(vi) Daulatram Rawatmull v. CIT

Umesh Saboo, Jaipur vs. Deputy Commissioner of Income Tax, Circle-2, Jaipur

…record that the appellant firm is doing some other activities from which such income was earned and the excess stock, excess cash found and the expenditure on renovation of shop represented the income from such other source.” (7)Mansfield & Sons Vs.CIT (1963) 48 ITR 254 (Hon'ble Calcutta High Court) Where a credit entry is found in the business accounts of an assessee and the explanation as to how the amount came to be received is rejected by the IT authorities and the amount is taken to be income from an undisclosed source, such income can be treated as business income if the assessee has no other source of inco…

Umesh Saboo, Jaipur vs. Deputy Commissioner of Income Tax-Central Circle-2, Jaipur

In the result, both the appeal filed by the assessee are partly

…record that the appellant firm is doing some other activities from which such income was earned and the excess stock, excess cash found and the expenditure on renovation of shop represented the income from such other source.” (7)Mansfield & Sons Vs.CIT (1963) 48 ITR 254 (Hon'ble Calcutta High Court) Where a credit entry is found in the business accounts of an assessee and the explanation as to how the amount came to be received is rejected by the IT authorities and the amount is taken to be income from an undisclosed source, such income can be treated as business income if the assessee has no other source of inco…

Bhagwati Prasad Khandelwal, Kota vs. Assistant Commissioner of Income Tax, Central Circle, Kota

In the result, ground No. 1 of the assessee is allowed

Bench: The Learned Ao & Treating The Same As Income From Other Sources. 2. The Assessee Craves Your Indulgence To Add, Amend Or Alter All Or Any Grounds Of Appeal Before Or At The Time Of Hearing.”

…cord that the appellant firm is doing some other activities from which such income was earned and the excess stock, excess cash found and the expenditure on renovation of shop represented the income from such other source.” (8) Mansfield & Sons Vs. CIT (1963) 48 ITR 254 (Hon’ble Calcutta High Court) Where a credit entry is found in the business accounts of an assessee and the explanation as to how the amount came to be received is rejected by IT authorities and the amount is taken to be income from an undisclosed source, such income can be treated as business income if the assessee has no other source of income.…

Ridhiraj Builders, Jaipur vs. Deputy Commissioner of Income Tax, Circle-6, Ncrb, Jaipur

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…income from an undisclosed source, such income can be treated as business income, if the assessee has no other source of income. 11 Ridhiraj Builders vs. DCIT  The same view has been taken by Calcutta High Court in case of Mansfield and Sons v. CIT [1963] 48 ITR 254. The surrender income disclosed by the assessee firm is part of the business activities and no other activities are carried out by the assessee firm and also no material or evidence brought on record by the Department and the provisions of section 68 applied by the Ld. AO and taxing the income under section 115 BBE is totally unjustifiable and als…

Prem Lata Pandya, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-4, Jaipur

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

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR, JM आयकर अपील सं. / ITA No. 1471/JPR/2024 निर्धारण वर्ष / Assessment Year :2019-20 Prem Lata Pandya बनाम Deputy Commissioner of 302, Raj Mension, D-299, Vs. Income Tax, Tulsi Marg Bani Park, Central Circle-4, Jaipur. Jaipur अपीलार्थी / Appellant प्रत्यर्थी / Respondent स्थायीलेखा सं./ जीआईआर सं./ PAN/GIR No.:ACXPJ9951A निधर्धारिती की ओरसे / Assessee by : Sh. S.L.Poddar, Adv. राजस्व की ओरसे / Revenue by: Sh. Gautam Singh

…s doing some other activities from which such income was earned and the excess stock, excess cash found and the expenditure on renovation of shop represented the income from such other source.” 13 Prem Lata Pandya vs. DCIT (7) Mansfield & Sons Vs.CIT (1963) 48 ITR 254 (Hon’ble Calcutta High Court) Where a credit entry is found in the business accounts of an assessee and the explanation as to how the amount came to be received is rejected by the IT authorities and the amount is taken to be income from an undisclosed source, such income can be treated as business income if the assessee has no other source of inco…

Assistant Commissioner of Income Tax, Central Circle, Kota vs. Banas Builders and Developers LLP, Jhalawar

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Court has observed that when an amount is credited in the business books, it is not an unreasonable inference to draw that it is a receipt from business. Similar views have been taken in Daulatram Rawatmull vs. CIT 64 ITR 593, Mansfield & Sons vs. CIT [1963] 48 ITR 254, besides others. It is submitted that the unexplained stock in trade is not covered by section 69B. Reference is also invited to Addl. CIT v. Danyabhai Pitamberdas & Co. [1974] Taxation 36(1) 25-26 (Guj.). 15. It is respectfully submitted that sans section 68 to section 69D, section 115BBE cannot be invoked. The assessee is in the business of Ko…

Asstt. Commissioner of Income Tax, Central Circle, Kota vs. Banas Minerals Private Limited, Jhalawar

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Court has observed that when an amount is credited in the business books, it is not an unreasonable inference to draw that it is a receipt from business. Similar views have been taken in Daulatram Rawatmull vs. CIT 64 ITR 593, Mansfield & Sons vs. CIT [1963] 48 ITR 254, besides others. It is submitted that the unexplained stock in trade is not covered by section 69B. Reference is also invited to Addl. CIT v. Danyabhai Pitamberdas & Co. [1974] Taxation 36(1) 25-26 (Guj.). 15. It is respectfully submitted that sans section 68 to section 69D, section 115BBE cannot be invoked. The assessee is in the business of Ko…

ACIT, Central Circle, Kota vs. Banas Minerals Private Limited, Jhalawar

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Court has observed that when an amount is credited in the business books, it is not an unreasonable inference to draw that it is a receipt from business. Similar views have been taken in Daulatram Rawatmull vs. CIT 64 ITR 593, Mansfield & Sons vs. CIT [1963] 48 ITR 254, besides others. It is submitted that the unexplained stock in trade is not covered by section 69B. Reference is also invited to Addl. CIT v. Danyabhai Pitamberdas & Co. [1974] Taxation 36(1) 25-26 (Guj.). 15. It is respectfully submitted that sans section 68 to section 69D, section 115BBE cannot be invoked. The assessee is in the business of Ko…