III v. Tirupati Construction Co.

55 Taxmann.com 308High Court2015#5069 most cited

What is III v. Tirupati Construction Co. authority for?

The peak credit theory can be applied to determine unexplained income arising from a series of transactions, even when exact quantum is difficult to ascertain. However, it may not be applicable to singular unexplained credits.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2025.

Also referred to as

CIT v. Tirupati Construction Company · peak credit theory · unexplained credit · section 68 · accommodation entries · running transactions · singular credits · 55 Taxmann.com 308 · Gujarat HC

Sections most often in play

Section 144Section 144BSection 147Section 148Section 234ASection 234BSection 234CSection 234D
Read the full judgment

Issues it is cited on

peak credit theorysection 65bsection 65section 131(1a)short term capital gainspanchnamasection 132(4a)section 34section 292cchildapplication of incomeshort term capital gain

Judgments citing III v. Tirupati Construction Co.

Semadri Bhagvan Pradhan, Surat vs. The Income Tax Officer, Ward-9(4), Surat

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

ITA 3133/AHD/2014[2009-10]Status: DisposedITAT Surat09 Dec 2019AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.3133/Ahd/2014 & 307/Ahd/2015 "नधा"रणवष"/Assessment Year: 2009-10 Semadri Bhagvan Pradhan, Vs. Income Tax Officer, Ward-9(4), 176, Indira Nagar, Hira Baug, Surat. Varachha Road, Surat [Pan: Akspp 3368 C] अपीलाथ" / Appellant ""यथ"/Respondent राज"वक"ओरसे /Revenue By Shri P.M. Jagasheth, Ca "नधा"रतीक"ओरसे /Assessee By Smt. Anupama Singhla, Sr. Dr सुनवाईकीतारीख/ Date Of Hearing: 05.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 09.12.2019 आदेश /O R D E R Per O.P.Meena, Am: These Two Appeals Filed By The Assessee Are Directed Against The 1. Order Of Ld. Commissioner Of Income Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 08-09-2014 & The Order Of Ld. Commissioner Of Income Tax (Appeals)-Iii, Surat [In Short “The Cit(A)’] Dated 23-12-2014 For The Assessment Year 2009-10 Respectively. 2. Additional Grounds During The Course Of Appellate Proceedings, The Assessee Has Raised Additional Grounds, Which Are As Under: 1. On The Facts & In The Circumstances Of The Case As Well As Law On The Subject, The Learned Commissioner Of The Income Tax (Appeals) Has Erred In Enhancing The Addition To The Tune Of Rs.40,81,465/- U/S.251(10) Of The I.T. Act, 1961 On Account Of Cash Deposited In Bank Accounts Treated As Alleged Unexplained Cash Deposits. 2. On The Facts & In The Circumstances Of The Case As Well As Law On The Subject, The Learned Commissioner Of The Income Tax (Appeals)

Section 251(1)Section 251(10)

…Semadri Bhagvan Pradhan v. ITO, Ward-9(4), Surat/ITA No.3133/AHD/2014 & 307/AHD/2015 /A.Y. 2009-10 Page 1 of 8 आयकरअपील"यअ"धकरण,सुरत"यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A No.3133/AHD/2014 & 307/AHD/2015 "नधा"रणवष"/Assessment Year: 2009-10 Semadri Bhagvan Pradhan, Vs. Income Tax Officer, Ward-9(4), 176, Indira Nagar, Hira Baug, Surat. Varachha Road, Surat [PAN: AKSPP 3368 C] अपीलाथ" / Appellant ""यथ"/Respondent राज"वक"ओरसे /Revenue by Shri P.M. Jagasheth, CA "नधा"रतीक"ओरसे /Assessee by Smt.…

Shri Yogesh Hotwani, Mandsaur vs. The DCIT (Central), Indore

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

ITA 680/IND/2016[2012-13]Status: DisposedITAT Indore17 Jan 2017AY 2012-13

Bench: Shri D.T. Garasia & Shri O.P. Meena

…ccounted or unaccounted income is to be allowed. Therefore, to this extent, we find that the findings given by the ld. CIT(A) is justified. We find support from the decision of the Hon'ble High Court of Gujarat in the case of Tirupati Construction, (2015) 55 Taxmann.com 308 (Guj), relied upon by the ld. Authorized Representative of the assessee, wherein it was held that only peak of debit and credit entries of the seized papers/diaries could be assessed in the hands of the assessee and there was no justification for adding the entire receipts side of the seized papers and, accordingly, there is no merit…

The ACIT-Central-2, Indore vs. Shri Yogesh Kumar Hotwani, Mandsaur

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

ITA 674/IND/2016[2012-13]Status: DisposedITAT Indore17 Jan 2017AY 2012-13

Bench: Shri D.T. Garasia & Shri O.P. Meena

…ccounted or unaccounted income is to be allowed. Therefore, to this extent, we find that the findings given by the ld. CIT(A) is justified. We find support from the decision of the Hon'ble High Court of Gujarat in the case of Tirupati Construction, (2015) 55 Taxmann.com 308 (Guj), relied upon by the ld. Authorized Representative of the assessee, wherein it was held that only peak of debit and credit entries of the seized papers/diaries could be assessed in the hands of the assessee and there was no justification for adding the entire receipts side of the seized papers and, accordingly, there is no merit…