CIT v. Precision Finance Pvt. Ltd.

208 ITR 465High Court1994#168 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 367,181 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 68Section 143(3)Section 133(6)Section 142(1)Section 147Section 148Section 1961Section 131

Issues it is cited on

creditworthiness of the creditorpaper companysource of sourceshare capital and share premiumlive linkshare application moneyentry operatorsection 251(1)(a)addition u/s 68genuineness of the transactionaddition under section 68borrowed satisfaction

Judgments citing CIT v. Precision Finance Pvt. Ltd.

DCIT, Circle-6, Jaipur, Ncrb 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

…Also, the relevant case laws are as per table below: Sl. No Case laws Page No. 1. Kale Khan Mohammad Hanif vs. CIT [1963] 50 ITR 1(Supreme Court of India) 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…

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…

Heaven Vyapaar Pvt. Ltd., Kolkata vs. ITO, Ward-5(4), Kolkata

ITA 27/KOL/2024[2012-13]Status: DisposedITAT Kolkata20 Aug 2024AY 2012-13

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 27/Kol/2024 Assessment Year: 2012-2013 Heaven Vyapaar Pvt. Limited,…………………Appellant 7, Red Cross Place, 4Th Floor, Kolkata-700001 [Pan:Aacch7234G] -Vs.- Income Tax Officer,………………………….……Respondent Ward-5(4), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: N O N E, Appeared On Behalf Of The Assessee Shri B.K. Singh, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 19, 2024 Date Of Pronouncing The Order : August 20, 2024 O R D E R

Section 142(1)Section 143(2)Section 14ASection 68

…ITA No. 27/KOL/2024 (A.Y. 2012-2013) Heaven Vyapaar Pvt. Limited THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President (KZ) & Dr. Manish Borad, Accountant Member I.T.A. No. 27/KOL/2024 Assessment Year: 2012-2013 Heaven Vyapaar Pvt. Limited,…………………Appellant 7, Red Cross Place, 4th Floor, Kolkata-700001 [PAN:AACCH7234G] -Vs.- Income Tax Officer,………………………….……Respondent Ward-5(4), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances by: N o n e, appeared on behalf of the assessee Shri B.K. Singh, Addl. CIT, appeared on behalf of the Revenue Date o…

Winsher Vinimay Pvt. Ltd., Kolkata vs. ITO, Ward - 9(2), Kolkata

ITA 1393/KOL/2018[2012-13]Status: DisposedITAT Kolkata06 Aug 2024AY 2012-13

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2012-13

For Appellant: N o n eFor Respondent: Shri Bibekananda Madhu, JCIT, Sr. DR
Section 131Section 143(2)Section 143(3)Section 250Section 68

…ssessee to prove the three ingredients of the identity of the creditor, the creditworthiness and genuineness of the transaction. The Assessing Officer relied upon the decision of the jurisdictional High Court in the case of CIT Vs. Precision Finance Pvt. Ltd. 208 ITR 463 (Calcutta), wherein it was observed that it was for the assessee to prove the identity of creditor, their creditworthiness and the genuineness of the transaction. If the identity of the creditors had not been established, the question of establishment of genuineness of the transaction or the creditworthiness of the creditors did not arise. It is…

M/S. Qns Castings Pvt. Ltd., Muzaffarnagar vs. ITO, Muzaffarnagar

In the result, the appeal of the assessee is dismissed

ITA 3554/DEL/2017[2012-13]Status: DisposedITAT Delhi26 Jul 2024AY 2012-13

Bench: Shri Kul Bharat & Shri Avdhesh Kumar Mishra

Section 133(6)Section 143(3)Section 250(4)Section 68

…uj), x. Upendra Singh Raghav 88 taxmann.com 95 (Alld), xi. Toby Consultants (P.) Ltd. 324 ITR 338 (Del), xii. Sanraj Engineering Pvt. Ltd. (ITA 79/2016) (Del), xiii. N.R.Portfolio Pvt. Ltd. in ITA No. 134/2012 dated 21.12.2012 xiv. Precision Finance (P.) Ltd. 208 ITR 465 (Cal). 7. Heard the Ld. DR at length and perused the case record and the above case laws. The sole issue for our consideration here is the taxability of the cash credits/share application money including share premium. We find force in the argument of the Ld. DR that the appellant/assessee did not bring any material on the record to contradict th…

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

…d through the aid through the process of banking transaction but that itself is of no consequence" process of banking transaction but that itself is of no consequence" 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 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under: Hon'ble Calcutta HC held as under: "6. .....The Tribunal did not apply its mind to the facts of thi .....The Tribunal did not apply…

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

…d through the aid through the process of banking transaction but that itself is of no consequence" process of banking transaction but that itself is of no consequence" 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 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under: Hon'ble Calcutta HC held as under: "6. .....The Tribunal did not apply its mind to the facts of thi .....The Tribunal did not apply…

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

…d through the aid through the process of banking transaction but that itself is of no consequence" process of banking transaction but that itself is of no consequence" 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 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under: Hon'ble Calcutta HC held as under: "6. .....The Tribunal did not apply its mind to the facts of thi .....The Tribunal did not apply…

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

…d through the aid through the process of banking transaction but that itself is of no consequence" process of banking transaction but that itself is of no consequence" 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 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under: Hon'ble Calcutta HC held as under: "6. .....The Tribunal did not apply its mind to the facts of thi .....The Tribunal did not apply…

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

…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 particular case and proceeded on the footing that since the transactions were through the bank account, accordingly, it is to be presumed that the transactions were genuine. It was not for the ITO to find out…

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 3470/MUM/2023[2021-22]Status: DisposedITAT Mumbai24 Jul 2024AY 2021-22

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

…d through the aid through the process of banking transaction but that itself is of no consequence" process of banking transaction but that itself is of no consequence" 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 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the 14.3.3. In the case of 208 ITR 465, CIT vs Precision Finance P Ltd, the Hon'ble Calcutta HC held as under: Hon'ble Calcutta HC held as under: "6. .....The Tribunal did not apply its mind to the facts of thi .....The Tribunal did not apply…

Jade Granites Industries, Ahmedabad vs. The Income Tax Officer, Ward-1(1)(1), Ahmedabad

In the result, the appeal of the assessee in ITA No

ITA 81/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad15 Jul 2024AY 2016-17

Bench: The Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad Which Has Arisen From The Appellate Order Dated 23-11-2023 In Din & Order No. Itba/Nfac/S/250/2023-24/1058173176(1)

For Appellant: Shri Mehul K. Patel, AdvocateFor Respondent: Shri Sanjay Jain, Sr. D.R
Section 143(1)Section 143(2)Section 143(3)Section 250Section 68

…Hon'ble Court held that Partnership deed executed on 1.3.77- Business of trading started on 1.4.77-Cash credits on 31.3.77 assessable in the hands of firm even though firm has not started doing business. In the cases of CIT Vs Precision Finance P. Ltd. (Cal) 208 ITR 465 (ii) K.C.N. Chandrasekhar Vs ACIT (ITAT, Bang) 66 TTJ 355; and (1) CIT Vs United Commecial & Industrial Co. (P) Ld. (Cal) 187 ITR 596 it is held that Cash Credit can be assessed even if transaction is through cheques. I.T.A No. 81/Ahd/2024 A.Y. 2016-17 Page No. 11 Jade Granites Industries v. ITO In the case of CIT Vs. Korlay Trading Co. Ltd. (C…

Alosha Marketing Pvt. Ltd., Kolkata vs. ACIT, Cir. 4(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 313/KOL/2024[2013-14]Status: DisposedITAT Kolkata08 Jul 2024AY 2013-14

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 313/Kol/2024 Assessment Year: 2013-2014 Alosha Marketing Pvt. Ltd.,……………..………Appellant 62A, Hazra Road, Kolkata-700019 [Pan:Aacca1930G] -Vs.- Assistant Commissioner Of Income Tax,.…Respondent Circle-4(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri N.S. Saini, A.R. & Priyanka Salarpuria, A.R., Appeared On Behalf Of The Assessee Shri Manas Mondal, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : April 30, 2024 Date Of Pronouncing The Order : July 08, 2024 O R D E R

Section 143(2)Section 147Section 148Section 68

…201 ITR (St.) 23 (SC); CIT Vs. Precision Finance Pvt. Ltd., (1994) 208 ITR 465, 470 (Cal). The manner of payment by the account payee cheque is also not sacrosanct and this cannot make a bogus transaction as genuine one (CIT Vs. Precision Finance Pvt. Ltd., (208 ITR 465, 470, 471 (Cal). Cf. Nizam Wool Agency -vs.- CIT, (1992) 193 ITR 318, 320 (All)]. All these transactions may apparently seem to be real. However, it needs to be emphasized that apparent has to be distinguished from real. In this context the observations of the Honourable Supreme Court in the case of CIT Vs. Durga Prasad More 82 ITR 540(SC)are pe…

ITO, Ward-24(1), New Delhi vs. Sun Intrastate Pvt. Ltd., New Delhi

In the result, the appeals of the Revenue are dismissed

ITA 1470/DEL/2023[2018-19]Status: DisposedITAT Delhi02 Jul 2024AY 2018-19

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Ms. Deepti Chandola, Sr. DR
Section 131Section 133(6)Section 142(1)Section 147Section 148Section 68

…Gandhi 141 ITR 67 [Bom]. In case of section 68, the assessee is under the obligation to prove to following to avoid application of the deeming provision which has been considered by the Hon’ble Calcutta High Court in CIT vs. Precision Finance Pvt. Ltd. (1994)208 ITR 465 (Cal) which laid down the following criteria:- 1. Identity of his creditors; 2. Capacity of creditors to advance money; and 3. Genuineness of transaction. Also, it is primarily important to ascertain the genuinity of the transaction claimed by the assessee before going into the issue under section 68 of the Act. It is not the entries which spea…

ITO, Ward-24(1), New Delhi vs. Sun Intrastate Pvt. Ltd., New Delhi

In the result, the appeals of the Revenue are dismissed

ITA 1469/DEL/2023[2016-17]Status: DisposedITAT Delhi02 Jul 2024AY 2016-17

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Ms. Deepti Chandola, Sr. DR
Section 131Section 133(6)Section 142(1)Section 147Section 148Section 68

…Gandhi 141 ITR 67 [Bom]. In case of section 68, the assessee is under the obligation to prove to following to avoid application of the deeming provision which has been considered by the Hon’ble Calcutta High Court in CIT vs. Precision Finance Pvt. Ltd. (1994)208 ITR 465 (Cal) which laid down the following criteria:- 1. Identity of his creditors; 2. Capacity of creditors to advance money; and 3. Genuineness of transaction. Also, it is primarily important to ascertain the genuinity of the transaction claimed by the assessee before going into the issue under section 68 of the Act. It is not the entries which spea…

DCIT, Circle-3(1), New Delhi vs. Artex Knitting Inds. P.Ltd, New Delhi

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

ITA 647/DEL/2020[2016-17]Status: DisposedITAT Delhi22 May 2024AY 2016-17

Bench: Ms. Madhumita Roy & Shri Avdhesh Kumar Mishra

Section 68

…, x. Upendra Singh Raghav 88 taxmann.com 95 (Alld), xi.Toby Consultants (P.) Ltd. 324 ITR 338 (Del), xii. Sanraj Engineering Pvt. Ltd. (ITA 79/2016) (Del), xiii. N.R.Portfolio Pvt. Ltd. in ITA No. 134/2012 dated 21.12.2012 and xiv. Precision Finance (P.) Ltd. 208 ITR 465 (Cal). 8. Heard the Ld. Sr. DR at length and perused the case record and the above case laws. The sole issue for our consideration here is the Page 6 of 11 taxability of the cash credit. We find force in the argument of the Ld. Sr. DR that the issue under dispute here not properly examined/investigated due to tactical non-compliance of the respo…

Munirabanu Mohammed Safi Shaikh, Vadodara vs. The Income Tax Officer, Ward-3(1)(1), Vadodara

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

ITA 680/AHD/2023[2011-12]Status: DisposedITAT Ahmedabad20 May 2024AY 2011-12

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Jigar Adhiyaru, A.RFor Respondent: Shri Yogesh Mishra, Sr. DR
Section 142(1)Section 148Section 68Section 69A

…der 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". 7.5 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". 7.6 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 CIT v. Durga Prasa…

ITO-13(2)(1), Mumbai vs. Sethia Infrastructure Pvt. Ltd, Mumbai

In the result, appeal filed by the revenue is allowed

ITA 2739/MUM/2023[2010-11]Status: DisposedITAT Mumbai10 May 2024AY 2010-11

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleito-13(2)(1) V. Sethia Infrastructure Pvt. Ltd 701, Central Plaza 147, 1St Floor, Aayakar Bhavan Daftari Road, Malad (East) M. K. Marg, Mumbai Mumbai, Maharashtra -400097 Maharashtra-400020 Pan: Aalcs9354B (Appellant) (Respondent) Assessee Represented By : Jaiprakash Bairaga & Rupa Nanda Department Represented By : Dr. Kishor Dhule

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

…establish by cogent evidence the genuineness of the transaction, and credit-worthiness 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 Pvt. Ltd. (1994) 208 ITR 465 (Cal) 15 : • Proof of Identity of the creditors; • Capacity of creditors to advance money; and • Genuineness of transaction Page No. 20 Sethia Infrastructure Pvt. Ltd This Court in the land mark case of Kale Khan Mohammad Hanif v. CIT, [1963] 50 ITR 1 (SC), and, Roshan Di Hatti v. CIT, [1977] 107 ITR (SC), laid down that the onus of proving the…

Juhi Associates, Mumbai vs. ACIT Circle 28(1), Navi Mumbai

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

ITA 142/MUM/2024[2015-16]Status: DisposedITAT Mumbai06 May 2024AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Narender Kumar Choudhry () Assessment Year: 2015-16

For Appellant: Mr. Fenil BhatFor Respondent: 02/05/2024
Section 250Section 68

…respect of credits and investments, the Hon'ble Calcutta High Court With respect of credits and investments, the Hon'ble Calcutta High Court With respect of credits and investments, the Hon'ble Calcutta High Court in CIT vs. Precision Finance (P.) Ltd. [1994] 208 ITR 465/[1995]82 ecision Finance (P.) Ltd. [1994] 208 ITR 465/[1995]82 ecision Finance (P.) Ltd. [1994] 208 ITR 465/[1995]82 Taxman 31, laid down that an assessee is expected to establish Taxman 31, laid down that an assessee is expected to establish Taxman 31, laid down that an assessee is expected to establish-  Identity of creditors Identity of credi…

Quest Online, Kolkata vs. ITO, Ward-49(1), Kolkata.

In the result, the appeal of the assessee is allowed

ITA 1046/KOL/2023[2020-21`]Status: DisposedITAT Kolkata03 May 2024

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A. No.1046/Kol/2023 Assessment Year: 2020-21 Quest Online…………………………………...............................……….……Appellant Block-A, 3Rd Floor, Room No.24, 1, Chandni Chowk Street, Princep Street, Kolkata – 700072. [Pan:Aaafq4820G] Vs. Ito, Ward-49(1),Kolkata.............…..….…..….........……........……...…..…..Respondent Appearances By: Shri S. M. Surana, Advocate & Sunil Surana, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit, Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 02, 2024 Date Of Pronouncing The Order : May 03, 2024 Order Per Rajesh Kumar: The Present Appeal Filed By The Assessee For The Assessment Year 2020-21Against The Order Dated 08.09.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Only Issue Raised In The Various Grounds Of Appeals Is Against The Confirmation Of Addition By Cit(A) Of Rs.14,82,41,932/- As Made By The Assessing Officer U/S 68 Of The Act R.W.S. 115Bbe Of The Act. 3. The Facts In Brief Are That The Assessee Filed Return Of Income On 09.01.2021 Declaring Total Income From Business & Profession At Rs.36,73,790/-. The Case Was Selected For Complete Scrutiny Under Cass & Statutory Notices Were Duly Issued & Served Upon The Assessee. During The Assessment Proceedings, The Various Documents & Evidences Were Called For By The Assessing Officer From The Assessee

Section 115BSection 133(6)Section 143(3)Section 250Section 68

…आयकर अपीलीय अिधकरण, कोलकाता पीठ ‘ए’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A”BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Rajesh Kumar, Accountant Member I.T.A. No.1046/Kol/2023 Assessment Year: 2020-21 Quest Online…………………………………...............................……….……Appellant Block-A, 3rd Floor, Room No.24, 1, Chandni Chowk Street, Princep Street, Kolkata – 700072. [PAN:AAAFQ4820G] vs. ITO, Ward-49(1),Kolkata.............…..….…..….........……........……...…..…..Respondent Appearances by: Shri S. M. Surana, Advocate & Sunil Surana, CA, appeared on behalf of the appellant. Shri S. Datta, CIT, Sr…