CIT v. Tips Industries Pvt. Ltd.

321 ITR 154High Court2010#10517 most cited

What is CIT v. Tips Industries Pvt. Ltd. authority for?

The presumption under section 132(4A) is rebuttable, and if the assessee provides a reasonable explanation for seized documents, the presumption can be rebutted.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2021 to 2024.

Also referred to as

CIT v. Tips Industries Pvt. Ltd. · section 132(4A) · rebuttable presumption · seized documents · reasonable explanation · assessee's contention · addition · revenue

Sections most often in play

Section 153ASection 115BBESection 131Section 132(1)Section 132(4)Section 132(4A)Section 132ASection 133A
Read the full judgment

Issues it is cited on

circle ratesection 132(4a)section 48section 69bsection 292csection 50csection 50loose papersfair market valuesection 201documents seizedsection 115bb

Judgments citing CIT v. Tips Industries Pvt. Ltd.

Kanta Devi Jain, Jaipur vs. DCIT, Central-Circle 1, Jaipur

In the result, the appeal of the assessee is allowed

ITA 860/JPR/2024[2014-2015]Status: DisposedITAT Jaipur05 Sept 2024AY 2014-2015

Bench: The Hearing Of The Appeal.”

For Appellant: Sh. Tanuj Agarwal, AdvFor Respondent: Sh. Ajay Malik, CIT
Section 132(1)Section 139Section 143(3)Section 153A

…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. 860/JP/2024 fu/kZkj.k o"kZ@Assessment Years : 2014-15 cuke Kanta Devi Jain DCIT, Vs. 112, Taruchhaya Nagar, Central Circle-01, Sanganer, Tonk Road, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ABKPJ 0550 D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Tanuj Agarwal, Adv. jktLo dh vksj ls@ Re…

DCIT, Central Circle-28, New Delhi vs. Psk Finance Solutions Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 663/DEL/2021[2016-17]Status: DisposedITAT Delhi15 May 2024AY 2016-17

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

For Appellant: Sh. Sanket Milind Joshi, CAFor Respondent: Sh. Subhash Chandra, CIT-DR
Section 127Section 132(4)Section 132ASection 139Section 142(1)Section 143(1)Section 143(2)Section 153ASection 271FSection 69A

…a mandate 51 PSK Finance Solutions Pvt. Ltd. that whenever the books of account are seized, the Court shall necessarily draw the presumption, irrespective of any other factors which may dissuade the Court from doing so." c. CIT vs. Tips Industries Pvt. Ltd. [321 ITR 154 (Bom)] held that, “In these circumstances, the explanation given by the assessee being reasonable and possible, the decision of the Tribunal in accepting the contention of the assessee cannot be faulted. As held by the apex Court in the case of P.R. Metrani vs. CIT (2006) 206 CTR (SC) 290 : (2006) 287 ITR 209 (SC), the presumption under s. 132(4…

DCIT, CC Gzbd, Ghaziabad vs. Yugank Goyal, Ghaziabad

ITA 1808/DEL/2021[2015-16]Status: DisposedITAT Delhi19 Jan 2023AY 2015-16

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

DCIT CC, Gzbd vs. Bankey Behari Goyal, Agra

ITA 1807/DEL/2021[2017-2018]Status: DisposedITAT Delhi19 Jan 2023AY 2017-2018

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

Maanya Goyal, Uttar Pradesh vs. DCIT, Central Circle, Ghaziabad, Gzbd

ITA 1536/DEL/2021[2018-2019]Status: DisposedITAT Delhi19 Jan 2023AY 2018-2019

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

Bankey Behari Goyal, Agra (U.P) vs. DCIT, Central Circle Ghaziabad, Uttarpradesh

ITA 1535/DEL/2021[2018-2019]Status: DisposedITAT Delhi19 Jan 2023AY 2018-2019

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

Yugank Goyal, Agra vs. DCIT, CC, Ghaziabad

ITA 1534/DEL/2021[2015-16]Status: DisposedITAT Delhi19 Jan 2023AY 2015-16

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

Ani Bala Goyal, Agra vs. DCIT, CC, Ghaizabad

ITA 1533/DEL/2021[2018-19]Status: DisposedITAT Delhi19 Jan 2023AY 2018-19

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2018-19 Anil Bala Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Aappb5034N (Appellant) (Respondent) Assessment Year: 2018-19 Maanya Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Blxps7985K (Appellant) (Respondent) Assessment Year: 2015-16 Yugank Goyal, Dy. Commissioner Of Income- 6/204, Tikonia, Tax, Central Circle, Belanganj, Agra 282004 Vs. Ghaziabad 201002 Pan Ahhpg4073H (Appellant) (Respondent)

For Appellant: Shri Sushil Kumar

…, Bhopal [ITA No. 218/Ind/2020 and ITA No. 219/Ind/2020] (ix) M.M Financiers (P.) Ltd. vs. DCIT [(2007) SOT 5 (Chennai) (URO)] (x) Anil Kumar Bhatia vs. ACIT [(2010) 1 ITR (T) 487 (Delhi)] (xi) Commissioner of Income Tax vs. Tips Industries (P.) Ltd., [(2010) 321 ITR 154 (Bom) (xii) S.K Gupta vs. DCIT (1999) 69 TTJ Del 535. 33. On careful perusal of above judgments and other we find that the Hon’ble Bombay High Court in the case of PCIT vs. Nexus Builders and Developers (P.) Ltd. (supra) held that there was no evidence found against the respondent and no enquiry was carried out by the A.O. to find out the more de…

ACIT (Central) 1 Indore, Indore vs. Shri Kantilal Kataria, Ratlam

ITA 886/IND/2018[2012-13]Status: DisposedITAT Indore02 Aug 2021AY 2012-13

Bench: Rajpal Yadav Hon'Ble & Shri Manish Borad

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE RAJPAL YADAV HON'BLE VICE PRESIDENT AND SHRI MANISH BORAD, ACCOUNTANT MEMBER IT(SS)A No.42/Ind/2018 Assessment Year:2011-12 Shri Kantilal Kataria DCIT(Central) 63, Chowmukhi Pool, Indore बनाम/ Ratlam Vs. (Appellant) (Revenue ) P.A. No.ACFPK5786Q Assessment Year:2011-12 JCIT(Central)-1 Shri Kantilal Kataria Indore 63, Chowmukhi Pool, बनाम/ Ratlam Vs. (Appellant) (Respondent) P.A. No. ACFPK5786Q Assessment Year:2012-13 ACIT(Central)-1 Shri Kantilal Kataria Indore 63, Chowmukhi Pool, बनाम/ Ratlam Vs. (Appellan…

JCIT OSD (Central)-1, Ratlam vs. Shri Kantilal Kataria, Ratlam

ITA 259/IND/2018[11-12]Status: DisposedITAT Indore02 Aug 2021

Bench: Rajpal Yadav Hon'Ble & Shri Manish Borad

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE RAJPAL YADAV HON'BLE VICE PRESIDENT AND SHRI MANISH BORAD, ACCOUNTANT MEMBER IT(SS)A No.42/Ind/2018 Assessment Year:2011-12 Shri Kantilal Kataria DCIT(Central) 63, Chowmukhi Pool, Indore बनाम/ Ratlam Vs. (Appellant) (Revenue ) P.A. No.ACFPK5786Q Assessment Year:2011-12 JCIT(Central)-1 Shri Kantilal Kataria Indore 63, Chowmukhi Pool, बनाम/ Ratlam Vs. (Appellant) (Respondent) P.A. No. ACFPK5786Q Assessment Year:2012-13 ACIT(Central)-1 Shri Kantilal Kataria Indore 63, Chowmukhi Pool, बनाम/ Ratlam Vs. (Appellan…

CIT v. Tips Industries Pvt. Ltd. (321 ITR 154) — Cited in 10 Judgments | BharatTax