CIT v. Sheth Developers (P) Ltd.

25 Taxmann.com 173High Court2012#2753 most cited

What is CIT v. Sheth Developers (P) Ltd. authority for?

Deduction under Chapter VIA of the Income-tax Act is not barred merely because unexplained money was found, provided the assessee can explain the source of such money.

43

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

CIT v. Sheth Developers (P) Ltd. · section 69A · Chapter VIA deduction · unexplained money · source of income

Sections most often in play

Section 139Section 143(3)Section 153ASection 132Section 153CSection 154Section 270ASection 271(1)(C)
Read the full judgment

Issues it is cited on

section 80ib(10)section 80iundisclosed incomesection 80section 143prescribedsection 14section 143(3)indiabusiness

Judgments citing CIT v. Sheth Developers (P) Ltd.

Assistant Commissioner of Income-Tax vs. Mahalaxmi Infraprojects Ltd., Kolhapur

In the result, all the appeals of Revenue are dismissed

ITA 145/PUN/2016[2010-11]Status: DisposedITAT Pune17 Jan 2018AY 2010-11

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.142 To 145/Pun/2016 यििाारण वषा / Assessment Years : 2007-08 To 2010-11 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur Pan: Aadcm2170P आयकर अपीऱ सं. / Ita Nos.146 & 147/Pun/2016 यििाारण वषा / Assessment Years : 2011-12 & 2012-13 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur Pan: Aadcm2170P

For Appellant: Shri Rajeev Kumar, CITFor Respondent: S/Shri Nikhil Pathak and N.T. Jadhav
Section 133ASection 143(3)Section 153ASection 154Section 80I

…आयकर अपीऱीय अधिकरण पुणे न्यायपीठ “ए” पुणे में IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE सुश्री सुषमा चावऱा, न्याययक सदस्य एवं श्री अयिऱ चतुवेदी, ऱेखा सदस्य के समक्ष BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपीऱ सं. / ITA Nos.142 to 145/PUN/2016 यििाारण वषा / Assessment Years : 2007-08 to 2010-11 The Asst. Commissioner of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur PAN: AADCM2170P आयकर अपीऱ सं. / ITA Nos.146 & 147/PUN/2016 यििाारण वषा / Assessment Ye…

Assistant Commissioner of Income-Tax vs. Mahalaxmi Infraprojects Ltd., Kolhapur

In the result, all the appeals of Revenue are dismissed

ITA 143/PUN/2016[2008-09]Status: DisposedITAT Pune17 Jan 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.142 To 145/Pun/2016 यििाारण वषा / Assessment Years : 2007-08 To 2010-11 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur Pan: Aadcm2170P आयकर अपीऱ सं. / Ita Nos.146 & 147/Pun/2016 यििाारण वषा / Assessment Years : 2011-12 & 2012-13 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur Pan: Aadcm2170P

For Appellant: Shri Rajeev Kumar, CITFor Respondent: S/Shri Nikhil Pathak and N.T. Jadhav
Section 133ASection 143(3)Section 153ASection 154Section 80I

…आयकर अपीऱीय अधिकरण पुणे न्यायपीठ “ए” पुणे में IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE सुश्री सुषमा चावऱा, न्याययक सदस्य एवं श्री अयिऱ चतुवेदी, ऱेखा सदस्य के समक्ष BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपीऱ सं. / ITA Nos.142 to 145/PUN/2016 यििाारण वषा / Assessment Years : 2007-08 to 2010-11 The Asst. Commissioner of Income Tax, अऩीऱाथी/Appellant Circle-1, Kolhapur …. Vs. Mahalaxmi Infraprojects Ltd., 223/3, S-1, B, Malati Towers, E Ward, Tarabai Park, …. प्रत्यथी / Respondent Kolhapur PAN: AADCM2170P आयकर अपीऱ सं. / ITA Nos.146 & 147/PUN/2016 यििाारण वषा / Assessment Ye…

ITO 25(1)(2), Mumbai vs. Shree Krishna Chaitanya Enterprises, Mumbai

The appeal of the Revenue is partly allowed

ITA 3321/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Apr 2017AY 2010-11

Bench: Shri D. Karunakara Rao & Shri Ram Lal Negiफनाभ/ Income Tax Officer-25(1)(2), M/S. Shree Krishna Chaitanya R.No.204, C-11, Pratyaksh Kar Enterprises, Vs. Bhavan, Bandra Kurla Complex, 102, A-Wing, Radha Vilas, Bandra (E), Mumbai-400051. Apartment, Kandarpada, Dahisar (W), Mumbai – 68. स्थामी रेखा सं./ Pan : Abeps7379H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri S.K. Saikia, CIT-DRFor Respondent: Dr. K. Shivram & Mr. Aditya
Section 133ASection 69CSection 80I

…oney when the Audit Report does not cover the same? : Further, on the issue of allowing deduction u/s 80IB(10) of the Act in respect of such net on money specific to Radha Govind, we find there are binding judgments in favour of the assessee (Sheth Developers 254 CTR 127 (Bom)). However, there is procedural issues relating to Audit Report. As argued by the Ld DR, the said net on money if any of the building –Radha Govind is outside the Audit Report in Form 10CCB and thereby such on money income becomes ineligible for deduction u/s 80IB(10) of the Act for want of Audit Report. To the extent of such on money, there…