Federal Bank Ltd. v. State of Kerala

Sh. Madan Lal Gupta, Keshav Nagar, Alwar vs. Addl. CIT, Central Range, Jaipur

In the result appeal of the assessee in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerela 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. Ashok Kumar Vs. ITO 201 CTR 178 (J&K) (HC) It is true that an admission is no doubt a relevant piece…

Sh. Madan Lal Gupta, Keshav Nagar, Alwar vs. ACIT, Central Circle, Alwar

In the result appeal of the assessee in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerela 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. Ashok Kumar Vs. ITO 201 CTR 178 (J&K) (HC) It is true that an admission is no doubt a relevant piece…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…e so called statement u/s 132(4). Mere speculation cannot be a ground for addition of income. There must be some material substance either in the form of documents or the like to arrive at a ground for addition of income. Federal Bank Ltd. Vs. State of Kerala 124 CTR 355 (Ker.) (HC) While an admission made by an assessee is relevant, it is not conclusive. It is open to the assessee to explain or clarify under what circumstances it was made or to prove that what was stated did not reflect the true state of affairs. CIT VS. Ashok Kumar Soni 291 ITR 172 (Raj.) (HC) Admissions are relevant & strong piece of evidence…

DCIT, Jaipur vs. Vijay Mehta, Jaipur

In the result, revenue’s appeal is partly allowed and assessee’s cross objection is dismissed

…can be made to the following decisions:- - Chetnaben J. Shah LR of Jagdishchandra K. Shah Vs. ITO (2016) 140 DTR 235 (Guj.) (HC) - Pullangode Rubber Produce Company Ltd. V. State of Kerala and another 91 ITR 0018 (SC) - Federal Bank Ltd. Vs. State of Kerela 124 CTR 355 (Ker.) (HC) - CIT Vs. Ashok Kumar Soni 291 ITR 172 ( Raj.) (HC) - Ashok Kumar Vs. ITO 201 CTR 178 (J&K) (HC) - Rejesh Jain Vs. DCIT 100 TTJ 929 (Del.) (Trib.) 7 ITA No. 326/JP/2016 C.O. No. 8/JP/2016 DCIT Central, Circle-2 vs. Shri Vijay Mehta, Jaipur. - Surendra Pal Verma Vs. ACIT 89 ITD 129 (Chd)™ 3.6 The ld DR is heard who has vehemently arg…