What is Shankar Industries v. CIT authority for?

To explain cash credits in books under Section 68, the assessee must prove the identity of the creditor, their capacity to advance the money, and the genuineness of the transaction. Failure to establish these three elements results in the addition being upheld.

How many judgments cite Shankar Industries v. CIT?

117 judgments on BharatTax cite Shankar Industries v. CIT (114 ITR 689), spanning 2015 to 2026.

Which sections of the Income Tax Act does Shankar Industries v. CIT come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 133(6), Section 147, Section 69, Section 142(1).

Shankar Industries v. CIT (114 ITR 689)

Income Tax Officer 5 (1), Indore vs. M/S Satyamitra Infrastructure Pvt. Ltd, Indore

In the result, the departmental appeal i

ITA 451/IND/2017[2012-13]Status: DisposedITAT Indore07 Sept 2021AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Manish Boradvirtual Hearing Assessment Year:2012-13

Section 143(3)Section 145Section 68

…ed in 292 ITR 241 has discussed the said case and held as under: “12. In the case of CIT vs. Mehrotra Brothers (2004) 270 ITR 157 (MP) a Division Bench of this Court placing reliance on the decisions rendered in the cases of Shankar Industries vs. CIT (1978) 114 ITR 689 (Cal), Gee Vee Enterprises vs. Addl. CIT 1975 CTR (Del) 61 : (1975) 99 ITR 375 (Del), CIT vs. Kohinoor Tobacco Products (P) Ltd. (1998) 148 CTR (MP) 536 : (1998) 234 ITR 557 (MP), Nanak Chandra Laxman Das vs. CIT (1982) 28 CTR (All) 280 : (1983) 140 ITR 151 (All) and Malabar Industrial Co, Ltd. vs. CIT (2000) 159 CTR (SC) 1 : (2000) 243 ITR 83 (S…

Income Tax Officer-15(1)(2), Mumbai vs. F.M.Land Developers Private Limited, Mumbai

In the result, this appeal by the revenue stands allowed for statistical purposes

ITA 4540/MUM/2017[2012-13]Status: DisposedITAT Mumbai20 Jul 2021AY 2012-13

Section 133(6)Section 68

…opers Pvt.Ltd. proved and it is the primary onus of the assessee to prove the genuineness of unsecured loans taken . 4. In this regard, the AO further placed reliance upon the following case laws on the issue of cash paid entries i) C.Kant & CO.v. CIT[1980] 126 ITR 63 (Calcutta) ii) Kale Khan Mohmmad Hanif v CIT [1963] 50 ITR 1 (Supreme Court) Thereafter, AO observed that considering the facts of this case and that the assesee has not discharged the primary onus to prove the genuineness and creditworthiness of the parties who are shown to have given the alleged unsecured loan amounting to Rs.1,84,00,000/- to t…

ACIT, Central Circle- 5, New Delhi vs. Harvansh P Chawla, New Delhi

ITA 5858/DEL/2017[2009-10]Status: DisposedITAT Delhi26 Apr 2021AY 2009-10

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5857/Del/2017 : Asstt. Year : 2008-09 Ita No. 5858/Del/2017 : Asstt. Year : 2009-10 Acit, Vs Sh. Harvansh P. Chawla, Central Circle-5, 707, Kailash Building, 26, K.G. New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Addpc7559G Assessee By : Sh. Rohit Tiwari, Adv. Revenue By : Ms. Sunita Singh, Cit Dr Date Of Hearing: 21.01.2021 Date Of Pronouncement: 26.04.2021

For Appellant: Sh. Rohit Tiwari, AdvFor Respondent: Ms. Sunita Singh, CIT DR

Section 143(3)Section 14ASection 24

…is liable to be deleted. The relevant case laws on the issue of examining the source of sources are given in this submission itself. III. Ingredients for genuineness of the loan That in the land mark decision in the case of Shanker Industries Vs. CIT (1978) 114 ITR 689 (Cat), Hoh’ble Calcutta High Co.urt laid down following three conditions to prove prima facie the cash credit as genuine. a. The identity of the creditor, b. The capacity of such creditor to advance the loan, and c. The genuineness of the transaction, (ii) That Hon'ble Calcutta: High Court in C. Kant and Co. vs. CIT (1980) 126 ITR 63(Cal) held…

ACIT, Central Circle- 5, New Delhi vs. Harvansh P Chawla, New Delhi

ITA 5857/DEL/2017[2008-09]Status: DisposedITAT Delhi26 Apr 2021AY 2008-09

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5857/Del/2017 : Asstt. Year : 2008-09 Ita No. 5858/Del/2017 : Asstt. Year : 2009-10 Acit, Vs Sh. Harvansh P. Chawla, Central Circle-5, 707, Kailash Building, 26, K.G. New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Addpc7559G Assessee By : Sh. Rohit Tiwari, Adv. Revenue By : Ms. Sunita Singh, Cit Dr Date Of Hearing: 21.01.2021 Date Of Pronouncement: 26.04.2021

For Appellant: Sh. Rohit Tiwari, AdvFor Respondent: Ms. Sunita Singh, CIT DR

Section 143(3)Section 14ASection 24

…is liable to be deleted. The relevant case laws on the issue of examining the source of sources are given in this submission itself. III. Ingredients for genuineness of the loan That in the land mark decision in the case of Shanker Industries Vs. CIT (1978) 114 ITR 689 (Cat), Hoh’ble Calcutta High Co.urt laid down following three conditions to prove prima facie the cash credit as genuine. a. The identity of the creditor, b. The capacity of such creditor to advance the loan, and c. The genuineness of the transaction, (ii) That Hon'ble Calcutta: High Court in C. Kant and Co. vs. CIT (1980) 126 ITR 63(Cal) held…