What is V.I.S.P. (P) Ltd. v. CIT authority for?

Section 68 of the Income-tax Act, 1961, is not limited to actual cash entries but extends to liabilities found to be bogus. Such amounts can be added to the assessee's income if a plausible explanation is not provided.

How many judgments cite V.I.S.P. (P) Ltd. v. CIT?

35 judgments on BharatTax cite V.I.S.P. (P) Ltd. v. CIT (265 ITR 202), spanning 2015 to 2025.

V.I.S.P. (P) Ltd. v. CIT (265 ITR 202)

ITO, New Delhi vs. M/S. Billet Procon Pvt. Ltd., Delhi

ITA 1382/DEL/2017[2012-13]Status: DisposedITAT Delhi25 Jun 2025AY 2012-13

Bench: Shri Challa Nagendra Prasad & Shri S Rifaur Rahman

Section 68

…d to in section 68 do not necessarily mean cash entries in the accounts but also include liabilities shown in the books of accounts. The Hon'ble Madhya Pradesh High Court (Indore Bench) have held in the case of M/s. V.I.S.P. Pvt. Ltd. vs. CIT & another (2004) 265 ITR 202 as under:- "CASH CREDITS-SCOPE OF SECTION 68- SECTION 68 NOT CONFINED TO CASH ENTRIES IN ACCOUNTS-CREDITS FOUND TO BE BOGUS-AMOUNT REPRESENTING CREDITS INCLUDIBLE IN TOTAL INCOME OF ASSESSEE- INCOME- TAX ACT, 1961. Section 68 of the Income-tax Act, 1961, is not confined to cash entries in accounts. If a liability shown in the accounts is found…

The Commissioner of Income Tax and Anr vs. M/S Goldstone Cements Ltd

ITA/8/2022HC Gauhati16 Dec 2024

Bench: HONOURABLE MR. JUSTICE LANUSUNGKUM JAMIR,HONOURABLE MR. JUSTICE KAUSHIK GOSWAMI

For Respondent: Dr. A. Saraf, Senior Advocate

Section 132Section 153ASection 260ASection 68

…ld not have been invoked or applied in AY 2017-18. For this, we find support in the decisions of the Hon'ble Calcutta High Court in the case of Jatia Investment &Company vs CIT (206 ITR 718) and Hon'ble Madhya Pradesh High Court in the case of VISP Pvt. Ltd. (265 ITR 202). We therefore hold that the Ld. CIT(A) had rightly held that no addition was warranted u/s 68 of the Act in relation to the conversion of loan into equity to the extent of Rs.1.75,54,848/-in AY 2017-18. (iii) Even otherwise, it is noted that the explanation regarding source of source of funds to the extent of Rs.1,95,50,000/- was pa…

Poddar Finin Cosultancy Pvt.Ltd, Raigad vs. Income-Tax Officer, Ward - 3, Panvel

Appeal is dismissed in above terms

ITA 1007/PUN/2018[2014-15]Status: DisposedITAT Pune23 Sept 2022AY 2014-15

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपील सं. / Ita No.1007/Pun/2018 धनधाारण वषा / Assessment Year : 2014-15

For Appellant: NoneFor Respondent: Shri Sardar Singh Meena

Section 143Section 68

…rs were not found at the address given in the returns or PAN card - In such circumstances, it is the duty of the assessee to produce donors /creditors before the Assessing Officer as otherwise addition u/s 68 has to be made. 14. V.I.S.P (P) Ltd. V/s CIT (MP) 265 ITR 202 - Sec 68 does not confine A.Y. 2014-15, Poddar Finin Consultancy P.Ltd., to cash entries in books - If the liability shown in the account is found to be bogus and there is no plausible and reasonable explanation of the assessee, the amount can certainly be added towards the income of the assessee 6.7 Considering the facts as discussed above, in…

Surya Prabha Sunkavalli, Hyderabad vs. Income Tax Officer, Ward-14(3), Hyderabad

In the result, appeal of the assessee is dismissed

ITA 1327/HYD/2018[2014-15]Status: DisposedITAT Hyderabad06 Jul 2022AY 2014-15

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri P.Jitendra Kumar, ARFor Respondent: Shri Kumar Aditya, DR

Section 143(3)Section 40Section 68

…mation letters, the issue goes against the assessee. Page 3 of 12 8. Ld. CIT(A) considered the Second question of applicability of section 68 of the Act to the case of the assessee, in the light of the decisions reported in V.I.S.P.(P) Limited Vs. CIT (2004) 265 ITR 202 (MP), Gumani Ram Siri Ram Vs. CIT (1975) 98 ITR 337 (P & H) and Suresh Kumar T. Jain Vs . ITO in ITA No. 667/Bang/2009 dated 08/01/2010 and more particularly by reading the provisions under section 68 of the Act, held that there is no distinction between cash credits/loan credits and other credits, including trade credits, amounts credited to the…

ITO Non Corporate Ward 13 (5), Chennai vs. Shri. G Maria Augustin, Chennai

In the result, the appeal of the Revenue is partly allowed

ITA 847/CHNY/2018[2013-14]Status: DisposedITAT Chennai11 Apr 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Mr. G. Baskar, Adv. & Mr. I DineshFor Respondent: Assessee by

Section 143(2)Section 143(3)Section 28Section 44A

…noring the ratio laid down in the following decisions: Bharat Dana Bera Vs. ITO (ITAT, Mum.) 153 ITD 421 Natural Gas Company (P) Ltd., Vs. DCIT (ITAT, Mum.) 44 ITR (Trib.) 208 Suresh Kumar T. Jain Vs. ITO (ITAT, Bang) 128 ITD 74 V.I.S.P(P) Ltd., Vs. CIT (MP) 265 ITR 202 Rekhakrishnaraj Vs. ITO (Kar) 91 DTR 32 Gujtron Electronics (P.) Ltd. Vs. ITO (Guj) 249 Taxman 443” 3. Brief facts are that the Assessee is a dealer in home appliances and filed his return of income by declaring income at Rs.4,98,560/- on the total turnover of Rs.60,87,980/-. Apart from that the Assessee has received interest income of Rs.2,09…