Coimbatore Spinning & Weaving Co. Ltd. v. CIT

95 ITR 375High Court1974#5570 most cited

What is Coimbatore Spinning & Weaving Co. Ltd. v. CIT authority for?

Excess stock found after rejecting an assessee's explanation is an inescapable conclusion that it originated from undisclosed sources.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

Coimbatore Spinning & Weaving Co. Ltd. v. CIT · 95 ITR 375 · excess stock · undisclosed sources · unexplained cash deposits · concealed income · business income

Judgments citing Coimbatore Spinning & Weaving Co. Ltd. v. CIT

ITO, Ward - 49 (1), Kolkata vs. Md. Jearul Haque, North 24 Parganas

In the result, the appeal of the Revenue is dismissed

ITA 1766/KOL/2011[2008-09]Status: DisposedITAT Kolkata20 Nov 2015AY 2008-09

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 143(3)

…declared to the Bank was wrong and that the value of stock declared in the books of account only was sacrosanct. Accordingly, relying on the decision of the Hon’ble Madras High Court in the case of Coimbatore Spinning & Weaving Co. Ltd. –vs.- CIT reported in 95 ITR 375, he added the difference of Rs.1,22,77,957/- in the value of stock declared by the asseessee to Bank to its total income in the assessment completed under section 143(3) vide an order dated 24.12.2010. 4. Against the order passed under section 143(3), an appeal was preferred by the assessee before ld. CIT(Appeals) disputing, inter alia, the additi…