CIT v. P. Mohanakala

291 ITR 278Supreme Court of India2007#125 most cited

What is CIT v. P. Mohanakala authority for?

The Supreme Court emphasized that in the absence of concrete rebuttal by the assessee, circumstantial evidence holds significant weight, applying the doctrine of preponderance of probability, particularly when assessing undisclosed income or unexplained cash credits.

525

judgments rely on this decision, according to BharatTax’s citation analysis of 372,569 Indian tax judgments — from 2007 to 2026.

Also referred to as

CIT v. P. Mohanakala · 291 ITR 278 · Section 68 · Section 69A · Section 69C · unexplained cash credit · undisclosed income · circumstantial evidence · burden of proof · assessee rebuttal · preponderance of probability · genuineness of transaction

Also reported as

161 Taxmann 169210 CTR 20

Sections most often in play

Section 68Section 143(3)Section 147Section 115BBESection 69CSection 133(6)Section 148Section 69A
Read the full judgment

Issues it is cited on

creditworthiness of the creditorsource of sourceaddition under section 68addition u/s 68genuineness of the transactionshare application moneyentry operatorunexplained cash creditprincipal commissioner of income-taxincome-tax officersection 131section 69c

Judgments citing CIT v. P. Mohanakala

Balhanuman Commodeal Pvt. Ltd., Kolkata vs. ITO, Ward-5(4), Kolkata

ITA 116/KOL/2024[2012-13]Status: DisposedITAT Kolkata03 Oct 2024AY 2012-13

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

For Appellant: NoneFor Respondent: Shri Vineet Kumar, Addl. CIT, Sr. DR
Section 131Section 143(2)Section 143(3)Section 14ASection 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2012-13 Balhanuman Commodeal Pvt. I.T.O., Ward-5(4), Kolkata, Ltd., Aaykar Bhawan, P-7, 7, Red Cross Place, 4th Floor, Vs Chowringhee Square, Kolkata - 700001 Kolkata - 700069 (PAN: AAECB5704H) (Appellant) (Respondent) Present for: Appellant by : None Respondent by : Shri Vineet Kumar, Addl. CIT, Sr. DR Date of Hearing : 08.07.2024 Date of Pronouncement : 03.10.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against t…

Dinesh Kumar Soni, Jaipur vs. DCIT Cen Cir 1 Jaipur, Jaipur

In the result appeal filed by the assessee is allowed

ITA 863/JPR/2024[2017-18]Status: DisposedITAT Jaipur27 Sept 2024AY 2017-18

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

For Appellant: Shri Pawan Kumar Garg (C.A.)For Respondent: Smt. Monisha Choudhary (Addl.CIT) a
Section 142(1)Section 143(2)Section 143(3)Section 44ASection 68Section 69C

…the assessee that it was receipt of an income nature. The Hon'ble Court further observed: 'May be the money came by way of bank cheques and was paid through the process of banking transaction but that itself is of no consequence'. [CIT v. P. Mohankala [2007] 291 ITR 278 1 (SC)] (xi) In the case of Konathala Nooku Naidu v. Income-tax Officer, Ward- 1 [2024] 160 taxmann.com 758 (Visakhapatnam Trib.) [18-03-2024] [L.T.A. No.269 Viz/2023], Hon'ble ITAT upheld the addition and found the explanation as unacceptable when the source of cash deposited in the bank on 13-11-2016 was stated to be the loan which was further…

DCIT Central Circle-2, Bhubaneswar vs. M/S. Hotel Sukhamaya Pvt. Ltd, Bhubaneswar

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

ITA 206/CTK/2022[2012-13]Status: DisposedITAT Cuttack18 Sept 2024AY 2012-13
Section 132Section 269SSection 271D

…explanation offered by the assessee. It is a question of fact and the order of the Tribunal is not a perverse one. The concurrent finding given by both the authorities below is based on valid materials and evidence. In the case of CIT v. P. Mohanakala [2007] 291 ITR 278, the Supreme Court held that whenever there is a concurrent finding by the authorities below, no interference 5 should be called for by the High Court. Under these circumstances, we do not find any error or legal infirmity in the order of the Tribunal so as to warrant interference." 7. In the present case, the assessee was under the bona fide imp…

DCIT Central Circle-2, Bhubaneswar vs. M/S. Hotel Sukhamaya Pvt. Ltd, Bhubaneswar

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

ITA 205/CTK/2022[2009-10]Status: DisposedITAT Cuttack18 Sept 2024AY 2009-10
Section 132Section 269SSection 271D

…explanation offered by the assessee. It is a question of fact and the order of the Tribunal is not a perverse one. The concurrent finding given by both the authorities below is based on valid materials and evidence. In the case of CIT v. P. Mohanakala [2007] 291 ITR 278, the Supreme Court held that whenever there is a concurrent finding by the authorities below, no interference 5 should be called for by the High Court. Under these circumstances, we do not find any error or legal infirmity in the order of the Tribunal so as to warrant interference." 7. In the present case, the assessee was under the bona fide imp…

Venkateshwara Wires Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Jaipur

In the result, the appeal of the assessee is allowed

ITA 322/JPR/2024[2018-19]Status: DisposedITAT Jaipur09 Sept 2024AY 2018-19

Bench: The Ld. Ao As Well As Before The Ld. Cit(A) As The Documents Submitted Was Only In Support Of Confirmations & Other Documents Already Submitted & No New Documents Were Submitted. 2. The Assessee Craves Your Indulgence To Add Amend Or Alter All Or Any Grounds Of Appeal Before Or At The Time Of Hearing.”

For Appellant: Sh. S. L. Poddar, AdvFor Respondent: Sh. Anoop Singh, Addl. CIT
Section 133(6)Section 142(1)Section 143(3)Section 68Section 801ASection 80I

…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. 322/JP/2024 fu/kZkj.k o"kZ@Assessment Year: 2018-19 cuke Venkateswara Wires Pvt Ltd., Assistant Commissioner of Vs. E-55, Road No. 5, VKI Area, Income Tax, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AACCV 5085 F vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. S. L. Poddar, Adv. jktLo dh vksj…

Decent Industries P. Ltd., Bhopal vs. ITO-1(2), Bhopal

Appeal is partly allowed

ITA 356/IND/2023[2012-13]Status: DisposedITAT Indore20 Aug 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

Section 133ASection 143(2)Section 147Section 148Section 14ASection 68

…. It has been held that merely proving the identity of the investors does not discharge the onus of the assessee, if the capacity or credit-worthiness has not been established. (b) Hon’ble Supreme Court in the case of CIT Vs P. Mohankala (2007) 161 Taxman 169/291 ITR 278 held that:- “A bare reading of section 68 of the Income-tax Act, 1961, suggests that (i) there has to be credit of amounts in the books maintained by the assessee, (ii) such credit has to be a sum of money during the previous year; and (iii) either (a) the assessee offers no explanation about the nature and source of such credits found in the boo…

Assistant Commissioner of Income Tax, Central Circle-1(1), Nagpur vs. M/S. Radha Radhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 49/NAG/2021[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Assistant Commissioner of Income Tax, Central Circle-1(1), Nagpur vs. M/S. Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 48/NAG/2021[2012-13]Status: DisposedITAT Nagpur29 Jul 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Assistant Commissioner of Income Tax, Central Circle-1(1), Nagpur vs. M/S. Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 47/NAG/2021[2011-12]Status: DisposedITAT Nagpur29 Jul 2024AY 2011-12

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Assistant Commissioner of Income Tax, Central Circle-1(1), Nagpur vs. M/S. Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 140/NAG/2021[2018-19]Status: DisposedITAT Nagpur29 Jul 2024AY 2018-19

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Asstt.Commissioner of Income Tax Central Circle-1(1), Nagpur vs. M/S Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 27/NAG/2020[2015-16]Status: DisposedITAT Nagpur29 Jul 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Asstt.Commissioner of Income Tax Central Circle-1(1), Nagpur vs. M/S Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…e of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through bank is executed to make the otherwise colourable transaction appear genuine. 26 On the facts and circumstances of the case…

Mrs. Kalavathi Arumugam, Bangalore vs. Income Tax Officer, Ward-2(2)(2), Bangalore

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

ITA 129/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 Jul 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2017-18

For Appellant: Shri A Ravish Rao, CAFor Respondent: Shri Ganesh R Ghale, Standing Counsel
Section 68Section 69

…d by the assessee. The AO in the present case without making an inquiry or bringing any contrary material held that the assessee has deposited own unexplained cash in her bank account. The Hon’ble Supreme Court in the case of CIT vs. P. Mohanakala reported in 291 ITR 278 while dealing with scope of provision of the section 68 of the Act held that “the opinion of the AO that the explanation furnished by the assessee as not satisfactory is required to be based on proper appreciation of material and other attending circumstances available on record. The opinion of the Assessing Officer is required to be formed objec…

Alan Moses Mozes, Mumbai vs. The Income Tax Officer, Ward-1, Intl. Taxn., Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 542/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad24 Jul 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Rakesh Kapoor, A.RFor Respondent: Shri Ankit Jain, Sr. DR
Section 10Section 10(4)(ii)Section 5(2)Section 6(1)Section 69A

…source of income (In India, or abroad and no such evidence has been tendered); (ii) The explanation and accountability of source of the FD has not been explained; Notwithstanding anything as discussed above, in the landmark case of CIT v. P. Mohanakala [2007] 291 ITR 278 (SC), the Apex Court has laid down a novel approach to the issue of unexplained deposits. The Hon'ble SCI has observed that: The express/on "the assesses offers no explanation" means the assessee offers no proper, reasonable and acceptable explanation as regards the sums found credited in the books maintained by the assessee. The opinion of the A…

ACIT, Circle-1, Tirunelveli vs. Esakkimuthu Muthuvel Iyappan, Tirunelveli

In the result, appeal filed by the revenue stands dismissed

ITA 794/CHNY/2022[2017-18]Status: DisposedITAT Chennai24 Jul 2024AY 2017-18

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.794/Chny/2022 (िनधा"रणवष" / Assessment Year: 2017-2018) The Assistant Commissioner Of Vs. Shri Esakkimuthu Muthuvel Iyappan, Income Tax, No.4, Highways Road, Circle 1, Tisayanvilai, Tirunelveli 627 011. Tirunelveli 627 657. [Pan : Arupm 4796J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. T. Vasudevan, Advocate ""यथ" क" ओर से /Respondent By : Shri Arv Srinivasan, Irs, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 19.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 24.07.2024 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. T. Vasudevan, AdvocateFor Respondent: Shri ARV Srinivasan, IRS, Addl.CIT
Section 142(1)Section 143(2)Section 143(3)Section 68

…ecember of relevant Financial Year) Thus, the appellant is in the routine practice of doing Business in cash, and offering income to tax on such turnover. In this regard the following judgements can be relied upon; 1. CIT Vs. Mohanakal (2007), 161 Taxman 169/291 ITR 278. 2. CIT vs. Durgaparasad more (1969) 72 ITR 807. 3. JMJ Essential Oil Company vs. CIT (2018), 100 Taxman.com. In view of the above the addition made u/s 68 of Rs. 2,54,20,600/- stands deleted. Hence, appeal is decided in favour of the appellant and appeal is allowed’’. 5. Before us, the Ld.Counsel for the assessee submitted that the Ld.CIT(A) is…

DCIT CC 4 (4), Mumbai vs. Sanman Trade Impex Limited, Mumbai

In the result, appeals of the Revenue are dismissed dismissed whereas appeals of the assessee are partly allowed appeals of the assessee are partly allowed

ITA 3606/MUM/2023[2014-15]Status: DisposedITAT Mumbai24 Jul 2024AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Appellant: Dr. Kishor Dhule, CIT-DRFor Respondent: Mr. Rakesh Joshi
Section 143(3)Section 69C

…wer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, the Hon'ble Apex Court held as under: the Hon'ble Apex Court held as under: "May be the money came by way of bank cheques and p "May be the money came by way of bank cheques and paid through the aid throug…

DCIT CC 4 (4), Mumbai vs. Sanman Trade Impex Limited, Mumbai

In the result, appeals of the Revenue are dismissed dismissed whereas appeals of the assessee are partly allowed appeals of the assessee are partly allowed

ITA 3605/MUM/2023[2015-16]Status: DisposedITAT Mumbai24 Jul 2024AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Appellant: Dr. Kishor Dhule, CIT-DRFor Respondent: Mr. Rakesh Joshi
Section 143(3)Section 69C

…wer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, the Hon'ble Apex Court held as under: the Hon'ble Apex Court held as under: "May be the money came by way of bank cheques and p "May be the money came by way of bank cheques and paid through the aid throug…

DCIT CC 4(4), Mumbai vs. Sanman Trade Impex Limited, Mumbai

In the result, appeals of the Revenue are dismissed dismissed whereas appeals of the assessee are partly allowed appeals of the assessee are partly allowed

ITA 3603/MUM/2023[2016-17]Status: DisposedITAT Mumbai24 Jul 2024AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Appellant: Dr. Kishor Dhule, CIT-DRFor Respondent: Mr. Rakesh Joshi
Section 143(3)Section 69C

…wer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, the Hon'ble Apex Court held as under: the Hon'ble Apex Court held as under: "May be the money came by way of bank cheques and p "May be the money came by way of bank cheques and paid through the aid throug…

Sanman Trade Impex Limited, Mumbai vs. Assistant Commissioner of Income Tax-Central Circle 4(4), Mumbai

In the result, appeals of the Revenue are dismissed dismissed whereas appeals of the assessee are partly allowed appeals of the assessee are partly allowed

ITA 3474/MUM/2023[2015-16]Status: DisposedITAT Mumbai24 Jul 2024AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Appellant: Dr. Kishor Dhule, CIT-DRFor Respondent: Mr. Rakesh Joshi
Section 143(3)Section 69C

…wer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." transaction. If the answer is "Yes" then accept the credit otherwise not." 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, 14.3.2. In the case of CIT vs Mohanakala, 161 Taxman 169, 291 ITR 278, the Hon'ble Apex Court held as under: the Hon'ble Apex Court held as under: "May be the money came by way of bank cheques and p "May be the money came by way of bank cheques and paid through the aid throug…

Sanman Trade Impex Limited, Mumbai vs. Assistant Commissioner of Income Taxcentral Circle-4(4), Mumbai

In the result, appeals of the Revenue are dismissed whereas

ITA 3471/MUM/2023[2020-21]Status: DisposedITAT Mumbai24 Jul 2024AY 2020-21

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Appellant: Mr. Rakesh JoshiFor Respondent: Dr. Kishor Dhule, CIT-DR
Section 10ASection 115JSection 143(3)Section 147Section 149Section 151Section 69C

…d by the Tribunal, the assessing authority shall first find out, whether the cash credit claimed represents a true and genuine transaction. If the answer is "Yes" then accept the credit otherwise not." 14.3.2. In the case of CIT vs Mohanakala, 161 Taxтап 169, 291 ITR 278, the Hon'ble Apex Court held as under: "May be the money came by way of bank cheques and paid through the process of banking transaction but that itself is of no consequence" 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under:- "6. .....The Tribunal did not apply its mind to the facts of this…