Credit Corp. v. CIT 103 ITR 344 (Patna),ACIT v. India Tyre House 72 TTJ 316 (Gau), CIT v. Heerala Chaganlal

259 ITR 240High Court2003#20258 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2024.

Judgments citing Credit Corp. v. CIT 103 ITR 344 (Patna),ACIT v. India Tyre House 72 TTJ 316 (Gau), CIT v. Heerala Chaganlal

M/S BENARA BEARING PVT.LTD,AGRA vs. DCIT-CC-1, KANPUR

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

ITA 333/LKW/2024[B.P.1996-97 to 2002-03]Status: DisposedITAT Lucknow25 Oct 2024

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. : B.P. 1996-97 To 2002-03 M/S Benara Bearings Pvt. Ltd., Deputy Commissioner Of Income- 44/347, Bharatpur Road, Vs. Tax, Central Circle-1, Kanpur Bodla, Agra-282007 U.P. Pan:Aabcb5525F (Appellant) (Respondent) Assessee By: Sh. Ashish Jaiswal, Advcoate Revenue By: Sh. Gayasuddin, Cit Dr Date Of Hearing: 05.09.2024 Date Of Pronouncement: 25.10.2024 O R D E R Per Sh. Nikhil Choudhary: This Is An Appeal Against The Order Of The Ld. Cit(A), Nfac, Passed Under Section 250 Of The Income Tax Act, 1961 On 21.09.2023. The Grounds Of Appeal Preferred Are As Under:-

For Appellant: Sh. Ashish Jaiswal, AdvcoateFor Respondent: Sh. Gayasuddin, CIT DR

Section 132Section 143(2)Section 158BSection 245CSection 250Section 263

…the Act made by Finance Act, 2002 with retrospective effect from 1.07.1995. He also placed reliance on the decision of the Hon’ble Rajasthan High 3 A.Y. : B.P. 1996-97 to 2002-03 M/s Benara Bearings Pvt. Ltd. Court in the case of CIT vs. Ajay Kumar Sharma 259 ITR 240, which held that once the tax credit were not taxed in the relevant assessment years, then they could be treated as undisclosed income and can be taxed after search in the block period. Thereafter, the ld. AO also rejected the submissions of the assessee on merits , holding that the assessee had failed to prove the identity of the creditors, thei…

DCIT, CIRCLE, BHILWARA vs. SHRI PRAHALAD RAI RATHI, BHILWARA

In the result, the appeal of the Revenue is dismissed

ITA 282/JODH/2018[2015-16]Status: DisposedITAT Jodhpur13 Apr 2023AY 2015-16

Bench: Shri B. R. Baskaran & Dr. S. Seethalakshmithe Dcit Vs Shri Prahalad Rai Rathi Circle Prop: M/S.Kedar Mal Radhey Shyam, Bhiwlara Sadar Bazar, Gulabpura, Bhilwara (Appellant) (Respondent) Pan No. Adxpr 0949 R

Section 68Section 69C

…IT vs Shree Barkha Synthetics 182 CTR 175 (Raj.), CIT v. Orissa Credit Corp. Ltd. 159 ITR 78 (SC), Sarogi Credit Corp. v. CIT 103 ITR 344 (Patna),ACIT v. India Tyre House 72 TTJ 316 (Gau), CIT vs. Heerala Chaganlal 257 ITR 281 (Raj.), CIT vs Ajay Kumar Sharma 259 ITR 240 (Raj.) and Jhalani Timbers v/s CIT (1997) 223 ITR 11 (Gau). Hence the ld CIT(A) rightly deleted the addition of Rs. 1,47,01,596/- u/s 68.’’ 11 DCIT-CIRCLE, BHILWARA VS SHRI PRAHALAD RAI RATHI, BHILWARA 2.6 We have carefully considered the rival contentions, the order of the authorities below, the material placed on the records in the light of th…

JT COMMISSIONER OF INCOME TAX, (OSD) CENTRAL CIRCLE 1(4), MUMBAI vs. GOODWAYS REALTORS PVT LTD , MUMBAI

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

ITA 879/MUM/2022[2012-13]Status: DisposedITAT Mumbai17 Mar 2023AY 2012-13

Section 132(1)Section 139(1)Section 143(3)Section 153CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER Jt. Commissioner of Income Vs. M/s. Goodways Realtors Tax (OSD) Central Circle Pvt. Ltd. 1(4), Mumbai 85, Podar Centre 9th Floor, 902, Pratishtha Parel Post Office Lane Bhavan, Old CGO Building Opp. Ambedkar Road (Annexe) Parel, Mumbai – 400 012 M.K.Road, Mumbai-400020 PAN/GIR No.AAECG4351K (Appellant) .. (Respondent) Assessee by Shri Siddharth Kothari Revenue by Shri Kishor Dhule Date of Hearing 10/01/2023 Date of Pronouncement 17/03/2023 आदेश / O R D E R PER M. BALAGANES…

BHUSHAN UTTAMRAO BACHHAV,,NASHIK vs. INCOME-TAX OFFICER,,

In the result, appeal of the assessee is dismissed

ITA 503/PUN/2015[2010-11]Status: DisposedITAT Pune10 Jan 2018AY 2010-11

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.503/Pun/2015 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2010-11 वष"

For Appellant: Shri Pramod ShingteFor Respondent: Dr. Vivek Aggarwal, CIT-DR

Section 44ASection 68

…is leviable. Accordingly, penalty u/s.271(1)(c) is initiated.” 7. AO relied on the following decisions : 1. Prakash Textile Agency Vs. CIT 121 ITR 890 – Calcutta High Court 2. Premnath Goyal & Co. Vs. CIT 271 ITR 390 – Delhi High Court 3. CIT Vs. Ajay Kumar 259 ITR 240 – Rajasthan High Court 4. CIT Vs. Heeralal 257 ITR 261 – Rajasthan High Court 5. Shri Sohan Vs. CIT 256 ITR 659 – Punjab & Haryana High Court 6. Roopchand Vs. CIT 235 ITR 461 Guwahati High Court 7. Rajshree Vs. CIT 256 ITR 331 – Rajasthan High Court 8. Thus, the AO took adverse inference about the credit worthiness of the payees and the genuine…