How many judgments cite CIT v. Precision Finance Pvt. Ltd.?

427 judgments on BharatTax cite CIT v. Precision Finance Pvt. Ltd. (208 ITR 465), spanning 2009 to 2026.

Which sections of the Income Tax Act does CIT v. Precision Finance Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 133(6), Section 142(1), Section 147, Section 148.

CIT v. Precision Finance Pvt. Ltd.

208 ITR 465High Court1994#161 most cited

What is CIT v. Precision Finance Pvt. Ltd. authority for?

When an assessee seeks to explain a cash credit under Section 68, they must prove the identity of the creditors, their creditworthiness or capacity to advance money, and the genuineness of the transactions. The burden of proof is not discharged merely by filing confirmatory letters or demonstrating banking channel transactions.

427

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2009 to 2026.

Also referred to as

CIT v. Precision Finance Pvt. Ltd. · Section 68 · cash credit · burden of proof · identity of creditor · creditworthiness of creditor · genuineness of transaction · unexplained money · confirmatory letters · banking channel transactions

Sections most often in play

Section 68 Section 143(3)Section 133(6)Section 142(1)Section 147 Section 148 Section 1961 Section 131

Issues it is cited on

creditworthiness of the creditor paper company source of source share capital and share premium live link share application money entry operator section 251(1)(a)addition u/s 68 genuineness of the transaction addition under section 68 borrowed satisfaction

Judgments citing CIT v. Precision Finance Pvt. Ltd.

DCIT, CIRCLE- 19(1), DELHI vs. PASHUPATI ROAD CARRIER PVT. LTD., DELHI

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

ITA 2490/DEL/2025[2017-18]Status: DisposedITAT Delhi20 Mar 2026AY 2017-18

Bench: Shri S. Rifaur Rahman & Shri Sudhir Kumardcit, Circle 19(1), Vs. Pashupati Road Carrier Delhi Pvt. Ltd., Room No. 221, 2Nd Floor, Plot No. 70A/47, Ground C.R. Building, Floor, Moti Nagar, I.P. Estate, New Delhi – 110 002 Rama Road Indl. Area, New Delhi – 110 045 (Pan: Aadcp8319H) (Appellant) (Respondent) Assessee By : Sh. Baldev Raj, Ca & Sh. Manish Upneja, Ca Revenue By : Sh. Rajesh Kumar Dhanesta, Sr. Dr. Date Of Hearing : 24.02.2026 Date Of Order : 20.03.2026 O R D E R Per Sudhir Kumar, Jm :

For Appellant: Sh. Baldev Raj, CA & Sh. Manish UpnejaFor Respondent: Sh. Rajesh Kumar Dhanesta, Sr. DR

Section 115JSection 133(6)Section 143(2)Section 143(3)Section 40A(3)Section 68

…nder the scheme of Section 68 it was necessary for the assessee to prove prima facie the identity of creditors, the capacity of such creditors and lastly the genuineness of transactions". 7.6 Similarly, in the case of CIT V. Precision Finance (P.) Ltd [1994] 208 ITR 465 (Cal)], it was observed that "it is for the assessee to prove the identity of creditors, their creditworthiness and genuineness of transactions”. 7.7 While examining the issue of genuineness of the transactions entered into by the assessee, it is also important to keep in mind Hon'ble Supreme Court's observation, in the case of ClT v. Durga Pras…

PRODIGY INFOMATICS PRIVATE LIMITED ,MUMBAI vs. ITO, 15(2)(4), MUMBAI

Accordingly, these grounds are dismissed

ITA 2124/MUM/2025[2012-13]Status: DisposedITAT Mumbai10 Mar 2026AY 2012-13

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Jagadishprodigy Infomatics Private Vs. Ito, 15(2)(4), Mumbai Limited Director Ito, 15(2)(4), Mumbai Plot No. D- 388, Midc, Ttc Aayakar Bhavan Industrial Area, Kukshet Mumbai- 400020 Village, Navi Mumbai - 400705 Pan/Gir No. Aadcp3211A (Applicant) (Respondent) Assessee By None Revenue By Shri Virabhadra Mahajan, (Sr. Dr) Date Of Hearing 04.03.2026 Date Of Pronouncement 10.03.2026 आदेश / Order Per Sandeep Gosain, Jm: The Present Appeal Has Been Filed By The Assessee Challenging The Impugned Order 18.02.2025 Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), By The National Faceless Appeal Centre, Delhi (Nfac) For The Assessment Year 2012-13. The Following Grounds Are Reproduced Below: “1. On The Facts & In The Circumstances Of The Case & In Law, The Learned C.I.T. (A) Erred In Dismissing The Appeal.

Section 250Section 68

…ed 6 on the decisions of the Hon'ble Supreme Court in the case of CIT vs. Ganapati Mudiliar 53 ITR 623. 5.8 In view of the above and also in light of various judicial pronouncements viz., Jalan Timbers vs. CIT, 223 ITR 11, CIT vs. Precision Finance Pvt.Ltd., 208 ITR 465 (CaL), Nizam Wool Agency vs. CIT, 193 ITR 318 (AIL), CIT vs. Korley Trading Co. Ltd., 23 ITR 820, M.S.Unneri Kutty vs. CIT 198 ITR 147 and R.B. Mittal vs. CIT 246 ITR 283, it is clear that the assesse has not been able to prove that the identity, genuineness and creditworthiness of the parties from whom the unsecured loans were taken. Despite suf…

PATEL WINES,KHEDA vs. THE DY.CIT, KHEDA CIRCLE, NADIAD

In the result, the appeal of the assessee is dismissed

ITA 1740/AHD/2025[2017-18]Status: DisposedITAT Ahmedabad24 Feb 2026AY 2017-18

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Divatia, ARFor Respondent: Shri Rameshwar P Meena, Sr. DR

Section 133ASection 250

…017-18 - 8– offered to tax in later years. These facts strongly support the conclusion that such liabilities were not genuine and were used to artificially inflate the cash-in-hand. The Hon’ble Calcutta High Court in CIT v. Precision Finance Pvt. Ltd. [(1994) 208 ITR 465 (Cal.)] has held that mere identification of the creditor and showing payment through banking channels is not sufficient; the assessee must also establish the genuineness of the transaction and the creditworthiness of the creditor. In the present case, even that minimal standard has not been met. 13. The contention of the assessee that the addit…

DCIT - CC -3(2), MUMBAI vs. MANGALKALASH TRADING PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is allowed

ITA 576/MUM/2019[2012-13]Status: DisposedITAT Mumbai02 Feb 2026AY 2012-13

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

For Appellant: NoneFor Respondent: Mr. Pankaj Kumar, CIT-DR

Section 132Section 132(4)Section 143(1)Section 143(3)Section 153ASection 68Section 69Section 69C

…dence the genuineness of the transaction, and creditworthiness of the investors under Section 68 of the Act. The assessee is expected to establish to the satisfaction of the assessing officer [CIT v. Precision Finance (P) Ltd., 1993 SCC OnLine Cal 384: (1994) 208 ITR 465]: • Proof of identity of the creditors; • Capacity of creditors to advance money; and • Genuineness of transaction This Court in the landmark case of Kale Khan Mohd. Hanif v. CIT [Kale Khan Mohd. Hanif v. CIT, (1963) 50 ITR 1] and, Roshan Di Hatti v. CIT [Roshan Di Hatti v. CIT, (1977) 2 SCC 378: 1977 SCC (Tax) 292: (1977) 107 ITR 938] laid down…

ASSTT. COMMISIONER, MUMBAI vs. SUPREME LAKE VIEW BUNGALOWS PRIVATE LIMITED, POWAI, MUMBAI

In the result the appeal of the revenue bearing ITA No

ITA 5735/MUM/2025[2022]Status: DisposedITAT Mumbai07 Jan 2026

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

For Appellant: Shri Rakesh JoshiFor Respondent: Shri Arun Kanti Datta (CIT DR)

Section 139Section 143(1)Section 143(3)Section 250Section 36(1)(iii)Section 68

…tances of the case and in law, the Ld CIT(A) erred in relying on judicial precedents without considering their factual context, whereas, the AO's reliance on principles established by Hon'ble Calcutta High 3 Court in CIT v. Precision. Finance (P) Ltd., (1994) 208 ITR 465 (Cal) and the Hon'ble Kerala High Court in ITO v. Diza Holdings (P) Ltd., (2002) 255 ITR 573 (Ker), which mandate a deeper inquiry into the financial capacity of the lenders, was improperly disregarded. 4. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not considering that a large portion of the bor…

VIRAJ SOFTWARE PVT. LTD.,DELHI vs. ITO,WARD-26(4), DELHI

Appeal is dismissed

ITA 1084/DEL/2025[2012-13]Status: DisposedITAT Delhi03 Dec 2025AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2012-13 M/S. Viraj Software Pvt. Vs. Income Tax Officer, Ltd., Ward-26(4), 28, Raja Garden, New Delhi New Delhi Pan: Aaccv5229M (Appellant) (Respondent) Assessee By None Department By Ms. Ankush Kalra, Sr. Dr

Section 142(1)Section 143(1)Section 143(2)Section 144Section 147Section 148Section 68Section 69C

…nder the scheme of Section 68" it was necessary for the assessee to prove prima facie the identity of creditors, the capacity of such creditors and lastly the genuineness of transactions". 9.4 Similarly, in the case of CIT v. Precision Finance (P.) Ltd [1994] 208 ITR 465 (Cal)), it was observed that "it is for the assessee to prove the identity of creditors, their creditworthiness and genuineness of transactions". 9.5 It is thus also a settled legal position that the onus of the assessee, of explaining nature and source of credit, does not get discharged merely by filing confirmatory letters, or demonstrating tha…

NARAYANI SIDDHAR PEEDAM CHARITABLE TRUST,VELLORE vs. DDIT (EXEMPTIONS-III), CHENNAI

ITA 1532/CHNY/2025[2011-12]Status: DisposedITAT Chennai26 Nov 2025AY 2011-12

Bench: Shri George George K & Shri Jagadishआयकर अपील सं./Ita No.: 1532/Chny/2025 निर्धारण वर्ष/Assessment Year: 2011-12 Shri Narayani Siddhar Peedam Charitable Trust, Rep. By Trustee, K. Soundararajan, Thirumalaikodi, Ariyur Village, Vellore 632 055. Pan: Aaatn 3254F (अपीलार्थी/Appellant) अपीलार्थी की ओर से/Appellant By प्रत्यर्थी की ओर से/Respondent By सुनवाई की तारीख/Date Of Hearing घोषणा की तारीख/Date Of Pronouncement The Deputy Director Of Vs. Income Tax, (Exemptions – Iii) Chennai (प्रत्यर्थी/Respondent) : Shri N. Muralikumaran, Sr. Advocate : Ms. Mythili, Jcit : 25.11.2025 : 26.11.2025 आदेश/Order Per George George K: This Appeal Filed By The Assessee Is Directed Against The Order Of Addl/Jcit(A)-5, Mumbai Dated 29.03.2025, Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called 'The Act'). The Relevant Assessment Year Is 2011-12. :- 2 -:

Section 115BSection 12ASection 143(2)Section 143(3)Section 250Section 80G(5)(vi)

…the appellant has not established the identity of the donors. It may be mentioned that merely entering a transaction through the banking channel does not make a transaction sacrosanct and genuine (CIT v. Precision Finance (P.) Ltd., [1995[ 82 Taxman 31/[1994] 208 ITR 465). Thus, it is held that the appellant has not conclusively established the identity and creditworthiness of the donor and genuineness of the transaction. I therefore do not find any infirmity in the order of the AO. The addition made u/s 115BBC of Rs.21,99,258/0 is hence confirmed. These grounds of appeal are therefore dismissed. 5. Aggrieved by…

RITIKA GEMS PRIVATE LIMITED,MUMBAI vs. ITO-5(3)(1), MUMBAI, MUMBAI

In the result the appeal filed by the assessee is allowed for statistical purposes

ITA 4495/MUM/2025[2014-15]Status: DisposedITAT Mumbai03 Nov 2025AY 2014-15

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 68

…Ltd, Mumbai. the capacity of the creditors to advance the money and the genuineness of the transactions. On the issue of burden of proof a very specific and illustrious decision from the Hon. Calcutta High Court in CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 (Ca 1) where in it was laid down that the assessee is expected to establish:- Identity of his creditors; Capacity of creditors to advance money; and Genuineness of transaction. xi. In the case of Jalan Timbers v. CIT [1997] 223 ITR 11 (Gauhati), it was held that where, in respect of certain cash credits, the assessee but also had not only disclos…

SHRI V. NATARAJAN (INDIVIDUAL),RASIPURAM vs. ACIT, CENTRAL CIRCLE,, SALEM

In the result, both the appeals of assessee in ITA No

ITA 1801/CHNY/2024[2015-16]Status: DisposedITAT Chennai31 Oct 2025AY 2015-16

Bench: Shri Manu Kumar Giri & Shri Jagadishआयकर अपील सं./Ita Nos.1535 & 1801/Chny/2024 ननिाारण वर्ा/Assessment Years: 2016-17 & 2015-16 V. Varadappan Natarajan/ The Acit, V. Natarajan (Individual), Central Circle, No.64-C, Rotary Nagar, Salem. Rasipuram Tamil Nadu-637 408. [Pan: Acgpn1477Q] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Appellant By : Mr.T.S. Lakshmi Venkataraman, Fca (Virtual) प्रत्यर्थी की ओर से /Respondent By : Mr.Shiva Srinivas, Cit सुनवाईकीतारीख/Date Of Hearing : 09.10.2025 घोर्णाकीतारीख /Date Of Pronouncement : 31.10.2025

For Appellant: Mr.T.S. LakshmiFor Respondent: Mr.Shiva Srinivas, CIT

Section 115BSection 143(3)Section 153ASection 250Section 250(6)Section 37Section 68

…esn't make the transaction as genuine. Addition u/s 68 of the Income Tax Act sustainable because of non-establishment of identity of creditor, genuineness of transaction and credit worthiness of the parties. 7.6.7 In CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465, Hon'ble Calcutta High court held that the amount is received by account payee cheques is not sacrosanct as was pointed out in. Hon'ble Gauhati Court in Nemi Chand Kothari v. CIT [2003] 264 ITR 254 held the same view. In this case it was held that it cannot be said that a transaction, which takes place by way of cheque, is invariably sacrosanct.…

VARADAPPAN NATARAJAN,RASIPURAM vs. ACIT, CENTRAL CIRCLE,, SALEM

In the result, both the appeals of assessee in ITA No

ITA 1535/CHNY/2024[2016-17]Status: DisposedITAT Chennai31 Oct 2025AY 2016-17

For Appellant: Mr.T.S. LakshmiFor Respondent: Mr.Shiva Srinivas, CIT

Section 115BSection 143(3)Section 153ASection 250Section 250(6)Section 37Section 68

NISHTHA VINCOM PVT. LTD., ,KOLKATA vs. ITO, WARD 6(3), , KOLKATA

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

ITA 1160/KOL/2025[2012-2013]Status: DisposedITAT Kolkata28 Oct 2025AY 2012-2013

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 143(2)Section 143(3)Section 14ASection 250Section 68

…nies and after discussing the facts of the case added the share capital as well as the share premium under section 68 of the Act and also made disallowance under section 14A of the Act. The Ld. AO relied upon the decisions in CIT v Precision Finance Pvt. Ltd. 208 ITR 463 (Calcutta), CIT v Ruby Traders and Exporters Ltd. 134 Taxman 29 (Calcutta), CIT v Nipun Builders and Developers Pvt. Ltd. [2013] 30 Taxmann.com 292 (Del), A. Govindrajulu Mudaliar v CIT [1958] 34 ITR 807, CIT v Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC) and CIT v Independent Media (P.) Ltd. [2012] 25 taxmann.com 276 (Delhi) for making a…

ANSHUMAN AUTO IMPEX PRIVATE LIMITED,NEW DELHI vs. INCOME TAX OFFICER, WARD 2(1), NEW DELHI

In the result, the appeal is dismissed

ITA 4152/DEL/2025[2016-17]Status: DisposedITAT Delhi28 Oct 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandraassessment Year: 2016-17 Vs. Income Tax Officer, Anshuman Auto Impex Pvt. Ltd., Ward-2(1), 2126/59, Laxmi Bhawan, New Delhi Naiwala, Karol Bagh, New Delhi Pan: Aaaca0872H (Appellant) (Respondent) Assessee By None Department By Sh. Manish Gupta, Sr. Dr

Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘G’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER Assessment Year: 2016-17 Vs. Income Tax Officer, Anshuman Auto Impex Pvt. Ltd., Ward-2(1), 2126/59, Laxmi Bhawan, New Delhi Naiwala, Karol Bagh, New Delhi PAN: AAACA0872H (Appellant) (Respondent) Assessee by None Department by Sh. Manish Gupta, Sr. DR Date of hearing 28.10.2025 Date of pronouncement 28.10.2025 ORDER PER SATBEER SINGH GODARA, JM This assessee’s appeal for assessment year 2016-17, arises against the Commissioner of Income Tax (Appeals)/Natio…

KEMOX CORPORATION,BHIWANDI vs. DCIT-CC-3, THANE, THANE

ITA 221/MUM/2025[2015-16]Status: DisposedITAT Mumbai24 Oct 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Ms. Simran Dhawan, Ld. A.RFor Respondent: Shri Ritesh Misra, Ld. D.R

Section 131Section 131(1)(d)Section 142Section 250Section 68

…the department. For this proposition the reliance is placed on following decisions: Shankar Industries vs CIT 114 ITR 689 (Calcutta). Harichand Virender Paul vs CIT 140 ITR 148 (P&H HC). CIT vs Biju Patnaik 160 ITR 674 (SC). CIT vs Precision Finance Pvt. Ltd. 208 ITR 465 (Calcutta). Dhanlaxmi Steel Re-rolling Mills vs CIT 228 ITR 780 (AP). Sanil K. M. P. vs CIT 177 Тахтап 481 (Kerela). 12.1 The appellant is heavily relying on the documents such as copy of ITR, financial statement, bank statement, etc. filed by him during the assessment proceedings. In this connection, it may be mentioned that the issue of make-be…

INCOME TAX OFFICER, DELHI vs. MOHD RIZWAN, DELHI

ITA 3535/DEL/2025[2021-22]Status: DisposedITAT Delhi15 Oct 2025AY 2021-22

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.Income Tax Officer, Delhi. (Appellant)

For Appellant: NoneFor Respondent: Shri Abhijeet Kumar, Sr. DR

Section 144Section 80C

…and applying provisions of section 144 of the Act. The addition thus fails on facts of the case. In the Order, the AO has relied on following case-laws : 1. India Woolen Carpet factory 178 ITR 420 (Raj.), 2. VISP (P) Ltd 186 CTR 717 (MP), 3. Precision Finance 208 ITR 465 (Cal), 4. Golcha Prop. Pvt Ltd 227 ITR 391 (Raj), 5. Chaturbhuj Pandey AIR 1969 (SC) 255, 6. Sumati Dayal 214 ITR 801 (SC), and 7. Sanjay Oil Cakes 316 ITR 274 (Gujarat), and 8. C VasantLal& Co. 45 ITR 206 (SC) In the case of India Woolen Carpet factory supra, the assesse failed to provide addresses of the suppliers as well as evidence to prove g…

BIRENDRA SINGH NIRBHAY,SIRSI ROAD JAIPUR RAJASTHAN vs. ITO WARD 3(1) JAIPUR, NCRB INCOME TAX DEPARTMENT STATUE CIRCLE JAIPUR RAJASTHAN

In the result, the appeal of the assessee is allowed

ITA 704/JPR/2024[2015-16]Status: DisposedITAT Jaipur09 Oct 2025AY 2015-16

For Appellant: Shri Deepak Sharma, CAFor Respondent: Shri Shri Gautam Singh Choudhary, JCIT-DR

Section 10(38)Section 132(4)Section 69C

…d with the test of human\nprobabilities, transactions have to be held to be non-genuine. In this context\nHon'ble High Courts of Madras and Calcutta has observed in the cases of\nMangilal Jain Vs ITO (Mad) 315 ITR 105 & CIT Vs Precision Finance P. Ltd.\n(Cal) 208 ITR 465, that when the assessee has failed to prove the genuineness\n4\nITA NO.704/JPR/2024\nSHRI BIRENDRA SINGH NIRBHAY VS ITO, WARD 3(1), JAIPUR\nof credit, mere proof of identity of creditor or that transaction was by cheque, is\nnot sufficient. Addition u/s 68 was justified. Similar views have been taken in the\nfollowing cases:\nK.C.N. Chandrasekhar…

B & B SHARECOM PVT LTD.,,HISAR vs. DCIT, CIRCLE, HISAR

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

ITA 2877/DEL/2024[2016-17]Status: DisposedITAT Delhi24 Sept 2025AY 2016-17

Bench: Shri Challa Nagendra Prasad & Shris.Rifaur Rahmanb & B Sharecom Pvt. Ltd., Vs. Dcit, Circle, 133, 1St Floor, Parijat Complex, Hisar. Hisar – 125 001. (Pan :Aagcb1363A) (Appellant) (Respondent) Assessee By : Shri K. Sampath, Advocate Shri V Rajakumar, Advocate Revenue By : Shri Abhishek Deavel, Sr. Dr Date Of Hearing : 22.08.2025 Date Of Order : 24.09.2025 O R D E R

For Appellant: Shri K. Sampath, AdvocateFor Respondent: Shri Abhishek Deavel, Sr. DR

Section 133Section 143(2)Section 271Section 43(5)Section 68

…e tax matter to allege an accommodation entry and that too without an iota of proof is grossly fallacious and totally uncalled for. 9.6 There is no quarrel with the proposition enunciated by the Calcutta High Court in CIT vs. Precision Finance Pvt Ltd. (1994) 208 ITR 465(Cal) cited by the NFAC. Assessee in this case has complied with the requirements enunciated in that decision. The NFAC has wrongly distinguished the cases cited by the Assessee. 9.7 The observations of the NFAC in para 5.9 vis-a-vis the Delhi High Court in CIT vs. Nipun Builders and Developers Pvt Ltd. (2013) 30 Taxman 292, is totally inapplicabl…

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

…ate attempt at layering of funds to introduce 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…

ASSISTANT COMMISSIONER-19(1), MUMBAI, MUMBAI vs. KDM IMPEX, MUMBAI

In the result, appeal of the revenue is dismissed, in terms of our\naforesaid observations

ITA 3040/MUM/2025[2012-13]Status: DisposedITAT Mumbai21 Aug 2025AY 2012-13

Section 37Section 68

…cutta High Court has held that "it was necessary\nfor the assessee to prove prima facie the identity of creditors, the capacity of\nsuch creditors and lastly the genuineness of transactions". Similarly, in the case\nof CIT v. Precision Finance (P.) Ltd [1994] 208 ITR 465/1995] 82 Taxman 31\n(Cal), it was observed that "it is for the assessee to prove the identity of\ncreditors, their creditworthiness and genuineness of transactions". There is thus\nno escape from proving genuineness of a transaction.\"\nIn the case of PCIT vs. NRA Iron & Steel (P) Ltd. [(2019) 103 taxmann.ccm 48 (SC)] the\nHon'ble Supreme Court h…

PEEYUSH AGARWAL,JAIPUR, RAJASTHAN vs. ITO, WARD 1(5), JAIPUR, JAIPUR, RAJASTHAN

In the result Ground and 1 and 2 raised by the assessee are allowed

ITA 488/JPR/2025[2017-18]Status: DisposedITAT Jaipur19 Aug 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

For Appellant: Shri Vijay Goyal, C.A. &For Respondent: Mrs. Alka Gautam, CIT

Section 115BSection 143(2)Section 143(3)Section 145(3)Section 250Section 68Section 69A

…laws cited at page 52 to 70 of his order as under:- (i) CIT vs. RS Rathore (1995) 212 ITR 390 (Raj.) (ii) CIT vs. P.Mohanakala (2007) 291 ITR 278 (SC) (iii) Nemi Chand Kothari vs. CIT (2003) 264 ITR 254 (Gauhati) (iv) CIT vs. Precision Finance (P) Ltd. (1994) 208 ITR 465 (Calcutta) 11 Peeyush Agarwal, Jaipur. (v) CIT vs. M.Ganapathi Mudaliar (1964) 53 ITR 623 (SC) (vi) A.Govindarajulu Mudaliar vs. CIT (1958) 34 ITR 807 (SC) (vii) Sreelekha Banerjee vs. CIT (1963) 49 ITR 112 (SC) (viii) Renu T. Tharani vs. DCIT ITA no. 2333/Mum/2018-ITAT- Mumbai. (ix) Durai Murugan Kathir Anand vs. Addl CIT (2022) 443 ITR 423…

RAJENDRA KUMAR AGRAWAL,JAIPUR vs. ACIT CEN CIR 1 , C-SCHEME, JAIPUR

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

ITA 538/JPR/2025[2017-2018]Status: DisposedITAT Jaipur12 Aug 2025AY 2017-2018

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Rajesh Tetuka, Adv., ARFor Respondent: Sh. Gaurav Awasthi, JCIT, Sr. DR

Section 115BSection 143(3)Section 250Section 68

…ase of Shankar Industries Vs. Commissioner of Income Tax. Ld. AO also noted that "Cash credit can be assessed even if transaction is through cheques" and in support of that he relied upon the following decisions: - 1. CIT Vs. precision Finance P. Ltd. (Cal) 208 ITR 465; 2. K.C.N. Chandrashekhar Vs. ACIT (ITAT, Bang) 66 TTJ 355; 3. CIT Vs. United Commercial & Industrial Co. (P) Ld. (Cal) 187 ITR 596; Based on that finding ld. AO addition of unsecured loans amounting to Rs. 2,01,92,401/- was added. 9 Rajendra Kumar Agrawal vs. ACIT He also noted that some of the contribution of Provident fund and ESI were dep…

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