Raja Bahadur Visheshwara Singh v. CIT

41 ITR 685Supreme Court of India1961#1688 most cited

What is Raja Bahadur Visheshwara Singh v. CIT authority for?

The principle of res judicata or estoppel does not apply to income tax proceedings, as each assessment year is a distinct unit. Mere entries in the accounts of a third party are not sufficient proof to make additions to an assessee's income.

67

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2010 to 2026.

Also referred to as

Raja Bahadur Visheshwara Singh · 41 ITR 685 · Supreme Court · res judicata · estoppel · income tax assessment · distinct assessment years · binding nature of assessment · Section 143 · previous year · burden of proof · third party accounts

Sections most often in play

Section 143(3)Section 115BBESection 132Section 133ASection 142(1)Section 143(1)Section 153CSection 269SS

Issues it is cited on

section 29section 28income-tax officersection 26section 10income from other sourcessection 80previous yearsection 143(1)transferappeal before the tribunalperson

Judgments citing Raja Bahadur Visheshwara Singh v. CIT

Tarini Developers vs. ACIT

ITA/430/2011HC Delhi24 Feb 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Vardan Buildcon vs. ACIT

ITA/429/2011HC Delhi24 Feb 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Malika Developers vs. ACIT

ITA/431/2011HC Delhi24 Feb 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Tarini Developers vs. ACIT

ITA - 430 / 2011HC Delhi24 Feb 2011

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Vardan Buildcon vs. ACIT

ITA - 429 / 2011HC Delhi24 Feb 2011

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Malika Developers vs. ACIT

ITA - 431 / 2011HC Delhi24 Feb 2011

…alization or a change of investment but an act done in what is truly the carrying on of a business, the amount recovered as appreciation will be assessable as business profit as held in the case of Rajabahadur Vishweshwara Singh V. CIT reported in (1961) 41 ITR 685 (SC). In such a situation what is to be found out for such determination is whether at the time of purchasing a particular land, the assessee had an intention to sell it subsequently at a profit or only to make an investment. The presence of commercial motive is a primary legal requisite of trade. This commercial motive is established by…

Commissioner of Income Tax vs. Pnb Finance & Industries Ltd

Accordingly, the same stands dismissed without any order as to

ITA/306/2010HC Delhi18 Oct 2010
Section 143(1)Section 143(2)Section 234BSection 260ASection 271(1)(c)

…e assessing officer perused the clarification given by the assessee, referred to the Memorandum of Association and the decisions rendered in CIT V. Sutlej Cotton Mills Supply Agency Ltd, (1975) 100 ITR 706 (SC), Raja Bahadur Visheshwar Singh v. CIT, (1961) 41 ITR 685 (SC), Dalhousie Investment Trust Co. Ltd. v. CIT, (1968) 68 ITR 486 (SC), Fidelity Advisor Series VIII, 271 ITR 1 and came to hold as follows:- “In view of the above the income from the transactions of sale and purchase of shares was business income of the assessee company and were in fact purchased not for investment purposes but for the pu…