Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT

220 ITR 452High Court1996#5467 most cited

What is Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT authority for?

Once an assessee provides evidence establishing the prima facie genuineness of a transaction, the onus shifts to the Income Tax Department to disprove it.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2024.

Also referred to as

Shankar Ind v. CIT · Prakash Textile v. CIT · onus shifts · genuineness of transaction · prima facie evidence · department's onus · section 68 · assessment procedure

Issues it is cited on

section 40a(2)(a)principal officersource of sourcesection 40a(2)(b)section 40a(2)mercantile system of accountingsection 127childcommercial expediencysection 40asearch assessmentunexplained expenditure

Judgments citing Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT

ITO 8(2)(2), Mumbai vs. Lotus Grih Nirman P.Ltd, Mumbai

In the result, the appeal is dismissed

ITA 3998/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Oct 2018AY 2010-11

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11 Income Tax Officer 8(2)(2), M/S Lotus Grih Nirman Room No. 212/216A, 2Nd Vs. Pvt. Ltd. 419, Laxmi Floor, Aayakar Bhavan, M.K. Plaza, Laxmi Industrial Road, Mumbai-400020. Estate, Link Road, Andheri (W), Mumbai- 400059. Pan No. Aabcl0864D Appellant Respondent Revenue By : Mr. Rajesh Kumar Yadav, Dr Assessee By : Mr. Rushabh Mehta, Ar Date Of Hearing : 25/07/2018 Date Of Pronouncement : 18/10/2018

For Appellant: Mr. Rushabh Mehta, ARFor Respondent: Mr. Rajesh Kumar Yadav, DR
Section 133(6)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI PAWAN SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 Income Tax Officer 8(2)(2), M/s Lotus Grih Nirman Room No. 212/216A, 2nd Vs. Pvt. Ltd. 419, Laxmi floor, Aayakar Bhavan, M.K. Plaza, Laxmi Industrial Road, Mumbai-400020. Estate, Link Road, Andheri (W), Mumbai- 400059. PAN No. AABCL0864D Appellant Respondent Revenue by : Mr. Rajesh Kumar Yadav, DR Assessee by : Mr. Rushabh Mehta, AR Date of Hearing : 25/07/2018 Date of pronouncement : 18/10/2018 ORDER PER N.K. PRADHAN, AM This is an appeal fi…