CIT v. Sri Padmavathi Cotton Mills

236 ITR 340Reported decision1999#17317 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2019 to 2022.

Judgments citing CIT v. Sri Padmavathi Cotton Mills

Assistant Commissioner of Income-Tax, Circle - 3, Aurangabad vs. M/S. Shyam Trading Company, Beed

In the result, the appeal filed the assessee stands allowed

ITA 2529/PUN/2017[2014-15]Status: DisposedITAT Pune16 Mar 2022AY 2014-15
For Appellant: Shri Chetan KariaFor Respondent: Shri Piyushkumar Singh Yadav
Section 131Section 143(3)Section 145(3)Section 36(1)(iii)Section 69

…elaxo Footwear, 259 ITR 744 (Raj. – HC). (vii) ITO vs. JagdipKanjibhai, 66 TTJ 199 (Ahmedabad – Trib.). (viii) CIT vs. Shib Shankar Das, TaxCorp (DT) 69304 (Cal. – HC). (ix) Ashok Kumar vs. ITO, 201 CTR 178 (J&K – HC). (x) CIT vs. Sri Padmavathi Cotton Mills, 236 ITR 340 (Mad. – HC). 8. It is further contended that the bank never carried out physical inspection of the stock. Therefore, it is submitted that the judicial precedents relied upon by the Assessing Officer has no application to the facts of the present case. It is further submitted that the decision of the Hon’ble Bombay High Court in the case of Ramanl…

M/S. Shyam Trading Company, Beed vs. Income-Tax Officer, Ward – 2, Beed

In the result, the appeal filed the assessee stands allowed

ITA 2706/PUN/2017[2014-15]Status: DisposedITAT Pune16 Mar 2022AY 2014-15
For Appellant: Shri Chetan KariaFor Respondent: Shri Piyushkumar Singh Yadav
Section 131Section 143(3)Section 145(3)Section 36(1)(iii)Section 69

…elaxo Footwear, 259 ITR 744 (Raj. – HC). (vii) ITO vs. JagdipKanjibhai, 66 TTJ 199 (Ahmedabad – Trib.). (viii) CIT vs. Shib Shankar Das, TaxCorp (DT) 69304 (Cal. – HC). (ix) Ashok Kumar vs. ITO, 201 CTR 178 (J&K – HC). (x) CIT vs. Sri Padmavathi Cotton Mills, 236 ITR 340 (Mad. – HC). 8. It is further contended that the bank never carried out physical inspection of the stock. Therefore, it is submitted that the judicial precedents relied upon by the Assessing Officer has no application to the facts of the present case. It is further submitted that the decision of the Hon’ble Bombay High Court in the case of Ramanl…

Income Tax Officer, Agar Malwa vs. M/S Agrawal & Company, Agar Malwa

In the result appeal of the revenue is dismissed

ITA 416/IND/2018[2015-16]Status: DisposedITAT Indore20 May 2021AY 2015-16

Bench: Hon’Ble Madhumita Royassessment Year 2015-16

Section 143(3)Section 69

…dence. In view of the same, there is no basis to treat the difference in value as the appellant under valuation of stock as undisclosed income. The same principal has been followed by following judicial authorities. 1.CIT Vs. SRI PADMAVATHY COTTON MILLS LTD "236 ITR 340. 2.COMMISSIONER OF INCOME TAX vs. ARROW EXIM (P) LTD. HIGH COURT OF GUJARAT (2010) 230 CTR (Guj) 293: 3.COMMISSIONER OF INCOME TAX vs. RIDDHI STEEL & TUBES (P) LTD.HIGH COURT OF GUJARAT Source (2014) 220 Taxman 148 (Guj). 4.COMMISSIONER OF INCOME TAX vs. RELAXO FOOTWEAR HIGH COURT OF RAJASTHAN (2003) 259 ITR 744 (RAJ.) 5.Commissioner of Income Ta…

Smt. Neeta Sharma, Agra vs. A.C.I.T., Circle-2, Agra

In the result, appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 299/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…there is no basis to treat the difference in value as the assessee’s under- valuation of stock or undisclosed income. The Tribunal also rightly followed the principles enunciated by this Court judgment in the case of CIT v. Sri Padmavathi Cotton Mills [1999] 236 ITR 340 . 22. In the matter of SatyaNarain Maheshwari [2014] 42 taxmann.com 6 (Rajasthan) HIGH COURT OF RAJASTHAN held as under : 3. It was challenged by the assessee in appeal before the Commissioner of (Appeals) and claimed that he is maintaining records to justify its stock and the Assessing Officer accepted all the books of account and has not found…

A.C.I.T.-2, Agra vs. Smt. Neeta Sharma Prop., Agra

In the result, appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 286/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…there is no basis to treat the difference in value as the assessee’s under- valuation of stock or undisclosed income. The Tribunal also rightly followed the principles enunciated by this Court judgment in the case of CIT v. Sri Padmavathi Cotton Mills [1999] 236 ITR 340 . 22. In the matter of SatyaNarain Maheshwari [2014] 42 taxmann.com 6 (Rajasthan) HIGH COURT OF RAJASTHAN held as under : 3. It was challenged by the assessee in appeal before the Commissioner of (Appeals) and claimed that he is maintaining records to justify its stock and the Assessing Officer accepted all the books of account and has not found…

CIT v. Sri Padmavathi Cotton Mills (236 ITR 340) — Cited in 5 Judgments | BharatTax