Indus Valley Promoters Ltd. v. Commissioner of Income-tax

305 ITR 202High Court2008#5499 most cited

What is Indus Valley Promoters Ltd. v. Commissioner of Income-tax authority for?

The Assessing Officer is justified in making additions under Section 68 for unexplained cash credits if the identity, creditworthiness of creditors, and genuineness of the transaction are not sufficiently proven. Deleting such additions by the CIT(A) may be erroneous if evidence is lacking.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2024.

Also referred to as

Indus Valley Promoters Ltd. v. CIT · Section 68 · unexplained cash credit · genuineness of transaction · identity of creditor · creditworthiness · addition by AO · deletion by CIT(A) · Section 143(3)

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Issues it is cited on

genuineness of the transactionunexplained cash creditsection 68personcompanysection 143(3)total incomedocument

Judgments citing Indus Valley Promoters Ltd. v. Commissioner of Income-tax

M/S. Goel & Jain Moulds Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, appeal of the assessee is dismissed

ITA 1606/DEL/2012[2006-07]Status: DisposedITAT Delhi11 Mar 2016AY 2006-07

Bench: Shri I.C.Sudhir & Shri O.P. Kantassessment Year: 2006-07

Section 250Section 68

…pital in nature and such a huge profit cannot be earned in 1st year, was a question of fact and no substantial question of law arose. He further relying on the judgment of the Hon’ble Delhi High Court in the case of Indus Valley Promoters Ltd. Vs. CIT (2008), 305 ITR 202 submitted that where there is an un-explained cash credit, it was open to the Assessing Officer to hold that it was the income of the assessee and no further burden lies on the assessing officer to show that income in question comes from any particular source. 3. 2 We have heard the rival submissions and perused the material on record. We find th…