Lalchand Bhagat Ambica Ram v. CIT

M/S Continental Carrier vs. Commissioner of Income Tax

…Page 11 of 19 Assessee could not be changed unless the AO finds the same to distort profits. 17. Lastly, Mr Kaushik referred to the decision of the Supreme Court in Lalchand Bhagat Ambica Ram v. CIT: 37 ITR 288 (SC) and of the Madras High Court in CIT, Chennai v. M/s Matrix Intel Pvt. Ltd. Chennai: 2006-TIOL-389-HC-MAD-IT and contended that it was incumbent upon the ITAT to consider all the facts, both for and against the Assessee, before rejecting the contentions or material submitted by the Assessee. He also relied on the decision of this Court i…

ACIT, New Delhi vs. M/S. Vip Growth Fund Pvt. Ltd., New Delhi

In the result, the Revenue’s Appeal stands dismissed

Bench: Shri H.S. Sidhu & Shri L.P. Sahuassessment Year: 2003-04 Assistant Commissioner Of Income Tax Vs. M/S Vip Gorwth Fund Pvt. Ltd. Circle 17(1), New Delhi 208, 4855/24, Ansar Road, Daryaganj, New Delhi – 110 002 (Pan:Aaacv2851M) (Appellant) (Respondent)

…surmises and conjectures as held by the Hon'ble Supreme Court in the following cases. a) Dhirajlal Girdharilal v CIT 26 ITR 775 b) Omar Salay Mohammed Sait v CIT 37 ITR 151 c) Dhakeshwari Cotton Mills Ltd. v CIT 26 ITR 775 d) Lalchand Bhagat Ambica Ram v CIT 37 ITR 288 17. In the case of Acchyalal Shaw v. ITO (2009) 30 SOT 44 (Kol.) (URO), the Hon'ble ITAT observed as under: 11 "Suspicion cannot replace evidential document. Simple argument or allegation of manipulation is not sufficient without proper evidence." 18. In view of the above facts and circumstances and available legal position, the share applicati…

CIT vs. Discovery Holdings Pvt Ltd

In the result the appeals filed by the revenue are partly allowed

…ITA 1089/2011,1090/2011 & 1097/2011 Page 1 of 20 THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 18.02. 2013 + ITA 1089/2011 + ITA 1090/2011 CIT ..... Appellant versus DISCOVERY ESTATES PVT. LTD. ..... Respondent + ITA 1097/2011 CIT ..... Appellant versus DISCOVERY HOLDINGS PVT. LTD. ..... Respondent Advocates who appeared in this case: For the Appellant : Mr N. P. Sahni, Sr. Standing Counsel with Mr Ruchesh Sinha, Jr. Standing Counsel. For the Respondents : Mr G. C. Srivastav…

CIT vs. Discovery Estates Pvt Ltd

In the result the appeals filed by the revenue are partly allowed

…ITA 1089/2011,1090/2011 & 1097/2011 Page 1 of 20 THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 18.02. 2013 + ITA 1089/2011 + ITA 1090/2011 CIT ..... Appellant versus DISCOVERY ESTATES PVT. LTD. ..... Respondent + ITA 1097/2011 CIT ..... Appellant versus DISCOVERY HOLDINGS PVT. LTD. ..... Respondent Advocates who appeared in this case: For the Appellant : Mr N. P. Sahni, Sr. Standing Counsel with Mr Ruchesh Sinha, Jr. Standing Counsel. For the Respondents : Mr G. C. Srivastav…

CIT vs. Discovery Estates Pvt Ltd

In the result the appeals filed by the revenue are partly allowed

…ITA 1089/2011,1090/2011 & 1097/2011 Page 1 of 20 THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 18.02. 2013 + ITA 1089/2011 + ITA 1090/2011 CIT ..... Appellant versus DISCOVERY ESTATES PVT. LTD. ..... Respondent + ITA 1097/2011 CIT ..... Appellant versus DISCOVERY HOLDINGS PVT. LTD. ..... Respondent Advocates who appeared in this case: For the Appellant : Mr N. P. Sahni, Sr. Standing Counsel with Mr Ruchesh Sinha, Jr. Standing Counsel. For the Respondents : Mr G. C. Srivastav…

CIT vs. Dinesh Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer may be relaxed in cases where there is evidence to show understatement of the investment. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Antbica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (L959) 37 ITR 288, the Supreme Court disapproved the practice of rnaking additions in the assessrnents on lnere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the variotts probabilities which weighed with the Income-tax Officer we may observe that…

CIT vs. Lata Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…sessing Officer may be relaxed in cases, where there is evidence to show understaternent of the investment. but . evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on mere suspicion and surmise or by taking note of the notorious practices prevailing in trade circies. At page 299 of the report, it was observed as follows : "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the…

CIT vs. Dinesh Jain HUF

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer rnay be relaxed in cases where there is evidence to show understatement of the investment. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Incorne Tax, Bihar and Orissa (L959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessrnents on rnere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the vari.otts probabilities which weighed with the Income-tax Officer we may observe that…

CIT vs. Dinesh Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer rnay be relaxed in cases where there is evidence to show understatement of the investment. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme CoF t disapproved the practice of making additions in the assessrnents on mere suspicion and surmise or by taking note of the notorious practices prevailing in trdde circles. At page 299 of the report, it was observed as follows : "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the…

CIT vs. Dinesh Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…essing Officer may be relaxed in cases where there is evidence to show understatement of the investment, but evidence to show the precise extent thereof is lacking. 14. In La/chand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on mere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that…

CIT vs. Dinesh Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…essing Officer may be relaxed in cases where there is evidence to show understatement of the investment, but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on mere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that…

CIT vs. Dinesh Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer may be relaxed in cases where there is evidence to show understatement of the investment, but evidence to show the precise extent thereof is lacking. . 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on mere suspicion and surmise 'l ;;#Hl-#,',T1: il::l"JJffliff l'*a'ing in trade circres At page "Adverting to the various probabiltties which weighed with the Income-tax Officer we may observe that the notoriety for smuggling food grains. and other commodtties to…

CIT vs. Lata Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…ssessing Officer rnay be relaxed in cases where there is evidence to show understatement of the investrnent. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Comrntssioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessrnents on mere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the various prol:abilities which weighed with the Income-tax Officer we may observe that th…

CIT vs. Dinesh Jain HUF

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer rnay be relaxed in cases where there is evidence to show understatement of the investrnent. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on lnere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the various proUoUtttties which weighed with the Income-tax Officer we may observe that the…

CIT vs. Lata Jain

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…Assessing Officer rnay be relaxed in cases where there is evidence to show understatement of the investment. but evidence to show the precise extent thereof is lacking. 14. In Lalchand Bhagat Ambica Ram Vs. Commissioner of Income Tax, Bihar and Orissa (1959) 37 ITR 288, the Supreme Court disapproved the practice of making additions in the assessments on mere suspicion and surmise or by taking note of the notorious practices prevailing in trade circles. At page 299 of the report, it was observed as follows : "Adverting to the various probabilities which weighed with the Income-tax Officer we may observe that the…