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

ITO 2(1)(4), Mumbai vs. Grandiose Jewellery P. Ltd, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 1413/MUM/2016[2010-11]Status: DisposedITAT Mumbai03 Feb 2020AY 2010-11

Bench: Sri Mahavir Singh, Vp & Sri Manoj Kumar Aggarwal, Am आयकर अपील िं./ Ita No.1413/Mum/2016 (ननर्ाारण वर्ा / Assessment Years 2010-11) The Income Tax Officer M/S Grandiose Jewellery Pvt. Ward-2(1)(4), R.No.553, 5Th Floor, Ltd., 402-B, 4Th Floor, Glitz बनाम/ Aayakar Bhavan, M.K. Road, Mall 99, Vithalwadi, Vs. Mumbai-400 020 Mumbai-02 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा िं./Pan No. Aaagca5371D अपीलार्थी की ओर े/ Appellant By Shri Rahul Raman, Cit Dr : प्रत्यर्थी की ओर े/ Respondent By : Shri Prakash Jotwani, Ar ुनवाई की तारीख / Date Of Hearing: 21.01.2020 घोर्णा की तारीख / Date Of Pronouncement: 03.02.2020

For Respondent: Shri Prakash Jotwani, AR
Section 139(1)Section 143(2)Section 143(3)

…ased on mere conjecture, surmise or suspicion, or on irrelevant and inadmissible evidences and material, is invalid and unsustainable in law vide; Umatharan Shaw & Bros. v. CIT, (1959) 37 ITR 271 (SC); Lachand Bhagat Ambica Ram v. CII, AIR 1959 SC 1295 (1959) 37 ITR 288 (SC); Dhakeshwari M/s Grandiose Jewellery Pvt. Ltd. Cotton Mills Ltd. v. CIT, AIR 1955 sc 65: (1954) 2 ITR 775 (SC); Dhiraj Lal Girdhari LaI v. CIT AIR 1955 SC 271 : (1954) 26 ITR 736 (SC). In making an assessment u/s.143(3) of the Income-tax Act, 1961, the ITO is not entitled to make a pure guess and make an assessment without reference to any ev…

Shagun Business Services Pvt. Ltd., Kolkata vs. I.T.O., Ward-5(1), Kolkata

Appeal is allowed

ITA 2395/KOL/2019[2009-10]Status: DisposedITAT Kolkata31 Jan 2020AY 2009-10

Bench: Shri Satbeer Singh Godara

Section 143(3)Section 147Section 148Section 68

…e case of the assessee. He rejected the contentions of the assessee that addition cannot be made on mere suspicion, conjectures and surmises as held by the Hon'ble Supreme Court in the case of Messrs. Lalchand Bhagat Ambical vs The Commissioner Of Income- Tax 37 ITR 288 SC. 3. Aggrieved the assessee is before us in appeal. 4. After hearing rival contentions, I find that the assessee has provided documentary evidence by way of contract notes, bank statements evidencing cheque payments for all these transactions, payment of security transactions tax before the Assessing Officer. The National Stock Exchange has co…

Sri Jagdish Prasad Sharma, New Delhi vs. ITO, Ghaziabad

The appeal of the assessee is dismissed

ITA 104/DEL/2015[2009-10]Status: DisposedITAT Delhi13 Jan 2020AY 2009-10

Bench: Shri Prashant Maharishi & Shri K.N.Charysri Jagdish Prasad Sharma, Vs. Ito, C/O. Mr. Sandeep Bhatnagar, Ward-1(3), Flat No. 12, 2Nd Floor, Sheel Tara Ghaziabad House, 4866/24, Ansari Road, Darya Ganj, New Delhi Pan: Azpps2130R (Appellant) (Respondent)

For Appellant: Ms. Timsi Sharma, CAFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 143(3)

…08) 174 Taxman 206 (Guj) : (2009) 222 CTR (Guj) 138. 35. R.B.N.J. Naidu v. CIT (1956) 29 ITR 194 (Nag), Chunilal Tikamchand Coal Co. Ltd. v. CIT (1955) 27 ITR 602 (Pat), Mehta Parikh & Co. v. CIT (1956) 30 ITR 181 (SC), Lalchand BhagatAmbica Ram v. CIT (1959) 37 ITR 288 (SC), Sri Ram Tandon v. CIT (1961) 42 ITR 689 (All) and Kanpur Steel Co. Ltd. v. CIT (1957) 32 ITR 56 (All)]. 36. Mehta Parikh & Co. v. CIT (1956) 30 ITR 181 (SC) and Lalchand Bhagat Ambica Ram v. CIT (1959) 37 ITR 288 (SC)]. 37. ITO v. Suresh Kalmadi (1988) 32 TTJ (Pune-Trib)(TM) 300. 38. [DCIT v. Rohini Builders (2002) Case laws on which assesse…

ACIT, New Delhi vs. M/S Educomp Infrastructure & School Management Ltd., New Delhi

In the result, all the three appeals of the Revenue are allowed partly for statistical purposes

ITA 545/DEL/2016[2013-14]Status: DisposedITAT Delhi29 Nov 2019AY 2013-14

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2012-13

Section 132

…closure of the Tull consideration. As pointed out earlier, this cannot per se constitute the basis of the addition, though we must hasten to add that it can very well be a starting point for further investigation. In Lalchand Bhagat Ambica Ram vs. CIT: (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessment on mere suspicion and surmises or by taking note of the "notorious practice" prevailing in trade circles. It was observed as under: "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the notoriety for smuggling food…

ACIT, New Delhi vs. M/S. Educomp Infrastructure & School Management Ltd., New Delhi

In the result, all the three appeals of the Revenue are allowed partly for statistical purposes

ITA 193/DEL/2017[2014-15]Status: DisposedITAT Delhi29 Nov 2019AY 2014-15

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2012-13

Section 132

…closure of the Tull consideration. As pointed out earlier, this cannot per se constitute the basis of the addition, though we must hasten to add that it can very well be a starting point for further investigation. In Lalchand Bhagat Ambica Ram vs. CIT: (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessment on mere suspicion and surmises or by taking note of the "notorious practice" prevailing in trade circles. It was observed as under: "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the notoriety for smuggling food…

ACIT, New Delhi vs. M/S. Educomp Infrastructure & School Management Ltd., Gurgaon

In the result, all the three appeals of the Revenue are allowed partly for statistical purposes

ITA 6894/DEL/2015[2012-13]Status: DisposedITAT Delhi29 Nov 2019AY 2012-13

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2012-13

Section 132

…closure of the Tull consideration. As pointed out earlier, this cannot per se constitute the basis of the addition, though we must hasten to add that it can very well be a starting point for further investigation. In Lalchand Bhagat Ambica Ram vs. CIT: (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessment on mere suspicion and surmises or by taking note of the "notorious practice" prevailing in trade circles. It was observed as under: "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the notoriety for smuggling food…

D.C.I.T. Central Cricle, Raipur vs. Mahamaya Steel Industries Ltd, Raipur

In the result, cross objections preferred by the assessee in CO

ITA 233/BIL/2014[2010-11]Status: DisposedITAT Raipur07 Nov 2019AY 2010-11

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita Nos.232 To 235/Rpr/2014 धनधाारण वषा / Assessment Years : 2009-10 To 2012-13

For Appellant: Shri Veekaas S. SharmaFor Respondent: Shri Santosh Kumar
Section 132

…आयकर अपीलीय अधधकरण न्यायपीठ रायपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं. / ITA Nos.232 to 235/RPR/2014 धनधाारण वषा / Assessment Years : 2009-10 to 2012-13 Deputy Commissioner of Income-tax, Central Circle, Raipur (C.G.) .......अपीलाथी / Appellant बनाम / V/s. M/s. Mahamaya Steel Industries Ltd., Mahamaya Tower, 3rd & 4th Floor, In front of Anupam Nagar, Near Varun Honda, G.E. Road, Raipur (C.G.) PAN: AABCR0695Q ……प्रत्यथी / Respondent CO Nos.32 to 35/RPR/2015 Assessment Years : 2009-10 to 2012-13 M/s.…

D.C.I.T. Central Cricle, Raipur vs. Mahamaya Steel Industries Ltd, Raipur

In the result, cross objections preferred by the assessee in CO

ITA 232/BIL/2014[2009-10]Status: DisposedITAT Raipur07 Nov 2019AY 2009-10

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita Nos.232 To 235/Rpr/2014 धनधाारण वषा / Assessment Years : 2009-10 To 2012-13

For Appellant: Shri Veekaas S. SharmaFor Respondent: Shri Santosh Kumar
Section 132

…आयकर अपीलीय अधधकरण न्यायपीठ रायपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं. / ITA Nos.232 to 235/RPR/2014 धनधाारण वषा / Assessment Years : 2009-10 to 2012-13 Deputy Commissioner of Income-tax, Central Circle, Raipur (C.G.) .......अपीलाथी / Appellant बनाम / V/s. M/s. Mahamaya Steel Industries Ltd., Mahamaya Tower, 3rd & 4th Floor, In front of Anupam Nagar, Near Varun Honda, G.E. Road, Raipur (C.G.) PAN: AABCR0695Q ……प्रत्यथी / Respondent CO Nos.32 to 35/RPR/2015 Assessment Years : 2009-10 to 2012-13 M/s.…

Prayag Polytech Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 7, New Delhi

In the result, appeal of the assessee is allowed

ITA 6625/DEL/2019[2016-17]Status: DisposedITAT Delhi07 Nov 2019AY 2016-17

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblei.T.A No. 6625/Del/2019 (A.Y 2016-17)

Section 142(1)Section 143(2)

…record. Thus, the Ld. AR submitted that this addition be deleted. The Ld. AR relied upon the following decisions: a) Dhakeswari Cotton Mills Ltd. Vs. CIT, West Bengal, (1954) 26 ITR 775 (SC). 5 I.T.A No. 6625/Del/2019 b) Lalchand Bhagat Ambica Ram vs. CIT 37 ITR 288 (SC). c) CIT vs. Ms. Shehnaz Hussain 267 ITR 572 (Del). d) J. J. Enterprises vs. CIT [2002] 254 ITR 216 (SC). e) Vichitra Constructions Pvt. Ltd. Vs. ACIT (ITA No.5047/Del/2015 dated 27.05.2019). 7. The Ld. DR submitted that the Assessing Officer as well as the CIT(A) has rightly disallowed these expenses as the assessee could not prove the genui…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5269/DEL/2019[2017-18]Status: DisposedITAT Delhi31 Oct 2019AY 2017-18

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

Agson Global Pvt. Ltd, Delhi vs. ACIT Central Circle-28, New Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 3743/DEL/2019[2014-15]Status: DisposedITAT Delhi31 Oct 2019AY 2014-15

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

Agson Global Pvt. Ltd, Delhi vs. ACIT CC-28, New Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 3742/DEL/2019[2013-14]Status: DisposedITAT Delhi31 Oct 2019AY 2013-14

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

Agson Global Pvt. Ltd, Delhi vs. ACIT CC-28, New Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 3741/DEL/2019[2012-13]Status: DisposedITAT Delhi31 Oct 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5268/DEL/2019[2016-17]Status: DisposedITAT Delhi31 Oct 2019AY 2016-17

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5267/DEL/2019[2015-16]Status: DisposedITAT Delhi31 Oct 2019AY 2015-16

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5266/DEL/2019[2014-15]Status: DisposedITAT Delhi31 Oct 2019AY 2014-15

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5265/DEL/2019[2013-14]Status: DisposedITAT Delhi31 Oct 2019AY 2013-14

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

ACIT, Central Circle- 28, New Delhi vs. Agson Global Pvt. Ltd., Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 5264/DEL/2019[2012-13]Status: DisposedITAT Delhi31 Oct 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

Agson Global Pvt. Ltd, Delhi vs. ACIT CC-28, New Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 3746/DEL/2019[2017-18]Status: DisposedITAT Delhi31 Oct 2019AY 2017-18

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…

Agson Global Pvt. Ltd, Delhi vs. ACIT Central Circle-28, New Delhi

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

ITA 3745/DEL/2019[2016-17]Status: DisposedITAT Delhi31 Oct 2019AY 2016-17

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri Sanjay Goyal, CIT DR
Section 139Section 143Section 153A

…posits arising out of accounted cash sales as unexplained cash credits merely on the basis surmises & conjectures is fallacious and deserves to be deleted. xxvii. Reference in this connection is craved to the case of Lalchand Bhagat Ambica Ram Vs. CIT (1959) 37 ITR 288 (SC) which is set in somewhat similar back drop in connection with treatment of the encashment of high denomination notes by Agson Global Pvt. Ltd Vs. ACIT, ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) (Assessment Year: 2012-13 to 2017-18) the assessee therein on the promulgation of High Denomination Bank Notes…