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Documents citing Orient Trading Co. Ltd. vs Commissioner Of Income-Tax (Central), ... on 30 August, 1962

Assistant Commissioner Of Income ... vs Disha Dynamic Buildwell Private ... on 5 September, 2025

Hon'ble Jurisdictional High Court in Orient Trading Co. Ltd. Vs CIT (supra) also held that once the assessee has furnished identity of third party and other evidence to show that enterprises not fictitious, the initial burden lies on him can be said to have been discharged by him. Then burden shifted to the department to show why the assessee's case cannot be accepted. We also find that the assessee right from the beginning has taken plea that loan received by him in subsequently repaid such fact is not disputed by assessing officer.
Income Tax Appellate Tribunal - Mumbai Cites 14 - Cited by 0 - Full Document

Ito, Ward, Phalodi, Phalodi vs M/S Rama Allure Llp, Jodhpur on 9 October, 2023

"7. ......It has also proved the capacity of the creditors by showing that the amounts were received by the assessee by account payee cheques drawn from bank accounts of the creditors and the assessee is not expected to prove the genuineness of the cash deposited in the bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of account but not the source of the sourceas held by the Bombay High Court in the case of Orient Trading Co. Ltd. v. CIT [1963] 49 ITR 723."
Income Tax Appellate Tribunal - Jodhpur Cites 41 - Cited by 0 - Full Document

Nalapad Properties , Bangalore vs The Deputy Commissioner Of Incomer Tax, ... on 16 August, 2024

Nalapad Properties, Bangalore ITA No.1298/Bang/2024 & SP 34/Bang/2024 Nalapad Hotels and Convention Centre, Bangalore Page 87 of 93 On the contrary the assessee submits that said decision was distinguishable on Law and fact of that case and therefore the said decision is not squarely applicable to the facts and circumstances of the assessee. The Ld. CIT(A) was misdirected by misleading the above decision in confirming the action of the AO as per Para 7 of the Appellate Order.
Income Tax Appellate Tribunal - Bangalore Cites 81 - Cited by 0 - Full Document

Income Tax Officer, Chandigarh vs Sanbir Singh, Chandigarh on 18 October, 2024

23.4 The Hon'ble Bombay High Court, in 'Orient Trading Company Ltd. vs CIT' 49 ITR 723 (Bom.) held that when an entry stands in name of a third party, the assessee satisfies the ITO as to the identity of the third party and also supplies such other evidence which shows, prima facie, that the entry is not fictitious, the initial burden that lay on him can be said to be discharged by him and it will not, thereafter, be for the assessee to explain further as to how and in what circumstances the third party obtained the money, and as to how or why he came to make a deposit with the assessee; that the burden shifts on to the Revenue to show that the entry represented the assessee's suppressed income; and that the Department has to be in possession of sufficient and adequate material for such a conclusion to be reached.
Income Tax Appellate Tribunal - Chandigarh Cites 18 - Cited by 0 - Full Document

Ito 8(3)(2), Mumbai vs Spartacus Farmsp.Ltd, Mumbai on 13 February, 2018

The Hon'ble Bombay High Court in Orient Traing Co. Ltd. vs. CIT [1963] 49 ITR 723 (Bom) has held that if the credit entry is in the books of the assessee which stands in the name of assessee's wife, children or any other relative or friend, the burden lies on the assessee to explain satisfactorily the nature and source of the entry. In the background of the aforesaid discussion and precedent, we set aside the order of the ld. Commissioner of Income Tax (Appeals) and restore that of the Assessing Officer.
Income Tax Appellate Tribunal - Mumbai Cites 11 - Cited by 2 - Full Document

Nalapad Properties , Bangalore vs The Deputy Commissioner Of Incomer Tax, ... on 16 August, 2024

Nalapad Properties, Bangalore ITA No.1298/Bang/2024 & SP 34/Bang/2024 Nalapad Hotels and Convention Centre, Bangalore Page 87 of 93 On the contrary the assessee submits that said decision was distinguishable on Law and fact of that case and therefore the said decision is not squarely applicable to the facts and circumstances of the assessee. The Ld. CIT(A) was misdirected by misleading the above decision in confirming the action of the AO as per Para 7 of the Appellate Order.
Income Tax Appellate Tribunal - Bangalore Cites 81 - Cited by 0 - Full Document

Nalpad Hotels And Convention Centre , ... vs The Deputy Commissioner Of Incomer Tax, ... on 16 August, 2024

Nalapad Properties, Bangalore ITA No.1298/Bang/2024 & SP 34/Bang/2024 Nalapad Hotels and Convention Centre, Bangalore Page 87 of 93 On the contrary the assessee submits that said decision was distinguishable on Law and fact of that case and therefore the said decision is not squarely applicable to the facts and circumstances of the assessee. The Ld. CIT(A) was misdirected by misleading the above decision in confirming the action of the AO as per Para 7 of the Appellate Order.
Income Tax Appellate Tribunal - Bangalore Cites 81 - Cited by 0 - Full Document

Hardwarmal Onkarmal vs Commissioner Of Income-Tax on 25 August, 1973

Orient Trading Co, Ltd. v. Commissioner of Income-tax, [1963] 49 ITR 723 (Bom) is a decision of the Bombay High Court, in which it has been pointed out that if the credit entry stands in the name of the assessee himself, the burden is undoubtedly on him to prove satisfactorily the nature and source of the amount of that entry ; if the entry stands in the name of the assessee's near relation, in that case also the burden is on him. If the entry, however, stands in the name of a third party then the assessee discharges his burden if he proves to the satisfaction of the Income-tax Officer the identity of the third party and also supplies evidence to show prima facie that the entry is not fictitious. If I may say so, the case in hand falls within the second category. If cash credits are found in the account books of a partnership firm in the names of the partners then such cash credits are in the names of persons who cannot call themselves as being related to the firm but surely are in the names of persons who constitute the firm itself. That being so, in such a case, the onus is on the assessee to establish that the partners had actually deposited the money and that the entries were not fictitious.
Patna High Court Cites 11 - Cited by 20 - N L Untwalia - Full Document
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