CIT v. Victor Electrodes Ltd.

329 ITR 271High Court2010#1094 most cited

What is CIT v. Victor Electrodes Ltd. authority for?

The assessee bears the prima facie burden to prove the identity of the lender or investor and the genuineness of the transaction concerning cash credits or unexplained share capital, which is discharged by providing sufficient details like PAN and addresses.

101

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Victor Electrodes Ltd. · 329 ITR 271 · Section 68 · cash credit · unexplained share capital · burden of proof · identity of lender · genuineness of transaction · creditworthiness of creditor · prima facie evidence · assessee's explanation

Also reported as

20 Taxmann.com 680

Sections most often in play

Section 143(3)Section 133(6)Section 147Section 37(1)Section 132(4)Section 69ASection 131Section 153A

Issues it is cited on

gaarsection 194qsection 158bb(1)retraction of statementsection 158bbsection 65bsection 65statement under section 132(4)section 131(1a)retracted statementsurvey under section 133acreditworthiness of the creditor

Judgments citing CIT v. Victor Electrodes Ltd.

Commissioner of Income Tax IV vs. Fair Finvest Ltd

ITA/232/2012HC Delhi22 Nov 2012

Bench: The Itat.

Section 148Section 68

…jurisdictional High Court in case of Dwarkadhish Investment (Supra) are quite relevant where the court has observed that it is the revenue which has all the power and wherewithal to trace any person. Further in the case of CIT vs. Victor Electrodes Ltd. 329 ITR 271 it has been held that there is no legal obligation on the assessee to produce some Director or other representative of the Director or other representative of the applicant companies before the A.O. Therefore failure on part of the assessee to produce the Directors of the share applicant companies could not by itself have justified the add…