S S Ratanchand Bholanath vs. CIT (1994) 201 ITR 682 (MR); CIT v. Sree Krishna Trading Co.

M/S. Oil Industry Development Board, New Delhi vs. DCIT, New Delhi

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

…vs. CIT (1971) 79 ITR 63 (Del); Addl, CIT vs. Smt. Chandrakanta & Anr (1992) 205 ITR 607 (MR); S S Ratanchand Bholanath vs. CIT (1994) 201 ITR 682 (MR); CIT vs. Sree Krishna Trading Co. (2002) 253 ITR 645 (Ker); Electrical Agencies Corporation vs. CIT (2002) 253 ITR 619 (Del); K.P. Madhusudanan vs. CIT (2001) 251 ITR 99(SC) and Escort Finance v/s Cl i 28 DTR 293. 4.14 In the nutshell, the facts mentioned above conclusively establish furnishing of inaccurate particulars of income in a Die to conceal the actual quantum of income/tax by the appellant in all the three years, as the appellant did not at all controver…

M/S. Oil Industry Development Board, New Delhi vs. DCIT, New Delhi

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

…vs. CIT (1971) 79 ITR 63 (Del); Addl, CIT vs. Smt. Chandrakanta & Anr (1992) 205 ITR 607 (MR); S S Ratanchand Bholanath vs. CIT (1994) 201 ITR 682 (MR); CIT vs. Sree Krishna Trading Co. (2002) 253 ITR 645 (Ker); Electrical Agencies Corporation vs. CIT (2002) 253 ITR 619 (Del); K.P. Madhusudanan vs. CIT (2001) 251 ITR 99(SC) and Escort Finance v/s Cl i 28 DTR 293. 4.14 In the nutshell, the facts mentioned above conclusively establish furnishing of inaccurate particulars of income in a Die to conceal the actual quantum of income/tax by the appellant in all the three years, as the appellant did not at all controver…

M/S. Oil Industry Development Board, New Delhi vs. DCIT, New Delhi

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

…vs. CIT (1971) 79 ITR 63 (Del); Addl, CIT vs. Smt. Chandrakanta & Anr (1992) 205 ITR 607 (MR); S S Ratanchand Bholanath vs. CIT (1994) 201 ITR 682 (MR); CIT vs. Sree Krishna Trading Co. (2002) 253 ITR 645 (Ker); Electrical Agencies Corporation vs. CIT (2002) 253 ITR 619 (Del); K.P. Madhusudanan vs. CIT (2001) 251 ITR 99(SC) and Escort Finance v/s Cl i 28 DTR 293. 4.14 In the nutshell, the facts mentioned above conclusively establish furnishing of inaccurate particulars of income in a Die to conceal the actual quantum of income/tax by the appellant in all the three years, as the appellant did not at all controver…

Commissioner of Income Tax vs. Vatika Construction Pvt Ltd

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

…10 Page 6 8. Learned counsel for the Revenue relied upon the decision in Electrical Agencies Corporation v. CIT 253 ITR 619 and emphasized that the object of a presumption indicated was precisely to put the assessee to notice that in the event of relevant or material particulars being withheld, it could face penalty proceedings. In the present case, the assessee’s claims were found to be completely inaccurate factually. As a result, the penalty proceedings and im…