Exoimp Resources (India) Ltd. v. CIT

276 ITR 87High Court2005#24162 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2024.

Judgments citing Exoimp Resources (India) Ltd. v. CIT

M/S. Yashoda Inn Private Limited., Kolkata vs. DCIT, Circle-7(1), Kolkata.

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1262/KOL/2023[2014-15]Status: DisposedITAT Kolkata20 Nov 2024AY 2014-15

Bench: Sri Rajpal Yadav & Sri Rakesh Mishra

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

…25,00,000/- was received on 05.09.2012 and Rs. 29,00,000/- was received on 25.09.2012. Before the Ld. CIT(A), the appellant relied upon the decision of Hon'ble Jurisdictional High Court in the case of Exoimp Resources (India) Ltd. -vs- CIT reported in (2005) 276 ITR 87 (Cal) wherein it is held that “if the assessee furnishes an explanation in respect of cash credit u/s 68 of the Act, it is incumbent upon the Assessing Authority to examine the explanation and arrive at a conclusion as to whether the explanation was satisfactory. In case the explanation of the assessee is considered as not satisfactory, Assessing…

Khushi Infraprojects Pvt. Ltd., Dalhousie vs. ITO, Ward-4(4), Kolkata, Aaykar Bhawan

ITA 195/KOL/2022[2012-13]Status: DisposedITAT Kolkata31 Oct 2022AY 2012-13

Section 143(2)Section 143(3)Section 250Section 68

…y for non-appearance but the same cannot disregard the documents regarding identity, creditworthiness and genuineness. In this regard, reliance was placed on the judgment of jurisdictional High Court in the case of Exoimp Resources (India) Ltd. vs. CIT (2005) 276 ITR 87 (Cal) where it has been held that the inbuilt safeguard provided in section 68 cannot be ignored by the assessing authority. The assessing authority can add the share capital as undisclosed income if no explanation is offered by the assessee. But since the details/explanations were offered, it was incumbent on the assessing authority to examine th…

M/S. Sardhana Papers (P) Ltd., Uttar Pradesh vs. ACIT, Meerut

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 4110/DEL/2016[2012-13]Status: DisposedITAT Delhi31 Dec 2019AY 2012-13

For Appellant: Shri K. Sampath, Advocate &For Respondent: Shri S.S. Rana, CIT, DR

Section 133(6)Section 68

…produce relevant evidence and failed to discharge it’s onus and in the light of these facts, it was held that the assessee had fulfilled requirements of Sec. 68. Hence, this authority is also inapplicable. In the case of EXOIMP RESOURCES (INDIA) LTD., VS. CIT 276 ITR 87 (KOL.), the issue was as to whether any explanation was furnished by the assessee to the AO in respect of deposits. The Hon’ble High Court held that it is necessary on the AO to examine the explanation and then to arrive at a conclusion as to whether the explanation is satisfactory. In view of this the Hon’ble High Court remitted back the said cas…