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Documents citing Shankar Industries vs Commissioner Of Income-Tax, Central on 21 March, 1978

Acit, New Delhi vs M/S. Shyam Indus Power Solutions Pvt. ... on 29 January, 2018

Shankar Industries Vs CIT (Cal) 114 ITR 689 Page | 51 ACIT Vs. M/s.Shyam Indus Power Solutions Pvt. Ltd, ITA No. 3223 & 3224/Del/2016 &CO No. 249 & 250/Del/2016 (Assessment Year: 2012-13 and 2013-14) Nanak Chandra Laxman Das Vs CIT (Cal) 140 ITR 151 Hari Chand Virender Paul Vs CIT (P8iH) 140 ITR 148 CIT Vs Biju Patnaik (SC) 160 ITR 674 ITO Vs Skyjet Aviation (P) Ltd. (ITAT, Ahd-TM) 71 ITD 95 CIT Vs Precision Finance P Ltd. (Cal) 208 ITR 465 Oriental Wire Industries (P) Ltd. Vs CIT (Cal) 131 ITR 688  Mere filing of Income Tax file number not enough to prove genuineness of cash credit.
Income Tax Appellate Tribunal - Delhi Cites 105 - Cited by 16 - Full Document

Aluminium Small Industries vs Income-Tax Officer on 26 December, 2005

(i) As has been held in the case of Shankar Industries v. CIT as per the decision of the hon'ble jurisdictional High Court, the onus lies on the assessee to prove the case prima facie in case of Section 68 which has not been done in the impugned case. It has been rightly held by the Assessing Officer that when the case was decided ex parte despite several opportunities granted and the assessee could not prove it to be the opening balance in subsequent year, the case becomes weakened for the assessee in the impugned appeal. Even the same view has been held by the Commissioner of Income-tax (Appeals).
Income Tax Appellate Tribunal - Kolkata Cites 26 - Cited by 2 - Full Document

Sharma Associates vs Assistant Commissioner Of Income-Tax on 25 August, 1995

40. After due consideration, we are of the opinion that the assessee has only proved the identity of the parties and not the capacity and genuineness of the payments. It is necessary to point out that even repayment by bearer cheque does not necessarily establish the genuineness of payment because soon after encashing the bearer cheque the payee could be asked to return the money to the payer. It is only to give a colour of genuineness, the assessee has resorted to bearer cheque payment without anticipating investigation to be conducted by the Assessing Officer. Keeping in view the close relationship or friendship it could be inferred that the cash creditors have lent their names and the assessee has not established satisfactorily the nature and source of the cash credits. Therefore, it may be assessed as income of the assessee of the previous year relevant for the assessment year 1990-91. Reliance is placed on the judgment of the Calcutta High Court in Shankar Industries v. CIT [1978] 114 ITR 689.
Income Tax Appellate Tribunal - Pune Cites 40 - Cited by 8 - Full Document
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