McDowell & Co. Ltd. v. CTO

154 ITR 148Supreme Court of India1985#68 most cited

What is McDowell & Co. Ltd. v. CTO authority for?

The Supreme Court held that while legitimate tax planning is permissible, transactions structured as a "colourable device" or "subterfuge" solely to avoid tax are impermissible. It mandates a judicial shift to look beyond the form to the substance of a transaction, allowing the lifting of the corporate veil in tax evasion arrangements.

741

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2008 to 2026.

Also referred to as

McDowell & Co. Ltd. v. CTO · 154 ITR 148 · tax avoidance vs. tax planning · colourable device · substance over form · lifting corporate veil · tax evasion · accommodation entry · genuineness of transaction · sections 143(3) · 147 · 68 · 69C

Also reported as

22 Taxmann 113 SCC 2301 SCR 914

Sections most often in play

Section 143(3)Section 148Section 147Section 68Section 69CSection 133ASection 132(4)Section 143(2)

Issues it is cited on

colourable deviceazadi bachao andolanlive linkentry operatorpenny stocksection 10(38)genuineness of the transactionlong term capital gainsaddition u/s 68share application moneyaccommodation entrysection 131

Judgments citing McDowell & Co. Ltd. v. CTO

N.K. Industries Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 447/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…ding loss, there is no question of applicability of section 40(a)(ia) of the Act. The Ld. A.R. relied upon the decision of Hon’ble Apex Court in case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT (1997) 227 ITR 172 (SC), Mc Dowell & Co. Ltd. (1985) 154 ITR 148 (SC), Virtual 400 ITR 409 and 370 ITR 547 (SC). The Ld. A.R. also relied upon the decision of Great Eastern Shipping related to interest which was decided by the Apex Court. 7. The Ld. DR submitted that as regards ground No.4, there was no transfer of goods and the assessee could not explain as to why the route of exchange, i.e. NSEL has been tak…

The Dy.CIT, Circle-3(1)(1)., Ahmedabad vs. N.K. Industries Ltd., Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 443/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2013-14

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…ding loss, there is no question of applicability of section 40(a)(ia) of the Act. The Ld. A.R. relied upon the decision of Hon’ble Apex Court in case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT (1997) 227 ITR 172 (SC), Mc Dowell & Co. Ltd. (1985) 154 ITR 148 (SC), Virtual 400 ITR 409 and 370 ITR 547 (SC). The Ld. A.R. also relied upon the decision of Great Eastern Shipping related to interest which was decided by the Apex Court. 7. The Ld. DR submitted that as regards ground No.4, there was no transfer of goods and the assessee could not explain as to why the route of exchange, i.e. NSEL has been tak…

The Dy.CIT, Circle-3(1)(1)., Ahmedabad vs. N.K. Industries Ltd., Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 442/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…ding loss, there is no question of applicability of section 40(a)(ia) of the Act. The Ld. A.R. relied upon the decision of Hon’ble Apex Court in case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT (1997) 227 ITR 172 (SC), Mc Dowell & Co. Ltd. (1985) 154 ITR 148 (SC), Virtual 400 ITR 409 and 370 ITR 547 (SC). The Ld. A.R. also relied upon the decision of Great Eastern Shipping related to interest which was decided by the Apex Court. 7. The Ld. DR submitted that as regards ground No.4, there was no transfer of goods and the assessee could not explain as to why the route of exchange, i.e. NSEL has been tak…

Income Tax Officer, Ward-17(1), Hyderabad vs. Welsh and Breton Blenders Private Limited, Hyderabad

In the result, appeal of the Revenue is dismissed

ITA 603/HYD/2024[2008-09]Status: DisposedITAT Hyderabad24 Apr 2025AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

For Appellant: Shri Sashank Dundu, AdvocateFor Respondent: Dr. Sachin Kumar, Sr. AR
Section 133(6)Section 194HSection 40

…is a clear case where the assessee company has tried to circumvent the law to avoid to pay tax and, therefore, by following the Judgment of Hon’ble Supreme Court in the case of 6 ITA.No.603/Hyd./2024 McDowells and Co. Ltd., vs., Commercial Tax Officer [1985] 154 ITR 148 (SC) held that, the assessee has designed a tax avoidance plan and, therefore, rejected the explanation of the assessee and made addition of Rs.3,71,85,810/- towards commission and cash incentives paid to retailers. 3. Being aggrieved by the assessment order, the assessee preferred an appeal before the learned CIT(A). Before the learned CIT(A),…

M/S Accord Mediplus Pvt Ltd, Pune vs. Income Tax Officer, Ward-1(1), Pune

ITA 17/PUN/2024[2018-19]Status: DisposedITAT Pune07 Apr 2025AY 2018-19

Bench: Dr.Manish Borad & Shri Vinay Bhamore

For Appellant: Shri Kishor B. Phadke and Shri Piyush BafnaFor Respondent: Shri Chandra Vijay
Section 1Section 147Section 56(2)

…ounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities" (vi) Corporate veil and intra group transactions have been used to camouflage receipt of shares at premium. Relied on Mc-dowell Ltd 154 ITR 148 (SC). 4.2. Hence, the entire transaction has been created and presented to misrepresent certain crucial facts and the entire projections on which DCF valuation has been done without any basis and not possible to achieve by any stretch of imagination as mentioned in detail as above. Thus, valuation of share as per DCF method is not reliable. More…

M/S Accord Mediplus Pvt Ltd, Pune vs. Income Tax Officer, Ward-1(1), Pune

ITA 16/PUN/2024[2017-18]Status: DisposedITAT Pune07 Apr 2025AY 2017-18

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.13 To 17/Pun/2024

Section 1Section 147Section 56(2)

…rounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities" (vi) Corporate veil and intra group transactions have been used to camouflage receipt of shares at premium. Relied on Mc-dowell Ltd 154 ITR 148 (SC). 4. 2. Hence, the entire transaction has been created and presented to misrepresent certain crucial facts and the entire projections on which DCF valuation has been done without any basis and not possible to achieve by any stretch of imagination as mentioned in detail as above. Thus, valuation of share as per DCF method is not reliable. Mor…

M/S Accord Mediplus Pvt Ltd, Pune vs. Income Tax Officer, Ward-1(1), Pune

ITA 15/PUN/2024[2016-17]Status: DisposedITAT Pune07 Apr 2025AY 2016-17

Bench: Dr.Manish Borad & Shri Vinay Bhamore

For Appellant: Shri Kishor B. Phadke and Shri Piyush BafnaFor Respondent: Shri Chandra Vijay
Section 1Section 147Section 56(2)

…ounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities" (vi) Corporate veil and intra group transactions have been used to camouflage receipt of shares at premium. Relied on Mc-dowell Ltd 154 ITR 148 (SC). 4.2. Hence, the entire transaction has been created and presented to misrepresent certain crucial facts and the entire projections on which DCF valuation has been done without any basis and not possible to achieve by any stretch of imagination as mentioned in detail as above. Thus, valuation of share as per DCF method is not reliable. More…

M/S Accord Mediplus Pvt Ltd, Pune vs. Income Tax Officer, Ward-1(1), Pune

ITA 14/PUN/2024[2015-16]Status: DisposedITAT Pune07 Apr 2025AY 2015-16

Bench: Dr.Manish Borad & Shri Vinay Bhamore

For Appellant: Shri Kishor B. Phadke and Shri Piyush BafnaFor Respondent: Shri Chandra Vijay
Section 1Section 147Section 56(2)

…ounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities" (vi) Corporate veil and intra group transactions have been used to camouflage receipt of shares at premium. Relied on Mc-dowell Ltd 154 ITR 148 (SC). 4.2. Hence, the entire transaction has been created and presented to misrepresent certain crucial facts and the entire projections on which DCF valuation has been done without any basis and not possible to achieve by any stretch of imagination as mentioned in detail as above. Thus, valuation of share as per DCF method is not reliable. More…

M/S Accord Mediplus Pvt Ltd, Pune vs. Income Tax Officer, Ward-1(1), Pune

ITA 13/PUN/2024[2014-15]Status: DisposedITAT Pune07 Apr 2025AY 2014-15

Bench: Dr.Manish Borad & Shri Vinay Bhamore

For Appellant: Shri Kishor B. Phadke and Shri Piyush BafnaFor Respondent: Shri Chandra Vijay
Section 1Section 147Section 56(2)

…ounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities" (vi) Corporate veil and intra group transactions have been used to camouflage receipt of shares at premium. Relied on Mc-dowell Ltd 154 ITR 148 (SC). 4.2. Hence, the entire transaction has been created and presented to misrepresent certain crucial facts and the entire projections on which DCF valuation has been done without any basis and not possible to achieve by any stretch of imagination as mentioned in detail as above. Thus, valuation of share as per DCF method is not reliable. More…

Barminco Indian Underground Mining Services LLP, Delhi vs. DCIT, Circle-28(1), Delhi

In the result, appeal of the Revenue is dismissed

ITA 2253/DEL/2022[2020-21]Status: DisposedITAT Delhi04 Apr 2025AY 2020-21

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.2253/िद"ी/2010(िन.व. 2006-07) Deputy Commissioner Of Income Tax, Circle-31(1), R. No. 1405, 14Th Floor, E-2 Block, Pratyakshkar Bhawan, Civic Centre, Jln Marg, ...... अपीलाथ"/Appellant New Delhi बनाम Vs. Niranjan Koirala, 27, Akbar Road, New Delhi ..... "ितवादी/Respondent Pan: Aaupk-0483-B Assessee By : Shri Tarandeep Singh, Advocate Department By : Shri Manoj Kumar, Sr. Dr सुनवाई क" ितिथ/ Date Of Hearing : 23.05.2025 घोषणा क" ितिथ/ Date Of Pronouncement : : 19.08.2025 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-Xxx, New Delhi (Hereinafter Referred To As 'The Cit(A)') Dated 18.02.2010, For Assessment Year 2006-07. 2. This Appeal Was Decided By The Tribunal Vide Order Dated 20.07.2018. Thereafter, The Revenue Filed Miscellaneous Application Seeking Rectification In The Order Of Tribunal On The Ground That The Additional Grounds Of Appeal Raised By The Revenue Vide Application Dated 13.08.2014 Remained To Be Decided. The Tribunal In Ma No. 732/Del/2018 Vide Order Dated 10.07.2023 Recalled The Order

For Appellant: Shri Tarandeep Singh, AdvocateFor Respondent: Shri Manoj Kumar, Sr. DR
Section 54F

…g as it is wrong to encourage or entertain the belief that it is honorable to avoid payment of tax by resorting to dubious methods. It is the obligation of every taxpayer to pay taxes honestly without resorting to subterfuge {McDowell & Co. Ltd. v. CTO (1985) 154 ITR 148 (SC)}. These trite propositions in law have also been exposited in a catena of other judgements which include Twinstar Holdings Ltd. Vs. DCIT (2003) 260 ITR; R.Krishnamurthy Vs. CIT (2003) 261 ITR 623(Mad); Bhagat Construction Co.(P) Ltd Vs. CIT(2001) 250 /TR 291 (Delhi;, Workmen of Association Rubber Industry Ltd. Vs. Associated Rubber Industry…

Yuvak Kalyan Sangh, Sindhudurg vs. CIT Exemption, Pune

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

ITA 1149/PUN/2023[2023-23]Status: DisposedITAT Pune21 Mar 2025AY 2023-23

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2023-24 Yuvak Kalyan Sangh Cit (Exemption), Pune Bijalinagar, Kankavli, Vs. Sindhudurg, Maharashtra – 416602 Pan: Aaaay1327K (Appellant) (Respondent) Assessee By : Shri Pramod S Shingte Department By : Shri Ajay Kumar Keshari - Cit Date Of Hearing : 27-01-2025 Date Of Pronouncement : 21-03-2025 O R D E R

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Ajay Kumar Keshari - CIT
Section 12ASection 12A(1)(ac)

…actions in question may have been executed as "colorable devices" to exploit favorable provisions meant for charitable trusts. As stated in the landmark judgment of the Hon'ble Supreme Court in the case of 'McDowell and Company Ltd vs. Commercial Tax Officer, 154 ITR 148, tax planning must be within the framework of the law, and colorable devices cannot be a part of legitimate tax planning. 7. Therefore, in view of the above issues and the lack of convincing evidence and explanations provided by the trust, the contentions put forth by the trust are hereby rejected The trust's actions appear to be inconsistent wit…

Deputy Commissioner of Income Tax, Jaipur vs. Shri Dulhe Ram Meena, Jaipur

ITA 288/JPR/2023[2020-21]Status: DisposedITAT Jaipur12 Mar 2025AY 2020-21

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

For Appellant: Shri Rajeev sogani, C.A. &For Respondent: Shri Anup Singh, Addl. CIT
Section 133(6)Section 143(3)Section 68Section 69

…st the colour provided by the assessee to give legitimacy to the said credited amount in its books. Reliance is place on the judgements:  Sumatı Dayal v Commissioner of Income tax/1995] 80 Taxman 89 (SC)  McDowell & Co. Ltd. v. Commercial Tax Officer (1985) 154 ITR 148/22 Taxman 11 (SC) B. Addition of Rs. 17,14,830/- on account of sale of agricultural produce: The assessee showed income of Rs. 11,92,776/- from sale of agricultural produce and Rs. 5,61,614/-on account of sale of vegetables during the year. a) Income of Rs 11,92,776/- from sale of agricultural produce:-  The assessee stated that he has sold agri…

Jaibhagwan Banarasidas Jindal, Jalna vs. The Income Tax Officer, Ward-1, Jalna

In the result, the appeal filed by the assessee is allowed

ITA 2016/PUN/2024[2016-17]Status: DisposedITAT Pune27 Feb 2025AY 2016-17

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

For Appellant: Shri Jaiprakash BairagraFor Respondent: Shri Ramnath P Murkunde
Section 10(38)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 151

…Mishra (320 ITR 1), in which the Hon'ble Apex Court noted with grave concerned the rampant circulation of unaccounted money destroying the economy of our country. Further, the ratio of the decision of the Hon'ble Supreme Court in the case of Mc Dowell Vs CTO (154 ITR 148) is also relied upon. In this land mark decision, the Hon'ble Apex Court noted with concern the colourable devices of tax planning. Considering the gamut of issues dealt with in the assessment order with which the undersigned concurs, the decision of the assessing officer is upheld and Grounds No. 4 to 12 raised in this appeal are dismissed. 6 La…

Paras Mal Jain, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-1, Jaipur

In the result, the appeal of the assessee is allowed

ITA 1469/JPR/2024[2014-15]Status: DisposedITAT Jaipur26 Feb 2025AY 2014-15
For Appellant: Shri R.K. Bhatra, CAFor Respondent: Shri Arvind Kumar, CIT-DR (Thru' V.C.)
Section 132(1)Section 142(1)Section 143Section 143(3)Section 271A

…the mouth of the assessee. No Court or the Tribunal should countenance an assessee the attitude of failure to produce relevant material and ask the adversary to disprove it. This attitude was decried by Chinnappa Reddy, J. in McDowell & Co. Ltd. v. CTO [1985] 154 ITR 148 (SC)." Further, the evidences and the documents and all the statements and the seizure memo etc. pertaining to the search and seizure action and pertaining to assessment proceedings have not been placed on record during the appellate proceedings. The unexplained jewellery found during the course of search and seizure action also falls under the d…

Bajaj Holdings & Investment Ltd ( Formerly Bajaj Auto Ltd), Mumbai vs. ACIT Ltu, Mumbai

ITA 5299/MUM/2010[2006-07]Status: DisposedITAT Mumbai17 Feb 2025AY 2006-07
Section 143(3)

…behind drafting the agreements between the assessee and the financial institution was to reduce the tax liability artificially of both the parties and as such the ratio of the decision of the hon'ble apex court in the case of McDowell Ltd. v, CTO [1985] 154 ITR 148 (SC) has wrongly been, interpreted" The Hon'ble High Court rejected the appeal of Revenue by holding as under: ITA No. 6838/Mum/2008, ITA No.6674/Mum/2008 ITA No.1223/Mum/2010, ITA No. 535/Mum/2010 ITA No.5299/Mum/2010, ITA No.4632/Mum/2010 Assessment Years 2004-05, 2005-06 & 2006-07 40 3. "Only contention raised by the l…

Bajaj Holdings & Investments Ltd ( Formerly Known As Bajaj Auto Ltd), Mumbai vs. Addl CIT RG 3(1), Mumbai

The appeals are partly allowed

ITA 6838/MUM/2008[2004-2005]Status: DisposedITAT Mumbai17 Feb 2025AY 2004-2005

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Ms. Vasanti PatelFor Respondent: Shri Ankush Kapoor
Section 143(3)

…essee behind drafting the agreements between the assessee and the financial institution was to reduce the tax liability artificially of both the parties and as such the ratio of the decision of the hon'ble apex court in the case of McDowell Ltd. v, CTO [1985] 154 ITR 148 (SC) has wrongly been, interpreted" The Hon'ble High Court rejected the appeal of Revenue by holding as under: ITA No. 6838/Mum/2008, ITA No.6674/Mum/2008 ITA No.1223/Mum/2010, ITA No. 535/Mum/2010 ITA No.5299/Mum/2010, ITA No.4632/Mum/2010 Assessment Years 2004-05, 2005-06 & 2006-07 3. "Only contention raised by the learned counsel for the R…

Rajnish Bharti HUF, Mumbai vs. The Income Tax Officer 20(3)(1), Mumbai, Lalbaug

In the result, both the appeals of the In the result, both the appeals of the assessee are dismissed assessee are dismissed whereas appeals of the Revenue are allowed

ITA 3941/MUM/2023[2010-11]Status: DisposedITAT Mumbai30 Jan 2025AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mrs. Sanyogita Nagpal, CIT-DRFor Respondent: Mr. C.V. Jain
Section 143(3)Section 148

…from hawala operator falls within the ambit of the term "colourable devices" and the Supreme Court "colourable devices" and the Supreme Court observed in the case of MC observed in the case of MC Dowell and Company Ltd V/s CTO Dowell and Company Ltd V/s CTO 154 ITR 148 that "Tax planningmay 154 ITR 148 that "Tax planningmay be legitimate provided it is be legitimate provided it is within the framework of law. Colourable devices cannot be within the framework of law. Colourable devices cannot be within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or enterta…

Rajnish Bharti HUF, Mumbai vs. The Income Tax Officer 20(3)(1), Mumbai, Lalbaug

In the result, both the appeals of the In the result, both the appeals of the assessee are dismissed assessee are dismissed whereas appeals of the Revenue are allowed

ITA 3912/MUM/2023[2009-10]Status: DisposedITAT Mumbai30 Jan 2025AY 2009-10

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mrs. Sanyogita Nagpal, CIT-DRFor Respondent: Mr. C.V. Jain
Section 143(3)Section 148

…from hawala operator falls within the ambit of the term "colourable devices" and the Supreme Court "colourable devices" and the Supreme Court observed in the case of MC observed in the case of MC Dowell and Company Ltd V/s CTO Dowell and Company Ltd V/s CTO 154 ITR 148 that "Tax planningmay 154 ITR 148 that "Tax planningmay be legitimate provided it is be legitimate provided it is within the framework of law. Colourable devices cannot be within the framework of law. Colourable devices cannot be within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or enterta…

Brij Raj Singh Rathaur, New Delhi vs. JCIT, Range-41, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 315/DEL/2019[2007-08]Status: DisposedITAT Delhi15 Jan 2025AY 2007-08

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishraआ.अ.सं/.I.T.A No.315/Del/2022 िनधा"रणवष"/Assessment Year:2016-17 बनाम Dcit, Sukhbir Singh Chabra Huf Circle 61(1), Vs. 6, Rani Jhansi Road, Delhi. Motia Khan, Delhi. Pan No.Aaahs5683P अपीलाथ" Appellant ""यथ"/Respondent

Section 133(6)Section 44ASection 92C

…ITA No.315/Del/2022 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आ.अ.सं/.I.T.A No.315/Del/2022 िनधा"रणवष"/Assessment Year:2016-17 बनाम DCIT, SUKHBIR SINGH CHABRA HUF Circle 61(1), Vs. 6, Rani Jhansi Road, Delhi. Motia Khan, Delhi. PAN No.AAAHS5683P अपीलाथ" Appellant ""यथ"/Respondent Shri Satyen Sethi, Adv. & Assessee by Shri A.T. Panda, Adv. Shri Manish Gupta, Sr. DR Revenue by सुनवाईक"तारीख/ Date of hearing: 21.08.2025 04.11.2025 उ"ोषणाक"तारीख/Pronouncement on आदेश /O R D E R PER C.N. PRASAD,…

M/S Shah Traders, Mumbai vs. Commissioner of Income Tax-(Appeals) NFAC, Mumbai

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 5564/MUM/2024[2016-17]Status: DisposedITAT Mumbai07 Jan 2025AY 2016-17

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailm/S. Shah Traders, Dw-6251, Bharat Diamond Bourse, Bandra Kurla Complex, G-Block, Bandra East Mumbai – 400051 ............... Appellant Pan : Aabfs6536J V/S Dcit, Circle – 19(3), Piramal Chamber, Lalbaug Parel, ……………… Respondent Mumbai - 400012

For Appellant: Shri Amit JhaveriFor Respondent: Shri Pushkaraj Bhangepatil, Sr.DR
Section 133ASection 143(1)Section 147Section 148Section 250Section 69C

…ishra (320 ITR1), in which the Hon'ble Apex court noted with great concerned that rampant circulation of un accounted money destroying the economy of our country. Further, the ratio of the decision of the Hon'ble Supreme court in the case of Mc Dowell Vs CTO (154 ITR 148) is also relied upon. In this landmark decision the Hon'ble Apex court noted with concern the coulourable devices of tax planning. Therefore, information available with the department found to be genuine in view of that the onus of proof be genuineness of the transaction was on the assesse which it has failed to discharge. It clearly proves that…