Lalchand Bhagat Ambica Ram v. CIT

37 ITR 288Supreme Court of India1959#110 most cited

What is Lalchand Bhagat Ambica Ram v. CIT authority for?

Where an assessee maintains regular books of account, and these books are not rejected or found defective by the Assessing Officer, any cash deposits or available cash shown in the cash book, if sufficient to cover the transaction, cannot be treated as unexplained income or an addition under sections 68 or 69A.

570

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2009 to 2026.

Also referred to as

Lalchand Bhagat Ambica Ram v. CIT · unexplained cash deposit · cash credit section 68 · unexplained money section 69A · rejection of books of account section 145(3) · acceptance of books · sufficiency of cash balance · assessment addition · cash book balance · mercantile system of accounting

Sections most often in play

Section 143(3)Section 68Section 115BBESection 142(1)Section 147Section 132Section 143(2)Section 69A

Issues it is cited on

section 132(4a)dumb documentsrejection of books of accountsection 69bsection 292csection 145(3)section 34loose paperson-moneysection 10(38)penny stockaddition u/s 68

Judgments citing Lalchand Bhagat Ambica Ram v. CIT

Opg Securities Private Limited, New Delhi vs. DCIT, CC-8, New Delhi

In the result, the appeals in ITA No

ITA 1818/DEL/2021[2012-13]Status: DisposedITAT Delhi17 Oct 2023AY 2012-13

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 1818/Del/2021 : Asstt. Year : 2012-13 Ita No. 1819/Del/2021 : Asstt. Year : 2013-14 Ita No. 1820/Del/2021 : Asstt. Year : 2014-15 Ita No. 1821/Del/2021 : Asstt. Year : 2015-16 Ita No. 1822/Del/2021 : Asstt. Year : 2016-17 Ita No. 1823/Del/2021 : Asstt. Year : 2017-18 Ita No. 1824/Del/2021 : Asstt. Year : 2018-19 Opg Securities Pvt. Ltd., Vs Dcit, 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110002 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 1204/Del/2022 : Asstt. Year : 2012-13 Ita No. 1205/Del/2022 : Asstt. Year : 2013-14 Ita No. 1206/Del/2022 : Asstt. Year : 2014-15 Opg Securities Pvt. Ltd., Vs Dcit, E-24, Preet Vihar, Central Circle-8, New Delhi-110092 New Delhi-110055 (Appellant) (Respondent) Pan No. Aaaco1081C Ita No. 57/Del/2022 : Asstt. Year : 2016-17 Ita No. 58/Del/2022 : Asstt. Year : 2017-18 Ita No. 59/Del/2022 : Asstt. Year : 2018-19 Dcit, Vs Opg Securities Pvt. Ltd., 1St Floor, 4/10, Asaf Ali Road, Central Circle-8, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaco1081C Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Sh. Subhra J. Chakraborty, Cit-Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 17.10.2023

For Appellant: Sh. Akshat Jain, CA &For Respondent: Sh. Subhra J. Chakraborty, CIT-DR
Section 65BSection 69ASection 69C

…ney, the additions made without independent/ corroborative evidence is not permissible in law [refer K.P. Verghese v ITO: 31 ITR 597 (SC)], Reliance was also placed upon following decisions: a) Supreme Court in the case of Lalchand Bhagat Ambica Ram vs. CIT: 37 ITR 288 b) CBI vs. V.C. ShukIa. &Ors.(supra) c) Common Cause vs. Union of India (supra) (xxxvii) Reliance was also placed on the following decisions wherein it has been held that any allegation of movement of money must be corroborated by actual evidence supporting such allegation for making addition. a) P V. Kalyansundaram: 282 ITR 259 (Mad.) affirmed…

ACIT, Central Circle-2, Udaipur vs. M/S Mewar Hospital Pvt. Ltd., Udaipur

In the result the appeal of the assessee in ITA No

ITA 169/JODH/2022[2018-19]Status: DisposedITAT Jodhpur12 Oct 2023AY 2018-19
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

ACIT, Central Circle-2, Udaipur vs. M/S Mewar Hospital Pvt. Ltd., Udaipur

In the result the appeal of the assessee in ITA No

ITA 168/JODH/2022[2017-18]Status: DisposedITAT Jodhpur12 Oct 2023AY 2017-18
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

ACIT, Central Circle-2, Udaipur vs. M/S Mewar Hospital Pvt. Ltd., Udaipur

In the result the appeal of the assessee in ITA No

ITA 167/JODH/2022[2016-17]Status: DisposedITAT Jodhpur12 Oct 2023AY 2016-17
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 144/JODH/2022[2018-19]Status: DisposedITAT Jodhpur12 Oct 2023AY 2018-19
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 143/JODH/2022[2017-18]Status: DisposedITAT Jodhpur12 Oct 2023AY 2017-18
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 142/JODH/2022[2016-17]Status: DisposedITAT Jodhpur12 Oct 2023AY 2016-17
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 141/JODH/2022[2015-16]Status: DisposedITAT Jodhpur12 Oct 2023AY 2015-16
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 140/JODH/2022[2014-15]Status: DisposedITAT Jodhpur12 Oct 2023AY 2014-15
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Mewar Hospital Pvt. Ltd., Udaipur vs. ACIT, Central Circle-2, Udaipur

In the result the appeal of the assessee in ITA No

ITA 139/JODH/2022[2012-13]Status: DisposedITAT Jodhpur12 Oct 2023AY 2012-13
Section 143(3)Section 145Section 153A

…e. To support the report, arguments the ld. AR of the assessee has relied upon the following decisions:- • DCIT vs. Bharat Trading Company in ITA No. 366 & 471/JP/1990. • Omar Salary Mohamed Sait vs. CIT 37 ITR 151 (SC). • Lal Chand Bhagat Ambica Ram vs. CIT 37 ITR 288. 13.5 We have heard the rival contention, perused the material available on record and gone through the judgment relied upon by both the parties to drive home to their respective contentions advanced before us. The Bench noted that the apple of discord in this ground is the estimation of the X-ray receipts, which is computed on the consumption o…

Shri Bimal Paul, Silchar vs. Income Tax Officer, Ward-1, Silchar

In the result, both the appeals of the assessee are dismissed

ITA 8/GTY/2016[2011-12]Status: DisposedITAT Guwahati06 Oct 2023AY 2011-12

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: N o n eFor Respondent: Shri Arun Bhowmick, JCIT
Section 142Section 143(2)Section 143(3)Section 153(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL GAUHATI BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2010-11 & Assessment Year: 2011-12 Bimal Paul, Income Tax Officer, Ward-1, Prop. M/s. Lokenath Silchar, Assam Enterprise Rice Market, Vs. Fatak Bazar, Silchar- 788001, Assam (PAN: AJMPP9568K) (Appellant) (Respondent) Present for: Appellant by : N o n e Respondent by : Shri Arun Bhowmick, JCIT Date of Hearing : 17.07.2023 Date of Pronouncement : 06.10.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: Both the captioned appeals fi…

Shri Bimal Paul, Silchar vs. Income Tax Officer, Ward-1, Silchar

In the result, both the appeals of the assessee are dismissed

ITA 211/GTY/2014[2010-11]Status: DisposedITAT Guwahati06 Oct 2023AY 2010-11

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: N o n eFor Respondent: Shri Arun Bhowmick, JCIT
Section 142Section 143(2)Section 143(3)Section 153(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL GAUHATI BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2010-11 & Assessment Year: 2011-12 Bimal Paul, Income Tax Officer, Ward-1, Prop. M/s. Lokenath Silchar, Assam Enterprise Rice Market, Vs. Fatak Bazar, Silchar- 788001, Assam (PAN: AJMPP9568K) (Appellant) (Respondent) Present for: Appellant by : N o n e Respondent by : Shri Arun Bhowmick, JCIT Date of Hearing : 17.07.2023 Date of Pronouncement : 06.10.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: Both the captioned appeals fi…

DCIT, Central Circle-3, Surat vs. Shri Mahendra Champaklal Mehta, Surat

In the result, IT(SS)A No

ITA 31/SRT/2021[2016-17]Status: DisposedITAT Surat06 Sept 2023AY 2016-17

Bench: Shri Pawan Singh & Dr. Arjun Lal Sainiit(Ss)A No. 06/Srt /2021 (Assessment Year: 2015-16)

Section 132Section 139Section 143(2)Section 153CSection 254(1)

… K.P. Varshese Vs ITO 7 Taxman 13 (SC)  Common Cause (A Registered Society) Vs UOI (2017) 394 ITR 220 (SC)  CIT Vs P.V. Kalyanasundaram (2007) 294 ITR 49 (SC)  Umacharan Shaw & Bros Vs CIT (1973) 37 ITR 271 (SC)  Lalchand Bhagat Ambica Ram Vs CIT (1959) 37 ITR 288 (SC)  Dhakeshwari Cotton Mills Ltd. Vs CIT (1954) 26 ITR 775 (SC)  CIT Vs Maulikumar K. Shah 307 ITR 137 (Guj)  Govindbhai N. Patel Vs DCIT 41 taxmann.com 147 (Guj)  CIT Vs Lavanya Land (P) Ltd. (2017) 83 taxmann.com 161 (Bom)  ACIT Vs Miss Lata Mangeshkar (1974) 97 ITR 696 (Bom)  CIT Vs Anil Khandelwal (2015) 93 CCH 0042 (Del)  CIT Vs S.M.…

Asst. Commissioner of Income Tax, Central Circle-1, Surat vs. Kush Corporation, Surat

In the result, grounds of cross objection raised by assessee is partly allowed

ITA 357/SRT/2022[2016-17]Status: DisposedITAT Surat05 Sept 2023AY 2016-17

Bench: Shri Pawan Singh & Dr. Arjun Lal Sainiit(Ss)A No. 93 & 94/Srt /2022 (Assessment Year: 2014-15 & 2015-16)

Section 133ASection 254(1)

…missible on mere assumption or presumption, the ld. AR of the assessee relied upon the following case laws:  CIT Vs P.V. Kalyanasundaram (2007) 294 ITR 49 (SC),  Umacharan Shaw & Bros Vs CIT (1973) 37 ITR 271 (SC),  Lalchand Bhagat Ambica Ram Vs CIT (1959) 37 ITR 288 (SC),  Dhakeshwari Cotton Mills Ltd. Vs CIT (1954) 26 ITR 775 (SC),  CIT Vs Maulikumar K. Shah 307 ITR 137 (Guj),  CIT Vs Lavanya Land (P) Ltd. (2017) 83 taxmann.com 161 (Bom),  Anvar P.V. Vs P.K. Baseer and others (2014) 10 SCC 473,  Ravinder Singh Kaku Vs State of Punjab (2022) Live Law (SC) 461. IT(SS)A No. 93 & 94 & ITA 357/Srt/2022 & CO…

ACIT, Circle-49(1), New Delhi vs. Goel Jewellers Overseas Corp, New Delhi

In the result, the Appeal filed by the Revenue in ITA No

ITA 1597/DEL/2022[2017-18]Status: DisposedITAT Delhi24 Aug 2023AY 2017-18

Bench: SHRI N. K. BILLAIYA (Accountant Member)

Section 115BSection 143(2)Section 145(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI BEFORE, SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER ACIT M/s Goel Jewellers Overseas Circle-49(1) Corp New Delhi Vs. 2213, Gurudwara Road Karol Bagh New Delhi-110 005 PAN-AAGFG 6440E (Appellant) (Respondent) Cross Objector No.131/Del/2022 Arising out of ITA No.1597/Del/2022 (ASSESSMENT YEAR 2017-18) M/s Goel Jewellers ACIT Overseas Corp Circle-49(1) 2213, Gurudwara Road Vs. New Delhi Karol Bagh New Delhi-110 005 PAN-AAGFG 6440E (Cross Objector) (Respondent) Appellant by Mr. Vivek Kumar Upadhyay, Sr…

Manasi Jewellers Private Limited, Mumbai vs. The Deputy Commissioner of Income Tax, Central Circle 3(4), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 819/MUM/2023[2020-2021]Status: DisposedITAT Mumbai23 Aug 2023AY 2020-2021

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blemanasi Jewellers Pvt. Ltd V. Dcit, Central Circle 3(4) Office No. 37, 97/101 Room No. 1915 Mumbadevi Diamond Premises Air India Building, Nariman Point Mumbai- 400021 Sheikh Memon Street Zaveri Bazar, Mumbai- 400002 Pan: Aabcm5354P (Appellant) (Respondent)

Section 132Section 143(2)Section 153CSection 69Section 69A

…bly a good explanation, convert good proof into no proof. 1. Hon'ble Bombay High Court in the case of Narendra G. Goradia vs. CIT [1998] 234 ITR 571 (Bombay) relying on the decision of Hon'ble apex court in the case of Lalchand Bhagat Ambica Ram vs CIT (1959) 37 ITR 288 (SC) and Sreelekha Banerjee vs CIT (1963) 49 ITR 112 (SC) held that where the business, the state of accounts and dealings of the Appellant justify a reasonable inference that he might have for convenience kept the whole or a part of particular sum in high denomination notes, the Appellant, prima facie, discharges his initial burden when he proves…

Abhay Chordia, Jaipur vs. DCIT Circle 1, Jaipur

Appeal of the assessee is partly allowed

ITA 291/JPR/2023[2014-15]Status: HeardITAT Jaipur03 Aug 2023AY 2014-15

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Deeraj Borad, CAFor Respondent: Sh. Anoop Singh (Addl. CIT)
Section 139(1)Section 143(3)Section 145(3)Section 69C

…. In this regard the assessee craves leave to refer to and rely upon on the following judgments of the Hon’ble Supreme Court: 1. Dharkeshwari Cotton Mills Ltd. Vs. CIT 26 ITR 775 2. Omar Salay Mohammed Vs. CIT 37 ITR 151 3. Lal Chand Bhagat Ambica Ram Vs. CIT 37 ITR 288 (l) That detailed exhaustive stock register has been maintained for each and every items traded and the same was duly produced before the A.O. (m) That out of total sales of Rs. 16,77,23,126/- except a meager local sales of Rs. 56,63,661/- the balance sales of Rs. 16,20,59,465/- are export sales and full record of export has been maintained by th…

ACIT, Circle-17(1), New Delhi vs. Mitsui & Co. India Pvt. Ltd., New Delhi

In the result, the appeal of the assessee is allowed

ITA 765/DEL/2020[2014-15]Status: DisposedITAT Delhi26 Jul 2023AY 2014-15

Bench: Shri Kul Bharat & Shri M.Balaganesh[Assessment Year : 2014-15] Acit, Vs Mitsui & Co. India Pvt.Ltd., Circle-17(1), 4Th Floor, World Mark, 3, Aero City, New Delhi. Nh-8, New Delhi-110037. Pan-Aadcm4488J Appellant Respondent [Assessment Year : 2014-15] Mitsui & Co. India Pvt.Ltd., Vs Acit, 4Th Floor, World Mark, 3, Aero City, Sr-6, Nh-8, New Delhi-110037. New Delhi. Pan-Aadcm4488J Appellant Respondent Appellant By Shri Sanjay Kumar, Sr. Dr Respondent By Shri Ved Jain, Adv., Shri Aman Garg & Ms. Supriya Mehta, Ca Date Of Hearing 01.06.2023 Date Of Pronouncement 26.07.2023 Order

Section 143(3)Section 14ASection 40

…hy relationship between the company and its staff and therefore, incurred on account of business expediency thus, the allowable expenditure. He further relied upon following case laws:-  “Hon'ble Supreme Court in the case of Lalchand Bhagat Ambica Ram Vs CIT 37 ITR 288 (SC);  Hon'ble Delhi High Court in the case of CIT Vs Ms. Shehnaz Hussain 267 ITR 572 (Del.);  ACIT Vs M/s. Modi Rubber Limited, ITA No.1952/Del/2014 (ITAT Delhi);  ACIT versus Precision Pipes & Profiles Co. Ltd., No.- ITA No.4257 & 4258/D/2012 [ITAT Delhi];  Sonic Biochem Extractions P. Ltd. v. ITO (2013) 23 ITR 447/59 SOT 4(URO)(Mum.)(Trib.)…

Mitsui & Co. India Private Limited, New Delhi vs. ACIT, Sr-6, New Delhi

In the result, the appeal of the assessee is allowed

ITA 467/DEL/2020[2014-15]Status: DisposedITAT Delhi26 Jul 2023AY 2014-15

Bench: Shri Kul Bharat & Shri M.Balaganesh[Assessment Year : 2014-15] Acit, Vs Mitsui & Co. India Pvt.Ltd., Circle-17(1), 4Th Floor, World Mark, 3, Aero City, New Delhi. Nh-8, New Delhi-110037. Pan-Aadcm4488J Appellant Respondent [Assessment Year : 2014-15] Mitsui & Co. India Pvt.Ltd., Vs Acit, 4Th Floor, World Mark, 3, Aero City, Sr-6, Nh-8, New Delhi-110037. New Delhi. Pan-Aadcm4488J Appellant Respondent Appellant By Shri Sanjay Kumar, Sr. Dr Respondent By Shri Ved Jain, Adv., Shri Aman Garg & Ms. Supriya Mehta, Ca Date Of Hearing 01.06.2023 Date Of Pronouncement 26.07.2023 Order

Section 143(3)Section 14ASection 40

…hy relationship between the company and its staff and therefore, incurred on account of business expediency thus, the allowable expenditure. He further relied upon following case laws:-  “Hon'ble Supreme Court in the case of Lalchand Bhagat Ambica Ram Vs CIT 37 ITR 288 (SC);  Hon'ble Delhi High Court in the case of CIT Vs Ms. Shehnaz Hussain 267 ITR 572 (Del.);  ACIT Vs M/s. Modi Rubber Limited, ITA No.1952/Del/2014 (ITAT Delhi);  ACIT versus Precision Pipes & Profiles Co. Ltd., No.- ITA No.4257 & 4258/D/2012 [ITAT Delhi];  Sonic Biochem Extractions P. Ltd. v. ITO (2013) 23 ITR 447/59 SOT 4(URO)(Mum.)(Trib.)…

Bhandari Gold and Jewellers Private Limited, Mumbai vs. CIT (Appeal), NFAC - Delhi

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

ITA 1619/MUM/2022[2017-2018]Status: DisposedITAT Mumbai19 Jul 2023AY 2017-2018

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

Section 143(3)Section 68

…n 68 of the Act needs to be deleted. Page No. | 53 ITA NO. 1564& 1619/MUM/2022 (A.Y: 2017-18) M/s. Bandari Gold and Jewellers Pvt. Ltd., Sr.No. Citation Observation 1. Lalchand Bhagat Ambica Ram The Hon'ble Court decided the matter in favour of v. CIT [1959] 37 ITR 288 (SC), assessee on the ground that it was clear on the record that the appellant maintained its books of account according to the mercantile system and they were maintained in its cash books showing the cash balances. The books of account of the appellant were not challenged by the Assessing officer. If the entries in the books of account were genu…