Dhakeshwari Cotton Mills Ltd. v. CIT

26 ITR 775Supreme Court of India1954#40 most cited

What is Dhakeshwari Cotton Mills Ltd. v. CIT authority for?

Corroborative evidence is essential to support evidence found on third-party premises, and an assessment cannot be based on suspicion, surmises, or conjecture.

1,061

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2007 to 2026.

Also referred to as

Dhakeshwari Cotton Mills Ltd. v. CIT · corroborative evidence · third-party premise · suspicion · surmises · conjecture · assessment · Income-tax Officer · evidence

Sections most often in play

Section 143(3)Section 132Section 68Section 153CSection 153ASection 132(4)Section 115BBESection 142(1)

Issues it is cited on

section 23(3)circular tradingsection 132(4a)dumb documentssection 292crejection of books of accountloose paperssection 145(3)documents seizedsection 34section 145on-money

Judgments citing Dhakeshwari Cotton Mills Ltd. v. CIT

Deputy Commissioner of Income Tax, Central Circle, Kota vs. M/S. Multi Metal Private Ltd., Kota

ITA 1101/JPR/2018[2011-12]Status: DisposedITAT Jaipur29 Jan 2019AY 2011-12
Section 132Section 143(3)Section 153ASection 153B(1)(b)

…rtunity to the assessee to examine such information and explain its position especially when the assessee has requested the same to the Assessing officer. 2.10 In this regard, the Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills Ltd. v. CIT (1954) 26 ITR 775 (SC) (Copy at Case Law PB 812-818) has held that “The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Sinqh where it was stated that while proceeding under sub-section (3) of section 23, the Income-tax Officer, though not bound to rely on evidence produced by the assessee as he co…

Deputy Commissioner of Income Tax, Central Circle, Kota vs. M/S. Multi Metal Private Ltd., Kota

ITA 1100/JPR/2018[2010-11]Status: DisposedITAT Jaipur29 Jan 2019AY 2010-11
Section 132Section 143(3)Section 153ASection 153B(1)(b)

…rtunity to the assessee to examine such information and explain its position especially when the assessee has requested the same to the Assessing officer. 2.10 In this regard, the Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills Ltd. v. CIT (1954) 26 ITR 775 (SC) (Copy at Case Law PB 812-818) has held that “The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Sinqh where it was stated that while proceeding under sub-section (3) of section 23, the Income-tax Officer, though not bound to rely on evidence produced by the assessee as he co…

M/S. Multi Metal Private Ltd., Kota vs. Deputy Commissioner of Income Tax, Central Circle, Kota

ITA 1026/JPR/2018[2015-16]Status: DisposedITAT Jaipur29 Jan 2019AY 2015-16
Section 132Section 143(3)Section 153ASection 153B(1)(b)

…rtunity to the assessee to examine such information and explain its position especially when the assessee has requested the same to the Assessing officer. 2.10 In this regard, the Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills Ltd. v. CIT (1954) 26 ITR 775 (SC) (Copy at Case Law PB 812-818) has held that “The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Sinqh where it was stated that while proceeding under sub-section (3) of section 23, the Income-tax Officer, though not bound to rely on evidence produced by the assessee as he co…

M/S. Multi Metal Private Ltd., Kota vs. Deputy Commissioner of Income Tax, Central Circle, Kota

ITA 1025/JPR/2018[2013-14]Status: DisposedITAT Jaipur29 Jan 2019AY 2013-14
Section 132Section 143(3)Section 153ASection 153B(1)(b)

…rtunity to the assessee to examine such information and explain its position especially when the assessee has requested the same to the Assessing officer. 2.10 In this regard, the Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills Ltd. v. CIT (1954) 26 ITR 775 (SC) (Copy at Case Law PB 812-818) has held that “The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Sinqh where it was stated that while proceeding under sub-section (3) of section 23, the Income-tax Officer, though not bound to rely on evidence produced by the assessee as he co…

M/S. Multi Metal Private Ltd., Kota vs. Deputy Commissioner of Income Tax, Central Circle, Kota

ITA 1024/JPR/2018[2010-11]Status: DisposedITAT Jaipur29 Jan 2019AY 2010-11
Section 132Section 143(3)Section 153ASection 153B(1)(b)

…rtunity to the assessee to examine such information and explain its position especially when the assessee has requested the same to the Assessing officer. 2.10 In this regard, the Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills Ltd. v. CIT (1954) 26 ITR 775 (SC) (Copy at Case Law PB 812-818) has held that “The rule of law on this subject has been fairly and rightly stated by the Lahore High Court in the case of Seth Gurmukh Sinqh where it was stated that while proceeding under sub-section (3) of section 23, the Income-tax Officer, though not bound to rely on evidence produced by the assessee as he co…

Sheth & Sura Engineers Pvt. Ltd., Pune vs. Deputy Commissioner of Income Tax, Pune

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

ITA 382/PUN/2017[2012-13]Status: DisposedITAT Pune22 Jan 2019AY 2012-13

Bench: Shri Anil Chaturvedi, Am & Shri P.S. Chaudhury, J.M.

For Appellant: Shri D.R. BarveFor Respondent: Shri Sudhendu Das
Section 143(3)

…आयकर अपील"य अ"धकरण] पुणे "यायपीठ “बी” पुणे म" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI P.S. CHAUDHURY, J.M. आयकर अपील सं. / ITA No.382/PUN/2017 "नधा"रण वष" / Assessment year : 2012-13 Sheth & Sura Engineers Pvt. Ltd., Aqua House, 263/1, Sinhagad Road, ………. अपीलाथ" / Near Parvati Overbridge, Appellant Pune – 411 030. PAN : AAECSI737P. बनाम v/s The. Dy.Commissioner of Income Tax, ………. ""यथ" / Circle – 6, Pune. Respondent Assessee by : Shri D.R. Barve. Revenue by : Shri Sudhendu Das. सुनवाई क" तार"ख / घोषणा क" तार"ख / Date of Hearing : 08.01.2019 Date o…

M/S. Bright Enterprises Pvt. Ltd., Jalandhar vs. Asstt. Commissioner of Income-Tax, Jalandhar

In the result, the appeal of the assessee in ITA No

ITA 126/ASR/2015[2012-13]Status: DisposedITAT Amritsar17 Jan 2019AY 2012-13

Bench: Sh. N. K. Saini, Hon’Ble & Sh. Ravish Soodita No.354/Asr./2014 : Asstt. Year : 2010-11 Ita No.126/Asr./2015 : Asstt. Year : 2012-13 M/S Bright Enterprises Pvt. Ltd., Vs Deputy Commissioner Of Income Mbd House, Railway Road, Tax, Central Circle-Ii, Jalandhar Jalandhar (Appellant) (Respondent) Pan No. Aaacb9469K Assessee By : Sh. Sudhir Sehgal, Adv. Revenue By : Sh. Pawan K. Kumar, Cit Dr Date Of Hearing : 08.01.2019 Date Of Pronouncement : 17.01.2019 Order Per N. K. Saini: These Two Appeals By The Assessee Are Directed Against The Orders Dated 08.05.2014 & 15.01.2015 Of The Ld. Cit(A)-5, Ludhiana For The Assessment Years 2010-11 & 2012-13 Respectively. 2. Since, The Issues Involved Are Common & The Appeals Were Heard Together, So These Are Being Disposed Off By This Consolidated Order For The Sake Of Convenience & Brevity.

For Appellant: Sh. Sudhir Sehgal, AdvFor Respondent: Sh. Pawan K. Kumar, CIT DR
Section 40A(2)(b)Section 4G

…IN THE INCOME TAX APPELLATE TRIBUNAL CAMP BENCH AT JALANDHAR Before Sh. N. K. Saini, Hon’ble Vice President and Sh. Ravish Sood, Judicial Member ITA No.354/Asr./2014 : Asstt. Year : 2010-11 ITA No.126/Asr./2015 : Asstt. Year : 2012-13 M/s Bright Enterprises Pvt. Ltd., Vs Deputy Commissioner of Income MBD House, Railway Road, Tax, Central Circle-II, Jalandhar Jalandhar (APPELLANT) (RESPONDENT) PAN No. AAACB9469K Assessee by : Sh. Sudhir Sehgal, Adv. Revenue by : Sh. Pawan K. Kumar, CIT DR Date of Hearing : 08.01.2019 Date of Pronouncement : 17.01.2019 ORDER Per N. K. Saini, Vice President: These two appeals…

M/S Bright Enterprises Pvt. Ltd, Jalandhar vs. The Dy. Commissioner of Income-Tax, Jalandhar

In the result, the appeal of the assessee in ITA No

ITA 354/ASR/2014[2010-11]Status: DisposedITAT Amritsar17 Jan 2019AY 2010-11

Bench: Sh. N. K. Saini, Hon’Ble & Sh. Ravish Soodita No.354/Asr./2014 : Asstt. Year : 2010-11 Ita No.126/Asr./2015 : Asstt. Year : 2012-13 M/S Bright Enterprises Pvt. Ltd., Vs Deputy Commissioner Of Income Mbd House, Railway Road, Tax, Central Circle-Ii, Jalandhar Jalandhar (Appellant) (Respondent) Pan No. Aaacb9469K Assessee By : Sh. Sudhir Sehgal, Adv. Revenue By : Sh. Pawan K. Kumar, Cit Dr Date Of Hearing : 08.01.2019 Date Of Pronouncement : 17.01.2019 Order Per N. K. Saini: These Two Appeals By The Assessee Are Directed Against The Orders Dated 08.05.2014 & 15.01.2015 Of The Ld. Cit(A)-5, Ludhiana For The Assessment Years 2010-11 & 2012-13 Respectively. 2. Since, The Issues Involved Are Common & The Appeals Were Heard Together, So These Are Being Disposed Off By This Consolidated Order For The Sake Of Convenience & Brevity.

For Appellant: Sh. Sudhir Sehgal, AdvFor Respondent: Sh. Pawan K. Kumar, CIT DR
Section 40A(2)(b)Section 4G

…IN THE INCOME TAX APPELLATE TRIBUNAL CAMP BENCH AT JALANDHAR Before Sh. N. K. Saini, Hon’ble Vice President and Sh. Ravish Sood, Judicial Member ITA No.354/Asr./2014 : Asstt. Year : 2010-11 ITA No.126/Asr./2015 : Asstt. Year : 2012-13 M/s Bright Enterprises Pvt. Ltd., Vs Deputy Commissioner of Income MBD House, Railway Road, Tax, Central Circle-II, Jalandhar Jalandhar (APPELLANT) (RESPONDENT) PAN No. AAACB9469K Assessee by : Sh. Sudhir Sehgal, Adv. Revenue by : Sh. Pawan K. Kumar, CIT DR Date of Hearing : 08.01.2019 Date of Pronouncement : 17.01.2019 ORDER Per N. K. Saini, Vice President: These two appeals…

ITO, WD-1(1), Siliguri vs. M/S Cachar King Plantations Pvt. Ltd., Siliguri

In the result, appeal of the revenue is dismissed

ITA 1041/KOL/2015[2012-2013]Status: DisposedITAT Kolkata16 Jan 2019AY 2012-2013

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 Income Tax Officer, Ward-1(1), Siliguri..………......……….........…………..………….…................Appellant Vs. M/S. Cachar King Plantations Pvt. Ltd..……...........…………..……………….…...……..…….......Respondent Situvita Tea Factory Bidhan Nagar Siliguri [Pan : Aabcc 0744 P] Appearances By: Shri Subash Agarwal, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 12Th, 2018 Date Of Pronouncing The Order : January 16Th , 2019 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- Siliguri, (Hereinafter The ‘Ld. Cit(A)’), Dt. 27/05/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2012-13. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It E-Filed Its Original Return Of Income On 22/09/2012, Disclosing Total Business Income At Rs.3,71,534/-. The Assessment Order Was Passed U/S 143(3) Of The Act, On 30/03/2015, Making An Addition Of Unexplained Cash Credit To The Tune Of Rs.1,30,00,000/-, U/S 68 Of The Act. This Was Set Off Against Carried Forward Losses & Gross Total Balance Was Determined At –Nil- Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

Section 131Section 133(6)Section 143(3)Section 250Section 68

…n, surmises and conjectures and not upon proper evaluation and appraisal of the evidences and documents filed before him. We place reliance on the decision of the Hon'ble Apex Court in this regard in the case of Dhakeshwari Cotton Mills Ltd vs CIT reported in 26 ITR 775 (SC) wherein it has been held that no addition can be made without material and on mere suspicion. In these facts and circumstances, there is no need to treat the receipt of share application money from five share applicants as unexplained u/s 68 of the Act. Hence we do not find any infirmity in the order of the ld CITA in this regard. Accordingly…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, all the three appeals of the assessee are allowed

ITA 4966/DEL/2012[2007-08]Status: DisposedITAT Delhi10 Jan 2019AY 2007-08

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…aterial, partly relevant and partly irrelevant, it is impossible to say to what extent the mind of the Court was affected by the irrelevant material used by it in arriving at its finding. Such a finding is vitiated because of the use of inadmissible material 26 ITR 775 (SC) Dhakeshwari Cotton Mills ltd. v CIT iii) The estimate of the gross rate of profit on sales, both by the Income-tax Officer and the Tribunal, seems to be based on surmises, suspicions and conjectures. It is somewhat surprising that the Tribunal took from the representative of the department a statement of gross profit rates of other cotton mil…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, all the three appeals of the assessee are allowed

ITA 4965/DEL/2012[2006-07]Status: DisposedITAT Delhi10 Jan 2019AY 2006-07

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…aterial, partly relevant and partly irrelevant, it is impossible to say to what extent the mind of the Court was affected by the irrelevant material used by it in arriving at its finding. Such a finding is vitiated because of the use of inadmissible material 26 ITR 775 (SC) Dhakeshwari Cotton Mills ltd. v CIT iii) The estimate of the gross rate of profit on sales, both by the Income-tax Officer and the Tribunal, seems to be based on surmises, suspicions and conjectures. It is somewhat surprising that the Tribunal took from the representative of the department a statement of gross profit rates of other cotton mil…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, all the three appeals of the assessee are allowed

ITA 4964/DEL/2012[2005-06]Status: DisposedITAT Delhi10 Jan 2019AY 2005-06

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…aterial, partly relevant and partly irrelevant, it is impossible to say to what extent the mind of the Court was affected by the irrelevant material used by it in arriving at its finding. Such a finding is vitiated because of the use of inadmissible material 26 ITR 775 (SC) Dhakeshwari Cotton Mills ltd. v CIT iii) The estimate of the gross rate of profit on sales, both by the Income-tax Officer and the Tribunal, seems to be based on surmises, suspicions and conjectures. It is somewhat surprising that the Tribunal took from the representative of the department a statement of gross profit rates of other cotton mil…

ACIT, New Delhi vs. M/S. Accurate Transformers Ltd., New Delhi

In the result, the appeals of the Revenue are partly allowed

ITA 1532/DEL/2012[2007-08]Status: DisposedITAT Delhi08 Jan 2019AY 2007-08

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 80CSection 80I

…nalyzing the data produced by the assessee without verifying the same from the books of account and supporting evidence. Unvouched expenses of Rs.6 lacs have been allowed without verifying the same. Reliance placed on the judgment in Dhakeshwari Cotton Mills, 26 ITR 775 is misconceived. Accordingly, the ld. DR prayed to restore the order of the Assessing Officer. 11. None is present on behalf of the assessee. ITA No. 1530 to 1532/Del/2012 10 12. After hearing both the sides and perusing the entire materials available on record, we observe in respect of issue No. 1 that the similar issue was involved in ITA No.…

ACIT, New Delhi vs. M/S. Accurate Transformers Ltd., New Delhi

In the result, the appeals of the Revenue are partly allowed

ITA 1531/DEL/2012[2006-07]Status: DisposedITAT Delhi08 Jan 2019AY 2006-07

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 80CSection 80I

…nalyzing the data produced by the assessee without verifying the same from the books of account and supporting evidence. Unvouched expenses of Rs.6 lacs have been allowed without verifying the same. Reliance placed on the judgment in Dhakeshwari Cotton Mills, 26 ITR 775 is misconceived. Accordingly, the ld. DR prayed to restore the order of the Assessing Officer. 11. None is present on behalf of the assessee. ITA No. 1530 to 1532/Del/2012 10 12. After hearing both the sides and perusing the entire materials available on record, we observe in respect of issue No. 1 that the similar issue was involved in ITA No.…

ACIT, New Delhi vs. M/S. Accurate Transformers Ltd., New Delhi

In the result, the appeals of the Revenue are partly allowed

ITA 1530/DEL/2012[2005-06]Status: DisposedITAT Delhi08 Jan 2019AY 2005-06

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 80CSection 80I

…nalyzing the data produced by the assessee without verifying the same from the books of account and supporting evidence. Unvouched expenses of Rs.6 lacs have been allowed without verifying the same. Reliance placed on the judgment in Dhakeshwari Cotton Mills, 26 ITR 775 is misconceived. Accordingly, the ld. DR prayed to restore the order of the Assessing Officer. 11. None is present on behalf of the assessee. ITA No. 1530 to 1532/Del/2012 10 12. After hearing both the sides and perusing the entire materials available on record, we observe in respect of issue No. 1 that the similar issue was involved in ITA No.…

Rajendra Ship Breakers Pvt. Ltd., Ahmedabad vs. The Jt.CIT, Bhavnagar Range- I, Bhavnagar

In the result, appeal filed by the department is dismissed

ITA 1157/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2009-10

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1157/Ahd/2014 ("नधा"रण वष"/Assessment Year : 2009-10)

For Appellant: Shri B.R. Popat, ARFor Respondent: Shri L.P. Jain, Sr.DR

…hetical basis by applying gross profit ratio of 4% is completely fallacious, wrong and is contrary to well-settled law, as expounded vide judgments reported as CIT v. Calcutta Discount Co. Ltd. [1973] 91 ITR 8 (SC), Dhakeshwari Cotton Mills Ltd. v. CIT [1954] 26 ITR 775 (SC) and Raghubar Mandal Harihar Mandal v. State of Bihar AIR 1957 SC 810.” 14.7. In view of the above, we reverse the order of authorities below and hold that the books in the given facts and circumstances cannot be rejected. Regarding the sale of an excess shortage of material as the unaccounted sale 15. As there is no mechanism to check the…

ACIT, Udaipur vs. M/S. Ankit Chirag Developers Pvt. Ltd., Udaipur

ITA 295/JODH/2016[2012-13]Status: DisposedITAT Jodhpur17 Dec 2018AY 2012-13

Bench: Shri Sandeep Gosain & Shri Vikram Singh Yadav & A.C.I.T., Vs. M/S Ankit Chirag Developers Pvt. Central Circle-1, Ltd., Udaipur. 54-55, Rajdeep, New Fatehpura, Udaipur. Pan No. Aagca 9897 C

Section 132ASection 254(2)

…eded only on suspicion. It is settled principle of law that an allegation remains a mere allegation unless proved. Suspicion cannot take the place of reality. In this respect he relied on the following judicial pronouncements: (1) Dhakeshwari Cotton Mills 26 ITR 775 (SC) (2) R.B.N.J. Naidu v/s CIT 29 ITR 194 (Nag), (3) Kanpur Steel Co. Ltd. v/s CIT 32 ITR 56 (All). (4) CIT v/s Kulwant Rai 291 ITR 36( Del). (5) CIT v/s Shalimar Buildwell Pvt Ltd 86 CCH 250(All). 15 ITA 180 & 295/Jodh/2016 ACIT Vs M/s Ankit Chirag Developers That it is an admitted fact in this case as is appearing on proper appreciation of t…

ACIT, Udaipur vs. M/S. Ankit Chirag Developers Pvt. Ltd., Udaipur

ITA 180/JODH/2016[2011-12]Status: DisposedITAT Jodhpur17 Dec 2018AY 2011-12

Bench: Shri Sandeep Gosain & Shri Vikram Singh Yadav & A.C.I.T., Vs. M/S Ankit Chirag Developers Pvt. Central Circle-1, Ltd., Udaipur. 54-55, Rajdeep, New Fatehpura, Udaipur. Pan No. Aagca 9897 C

Section 132ASection 254(2)

…eded only on suspicion. It is settled principle of law that an allegation remains a mere allegation unless proved. Suspicion cannot take the place of reality. In this respect he relied on the following judicial pronouncements: (1) Dhakeshwari Cotton Mills 26 ITR 775 (SC) (2) R.B.N.J. Naidu v/s CIT 29 ITR 194 (Nag), (3) Kanpur Steel Co. Ltd. v/s CIT 32 ITR 56 (All). (4) CIT v/s Kulwant Rai 291 ITR 36( Del). (5) CIT v/s Shalimar Buildwell Pvt Ltd 86 CCH 250(All). 15 ITA 180 & 295/Jodh/2016 ACIT Vs M/s Ankit Chirag Developers That it is an admitted fact in this case as is appearing on proper appreciation of t…

ITO, WD-6(1), Kolkata vs. M/S Tritium Commodities Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 16/KOL/2016[2008-09]Status: DisposedITAT Kolkata28 Nov 2018AY 2008-09

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

Section 131Section 133(6)Section 147Section 250Section 263Section 68

…n, surmises and conjectures and not upon proper evaluation and appraisal of the evidences and documents filed before him. We place reliance on the decision of the Hon'ble Apex Court in this regard in the case of Dhakeshwari Cotton Mills Ltd vs CIT reported in 26 ITR 775 (SC) wherein it has been held that no addition can be made without material and on mere suspicion. In these facts and circumstances, there is no need to treat the receipt of share application money from five share applicants as unexplained u/s 68 of the Act. Hence we do not find any infirmity in the order of the ld CITA in this regard. Accordingly…

Shri Sachin Jain, Rishikesh vs. ITO, Rishikesh

In the result, Assessee’s appeal is allowed

ITA 4840/DEL/2016[2005-06]Status: DisposedITAT Delhi20 Nov 2018AY 2005-06

Bench: Shri R.K. Pandaassessment Year: 2005-06 Sachin Jain, Vs. Ito, S/O Shri Chaman Lal Jain, Ward-1(4)(2), Near Jain Mandir, Shanti Nagar, Rishikesh. Rishikesh. Pan: Adhpj2085N (Appellant) (Respondent) Assessee By : Shri Rohit Tiwari & Shri Shobhit Tiwari,, Advocates Revenue By : Shri D.S. Rawat, Sr.Dr Date Of Hearing : 11.10.2018 Date Of Pronouncement : 20.11.2018 Order Per R.K. Panda, Am: This Appeal By The Assessee Is Directed Against The Order Dated 1St January, 2016 Of The Cit(A), Dehradun, Relating To Assessment Year 2005-06. 2. This Is The Second Round Of Litigation Before The Tribunal. This Appeal Was Earlier Dismissed By The Tribunal Vide Order Dated 29Th December, 2016 For Non- Prosecution. Subsequently, The Tribunal, Vide Order Dated 9Th March, 2018, Recalled Its Earlier Order. Hence, This Is A Recalled Matter. 3. There Is A Delay Of 152 Days In Filing Of This Appeal Before The Tribunal By The Assessee. The Assessee Has Filed A Condonation Petition Along With An Affidavit Explaining The Reasons For Delay In Filing Of The Appeal. After Considering The Submissions Made Therein & On A Perusal Of The Record, The Delay In Filing Of The Appeal Is Condoned & The Appeal Is Admitted For Adjudication.

For Appellant: Shri Rohit Tiwari &For Respondent: Shri D.S. Rawat, Sr.DR
Section 147Section 148Section 153(1)

…ecting Assistant Commissioner Of Income Tax & Ors. Supreme Court of India (1998) 147 CTR 0321 : (1998) 230 ITR 0943; iii) Suresh Chandra, Vs. Income-Tax Officer, ITAT (Delhi Bench “G” New Delhi) ITA No. 3061/DEL/2012 iv) Dhakeswari Cotton Mills Vs. CIT (1954) 26 ITR 775. SC v) Tin Box Co. Vs. CIT (2001) 249 ITR 216 (SC vi) Tata International Ltd. Vs. Dy. CIT ITA Nos. 3359 to 3361/M/2009, A.Ys. 2001-02 to 2002-03, Bench “E” dated 29/6/2012 . vii) Kuber Tobacco Products (P) Ltd. Vs. Deputy Commissioner Of Income Tax, ITAT, Delhi Special Bench (2009) 120 TTJ 0577 (SB) : (2009) 18 DTR 0001 : (2009) 117 ITD 0273 4 7.…