Sreelekha Banerjee v. CIT

M/S Raj Auto Wheels P Ltd., Ajmer vs. ACIT, Circle-1, Ajmer

In the result, the appeal of the assessee is party allowed

…-- Total 2,68,86,794/- Credits 2,05,528/- ------------------------ -------Net: 2,66,81,266/- Explanation given by the assessee has to be considered objectively and a good proof cannot be converted into no proof. Kindly refer Sreelekha Banerjee vs. CIT (1963) 49 ITR 112 (SC) 3.2 The charts also show the complete details viz the Name of the customer, the Amount of advance,the Chassis no. & Engine no. of the vehicle sold to the customer, Billing Date and Amount of invoice, so on. (PB 66 to 162). In other words, thus, the details relating to each and every customer from whom advance was received in A.Y. 2010-11 (PB…

Income Tax Officer, Jaipur vs. Motisons Jewellers Ltdl, Jaipur

…R has relied upon the following judicial pronouncements to drive home to their various contentions raised as to the onus of the assessee to prove the correctness of the sales reflected by the assessee : Sr Description of the case law relied upon No. 1 [ 1963] 49 ITR 112 (SC) Sreelekha Banerjee Vs. CIT 2 [2012] 25 taxmann.com 552 (SC) Zaveri Diamonds Vs. CIT 3 [2016] 69 taxmann.com 219 (SC) Sudhir Kumar Sharma (HUF) Vs. CIT 4 [2020] 118 taxmann.com 166 (Delhi) Ravinder Kumar Vs. ITO 5 [ 2013] 36 taxmann.com 513 (Delhi) Commissioner of Income Tax Vs. Ajay Kapoor 13. Per contra, the ld. AR of the assessee filed a…

Sunil Kothari, Jaipur vs. DCIT, Circle (Intl.Tax.), Jaipur

In the result, the appeal of the assessee is allowed

…d to satisfactorily explain the source of cash deposit. 11. The issues relevant to the demonetization of high denomination notes was considered by the Supreme Court in the case of Sreelekha Banerjee v. Commissioner of Income-tax [1963] 49 ITR (SC) 112; [1964] 2 SCR 552 (SC). The court held that where assessee contended that high denomination notes represented not cash balance but some other money and he failed to explain source of said money, department was justified in treating value of said high denomination notes as income of assessee from undisclosed sources. Where the explanation of assessee was unconvincing…

Morani Motoras Private Limited, Jaipur vs. Assistant Commissioner of Income Tax, Jaipur

In the result the ground no

…med and other relevant material support then the cash transaction has same value as bank transaction. In this case also the heavy sales were made in cash but Ld AO himself accepted the book results. Your honour Apex Court in case of Shreelekha Bener ee v. CIT 49 ITR 112 SC) held that before the department rejects such evidence, it must either show an inherent weakness in the explanation or rebut it by putting to the assessee some information or evidence which it has in its possession. The department cannot by merely rejecting unreasonably a good explanation, convert good proof into no proof. It is within the rant…

M/S Morani Cars Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Ward-6, Jaipur

In the result the appeal of the assessee is partly allowed

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,’A’ JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh jkBkSM deys’k t;arHkkbZ] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 184/JP/2019 fu/kZkj.k o"kZ@Assessment Year :2011-12 cuke M/s Morani Cars Private Ltd. Assistant Commissioner of Vs. 14, Bajaj Nagar, Jaipur Income Tax, Circle-06, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 1226 N vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Suhani Maharwal (CA) jktLo dh v…