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.

Navroop Commercial Pvt. Ltd., Kolkata vs. I.T.O., Ward-13(3), Kolkata

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

ITA 151/KOL/2019[2012-13]Status: DisposedITAT Kolkata11 Jan 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 133(6)Section 68

…t 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 (P.) Ltd. [1995] 82 Taxman 31/[1994] 208 ITR 465 (Cal.): Proof of Identity of the creditors; 6 I.T.A. Nos. 151 & 613/Kol/2019 Assessment Year: 2012-13 & 2013-14 Navroop Commercial Pvt. Ltd. Capacity of creditors to advance money;and Genuineness of transaction This Court in the land mark case of Kale Khan Mohammed Hanif v. CIT [1963] 50 ITR 1 (SC) and Roshan Di Hatti v. CIT [1977] 107 ITR 938…

Income Tax Officer, Ward - 2(3)(6), Surat vs. Shri Abhishek Navnitkumar Doshi, Surat

In the result the ground No

ITA 38/SRT/2022[2012-13]Status: DisposedITAT Surat09 Jan 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No. 21/Srt/2022 Assessment Year: (2012-13) (Physical Court Hearing) Abhishek Navnitkumar Doshi, Vs. The Ito, Ward-2(3)(7), 204/205, 2Nd Floor, 6/1911-12, Surat. Jin Shanti Building, Jada Khadi, Mahidharpura – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpd0064M (Appellant) (Respondent) आयकर अपील सं./Ita No.38/Srt/2022 Assessment Year: (2012-13) The Ito, Ward-2(3)(6), Vs. Abhishek Navnitkumar Doshi, 204/205, 2Nd Floor, 6/1911-12, Surat. Jin Shanti Building, Jada Khadi, Mahidharpura – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpd0064M (Appellant) (Respondent) Assessee By Shri Sapnesh Sheth, Ca Respondent By Shri Vinod Kumar, Sr. Dr Date Of Hearing 28/12/2022 09/01/2023 Date Of Pronouncement

Section 132Section 143(3)Section 148

…e that this argument of the assessee cannot be taken into believe since in various case laws it has been held that "mere payment by account payee cheque is not sacrosanct nor can it make & non-genuine transaction genuine [Precision Finance Pvt. Ltd. vs. CIT - 208 ITR 465 (Cal.)]". 9. The assessing officer noted that burden of proof as to any particular fact lies on that person who wishes the court to believe in its existence. In this context, reference is invited to the ratio laid down in Section 106 of the Indian Evidence Act whereby the onus of proving the correctness of the entry, the truth of which is called…

Abhishek Navnitkumar Doshi, Surat vs. Income Tax Officer, WD. 2(3)(7), Surat

In the result the ground No

ITA 21/SRT/2022[2012-13]Status: DisposedITAT Surat09 Jan 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No. 21/Srt/2022 Assessment Year: (2012-13) (Physical Court Hearing) Abhishek Navnitkumar Doshi, Vs. The Ito, Ward-2(3)(7), 204/205, 2Nd Floor, 6/1911-12, Surat. Jin Shanti Building, Jada Khadi, Mahidharpura – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpd0064M (Appellant) (Respondent) आयकर अपील सं./Ita No.38/Srt/2022 Assessment Year: (2012-13) The Ito, Ward-2(3)(6), Vs. Abhishek Navnitkumar Doshi, 204/205, 2Nd Floor, 6/1911-12, Surat. Jin Shanti Building, Jada Khadi, Mahidharpura – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpd0064M (Appellant) (Respondent) Assessee By Shri Sapnesh Sheth, Ca Respondent By Shri Vinod Kumar, Sr. Dr Date Of Hearing 28/12/2022 09/01/2023 Date Of Pronouncement

Section 132Section 143(3)Section 148

…e that this argument of the assessee cannot be taken into believe since in various case laws it has been held that "mere payment by account payee cheque is not sacrosanct nor can it make & non-genuine transaction genuine [Precision Finance Pvt. Ltd. vs. CIT - 208 ITR 465 (Cal.)]". 9. The assessing officer noted that burden of proof as to any particular fact lies on that person who wishes the court to believe in its existence. In this context, reference is invited to the ratio laid down in Section 106 of the Indian Evidence Act whereby the onus of proving the correctness of the entry, the truth of which is called…

Atul Modi, New Delhi vs. ACIT, Circle- 29(1), New Delhi

In the result, the appeal of the assessee is dismissed ex- parte

ITA 1605/DEL/2018[2014-15]Status: DisposedITAT Delhi04 Jan 2023AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: NoneFor Respondent: Shri Kanv Bali, Sr.DR
Section 143(3)Section 68

…irmatory letters does not discharge the onus that lies on the assessee. Mere furnishing of the particulars is not enough. Mere payment by a/c payee cheques is not sacrosanct nor can it make a non-genuine transaction genuine [CIT vs. Precision Pvt. Ltd. (1994) 208 ITR 465, 470, 471 (Cal.), Cf. Nizam Wool Agency vs. CIT (1992) 193 ITR 318, 320 (All.). 3.1.10 In view of the above discussion and ratio of judicial pronouncements, it is held that assessee has failed to substantiate its claim with regard to the onus to be discharged by it to explain the identity of the creditors/ investors their creditworthiness and gen…

Geeta Devi Saini, Jaipur vs. DCIT/ ITO, Jaipur

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

ITA 285/JPR/2022[2011-2012]Status: DisposedITAT Jaipur04 Jan 2023AY 2011-2012

Bench: The Ld. Pr. Cit, Jaipur For Obtaining Approval Inasmuch Assessee Has Purchased Geeta Devi Saini Vs Dcit,Circle-4, Jaipur

For Appellant: Shri Shyam Sunder Jangid, AdvFor Respondent: Smt. Monisha Choudhary, JCIT
Section 148Section 68

…Witness: Jh yknwjke lSuh s/o Jh lksgu yky @dY;k.k lgk; Jh ijHkkrh yky lSuh] IykV ua- 79 342] egknso uxj] ckyukFk /kke dkWyksuh] jksM ua- 17 gjekMk] t;iqj vkdsMk jksM VKI t;iqj ---------- Hon'ble Calcutta High Court in CIT v. Precision Finance (P) Ltd. [1994] 208 ITR 465, has laid down that an assessee is expected to establish (i) Identity of creditors (ii) Capacity of creditors to advance money (iii) Genuineness of transaction. In the given case the appellant has merely filed some declarations on plain papers that were not submitted before A.O. and now are being passed off as proof of the source of cash used to…

ITO, WD.-9(1), Kolkata vs. M/S Mainak Suppliers Pvt. Ltd, Kolkata

In the result, appeal of the revenue is dismissed

ITA 38/KOL/2021[2009-10]Status: DisposedITAT Kolkata28 Dec 2022AY 2009-10

Bench: Shri Sonjoysarma & Shri Girish Agrawalassessment Year: 2009-10

For Appellant: Shri HukumaSema, CITFor Respondent: Shri Miraj D. Shah, AR
Section 131Section 131(1)Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 263Section 68

…ent 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 (P) Ltd. [1995) 82 Taxman 31/[1994]208 ITR 465 (Cal.): Proof of Identity of the creditors; Capacity of creditors to advance money; and Genuineness of transaction This Court in the land mark case of Kale Khan Mohammed Hanif v. CIT [1963] 50 ITR 1 (SC) and Roshan Di Hatti v. CIT [1977] 107 ITR 938 (SC) laid down that the onus of proving the source of a sum of money found to have been received b…

Toplink Developers Consultancy Pvt. Ltd., Kolkata vs. I.T.O., Ward-3(3), Kolkata

In the result, the appeal of the assessee is allowed

ITA 710/KOL/2019[2012-13]Status: DisposedITAT Kolkata20 Dec 2022AY 2012-13

Bench: Dr. Manish Borad & Sonjoy Sarma

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

…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 (P.) Ltd. [1995] 82 Taxman 31/[1994] 208 ITR 465 (Cal.): Proof of Identity of the creditors; Capacity of creditors to advance money; and Genuineness of transaction This Court in the land mark case of Kale Khan Mohammed Hanif v. CIT [1963] 50 ITR 1 (SC) and Roshan Di Hatti v. CIT [1977] 107 ITR 938 (SC) laid down that the onus of proving the source of a sum of money found to have been received b…

Shardashree Ispat Ltd., Nagpur vs. Deputy Commissioner of Income Tax, Circle-3, Nagpur

Appeal is dismissed in above terms

ITA 166/NAG/2021[2012-13]Status: DisposedITAT Nagpur08 Dec 2022AY 2012-13

Bench: Shri S.S. Godara & Shri Dr. Dipak P. Ripote"नधा"रण वष" / Assessment Year : 2012-13

Section 133(6)Section 250Section 68

…A.O and before me, the assessee had failed to provide any details to prove the genuineness of the transactions. In this regard, the Judgment in favour of revenue Hon’ble Calcutta High Court in the decision of CIT vs M/s Precision Finance Pvt. Ltd. Reported at 208 ITR 465 stated that mere transacting through banking channels is not sacrosanct. Hence, in view of the above discussion the addition of the AO is confirmed and the appeal of the assessee is dismissed. 3A. We find merit in the Revenue’s vehement arguments supporting the impugned addition. Hon’ble apex court’s landmark judgment n Sumati Dayal Vs. CIT (1…

Income Tax Officer, Ward-1, Kadapa vs. Pritham & Prathik Hospitals Private Limited, Kadapa

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

ITA 97/HYD/2019[2014-15]Status: DisposedITAT Hyderabad29 Nov 2022AY 2014-15

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 Income Tax Officer, Vs. M/S. Pritham & Prathik Ward – 1, Hospitals Pvt. Limited, Kadapa. Kadapa – 516002. Pan : Aahcp6013E. (Appellant) (Respondent) C.O.No.10/Hyd/2019 (In Ita 97/Hyd/2019) M/S. Pritham & Prathik Vs. Income Tax Officer, Hospitals Pvt. Limited, Ward – 1, Kadapa – 516002. Kadapa. Pan : Aahcp6013E. (Cross Objector / (Respondent) Appellant) Assessee By: Ms. S. Sandhya, Advocate. Revenue By: Ms. Swapna. Date Of Hearing: 24.11.2022 Date Of Pronouncement: 29.11.2022 Per Laliet Kumar, J.M. This Appeal By The Revenue & Cross-Objection By The Assessee Are Directed Against The Order Of Commissioner Of Income Tax (Appeals), Kurnool Dated 29.11.2018 For The Assessment Year 2014-15. 2. The Revenue Has Raised The Following Grounds :

For Appellant: Ms. S. Sandhya, AdvocateFor Respondent: Ms. Swapna
Section 133ASection 142(1)Section 143(3)Section 68Section 69

…IT vs United Commercial &Industires Co.(P) Ltd., (1991) 187 ITR 596, 599(Cal) • M.A UnneeriKutti vs CIT (1992) 198 ITR 147, 150(Ker), Special Leave Petition dismissed by the Supreme Court (1993) 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 no 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(A11).” 13. Per contra, ld. AR for the assessee had submitted that one more opportunity may…

M/S Silvertoss Realtors Pvt. Ltd., Kolkata vs. I.T.O., Ward-9(4), Kolkata

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

ITA 2282/KOL/2019[2012-13]Status: DisposedITAT Kolkata28 Nov 2022AY 2012-13

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 131Section 133(6)Section 143(2)Section 143(3)Section 250Section 68

…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 (P.) Ltd. [1995] 82 Taxman 31/[1994] 208 ITR 465 (Cal.): Proof of Identity of the creditors; Capacity of creditors to advance money; and Genuineness of transaction This Court in the land mark case of Kale Khan Mohammed Hanif v. CIT [1963] 50 ITR 1 (SC) and Roshan Di Hatti v. CIT [1977] 107 ITR 938 (SC) laid down that the onus of proving the source of a sum of money found to have been received b…

DCIT, Cir. -7(1), Kolkata vs. M/S Shree Jewellers Pvt. Ltd., Kolkata

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

ITA 593/KOL/2021[2012-13]Status: DisposedITAT Kolkata24 Nov 2022AY 2012-13

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A Nos.591,592&593/Kol/2021 Assessment Years: 2007-08, 2011-12 & 2012-13 Dcit, Circle-7(1), Kolkata.................................................................……Appellant Vs. M/S Shreejee Jewellers Pvt. Ltd..…...................……........……...…..…..Respondent 103, Park Street, Kolkata-700016. [Pan: Aaecs8312C] Appearances By: Shri Rajeeva Kumar, Ar, Appeared On Behalf Of The Appellant. Shri Partha Pratim Barman, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 11, 2022 Date Of Pronouncing The Order : November 24, 2022 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Appeals Have Been Preferred By The Revenue Against The Separate Orders All Dated 23.06.2021 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Since, The Appeals Pertained To The Same Assessee & Common Issues Are Involved & Hence, All These Appeals Have Been Heard Together & Are Being Disposed Off By This Common Order. The Revenue’S Appeal Ita No.591/Kol/2021 For Assessment Year 2007-08 Is Taken As The Lead Case. 2. Ita No.591/Kol/2021 - The Revenue In This Appeal Has Taken The Following Grounds Of Appeal:

Section 132(4)Section 143(1)Section 250Section 69C

…30 Crore and interest on the alleged unsecured loan of Rs.7,18,357/- I.T.A Nos.591,592&593/Kol/2021 Assessment years: 2007-08, 2011-12 & 2012-13 M/s Shreejee Jewellers Pvt. Ltd. ignoring the ratio laid down in the case of CIT -vs- PRECISION FINANCE PVT. LTD. 208 ITR 465 (CAL), CIT -vs- UNITED COMMERCIAL AND INDUSTRIAL Co. (P) Ltd. 1871TR 596 (CAL); CIT -VS- BIJU PATNAIK 160 ITR 674 (SC) and in the case of NRA Iron & Steel Pvt Ltd (SC)." 2. That on the facts & circumstances of the case, the CIT(A) has erred in law by allowing appeal of the assessee company in respect of the addition made on account of bogus purch…

DCIT, Cir. -7(1), Kolkata vs. M/S Shree Jewellers Pvt. Ltd., Kolkata

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

ITA 592/KOL/2021[2011-12]Status: DisposedITAT Kolkata24 Nov 2022AY 2011-12

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A Nos.591,592&593/Kol/2021 Assessment Years: 2007-08, 2011-12 & 2012-13 Dcit, Circle-7(1), Kolkata.................................................................……Appellant Vs. M/S Shreejee Jewellers Pvt. Ltd..…...................……........……...…..…..Respondent 103, Park Street, Kolkata-700016. [Pan: Aaecs8312C] Appearances By: Shri Rajeeva Kumar, Ar, Appeared On Behalf Of The Appellant. Shri Partha Pratim Barman, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 11, 2022 Date Of Pronouncing The Order : November 24, 2022 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Appeals Have Been Preferred By The Revenue Against The Separate Orders All Dated 23.06.2021 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Since, The Appeals Pertained To The Same Assessee & Common Issues Are Involved & Hence, All These Appeals Have Been Heard Together & Are Being Disposed Off By This Common Order. The Revenue’S Appeal Ita No.591/Kol/2021 For Assessment Year 2007-08 Is Taken As The Lead Case. 2. Ita No.591/Kol/2021 - The Revenue In This Appeal Has Taken The Following Grounds Of Appeal:

Section 132(4)Section 143(1)Section 250Section 69C

…30 Crore and interest on the alleged unsecured loan of Rs.7,18,357/- I.T.A Nos.591,592&593/Kol/2021 Assessment years: 2007-08, 2011-12 & 2012-13 M/s Shreejee Jewellers Pvt. Ltd. ignoring the ratio laid down in the case of CIT -vs- PRECISION FINANCE PVT. LTD. 208 ITR 465 (CAL), CIT -vs- UNITED COMMERCIAL AND INDUSTRIAL Co. (P) Ltd. 1871TR 596 (CAL); CIT -VS- BIJU PATNAIK 160 ITR 674 (SC) and in the case of NRA Iron & Steel Pvt Ltd (SC)." 2. That on the facts & circumstances of the case, the CIT(A) has erred in law by allowing appeal of the assessee company in respect of the addition made on account of bogus purch…

DCIT, Cir. -7(1), Kolkata vs. M/S Shree Jewellers Pvt. Ltd., Kolkata

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

ITA 591/KOL/2021[2007-08]Status: DisposedITAT Kolkata24 Nov 2022AY 2007-08

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A Nos.591,592&593/Kol/2021 Assessment Years: 2007-08, 2011-12 & 2012-13 Dcit, Circle-7(1), Kolkata.................................................................……Appellant Vs. M/S Shreejee Jewellers Pvt. Ltd..…...................……........……...…..…..Respondent 103, Park Street, Kolkata-700016. [Pan: Aaecs8312C] Appearances By: Shri Rajeeva Kumar, Ar, Appeared On Behalf Of The Appellant. Shri Partha Pratim Barman, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 11, 2022 Date Of Pronouncing The Order : November 24, 2022 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Appeals Have Been Preferred By The Revenue Against The Separate Orders All Dated 23.06.2021 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Since, The Appeals Pertained To The Same Assessee & Common Issues Are Involved & Hence, All These Appeals Have Been Heard Together & Are Being Disposed Off By This Common Order. The Revenue’S Appeal Ita No.591/Kol/2021 For Assessment Year 2007-08 Is Taken As The Lead Case. 2. Ita No.591/Kol/2021 - The Revenue In This Appeal Has Taken The Following Grounds Of Appeal:

Section 132(4)Section 143(1)Section 250Section 69C

…30 Crore and interest on the alleged unsecured loan of Rs.7,18,357/- I.T.A Nos.591,592&593/Kol/2021 Assessment years: 2007-08, 2011-12 & 2012-13 M/s Shreejee Jewellers Pvt. Ltd. ignoring the ratio laid down in the case of CIT -vs- PRECISION FINANCE PVT. LTD. 208 ITR 465 (CAL), CIT -vs- UNITED COMMERCIAL AND INDUSTRIAL Co. (P) Ltd. 1871TR 596 (CAL); CIT -VS- BIJU PATNAIK 160 ITR 674 (SC) and in the case of NRA Iron & Steel Pvt Ltd (SC)." 2. That on the facts & circumstances of the case, the CIT(A) has erred in law by allowing appeal of the assessee company in respect of the addition made on account of bogus purch…

Smt. Mayuri P. Patel, Vadodara vs. The ITO, Ward-1(3)(2), Vadodara

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

ITA 92/AHD/2020[2012-13]Status: DisposedITAT Ahmedabad23 Nov 2022AY 2012-13

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकर अपील सं./Ita No. 92/Ahd/2020 िनधा"रण वष"/Asstt. Year: 2012-2013 Smt. Mayuri P. Patel, Income Tax Officer, Prof. Of Ar Chem Industries 15, Vs. Ward-1(3)(2), Neelkanth Society, Vadodara. B/H Sama Road, Vadodara-390002. Pan: Aqhpp7772K

For Appellant: Shri Vipul Shah, with Shri Rajesh, Sharma, A.RsFor Respondent: Shri Leena Lal, Sr. D.R
Section 131(1)Section 68

…he transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under Section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision Finance (P) Ltd. reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. “ 11.1…

M/S. Kopran Ltd, Mumbai vs. DCIT -7(1), Mumbai

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

ITA 501/MUM/2022[2014-15]Status: DisposedITAT Mumbai21 Nov 2022AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shrisandeep Singh Karhail, Jm M/S Kopran Ltd. 1St Floor, Parijat House, The Dcit–7(1) 1076, Mumbai Vs. Dr. E Moses Road,Worli, Mumbai-400 018 (Respondent) (Appellant) Pan No. Aaack3202D Assessee By : S/Shri Vijay Mehta & Bhupendra Karkhanis, Ars Revenue By : Shri Tejinder Pal Singh, Dr Date Of Hearing: 23.08.2022 Date Of Pronouncement : 21.11.2022

For Appellant: S/Shri Vijay Mehta &For Respondent: Shri Tejinder Pal Singh, DR
Section 133Section 143Section 68

…receipt cannot be satisfactory explained than the same is to be treated as unexplained credit and no further burden lies on the revenue to show that the income is from any particulars source. The Calcutta High Court in the case of Precision Finance Pvt. Ltd. (208 ITR 465) has held that mere proof of identity of creditor or that the transactions were by cheque is not sufficient. The Supreme Court in the case of SumatiDayal (214 ITR 801) held that if the explanation offered by the Kopran Limited; A.Y. 14–15 assessee about the nature and source thereof of any sum credited in the books of accounts then the same is ch…

The Dy. Commr. of Income Tax, Cir.-2, Rajkot-Gujarat vs. Shri Hareshkumar Manilal Somaiya, Jamnagar

In the result, the appeal of the Revenue is hereby dismissed

ITA 191/RJT/2017[2012-13]Status: DisposedITAT Rajkot16 Nov 2022AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmed, आयकर अपील सं./Ita No. 191/Rjt/2017 िनधा"रण वष"/Asstt. Years: 2012-2013 D.C.I.T., Shri Hareshkumar Manilal Somaiya, Circle-2, Vs. Prop Of Rohit Trading Co., Jamnagar. 3-B, Milap Chamber, Grain Market, Jamnagar.

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Sanjay Punglia, CIT. D.R
Section 144Section 194ASection 68

…and creditworthiness of the parties. These conditions on the assessee were imposed A.Y. 2012-13 5 to justify the cash credit entries under Section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision Finance (P) Ltd. reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. “ 12.1…

Harish Sharma HUF, B-1, Patodiya Marg, Shastri Nagar, Jaipur vs. ITO, Ward-5(3), Jaipur

In the result the appeal of the assessee is dismissed

ITA 318/JPR/2022[2014-15]Status: DisposedITAT Jaipur11 Nov 2022AY 2014-15
For Appellant: Sh. P. C. Parwal (CA)For Respondent: Shri Chanchal Meena (JCIT)
Section 10(38)Section 133ASection 143(2)Section 143(3)Section 68Section 69C

…take shelter merely on the evidences and mere payment by account payee cheque is not sacrosanct and it will not make otherwise non-genuine transaction genuine as held by the Hon'ble Calcutta High Court in the case of CIT Vs. Precision Finance Pvt. Ltd. (194) 208 ITR 465 (Cal). Based 31 Harish Sharma HUF, Jaipur vs. ITO, Jaipur on these detailed arguments and the ld. DR supported the order of the lower authorities. 11. We have considered the rival contention and perused the orders of lower authorities and the material available on record, arguments advanced by both the parties and also gone through the judicia…

The DCIT, Circle-4(1)(1), Ahmedabad vs. Shree Saras Spices & Food Private Ltd., Ahmedabad

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

ITA 620/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad11 Nov 2022AY 2012-13

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 478/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2012-2013 M/S. Shree Saras Spices & Foods Pvt. I.T.O., Ltd., Vs. Ward-4(1)(3), A/3, 4Th Floor, Ahmedabad. Casela Tower,, Opp. Iscon Mandir, S.G. Highway, Ahmedabad-380015

For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri Atul Pandey, Sr. D.R
Section 133(6)Section 2(24)(x)Section 68

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

Shree Saras Spices & Foods P. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-4(1)(3), Ahmedabad

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

ITA 478/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad11 Nov 2022AY 2012-13

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 478/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2012-2013 M/S. Shree Saras Spices & Foods Pvt. I.T.O., Ltd., Vs. Ward-4(1)(3), A/3, 4Th Floor, Ahmedabad. Casela Tower,, Opp. Iscon Mandir, S.G. Highway, Ahmedabad-380015

For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri Atul Pandey, Sr. D.R
Section 133(6)Section 2(24)(x)Section 68

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The enq…

M/S. Accra Pac (India) Pvt. Ltd., Mumbai vs. DCIT, Circle-1, Ahmedabad

In the result, ground numbers 5 to 7 of the assessee’s appeal are allowed for statistical purposes

ITA 514/AHD/2018[2011-12]Status: DisposedITAT Ahmedabad07 Nov 2022AY 2011-12
For Appellant: Shri Mohit Balani, A.RFor Respondent: Shri Shramdeep Sinha, Sr. D.R
Section 69C

…se remain unproved. 5.7. In view of the above discussions and findings of the Assessing Officer, I disagree with the arguments putforth by the Appellant in view of the following decisions of higher authorities: a. CIT vs. Precision Finance Co. Pvt Ltd. (1994) 208 ITR 465, 470, 471 (Cal) b. Cf. Nizam Wool Agency vs.CIT(1992) 193 ITR 318, 320 (All). c. CIT vs. United Commercial & Industrial Co. (P) Ltd- 1871TR 596 (Cat.) In all the above decisions it has been held that it is for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of th…