How many judgments cite Orient Trading Co. Ltd. v. CIT?

123 judgments on BharatTax cite Orient Trading Co. Ltd. v. CIT (49 ITR 723), spanning 2015 to 2026.

Which sections of the Income Tax Act does Orient Trading Co. Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 131, Section 147, Section 148, Section 132.

Orient Trading Co. Ltd. v. CIT

49 ITR 723High Court1963#844 most cited

What is Orient Trading Co. Ltd. v. CIT authority for?

When a cash credit is found, the assessee discharges the initial burden by proving the identity of the creditor and the genuineness of the transaction, shifting the burden to the Revenue. The assessee is not required to prove the source of the creditor's funds (source of source).

123

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

Orient Trading Co. Ltd. v. CIT · Section 68 · cash credits · onus of proof · identity of creditor · genuineness of transaction · source of source · shifting burden · creditworthiness · addition under section 68

Sections most often in play

Section 68 Section 143(3)Section 131 Section 147 Section 148 Section 132 Section 115BBE Section 133(6)

Issues it is cited on

summons under section 131 section 131(1)source of source permanent account number onus of proof creditworthiness of the creditor paper company addition under section 68 addition u/s 68 genuineness of the transaction share application money section 131

Judgments citing Orient Trading Co. Ltd. v. CIT

Income Tax Officer, Chandigarh vs. Sanbir Singh, Chandigarh

In the result, the appeal is dismissed

ITA 455/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh18 Oct 2024AY 2018-19

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Sahil Singla, Advocate &For Respondent: Shri Dharam Vir, JCIT, Sr. DR

Section 133(6)Section 148

…the lender prior to issue of such cheques; that details of the repayments were also furnished; and that the addition of such loans and interest therefrom had been rightly deleted. 23.4 The Hon'ble Bombay High Court, in ‘Orient Trading Company Ltd. vs CIT’ 49 ITR 723 (Bom.) held that when an entry stands in name of a third party, the assessee satisfies the ITO as to the identity of the third party and also supplies such other evidence which shows, prima facie, that the entry is not fictitious, the initial burden that lay on him can be said to be discharged by him and it will not, thereafter, be for the asse…

Florence Agro Farms, Mumbai vs. ITO, Ward-23(1)(6), Mumbai

ITA 2093/MUM/2024[2015-16]Status: DisposedITAT Mumbai23 Sept 2024AY 2015-16

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

Section 10(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) ITA Nos. 2093 & 2092/MUM/2024 Assessment Year: 2015-16 & 2016-17 Florence Agro Farms, F-11, 3rd floor, Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai-400020. PAN NO. AABFF 5181 C Appellant Vs. ITO Ward 23(1)(6), Piramal Chambers, Mumbai-400020. Respondent Assessee by Revenue by Mr. J B Bairagra/Ms. Rupa Nanda Ms. Rajeshwari Menon, Sr. DR Date of Hearing Date of pronouncement ORDER 09/07/2024 23/09/2024 PER OM PRAKASH KANT, AM These appeals by the assess…

Florence Agro Farms, Mumbai vs. Income Tax Officer, Ward 23(1)(6), Mumbai

In the result, the appeals of the assessee

ITA 2092/MUM/2024[2016-17]Status: DisposedITAT Mumbai23 Sept 2024AY 2016-17

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

For Appellant: Ms. Rajeshwari Menon, Sr. DRFor Respondent: Mr. J B Bairagra/Ms. Rupa Nanda

Section 10(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) ITA Nos. 2093 & 2092/MUM/2024 Assessment Year: 2015-16 & 2016-17 Florence Agro Farms, ITO Ward 23(1)(6), F-11, 3rd floor, Manek Mahal, 90, Piramal Chambers, Veer Nariman Road, Vs. Mumbai-400020. Churchgate, Mumbai-400020. PAN NO. AABFF 5181 C Appellant Respondent : Mr. J B Bairagra/Ms. Rupa Nanda Assessee by : Ms. Rajeshwari Menon, Sr. DR Revenue by : 09/07/2024 Date of Hearing Date of pronouncement : 23/09/2024 ORDER PER OM PRAKASH KANT, AM These appeals…

Ebro India Pvt.Ltd., Delhi vs. ACIT Circle-7(1), Delhi

In the result, the ground no 4 raised by the assessee is allowed

ITA 1291/DEL/2022[2018-19]Status: HeardITAT Delhi09 Sept 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Accountant Member)

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Rajesh Kumar, CIT DR

Section 143(3)Section 144BSection 144CSection 68

…el.) affirmed in Lovely Export (P) Ltd.: 319 ITR (St.) 5  CIT v. Dwarkadhish Investment Ltd: 194 Taxman 43 (Del.)  CIT v Antartica Investment (P) Ltd. 262 ITR 493 (Del)  PCIT vs Ami Industries India (P) Ltd: 424 ITR 219 (Bom.)  Orient Trading Co. Limited: 49 ITR 723 (Bom.)  CIT v. Gagandeep Infrastructure (P.) Ltd. – [2017] 80 taxmann.com 272 (Bombay)  CIT v. Vacmet Packaging India (P) Ltd.: 367 ITR 217 (All.)  CIT v. Arunanada Textiles P. Ltd: 333 ITR 116 (Kar)  CIT v. Metachem Industries: 245 ITR 160 (MP)  DCIT v. Rohini Builders: 256 ITR 360 (Guj)  CIT v. Shree Rama Multi Tech Ltd.: 215 Taxman 157 (G…

Arvindkumar Amulkh Tanna, Ahmedabad vs. The ACIT, Central Circle-2 (3), Ahmeadabad

ITA 577/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad31 Jul 2024AY 2015-16

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

Section 132Section 143(1)Section 143(3)Section 153A

…the bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of account but not the source of the source as held by the Bombay High Court in the case of Orient Trading Co. Ltd. v. CIT [1963] 49 ITR 723. The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques. Merely because summons issued to some of the creditors could not be s…

Sparrows Home Appliances Private Limited, Mumbai vs. ITO-11(2)-3, Mumbai

In the result, the appeal is allowed for statistical purpose

ITA 272/MUM/2024[2012-13]Status: DisposedITAT Mumbai26 Jul 2024AY 2012-13

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2012-13 Sparrows Home Ito- Ward 11(2)-3 Appliances Private Aayakar Bhawan, Maharshi Karve Road, Limited 803, 8Th Floor, New Marine Lines, Jay Antriksh, Vs. Churchgate, Makhwana Road, Mumbai- 400020. Marol Naka, Andheri (East), Mumbai- 400059. Pan: Aaocs5028F (Appellant) (Respondent) Present For : Assessee By : Ms. Kinjal Bhuta, A.R. Revenue By : Shri R. R. Makwana- Sr. D.R.

For Appellant: Ms. Kinjal Bhuta, A.RFor Respondent: Shri R. R. Makwana- SR. D.R

Section 143(1)Section 143(2)Section 147Section 148Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Assessment Year: 2012-13 Sparrows Home ITO- Ward 11(2)-3 Appliances Private Aayakar Bhawan, Maharshi Karve Road, Limited 803, 8th Floor, New Marine Lines, Jay Antriksh, Vs. Churchgate, Makhwana Road, Mumbai- 400020. Marol Naka, Andheri (East), Mumbai- 400059. PAN: AAOCS5028F (Appellant) (Respondent) Present for : Assessee by : Ms. Kinjal Bhuta, A.R. Revenue by : Shri R. R. Makwana- SR. D.R. Date of Hearing : 25 . 06 . 2024 Date of Pronouncement : 26 . 07 . 2…

ITO 28 (1)(1), Mumbai vs. Gahlot Construction, Mumbai

In the result, the appeal of the revenue & CO of the assessee is dismissed

ITA 2475/MUM/2021[2008-09]Status: DisposedITAT Mumbai23 Feb 2024AY 2008-09

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T. A. No. 2475/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2008-09) Ito-28(1)(1) बिधम/ M/S. Gahlot Construction Room No. 329, Tower No. Plot No-28A, Gahlot Vs. 6, 3Rd Floor, Vashi Railway Complex, Sector-10, Station, Navi Mumbai- Nerul, Navi Mumbai- 400703. 400703. Cross Objection No. 82/Mum/2023 Arising Out Of I.T.A. No.2475/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Gahlot Construction बिधम/ Ito-28(1)(1) Plot No-28A, Gahlot Room No. 329, Tower Vs. No. 6, 3Rd Floor, Vashi Complex, Sector-10, Nerul, Navi Mumbai-400703. Railway Station, Navi Mumbai-400703. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaofm5698J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Ms. Ritika Agarwal Revenue By: Shri Raj Singh Meel (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 30/01/2024 घोषणा की तारीख /Date Of Pronouncement: 23/02/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue; & The Assessee Has Filed A Cross Objection (Co) Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [Hereinafter Referred To As The “Cit(A)”] Dated 30.10.2021 For The Ay. 2008-09. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) Deleting The Addition Of Rs.5 Cr Which Was Added By The

For Appellant: Ms. Ritika AgarwalFor Respondent: Shri Raj Singh Meel (Sr. AR)

Section 132Section 139Section 147Section 151Section 153CSection 68

…lders (2002) 256 ITR 360 had dealt with a similar case and has taken note of the decision of Hon’ble Apex Court in the case of Orrisa Corporation (supra) and the decision of the Hon’ble Bombay High Court in the case of M/s. Orient Trading Co. Ltd V CIT (1963) 49 ITR 723 (Bom) were taken note by the Hon’ble Gujarat High Court in the case of Dy CIT vs Rohini Builders (supra) wherein the Hon’ble High Court observed at pages 369 and 370 of this order are reproduced hereunder:- "Thus it is clear that the assessee had discharged the initial onus which lays on it in terms of section 68 by proving the identity of the cr…

M/S Bagora Developers P Ltd, Indore vs. The Ait OSD, Indore

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 73/IND/2021[2011-12]Status: DisposedITAT Indore15 Feb 2024AY 2011-12

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Bagora Developers Pvt. Acit- Ltd. Indore 34, Revenue Nagar Vs. Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Aaecb6424E Assessee By Shri Siddharth Mahajan & Ashok Mahajan, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 15.01.2024 Date Of Pronouncement 15.02.2024

Section 148Section 234ASection 234BSection 271(1)(c)Section 271F

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER M/s. Bagora Developers Pvt. ACIT- ltd. Indore 34, Revenue nagar Vs. Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: AAECB6424E Assessee by Shri Siddharth Mahajan & Ashok Mahajan, ARs Revenue by Shri Ashish Porwal, Sr. DR Date of Hearing 15.01.2024 Date of Pronouncement 15.02.2024 O R D E R Per Vijay Pal Rao, JM : This appeal by the Assessee is directed against the order of Commissioner of Income Tax (Appeals), dated 11.02…

Udayan Grover, Mumbai vs. National Faceless Appeal Centre(NFAC), Delhi

In the result, appeal filed by the assessee is allowed

ITA 2880/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Feb 2024AY 2015-16

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

Section 10(38)Section 131Section 133(6)Section 142(1)Section 143(2)Section 57Section 68

…e Assessing Officer failed to invoke the provisions under Section 131 of the Act, the Tribunals had rightly concluded that it was sufficient to delete the addition. Besides, the Hon’ble Bombay High Court in the case of Orient Trading Co. Ltd. v. C.I.T. (1963) 49 ITR 723 (Bom) (Para 9) which has been referred by the P&H High Court in the aforesaid decision, had held so. Besides in the case of C.I.T. v. Kamalaben Sureshchandra (2014) 367 ITR 692 (Guj), the Hon’ble Gujurat High Court held that deletion by the CIT (A) was based on appreciation of evidence on record, and hence such decision has to be upheld by the Cou…

M/S. Bmm Ispat Limited, Hospet vs. Assistant Commissioner of Income Tax, Circle-1(1)(2), Bangalore

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 381/BANG/2023[2016-17]Status: DisposedITAT Bangalore24 Jan 2024AY 2016-17

Bench: Shri George George K. & Shri Chandra Poojariassessment Year: 2016-17

For Appellant: Shri K.R. Pradeep & Ms. Giriji G.P., A.RsFor Respondent: Shri Senthil Kumar N., D.R

Section 115BSection 142(1)Section 143(2)Section 234BSection 250Section 68Section 92C

…en the NFAC has not made or caused any enquiry and in a random basis sustained the addition, which is to be deleted in to to. He relied on the following judgements: 1) Decision of Hon’ble Bombay High Court in the case of Orient Trading Co. Ltd. Vs. CIT (1963) 49 ITR 723 2) Decision of the Hon’ble High Court of Delhi in the case of Toby Consultant (P) Ltd. Vs. CIT (2010) 324 ITR 338 3) Decision of the Hon’ble High Court of Delhi in the case of PCIT Vs. Bikram Singh (2017) 399 ITR 407. 4) Decision of the Hon’ble High Court of Gujarat in the case of Pawankumar M. Sanghvi Vs. ITO (2018) 404 ITR 601. 5) Decision of th…

DCIT, Cir-43, Kol, Kolkata vs. S.K.Agarwala & Co, Kolkata

In the result both the appeals of the Revenue are dismissed

ITA 486/KOL/2023[2017-18]Status: DisposedITAT Kolkata05 Dec 2023AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

Section 131Section 131oSection 133(6)Section 133ASection 143(1)Section 250Section 68

DCIT, Cir-43, Kol, Kolkata vs. S.K.Agarwala & Co, Kolkata

In the result both the appeals of the Revenue are dismissed

ITA 485/KOL/2023[2016-17]Status: DisposedITAT Kolkata05 Dec 2023AY 2016-17

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

Section 131Section 131oSection 133(6)Section 133ASection 143(1)Section 250Section 68

Divyamala Prakash, Guwahati vs. Income Tax Officer, Ward-1, Tezpur

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

ITA 70/GTY/2020[2016-17]Status: DisposedITAT Guwahati29 Nov 2023AY 2016-17

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Bleassessment Year: 2016-17 Divyamala Prakash Ito, Ward-1, Tezpur Flat No. 6A, Syndicate Marble, Six Vs. Mile Radhanagar, Guwahati-784036. Pan: Bpmpp 6934 E (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Shri Arun Bhowmick, Jcit Date Of Hearing : 02.11.2023 Date Of Pronouncement : 29.11.2023 O R D E R Per Sonjoy Sarma, Jm: This Appeal Of The Assessee For The Assessment Year 2016-17 Is Directed Against The Order Dated 14.01.2020 Passed By The Ld. Commissioner Of Income-Tax (Appeals) -1, Guwahati [Hereinafter Referred To As ‘The ‘Ld. Cit(A)’].

For Appellant: NoneFor Respondent: Shri Arun Bhowmick, JCIT

Section 131Section 143(2)Section 143(3)Section 69A

…d in the bank accounts of those creditors because under law the assessee can be asked to prove the source of credits in its books of account but not the source of the source held by the Hon’ble Bombay High Court in the case of Orient Trading Co. vs CIT (1963) 49 ITR 723 (Bom). The above judgment of ITAT, stands confirmed by High Court in DCIT vs Rohini Builders (2002) 256 ITR 360 (Guj) Shree Nemi Chand Kothari vs Commissioner of Income Tax, Assam in the Gauhati High Court – 264 ITR 254 (Gau) At para -14: 7 Divyamala Prakash A.Y. 2016-17 “It, therefore, further logically follows that the creditor’s credit-worth…

Income Tax Officer Ward-1 (1), Jalandhar vs. Shri Anil Kumar Wason, Jalandhar

In the result, the appeal of the revenue bearing ITA No

ITA 164/ASR/2023[2014-15]Status: DisposedITAT Amritsar09 Nov 2023AY 2014-15

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 164/Asr/2023 Assessment Year: 2014-15

Section 143(2)Section 143(3)Section 250

…hifts on the AO to examine the material and in case he want to rebut the evidence supplied by the assessee, he has to collect the material or evidence and confront to the assessee before arriving at any adverse conclusion. Orient Trading Co. Ltd v. CIT (1963) 49 ITR 723 (Bom.) In holding a particular receipt as income from undisclosed source, the fate of the assessee cannot be decided by the revenue on the basis of surmises, suspicions or probabilities [Northern Bengal Jute Trading Co. Ltd. V. CIT, (1968) 70 ITR 407, 415 (Cal)j.The Hon'ble Supreme Court has also explained a number of cases that once the assessee…

ITO, Ward, Phalodi vs. M/S Rama Allure LLP, Jodhpur

In the result, appeal of the revenue is dismissed

ITA 135/JODH/2023[2020-21]Status: DisposedITAT Jodhpur09 Oct 2023AY 2020-21

Bench: The Date, The Appeal Is Finally Heard.”

Section 142(1)Section 143(2)Section 143(3)

…the bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of account but not the source of the source as held by the Bombay High Court in the case of Orient Trading Co. Ltd. v. CIT [1963] 49 ITR 723." 8 ITO vs. Ms Rama Allure LLP 8.4 CIT v. Dwarkadhish Investment (P.) Ltd. - Delhi HC [194 Taxman 43] "8...............it is settled law that the assessee need not to prove the 'source of source'" 8.5 Garima Polymers (P.) Ltd. v. ACIT Delhi ITAT [131 taxmann.com 4] "8.2 It is also well settled Law assessee need not to prove the source of the so…

Sampat Lal Lodha, Nathdwara vs. ITO, Ward-2, Rajsamand

In the result, both appeals of the assessee are allowed

ITA 2/JODH/2022[2011-12]Status: DisposedITAT Jodhpur02 Aug 2023AY 2011-12

Section 143(1)Section 147Section 68

…eques drawn from bank accounts of the creditors and the assessee is not expected to prove the source of the credits in its books of account but not the source of the source as held by the Bombay High Court in the case of Orient Trading Co. Ltd. vs. CIT [1963] 49 ITR 723. The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assesse to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques.” vii] The Hon’ble Madhya Pradesh High Court in the case of CIT vs Met…

Sampat Lal Lodha, Nathdwara vs. ITO, Ward-2, Rajsamand

In the result, both appeals of the assessee are allowed

ITA 1/JODH/2022[2010-11]Status: DisposedITAT Jodhpur02 Aug 2023AY 2010-11

Section 143(1)Section 147Section 68

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

…e bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of account but not the source of the source as held by the Hon'ble BombayHigh Court in the case of Orient Trading Co. vs. CIT (1963) 49 ITR 723 (Bom). The genuineness of the transaction is proved by the fact that the payment to the assessee as well as repayment of the loan by the assessee to the depositors is made by account payee cheques and the interest is also paid by the assessee to the creditors by account payee cheques. Merely because summons issued to some of the creditors could no…

Cy. CIT 6(1) (2), Mumbai vs. M/S. Bhandari Gold & Jewellers Pvt. Ltd, Mumbai

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

ITA 1564/MUM/2022[2017-18]Status: DisposedITAT Mumbai19 Jul 2023AY 2017-18

Section 143(3)Section 68

ITO, Ward-14(1)(1), Mumbai vs. M/S. Bansal Separators and Spares Pvt. Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 3173/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 May 2023AY 2014-15

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleito – Ward – 14(1)(1) V. M/S. Bansal Separators & Spares Pvt. Ltd., Room No. 431, 4Th Floor 6, Laxminarayan Shopping Centre Aayakar Bhavan, M.K. Road Sion Trombay Road, Chembur Mumbai - 400020 Mumbai - 400071 Pan: Aabcb8468M (Appellant) (Respondent)

Section 133(6)Section 143(1)Section 143(2)Section 68

…urce of credit in him hand, there cannot be addition in the hands of the asssessee, because the assessee has satisfactorily explained the source of credit shown in his books as also the identity of the creditor has also been established (103 ITR 344 (Pat) and 49 ITR 723 (Bom). According to Section 68 of the IT Act, 1961, where any sum is found to be credited in the books of an assessee maintained for any previous year and the assessee offers no explanation about the nature & source of the same or the explanation offered by him is not satisfactory in the opinion of AO, the sum so credited may be charged to income…