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Documents citing Commissioner Of Income Tax vs Jayantilal D. Patel on 21 April, 2006

Ito, New Delhi vs Vineet Gupta, New Delhi on 31 March, 2017

In arriving at the above conclusion, we also derive strength from the judgment of the Hon'ble Gujarat High Court in the case of CIT vs. Pradeep Shantilal Patel 221 Taxman 436, wherein the Gujarat High Court has held that where manner of carrying out both credit and debit transaction clearly indicate that the payments have been made to different parties out of cash deposits which are claimed by the appellant and the same represented sale proceeds and purchases in the bank account, it could be reasonably concluded that the transaction in the bank account pertains to the business of the appellant. It was held that in absence of any other evidence to disbelieve the claim of the appellant, the statement of the appellant having regard to the nature of business should be accepted. Here too, the revenue has proceededto bring to tax the entire deposits without leading any material and rebut the claim of the appellant. During the course of hearing, one of the arguments raised by the learned Senior DR is that the assessee has stonewalled enquiries by not producing any evidence and therefore, no relief is warranted on the facts of the case of the appellant more particularly when the assessee is not maintaining any books of accounts. We find that the aforesaid argument of the revenue does not deserves any merit for the reason that here admittedly even as per the Assessing Officer, there is no stonewalling of the enquiry. On the contrary, it is not a case where either of the authorities below have even alleged that the assessee has not cooperated during the course of assessment proceedings. It is a matter of record that two statements of the assessee have been recorded, affidavit was filed and replies have been furnished during the course of assessment proceedings. Thus, it is a case where assessee has tendered an explanation and such an explanation 8 ITA Nos. 4116, 4117 & 4118/Del/2016 has not been found acceptable and therefore, the matter is before us and it is not a case where the assessee has evaded assessment proceedings. So far as the argument that assessee has not been able to produce evidence in the shape of bills or for that matter, books of accounts to support nature of the deposits, that fact cannot be a ground to assume that the assessee has stonewalled enquiries. On the contrary, the Assessing Officer himself has admitted that it is time consuming and laborious process to conduct enquiry and he has chosen not to conduct enquiry and that fact would overlook other factors which assessee has highlighted before us to establish that the deposits represents trading receipts in the course of business of the appellant and therefore, income has to be computed only by applying the rate of profit on the total number of deposits in the bank account of the appellant. It is also a matter of record and it is also noticed from the bank account that the total cash withdrawals are of Rs. 91,55,450/- whereas out of the total deposit of Rs. 97,07,593/-, there are withdrawals made of Rs. 91,55,450/- and therefore, to suggest that all deposits are income of the appellant would otherwise be an incorrect estimation of income of income of the appellant.
Income Tax Appellate Tribunal - Delhi Cites 9 - Cited by 0 - Full Document

Deputy Commissioner Of Income-Tax, ... vs Astrotech Steels Private Limited, ... on 28 February, 2025

3 Upon careful consideration of para-14 of the order, we find that the bench has taken a particular view in the matter drawing analogy from the decisions of jurisdictional High Court in the case of CIT Vs Jayanthilal Patel (2001) (248 ITR 199), the decision of Hon'ble Delhi High Court in the case of CIT Vs. Web Commerce India Pvt. Ltd (2009) (318 ITR
Income Tax Appellate Tribunal - Chennai Cites 4 - Cited by 0 - Full Document
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