Sumati Dayal v. CIT

214 ITR 801Supreme Court of India1995#12 most cited

What is Sumati Dayal v. CIT authority for?

The Revenue is entitled to look behind the apparent form of a transaction to discover its true nature, applying the test of human probabilities and surrounding circumstances. If transactions defy logic or are unnatural, they can be treated as bogus, even if supported by some documentation, especially in cases of cash credits or unexplained investments.

1,967

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2010 to 2026.

Also referred to as

Sumati Dayal v CIT · Section 68 · human probabilities · genuineness of transaction · true nature of transaction · accommodation entry · bogus capital gains · penny stock · look behind apparent form · preponderance of probability · colourable device · unexplained loans

Also reported as

80 Taxmann 89125 CTR 124

Sections most often in play

Section 68Section 143(3)Section 147Section 148Section 142(1)Section 115BBESection 69CSection 69A
Read the full judgment

Issues it is cited on

price riggingcolourable devicepreponderance of probabilitybogus ltcgpenny stocksection 10(38)entry operatoraddition under section 68addition u/s 68genuineness of the transactionaccommodation entryshare application money

Judgments citing Sumati Dayal v. CIT

Asstt.Commissioner of Income Tax Central Circle-1(1), Nagpur vs. M/S Radha Madhav Developer, Nagpur

In the result, all the six appeals preferred by the department are dismissed

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the true nature of transactions have to be ascertained in the light of surrounding circumstances as held by Hon'ble Supreme Court in the case of Sumati Dayal Vs. CIT(214 ITR 801). 24 On the facts and circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the transaction through banking channel is not always genuine as held by Hon'ble Supreme Court in P.Mohan kala & others (291 ITR 278). ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 25. On the fa…

Kaushik Chandravadan Parikh, Mumbai vs. NFAC, Delhi

ITA 2064/MUM/2023[2011-12]Status: DisposedITAT Mumbai26 Jul 2024AY 2011-12

Bench: Ms. Kavitha Rajagopal (Jm) & Shri Omkareshwar Chidara (Am)

Section 10(38)Section 132Section 68

…shares of PIL. Mere furnishing of contract notes etc. does not inspire any confidence in the light of facts. Test of human probability should be applied and apparent should be ignored to unearth 22 Kaushik Chandravadan Parikh the harsh reality (Sumati Dayal 214 ITR 801 (SC) & Durga Prasad More 82 ITR 540 (SC) applied)”. (16) In the case of Pooja Ajmani Vs. ITO (ITAT Delhi) April 25, 2019 ITA No. 5714/Del/2018, it was held as follows :- “10(38) Bogus Capital Gains From Penny Stocks : u/s. 101 of Evidence Act, 1972, the onus is on the assessee to prove that the LTCG is genuine. The assessee cannot on failure to…

Ashok Singh, Imli Phatak vs. DCIT Central Circle 2 Jaipur, Lic Building Jaipur

ITA 576/JPR/2024[2016-17]Status: DisposedITAT Jaipur24 Jul 2024AY 2016-17
For Appellant: Sh. C. M. Agarwal (CA)For Respondent: Sh. Anil Dhaka (CIT)
Section 131Section 143(3)Section 69Section 69A

…being swayed by the not so convincing, but apparently in order, statements and letters and examining them, in a pedantic manner, with the blinkers on. The same has been the approach adopted by Hon'ble Supreme Court, in the case of Sumati Dayal Vs CIT [(1995) 214 ITR 801 (SC)]. wherein Their Lordships have, inter alia, disapproved acceptance of a claim of winning the appellant claims to have won in horse races a total amount of Rs. 3,11,831 on 13 occasions out of which 10 winnings were from Jackpots and 3 were from Treble events by Chairman of the Income Tax Settlement Commission, and observed that "This, in our…

Ajoy Sharma, Jaipur vs. DCIT Central Circle-1, Jaipur

ITA 546/JPR/2024[2015-16]Status: DisposedITAT Jaipur22 Jul 2024AY 2015-16
For Appellant: Sh. Mahendra Gargieya, Adv. &For Respondent: Smt. Monisha Choudhary, Addl. CIT
Section 139(4)Section 147Section 148Section 271(1)(c)Section 274Section 80C

…आयकर अपीलीय अधिकरण, जयपुर न्यायपीठ, जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, लेखा सदस्य आयकर अपील सं./ITA Nos. 543 to 547/JP/2024 निर्धारण वर्ष / Assessment Years : 2012-13 to 2016-17 Sh. Ajoy Sharma 19A, Nityanand Nagar, Queen Vs. Road, Opp. Sarovar Portico Hotel, Near Kanha Restaurant, Jaipur बनाम DCIT, Circle-01, Jaipur स्थायी लेखा सं./जीआईआर सं./PAN/GIR No.: ADIPS 8009 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Sh. Mahendra Gargieya, Adv. & Sh. Hemang Gargieya, Adv. राजस्व…

Ajoy Sharma, Jaipur vs. DCIT Central Circle-1, Jaipur

ITA 545/JPR/2024[2014-15]Status: DisposedITAT Jaipur22 Jul 2024AY 2014-15
For Appellant: Sh. Mahendra Gargieya, Adv. &For Respondent: Smt. Monisha Choudhary, Addl. CIT
Section 139(4)Section 147Section 148Section 271(1)(c)Section 274Section 80C

…आयकर अपीलीय अधिकरण, जयपुर न्यायपीठ, जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR डा० एस. सीतालक्ष्मी, न्यायिक सदस्य एवं श्री राठोड कमलेश जयन्तभाई, लेखा सदस्य के समक्ष BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, आयकर अपील सं./ITA Nos. 543 to 547/JP/2024 निर्धारण वर्ष / Assessment Years : 2012-13 to 2016-17 Sh. Ajoy Sharma 19A, Nityanand Nagar, Queen Vs. Road, Opp. Sarovar Portico Hotel, Near Kanha Restaurant, Jaipur बनाम DCIT, Circle-01, Jaipur स्थायी लेखा सं./जीआईआर सं./PAN/GIR No.: ADIPS 8009 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / A…

Ajoy Sharma, Jaipur vs. DCIT Central Circle-1, Jaipur

ITA 544/JPR/2024[2013-14]Status: DisposedITAT Jaipur22 Jul 2024AY 2013-14
For Appellant: Sh. Mahendra Gargieya, Adv. &For Respondent: Smt. Monisha Choudhary, Addl. CIT
Section 139(4)Section 147Section 148Section 271(1)(c)Section 274Section 80C

…आयकर अपीलीय अधिकरण, जयपुर न्यायपीठ, जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, JM आयकर अपील सं./ITA Nos. 543 to 547/JP/2024 निर्धारण वर्ष / Assessment Years : 2012-13 to 2016-17 Sh. Ajoy Sharma 19A, Nityanand Nagar, Queen Vs. Road, Opp. Sarovar Portico Hotel, Near Kanha Restaurant, Jaipur बनाम DCIT, Circle-01, Jaipur स्थायी लेखा सं./जीआईआर सं./PAN/GIR No.: ADIPS 8009 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Sh. Mahendra Gargieya, Adv. & Sh. Hemang Gargieya, Adv. राजस्व की ओर से…

Shanti Kumar Sethi and Sons, Jaipur vs. ACIT Circle-1, Jaipur

ITA 332/JPR/2024[2017-18]Status: DisposedITAT Jaipur22 Jul 2024AY 2017-18

Bench: The Ld. Cit(A) Was Filed By The Assessee Against The Order Dated 07.12.2019 Passed Under Section 143(3) Of The Income Tax Act, By Acit, Circle-01, Jaipur.

For Appellant: Sh. Rajeev Sogani, CA &For Respondent: Sh. Rajesh Kumar Meena, Add. CIT
Section 115BSection 142(1)Section 143(2)Section 143(3)Section 68

…taxed as per the rate specified u/s 115BBE of the Act. For this the ld. AO placed reliance on the "Human Probability Test" as laid down in the case of CIT vs. Durga Prasad More (1971) 82 ITR 540 (SC) and followed in the case of Sumati Dayal vs. CIT (1995) 214 ITR 801 (SC). No separate addition was made as the sum of Rs. 55,65,000/- was already declared in the return of income as part of returned income of Rs. 69,49,800/- but the same was held taxable u/s 68 r.w.s. 115BBE of the Act. 6 Shanti Kumar Sethi and Sons vs. ACIT 4. The said finding of the ld. AO challenged by the assessee before the ld. CIT(A).…

Asstt. Commissioner of Income Tax, Circle-2(1)(1), Ahmedabad vs. Rekha Indravadan Chokshi, Ahmedabad

In the result, the Department’s appeal is dismissed

ITA 287/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad18 Jul 2024AY 2017-18

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

Section 133(6)

…n bogus sales/purchase transactions only with a view to inflate the stock in its books in order to accommodate the cash sales in order to generate cash that was deposited in the assessee’s various bank accounts. 14. In the case of Sumati Dayal vs. Ld. CIT(A) 214 ITR 801 (SC), the Hon’ble Supreme Court has stressed upon the surrounding circumstances and application of test of human probabilities in the given set of facts in the following words:- “The transaction about purchase of winning ticket took place in secret and direct evidence about such purchase would be rarely available. An inference about such a purch…

Rekhaben Indravadan Chokshi, Ahmedabad vs. Income Tax Officer, Ward-5(2)(4), Ahmedabad

In the result, the Department’s appeal is dismissed

ITA 270/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad18 Jul 2024AY 2017-18

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

Section 133(6)

…n bogus sales/purchase transactions only with a view to inflate the stock in its books in order to accommodate the cash sales in order to generate cash that was deposited in the assessee’s various bank accounts. 14. In the case of Sumati Dayal vs. Ld. CIT(A) 214 ITR 801 (SC), the Hon’ble Supreme Court has stressed upon the surrounding circumstances and application of test of human probabilities in the given set of facts in the following words:- “The transaction about purchase of winning ticket took place in secret and direct evidence about such purchase would be rarely available. An inference about such a purch…

The DCIT Central-1, Indore vs. Shri Ashish Nigam, Indore

In the result, appeal of the Revenue is dismissed

ITA 31/IND/2023[2017-18]Status: DisposedITAT Indore18 Jul 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanidcit Central-1 Ashish Nigam Indore 15, Bada Sarafa Vs. Indore (Appellant / Revenue) (Respondent/ Assessee) Pan: Ablpn6361M Revenue By Shri Ashish Porwal, Sr. Dr Assessee By Ms. Shreya Jain, Ar Date Of Hearing 04.06.2024 Date Of Pronouncement 18.07.2024

Section 132Section 44ASection 69

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER DCIT Central-1 Ashish Nigam Indore 15, Bada Sarafa Vs. Indore (Appellant / Revenue) (Respondent/ Assessee) PAN: ABLPN6361M Revenue by Shri Ashish Porwal, Sr. DR Assessee by Ms. Shreya Jain, AR Date of Hearing 04.06.2024 Date of Pronouncement 18.07.2024 O R D E R Per Vijay Pal Rao, JM : This appeal by the revenue is directed against the order dated 02.11.2022 of the Commissioner of Income Tax (Appeal)-3, Bhopal for A.Y.2017-18. The…

ACIT-1(1), Bhopal vs. Akash Talreja, Raipur

In the result, appeal of the Revenue is allowed for statistical purposes

ITA 349/IND/2023[2017-18]Status: DisposedITAT Indore16 Jul 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit 1(1) Akash Talreja Bhopal Lg-31 Samvet Shikhar, Building, Vs. Opposite Bjp Office Rajbandha Maidan, Raipur (Appellant / Revenue) (Respondent/ Assessee) Pan: Aedpt3849K Revenue By Shri Ashish Porwal, Sr. Dr Assessee By Shri Hitesh Chimnani & Yash Kukreja, Ars Date Of Hearing 04.07.2024 Date Of Pronouncement 16.07.2024

Section 115BSection 142(1)Section 15BSection 234BSection 69A

…ccounted/unexplained income of the assessee which was deposited in the bank account during the demonetization period. Ld. DR has submitted that the AO has relied upon the judgment of Hon’ble Supreme court in case of Sumati Dayal vs. Commissioenr of Income Tax 214 ITR 801. Thus the sales claimed by the assesse may be apparent but not real. He has submitted that when the assesse has been depositing cash in the bank account almost every single day then showing huge cash on 08.11.2016 is highly improbable. He has relied upon the order of the AO. 4. On the other hand, Ld. AR has submitted that the assesse is in whole…

Deepak Kumar Shah, Ramganjmandi vs. Income Tax Officer, Kota

In the result, the appeal of the assessee stands allowed with no orders as to costs

ITA 426/JPR/2024[2017-18]Status: DisposedITAT Jaipur15 Jul 2024AY 2017-18

Bench: Hearing.

For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Shri Rajesh Kumar Meena, Addl. CIT-DR
Section 131Section 68

…arrangement and it is a manipulated transaction in collusion With the accommodation entry provider to paint creditworthiness to the transaction. This is in accordance with the ratio laid by the Hon'ble Apex Court in Sumati Dayal Vs Commissioner Of Income-Tax. 214 ITR 801 (SC) that "the apparent must be considered the real until it is shown that there are reasons, to believe that the apparent is not the real and that the taxing authorities are entitled to look into the surrounding circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities." 5.7.a) In this…

Nitesh Rajhans Singh, Mumbai vs. The Income Tax Officer -26(2)(3), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 4114/MUM/2023[BAMPS4588L]Status: DisposedITAT Mumbai15 Jul 2024

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

For Appellant: Shri Rajiv Khandelwal &For Respondent: Shri Laxmi Kant.Sr.DR
Section 10(38)Section 148Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & MS PADMAVATHY S, ACCOUNTANT MEMBER ITA No.4114 & 4115/Mum/2023 (Assessment Year: 2013-14 & 2014-15) Nitesh Rajhans Singh, ITO- 26(2)(3), 13/14, Indra Bhavan, Kautilya Bhavan, बनाम/ Patel Wadi, Pipeline, BKC, Bandra (East), Vs. Kurla(West), Mumbai-400051. Mumbai-400070. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : BAMPS4588L (""थ" / Respondent) (अपीलाथ" /Appellant) Appellant by : Shri Rajiv Khandelwal & Shri Akash Kumar.AR Respondent by : Shri Laxmi Kant.Sr.DR सुनवाई की तारीख / Date of Hearing 08/05/2024 घोषणा क…

Parul University, Vadodara vs. The Dy.CIT, Exemption Circle-1, Ahmedabad

Appeals are allowed

ITA 993/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Jul 2024AY 2017-18

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

For Respondent: Shri Sudhendu Das, CIT-DR
Section 10Section 12ASection 133ASection 80G(5)

…more likely than not that the trustee personally benefited. The trustee’s explanations do not align with the available evidence and surrounding circumstances. Thus, patterns and context indicate a likelihood of personal gain. In case of Sumati Dayal vs. CIT (214 ITR 801 SC), the Hon’ble Supreme Court emphasized considering human probabilities and the overall context. The principle was applied to assess whether the taxpayer's explanation of her income was credible, given the surrounding circumstances and the lack of direct evidence. 7.13. The trust's consistent involvement in fraudulent activities was evident fro…

Parul Arogya Seva Mandal Trust, Ahmedabad vs. The Dy.CIT, Central Circle-1(2), Ahmedabad

Appeals are allowed

ITA 992/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Jul 2024AY 2017-18

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

For Respondent: Shri Sudhendu Das, CIT-DR
Section 10Section 12ASection 133ASection 80G(5)

…more likely than not that the trustee personally benefited. The trustee’s explanations do not align with the available evidence and surrounding circumstances. Thus, patterns and context indicate a likelihood of personal gain. In case of Sumati Dayal vs. CIT (214 ITR 801 SC), the Hon’ble Supreme Court emphasized considering human probabilities and the overall context. The principle was applied to assess whether the taxpayer's explanation of her income was credible, given the surrounding circumstances and the lack of direct evidence. 7.13. The trust's consistent involvement in fraudulent activities was evident fro…

Parul Arogya Seva Mandal Trust, Ahmedabad vs. The Dy.CIT, Central Circle-1(2), Ahmedabad

Appeals are allowed

ITA 991/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Jul 2024AY 2016-17

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

For Respondent: Shri Sudhendu Das, CIT-DR
Section 10Section 12ASection 133ASection 80G(5)

…more likely than not that the trustee personally benefited. The trustee’s explanations do not align with the available evidence and surrounding circumstances. Thus, patterns and context indicate a likelihood of personal gain. In case of Sumati Dayal vs. CIT (214 ITR 801 SC), the Hon’ble Supreme Court emphasized considering human probabilities and the overall context. The principle was applied to assess whether the taxpayer's explanation of her income was credible, given the surrounding circumstances and the lack of direct evidence. 7.13. The trust's consistent involvement in fraudulent activities was evident fro…

DCIT, Central Circle-1(2), Ahmedabad, Aayakar Bhawan, Ashram Road vs. Parul Arogya Seva Mandal Trust, Ahmedabad

Appeals are allowed

ITA 1019/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Jul 2024AY 2017-18

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

For Respondent: Shri Sudhendu Das, CIT-DR
Section 10Section 12ASection 133ASection 80G(5)

…more likely than not that the trustee personally benefited. The trustee’s explanations do not align with the available evidence and surrounding circumstances. Thus, patterns and context indicate a likelihood of personal gain. In case of Sumati Dayal vs. CIT (214 ITR 801 SC), the Hon’ble Supreme Court emphasized considering human probabilities and the overall context. The principle was applied to assess whether the taxpayer's explanation of her income was credible, given the surrounding circumstances and the lack of direct evidence. 7.13. The trust's consistent involvement in fraudulent activities was evident fro…

DCIT, Central Circle1(2), Ahmedabad vs. Parul Arogya Seva Mandal Trust, Ahmedabad

Appeals are allowed

ITA 1018/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Jul 2024AY 2016-17

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

For Respondent: Shri Sudhendu Das, CIT-DR
Section 10Section 12ASection 133ASection 80G(5)

…more likely than not that the trustee personally benefited. The trustee’s explanations do not align with the available evidence and surrounding circumstances. Thus, patterns and context indicate a likelihood of personal gain. In case of Sumati Dayal vs. CIT (214 ITR 801 SC), the Hon’ble Supreme Court emphasized considering human probabilities and the overall context. The principle was applied to assess whether the taxpayer's explanation of her income was credible, given the surrounding circumstances and the lack of direct evidence. 7.13. The trust's consistent involvement in fraudulent activities was evident fro…

Radiant Commercial & Investment Pvt. Ltd., Kolkata vs. ITO, Ward-12(1), Kolkata

ITA 657/KOL/2023[2012-13]Status: DisposedITAT Kolkata10 Jul 2024AY 2012-13

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

Section 131Section 133(6)Section 142(1)Section 144Section 68

…of decisions in his support namely: i) CIT vs. N. R. Portfolio Pvt. Ltd. [2014] 42taxmann.com339 (Delhi) ii) CIT v. Nova Promoters & Finlease (P.) Ltd [2012]342 ITR 169 iii) CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC) iv) Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) 6 I.T.A. No.657/Kol/2023 Assessment Year: 2012-13 Radiant Commercial & Investments Pvt. Ltd. The Ld. D.R therefore prayed that the order passed by the Ld. CIT(A) is very reasoned and speaking one and therefore the appeal of the assessee may kindly be dismissed. 7. After hearing the rival contentions and perusing the material on record, we…

Alosha Marketing Pvt. Ltd., Kolkata vs. ACIT, Cir. 4(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 313/KOL/2024[2013-14]Status: DisposedITAT Kolkata08 Jul 2024AY 2013-14

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 313/Kol/2024 Assessment Year: 2013-2014 Alosha Marketing Pvt. Ltd.,……………..………Appellant 62A, Hazra Road, Kolkata-700019 [Pan:Aacca1930G] -Vs.- Assistant Commissioner Of Income Tax,.…Respondent Circle-4(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri N.S. Saini, A.R. & Priyanka Salarpuria, A.R., Appeared On Behalf Of The Assessee Shri Manas Mondal, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : April 30, 2024 Date Of Pronouncing The Order : July 08, 2024 O R D E R

Section 143(2)Section 147Section 148Section 68

…itled to look into the surrounding circumstances to find out the reality of the recitals made in those documents.” In this respect it is reiterated that revenue prefers to place reliance in the following case laws as narrated earlier: 1) Sumati Dayal Vs. CIT (214 ITR 801) (SC) 2) CIT Vs. Durga Prasad More 82 ITR 540 (SC) 3) Shankar Industries Vs. CIT (1978) 114 ITR 689 (Cal); 4) C. Kant & Co. Vs. CIT, (1980) 126 ITR 63 (Cal); 5) Prakash Textile Agency Vs. CIT, (1980) 121 ITR 890 (Cal); 6 Alosha Marketing Pvt. Ltd. 6) Oriental Wire Industries P. Ltd. Vs. CIT, (1981) 131 ITR 688; 7) CIT Vs. United Commercial & Ind…