Sumati Dayal v. CIT

M/S.A.V.Gems, Mumbai vs. Income Tax Officer 30(1)(1), Mumbai

In the result, this appeal filed by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am

…vidence of purchases. In light of the overwhelming evidence, the Revenue authorities cannot put upon blinkers and accept these purchases as genuine. This proposition is duly supported by Hon’ble Apex Court decision in the case of Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) and CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC). In the present case, the assessee wants that the unassailable fact that the suppliers are non-existent and, thus, bogus should be ignored and only the documents being produced should be 5 I.T.A. No.1298/Mum/2018 considered. This proposition is totally unsustainable in light of Hon’ble A…

Gumpro Drilling Fluids Private Limited, Mumbai vs. Principal Commissioner of Income Tax - 15, Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2013-14 Gumpro Drilling Fluids Vs Pr. Cit-15, Private Limited, Room No.517, 5Th Floor, Opp. Karma Stambha, Aayakar Bhavan, Hazarat Compound, Lbs M. K. Road, Marg, Vikhroli (West), Mumbai-400020 Mumbai-400083 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aadcg2319N "नधा"रती क" ओर से / Assessee By Shri Ashok J. Patil राज"व क" ओर से / Revenue By Shri L.K.S. Dahiya Cit-Dr

…ase of the Revenue. It is noteworthy that while coming to a particular conclusion, Hon'ble Calcutta High Court considered following judicial pronouncements:- i. CIT v. Calcutta Discount Co. Ltd. [1973] 91 ITR 8 (SC) (para 3), ii. Sumati Dayal v. CIT [1995] 214 ITR 801/80 Taxman 89 (SC) (para 4), iii. CIT v. Nova Promoters & Finlease (P.) Ltd. [2012] 342 ITR 169/206 Taxman 207/18 taxmann.com 217 (Delhi) (para 4), iv. CIT v. Durga Prasad More [19711] 82 ITR 540 (SC) (para 6), v. CIT v. Precision Finance (P.) Ltd. [1994] 208 ITR 465/[1995] 82 Taxman 31 (Cal.) (para 6), vi. ITO v. DG Housing Projects Ltd. [2012] 3…

N.V. Graphics & Advertising P.Ltd, Mumbai vs. DCIT 5(2), Mumbai

In the result, the appeal of assessee is partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

…es not appear genuine. Though the appellant has tried to take shelter of various case laws, but the peculiar facts and circumstances of the case are distinguishable from the facts of the relied upon cases. It is worth noting that in the case of Sumati Dayal (214 ITR 801) the Hon'ble Apex Court has also held that one has to consider all surrounding circumstances for accepting the genuineness of a transaction. Further, in the case of P Mohankala 291 ITR 278, also, after considering the entirety of surrounding circumstances the Hon'ble Supreme Court has not accepted the genuineness of cash credits even 4 though th…

M/S. Bhansali Metal & Alloys, Mumbai vs. Income Tax Officer Ward 19(1)(2), Mumbai

In the result, these appeals filed by the assessee for A

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm

…vidence of purchases. In light of the overwhelming evidence, the Revenue authorities cannot put upon blinkers and accept these purchases as genuine. This proposition is duly supported by Hon’ble Apex Court decision in the case of Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) and CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC). In the present case, the assessee wants that the unassailable fact that the suppliers are non-existent and, thus, bogus should be ignored and only the documents being produced should be considered. This proposition is totally unsustainable in light of Hon’ble Apex Court decisions. 12.…

DCIT CC 7(2), Mumbai vs. Manba Finance Ltd, Mumbai

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

…aws referred by the assessee, he has held that these were not applicable on the facts of the case. He referred to the decisions of the Hon’ble Apex Court in the case of Navodaya Castle (P.) Ltd. vs. CIT [2015] 230 Taxman 268 (SC), Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) and the decision of the Hon’ble Calcutta High Court in the case of Precision Finance Pvt. Ltd. 208 ITR 465 (Cal). 12. In this background, the A.O. held that the unsecured loans were nothing but accommodation entries liable to be added as unexplained cash credit u/s. 68 of the Act. He further disallowed interest paid on these grounds amoun…

Shri Rajeshkumar P. Trivedi, Mumbai vs. Income Tax Officer - 19(3)(1), Mumbai

In the result, this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm

…vidence of purchases. In light of the overwhelming evidence, the Revenue authorities cannot put upon blinkers and accept these purchases as genuine. This proposition is duly supported by Hon’ble Apex Court decision in the case of Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) and CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC). In the present case, the assessee wants that the unassailable fact that the suppliers are non-existent and, thus, bogus should be ignored and only the documents being produced should be considered. This proposition is totally unsustainable in light of Hon’ble Apex Court decisions. 11. W…

Hemang Hasmukhray Doshi (Prop. of Minolta Chem), Mumbai vs. Income Tax Officer - 27(1)(3), Mumbai

In the result, this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm

…dence of purchases. In light of the overwhelming evidence, the Revenue authorities cannot put upon blinkers and accept these purchases as genuine. This proposition is duly supported by Hon’ble Apex Court decision in the 8 case of Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC) and CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC). In the present case, the assessee wants that the unassailable fact that the suppliers are non-existent and, thus, bogus should be ignored and only the documents being produced should be considered. This proposition is totally unsustainable in light of Hon’ble Apex Court decisions. 17. W…

ACIT Cen Cir 33, Mumbai vs. Eskay Knit (I) Ltd, Mumbai

In the result, the appeal filed by the assessee in ITA

Bench: Shri Saktijit Dey() & Shri G Manjunatha ()

…itions made by the AO only on the basis of inconclusive findings given by the AO in his remand report. In this regard, he relied upon the decision of Hon’ble Supreme Court in the case of CIT vs Durgaprasad Moore 82 ITR 540 SC) and Sumati Dayal vs CIT (1995) 214 ITR 801 (SC). 15. We have heard both the parties and perused the material available on record and gone through the orders of authorities below. The AO has made addition towards loss claimed on account of under valuation of sales returns received from various dealers of Rs.11,248.31 lakhs on the ground that the sales returns claimed by the assessee is n…

Eskay K'N'It (India) Ltd., Mumbai vs. A.C.I.T. Central Circle -33, Mumbai

In the result, the appeal filed by the assessee in ITA

Bench: Shri Saktijit Dey() & Shri G Manjunatha ()

…itions made by the AO only on the basis of inconclusive findings given by the AO in his remand report. In this regard, he relied upon the decision of Hon’ble Supreme Court in the case of CIT vs Durgaprasad Moore 82 ITR 540 SC) and Sumati Dayal vs CIT (1995) 214 ITR 801 (SC). 15. We have heard both the parties and perused the material available on record and gone through the orders of authorities below. The AO has made addition towards loss claimed on account of under valuation of sales returns received from various dealers of Rs.11,248.31 lakhs on the ground that the sales returns claimed by the assessee is n…

Girish Narapatchand Kanungo, Mumbai vs. ITO 19(1)(3), Mumbai

In the result, the appeal of the assessee in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1587/Mum/2017 (नििाारण वर्ा / Assessment Year : 2009-10) बिाम/ Mr. Girish Narapatchand Ito 19(1)(3) Kanungo Matru Mandir, Prop. M/S. Tirupati Impex, Mumbai V. Flat No. 3, 2 Nd Floor, 5 Ramniwas Bldg, 2Nd Parsiwada Lane, Opp. V.P Road Police Station, Mumbai 400004 स्थायी ऱेखा सं./ Pan : Aoapk9201M (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: None Revenue By : Shri. C.S. Sharma सुनवाई की तारीख /Date Of Hearing : 19.09.2018 घोषणा की तारीख /Date Of Pronouncement : 26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1587/Mum/2017, Is Directed Against Appellate Order Dated 22.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-30, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2009-10, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 10.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2009-10. I.T.A. No.1587/Mum/2017

…den of proof, onus of proving is always on the person who makes the .claim and not on the Revenue. While dealing with the issue of deciding the burden of proof, Hon'ble Supreme Court in the cases of CIT Vs. Durgaprasad More 82 TTR 540 and Sumati Dayal Vs. CIT 214 ITR 801 has held that the apparent must be considered real until it is shown that there are reasons to believe that the apparent is not real and that Taxing Authorities are entitled to look into surrounding 5 I.T.A. No.1587/Mum/2017 circumstances to find out the reality and the matter has to be considered by applying the test of human probabilities. Th…

Asha Vijay Gyupta, Mumbai vs. ITO 16(2)(3), Mumbai

In the result, this appeal by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm

…ry instructions relating to the sale of 42000 shares of Buniyad Chemicals Ltd. Thereafter, the ld. CIT(A) referred to various case laws from the Hon’ble Apex Court decision including that of CIT vs. Durgaprasad More 82 ITR 540 and Sumati Dayal vs. CIT [1995] 214 ITR 801 (SC). He also referred to the ITAT decision in the case of Arvind M. Kariya vs. Asst. CIT [2013] 153 TTJ 422 (Mum). The ld. CIT(A) principally confirmed the action of the A.O. to limit the addition with respect to only sale of 42000 shares. 10. Against this order, the assessee is in appeal before us. 11. We have heard both the counsel and per…

Ajay Malshi Dedhia, Mumbai vs. JCIT 31(1), Mumbai

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

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.641/Mum/2017 (नििाारण वर्ा / Assessment Year : 2012-13)

…rthiness of these lending concerns and also the AO held that the assessee could not prove genuineness of these loan transactions amounting to Rs. 90 lacs. The AO relied upon following case laws to come to the aforesaid conclusion:- a) Sumati Dayal v. CIT (SC) 214 ITR 801 b) Vasntibai N Shah v. CIT (Bom) 213 ITR 805 c) Sreelekha Banerjee & Oths. v. CIT (SC) 49 ITR 112 d) Cit v. Biju Patnaik (SC) 160 ITR 674 e) Roshan De Hatti v. CIT (SC) 107 ITR 938 Hence additions were made by the AO in the hands of the assessee to the tune of Rs. 90,00,000/- being unexplained cash credit u/s 68 of the 1961 Act. Similarly interes…