CIT v. Shiv Shakti Timbers

229 ITR 505High Court1997#15425 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2024.

Issues it is cited on

undisclosed income section 69 section 68 section 25 section 250 person section 143(3)business document interest

Judgments citing CIT v. Shiv Shakti Timbers

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

…in the books of the firm in the partner's capital account, it cannot be said that it is not undisclosed income of the firm and in all cases it has to be assessed as a undisclosed income of the partner alone." In the case of CIT v. Shiv Shakti Timbers, (1998) 229 ITR 505 (MP), the High Court held that, where the books of account of the firm show a cash credit in the name of a partner and no satisfactory explanation is offered, the amount of the cash credit can be deemed to be the income of the assessee firm by invoking the provisions of section 68. In the case of CIT vs Mohankala, 161 1 Таxтan 169, 291 ITR 278, t…

M/S SATWANT AGRO ENGINEERS,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

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

ITA 753/CHANDI/2022[AY 2019-20]Status: DisposedITAT Chandigarh03 May 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr. DR

Section 115BSection 133ASection 143(2)Section 143(3)Section 68Section 69Section 69A

…entry the books of account.' i. In Laxmim Narain Gupta Vs CIT 124 ITR 94 ii. In Banshidhar Aggarwal Vs CIT 148 ITR 523 iii. In Prakash Tiwari Vs CIT 148 ITR 474 iv. In Shanta Devi Vs CIT 171 ITR 532 (Pb & Haryana High Court) v. In CIT Vs Shiv Shakti Timbers 229 ITR 505 vi. In Chatna Enterprises Vs ITO 23 8 ITR (AT) 103 Held in all decided cases that, "The income from undisclosed source, if credited in books of account maintained by the assessee is liable to be assessed u/s 68 of Income Tax Act 1961 but if such income from undisclosed sources, though, invested had not been recorded in the assessee's books, than…

TARLOCHAN SINGH ,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

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

ITA 754/CHANDI/2022[2019-20]Status: DisposedITAT Chandigarh12 Jan 2024AY 2019-20

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharam Vir, JCIT, Sr. DR

Section 133Section 133ASection 143(3)Section 14jSection 68Section 69

…be entry the books of account' i. In Laxmim Narain Gupta Vs CIT 124 ITR 94 ii. In Banshidhar Aggarwal Vs CIT 148 ITR 523 iii. In Prakash Tiwari Vs CIT 148 ITR 474 iv. In Shanta Devi Vs CIT 171 ITR 532 (Pb & Haryana High Court) v. In CIT Vs Shiv Shakti Timbers 229 ITR 505 vi. In Chatna Enterprises Vs ITO 238 ITR (AT) 103 Held in all decided cases that, "The income from undisclosed source, if credited in books of account maintained by the assessee is liable to be assessed u/s 68 of Income Tax Act 1961 but if such income from undisclosed sources, though, invested had not been recorded in the assessee's books, than…

ITO, WARD - 36(1), KOLKATA, KOLKATA vs. SHRI RAKESH AGARWAL, KOLKATA

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

ITA 2008/KOL/2017[2013-14]Status: DisposedITAT Kolkata19 Dec 2018AY 2013-14

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2008/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14)

For Appellant: Shri K. Mondal, Sr. DRFor Respondent: None

Section 143(3)Section 57Section 68

…y in the maintenance of accounts. e. The explanations offered are required to be supported by documentary evidence or other evidence. Failure to do so invited the deeming fiction created u/s 68 of the Act. 9. In the case of CIT vs. Shiv Shakti Timbers (1997) 229 ITR 505 (MP), the Ld. AO found credits recorded in the assessee's books in the names of partners, and addition was made in assessment of the firm under section 68. The Tribunal allowed appeal by the assessee. The Hon'ble High Court, however, held that the assessee's case is governed by section 68 in view of the entries in the books of account of the asse…

DCIT 5(3), MUMBAI vs. RADIANT SHIPPING LTD,

ITA 1540/MUM/2011[2001-02]Status: DisposedITAT Mumbai27 May 2016AY 2001-02

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

For Appellant: Shri Pawan KumarFor Respondent: Shri Shekhar Gupta

Section 68

…satisfactory explanation as to those entries, he would be entitled to consider them as representing undisclosed income of the assessee. Similar view has been expressed by Hon'ble Madhya Pradesh High Court in the case of CIT vs. Shivshakti Timbers reported in 229 ITR 505, wherein it is held that when the credit entries in assessee's books are not satisfactorily explained by proper documentary evidence, the deeming fiction created u/s 68 of I.T. Act will be invited.” 4. On the basis of the aforesaid reasoning, the Assessing Officer ultimately held that the share capital introduced by the assessee amounting to ` 2…

COMMISSIONER OF INCOME TAX vs. DWARKADHISH CAPITAL PVT LTD

Appeals are dismissed

ITA/913/2010HC Delhi02 Aug 2010

Bench: HON'BLE THE ACTING CHIEF JUSTICE,HON'BLE MR. JUSTICE MANMOHAN

Section 143(1)Section 143(2)Section 260ASection 68

…affidavit to this effect, by the creditor, on record. Considering these facts, we find that the finding of the Tribunal in this regard is perverse. The assessee has failed to prove the genuineness of the cash credit…… E) CIT vs. Shiv Shakti Timber, 229 ITR 505 (MP) wherein it has been held as under :- “……Therefore, from the series of decisions of various High Courts, it is well established that in such a situation where there is a credit entry in the books of account of the assessee and there is no satisfactory explanation, then it will be deemed to be the income of the firm and will be added to…