarh20 Sept 2024AY 2021-2022

Bench: Shri A.D. Jain & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 275/Chd/2024 "नधा"रण वष" / Assessment Year : 2021-22 Prime Steel Industries Private Vs. The Dcit, बनाम Circle, Limited, Semi Industry, Patiala Plot No. 27, Anaj Mandi Dibra, Sangrur "थायी लेखा सं./Pan No: Aagca3988E अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita No. 500/Chd/2024 "नधा"रण वष" / Assessment Year : 2021-22 The Dcit, Vs. Prime Steel Industries Private बनाम Circle, Limited, Semi Industry, Patiala Plot No. 27, Anaj Mandi Dibra, Sangrur "थायी लेखा सं./Pan No: Aagca3988E अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate & Shri Viboore Garg, Ca राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 24.07.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 20.09.2024

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Viboore Garg, CAFor Respondent: Smt. Kusum Bansal, CIT DR

Section 69C

…of purchases and stock record and other quantitative details having not been disproved, either by the Assessing Officer/CIT(A) and relied upon on number of judgments of jurisdictional Punjab & Haryana High Court in the case of CIT Vs Om Overseas, reported in 315 ITR 185 (P&H), Delhi High Court in the case of CIT Vs. Paradise Holidays, 325 ITR 13 and other case laws that under such circumstances, where no specific defects have been pointed out in the maintenance of record, 275 & 500-Chd-2024 – Prime Steel Industries Pvt. Ltd., Dibra, Sangrur, 15 the addition on account of 'profit embedded' in resect of alleged…

Khoobsoorat Fabrics Pvt Ltd., New Delhi vs. ITO Ward 14(3), New Delhi

Appeal are allowed

ITA 428/DEL/2024[2017-18]Status: DisposedITAT Delhi11 Sept 2024AY 2017-18

Bench: Shri Kul Bharat[Assessment Year: 2017-18

Section 115BSection 68

…unt appellant. It is submitted that in these circumstances no addition is permissible on account of cash deposit arising out of sale proceeds and cash withdrawals and, appellant in this regard seeks to place reliance upon following judicial pronouncements: i) 315 ITR 185 (P&H) CIT vs. OM Overseas ii) 320 ITR 116 (All) CIT vs. Mascot India Tools & Forgings (P) Ltd. 64 DTR 409 (Jai) Asstt. CIT vs. Shankar Exports iv) 325 ITR 13 (Del) CIT vs. Paradise Holidays (extract at page 175 of Paper Book and pages 10-13 of JPB) v) ITA No. 999/2010 dated 03.08.2010 CIT vs. M/s Rice India Exports Pvt. Ltd. (extract at page 175…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2938/DEL/2023[2017-18]Status: DisposedITAT Delhi30 Aug 2024AY 2017-18

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR

Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…that it is well settled law that in absence of rejection of books of accounts, no addition can be made by assuming that assessee has made unaccounted receipts or made unaccounted payments in the instant year. Reliance is placed on the following judgments: i) 315 ITR 185 (P&H) CIT vs. OM Overseas ii) 320 ITR 116 (All) CIT vs. Mascot India Tools & Forgings (P) Ltd. iii) 64 DTR 409 (Jai) Asstt. CIT vs. Shankar Exports iv) 325 ITR 13 (Del) CIT vs. Paradise Holidays “6 The AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. Admittedly, the assessee had been maint…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2937/DEL/2023[2016-17]Status: DisposedITAT Delhi30 Aug 2024AY 2016-17

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR

Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…that it is well settled law that in absence of rejection of books of accounts, no addition can be made by assuming that assessee has made unaccounted receipts or made unaccounted payments in the instant year. Reliance is placed on the following judgments: i) 315 ITR 185 (P&H) CIT vs. OM Overseas ii) 320 ITR 116 (All) CIT vs. Mascot India Tools & Forgings (P) Ltd. iii) 64 DTR 409 (Jai) Asstt. CIT vs. Shankar Exports iv) 325 ITR 13 (Del) CIT vs. Paradise Holidays “6 The AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. Admittedly, the assessee had been maint…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2936/DEL/2023[2015-16]Status: DisposedITAT Delhi30 Aug 2024AY 2015-16

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR

Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…that it is well settled law that in absence of rejection of books of accounts, no addition can be made by assuming that assessee has made unaccounted receipts or made unaccounted payments in the instant year. Reliance is placed on the following judgments: i) 315 ITR 185 (P&H) CIT vs. OM Overseas ii) 320 ITR 116 (All) CIT vs. Mascot India Tools & Forgings (P) Ltd. iii) 64 DTR 409 (Jai) Asstt. CIT vs. Shankar Exports iv) 325 ITR 13 (Del) CIT vs. Paradise Holidays “6 The AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. Admittedly, the assessee had been maint…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2935/DEL/2023[2014-15]Status: DisposedITAT Delhi30 Aug 2024AY 2014-15

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR

Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…that it is well settled law that in absence of rejection of books of accounts, no addition can be made by assuming that assessee has made unaccounted receipts or made unaccounted payments in the instant year. Reliance is placed on the following judgments: i) 315 ITR 185 (P&H) CIT vs. OM Overseas ii) 320 ITR 116 (All) CIT vs. Mascot India Tools & Forgings (P) Ltd. iii) 64 DTR 409 (Jai) Asstt. CIT vs. Shankar Exports iv) 325 ITR 13 (Del) CIT vs. Paradise Holidays “6 The AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. Admittedly, the assessee had been maint…

Vishal Builders, Raipur vs. Assistant Commissioner of Income Tax, Circle-3(1), Raipur

ITA 263/RPR/2023[2013-14]Status: DisposedITAT Raipur30 Nov 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.263/Rpr/2023 "नधा"रण वष" / Assessment Year : 2013-14 Vishal Builders 7/619, Gawri Bhawan, Fafadih Naka, Raipur-492001(C.G.) Pan : Aaefv1401G .......अपीलाथ" / Appellant बनाम / V/S. The Assistant Commissioner Of Income Tax, Circle 3(1), Raipur, C.G.

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR

Section 143(2)Section 143(3)Section 145(3)

…of pointing out of any specific defect in the books of accounts of the assessee there would be no justification for the AO to reject the same is supported by the judgment of the Hon’ble High Court of Punjab & Haryana in the case of CIT Vs. Om Overseas (2009) 315 ITR 185 (P&H). In its aforesaid order the Hon’ble High Court while upholding the order of the Tribunal, had observed, that the rejection of the books of accounts of the assessee without pointing out any specific defect could not be sustained and had rightly been vacated by both the lower appellate authorities. Also a similar view had been taken by the Ho…

ACIT, Circle-63(1), New Delhi vs. Friends Medicos, New Delhi

ITA 8709/DEL/2019[2015-16]Status: DisposedITAT Delhi10 Oct 2023AY 2015-16

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaacit, Vs. Friends Medicos Circle-63(1), Shop No. 6, Mcd Shopping New Delhi Complex, Asaf Ali Road, New Delhi-110055 Pan : Aaaff9675Q (Appellant) (Respondent)

Section 133ASection 143(2)Section 143(3)Section 145(3)

…placed by Ld. AR on the following judicial pronouncements in this regard : • The Pr. Commissioner of Income Tax-17 versus Time & Space Haulers, 2018 (7) TMI 1997-Bombay High Court, Dated 4.7.2018 • The Commissioner of Income Tax Versus Om Overseas, Shiv Nagar 315 ITR 185 High Court Punjab and Haryana • Assistant Commissioner of Income Tax, Raipur versus Roopchand Tharani, 2011(11) TMI 426-Chhattisgarh High Court, Dated 1.11.2011 • Madnani Constructions Corporation P. Ltd. Versus Commissioner of Income-Tax, 2006 (12) TMI 79-Gauhati High Court, Dated – December 5, 2006 13. Further, it is a settled law, as cited by…