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Shri Om Parkash Legal Heiar Smt Pushpa ... vs Income Tax Officer Ward-1(3), ... on 31 October, 2018 cites

Hazari Lal Om Parkash vs Ito on 30 October, 2002

In the facts of the instant case, the assessee's accounts are admittedly not reliable, so that they cannot even 18 ITA No. 756/Asr/2017 (AY 2014-15) Om Parkash v. ITO otherwise be regarded as representing a true and fair view of its affairs, i.e., generally. Speaking in the context of the impugned liabilities, the facts and circumstances stand examined to find the assessee's claim of being liable qua the impugned sums being wholly unproved, if not disproved (refer paras 3.3 & 3.4 of this order). It is the substance of the transaction that is relevant.
Income Tax Appellate Tribunal - Amritsar Cites 5 - Cited by 2 - Full Document

Commissioner Of Income-Tax, M.P. -Ii vs R. S. Banwarilal. on 8 March, 1982

7. No contrary view has been shown or relied upon in the memo of appeal. We are of the view that CIT(A) and the Tribunal was justified in holding that once net profit rate was applied, no further addition was called for in respect of purchases and introduction of cash in the facts and circumstances of the case. No substantial question of law arises. The appeal is dismissed.' The Hon'ble Court, firstly, clarifies that no contrary decision; it relying on the decision in Banwarilal Banshidhar (supra), stands brought to its' notice. In fact, the Hon'ble Court goes on to add that it is not making any statement of law in-as- much as, in its' opinion, no substantial question of law arises for being answered in the facts and circumstances of the case. The purview of a High Court u/s. 260A of the Act; the assessment under reference being dated 28/02/2002, is the admission and answering substantial question/s of law arising out of the order of the Appellate Tribunal. In fact, the tribunal deleted the addition u/s. 68 not on principle, as sought to be made out by the ld. counsel during hearing, but on facts; the relevant part of the tribunal's order, reproduced by the Hon'ble Court at para 5 of its' decision, reading as under:
Madhya Pradesh High Court Cites 25 - Cited by 60 - Full Document

Cit vs Chipsoft Technology Pvt. Ltd. on 20 July, 2012

2.3 The ld. Departmental Representative (DR) would submit that in-as-much as the credit/s under reference pertains to an earlier year, the same has no bearing on the rejection of the assessee's accounts for the current year. The assessee's argument, he would continue, is neither here nor there. Why, the liability being brought forward from an earlier year, also continues to be carry forward to the subsequent year. Rather, where accounts are not rejected, the assessee could, again, plead of no addition u/s. 41(1) being liable to be made in-as-much as his accounts, on which he places reliance, have been accepted and not rejected. On merits, he would, placing reliance on the decision in CIT v. Chipsoft Technology Pvt. Ltd. [2012] 80 DTR 250 (Del), submit that the fact of the matter is that the 'fact' of payment during f.y. 2014-15 was not disclosed by the assessee to the Assessing 4 ITA No. 756/Asr/2017 (AY 2014-15) Om Parkash v. ITO Officer (AO) during the assessment proceedings, which were on both during f.y. 2014-15 as well as part of f.y. 2015-16. In any case, the payment is in cash and, more importantly, not confirmed. Sh. Sarna would, in rejoinder, state that the said decision is distinguishable on facts as in that case the liability under reference was to the assessee's employees, finding the assessee's argument that no time limitation had been provided for payment of the employees' dues under the Industrial Dispute Act as insubstantial and unpersuasive.
Delhi High Court Cites 17 - Cited by 31 - S R Bhat - Full Document

Sutlej Cotton Mills Ltd vs Commr. Of Income Tax, West Bengal, ... on 27 September, 1978

Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC); Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). Why, if that be so, section 68 of the Act could not be countenanced; the credit in the assessee's books of account may reflect the same as a liability, or as a receipt from another, or, for that matter, even by way of accretion to capital, i.e., as on capital account. Rather, the section becomes applicable only on account of the said credit appearing in the books of account, which therefore the assessee is required to prove as not being, nevertheless, his income. In other words, prove the truth of his accounts or the entries therein.
Supreme Court of India Cites 4 - Cited by 524 - P N Bhagwati - Full Document

Kedarnath Jute Mfg. Co. Ltd vs Commissioner Of Income Tax, Central ... on 17 August, 1971

Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC); Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). Why, if that be so, section 68 of the Act could not be countenanced; the credit in the assessee's books of account may reflect the same as a liability, or as a receipt from another, or, for that matter, even by way of accretion to capital, i.e., as on capital account. Rather, the section becomes applicable only on account of the said credit appearing in the books of account, which therefore the assessee is required to prove as not being, nevertheless, his income. In other words, prove the truth of his accounts or the entries therein.
Supreme Court of India Cites 3 - Cited by 702 - A N Grover - Full Document

Perala Govinda Rajulu And Ors. vs Chief Commissioner Of Income-Tax And ... on 22 December, 1994

Though the law in the matter is legion; the Hon'ble Apex Court explaining the scope of the matter threadbare per its several decisions going back to as far back as late 1950s or early 1960s, i.e., even before the enactment of the Act [refer: Govinda Rajulu Mudaliar v. CIT (1958) 34 ITR 807 (SC); Kalekhan Mohammed Hanif v. CIT (1963) 50 ITR 1 (affirming the landmark decision [1958] 34 ITR 669 (MP))], reference, particularly in the context of the present case, which is qua section 41(1), be made to the decision in CIT v. S. Kamaraja Pandian [1984] 150 ITR 703 (Mad), clarifying that the assessee shall, inspite of entries to that effect in his accounts, have to establish the identity of the creditor; his capacity to advance; as well as the genuineness of the loan.
Andhra HC (Pre-Telangana) Cites 5 - Cited by 15 - Full Document

Kalekhan Mohd. Hanif vs Commissioner Of Income-Tax on 13 October, 1971

Though the law in the matter is legion; the Hon'ble Apex Court explaining the scope of the matter threadbare per its several decisions going back to as far back as late 1950s or early 1960s, i.e., even before the enactment of the Act [refer: Govinda Rajulu Mudaliar v. CIT (1958) 34 ITR 807 (SC); Kalekhan Mohammed Hanif v. CIT (1963) 50 ITR 1 (affirming the landmark decision [1958] 34 ITR 669 (MP))], reference, particularly in the context of the present case, which is qua section 41(1), be made to the decision in CIT v. S. Kamaraja Pandian [1984] 150 ITR 703 (Mad), clarifying that the assessee shall, inspite of entries to that effect in his accounts, have to establish the identity of the creditor; his capacity to advance; as well as the genuineness of the loan.
Madhya Pradesh High Court Cites 16 - Cited by 56 - Full Document

Commissioner Of Income-Tax vs S. Kamaraja Pandian on 19 September, 1983

Though the law in the matter is legion; the Hon'ble Apex Court explaining the scope of the matter threadbare per its several decisions going back to as far back as late 1950s or early 1960s, i.e., even before the enactment of the Act [refer: Govinda Rajulu Mudaliar v. CIT (1958) 34 ITR 807 (SC); Kalekhan Mohammed Hanif v. CIT (1963) 50 ITR 1 (affirming the landmark decision [1958] 34 ITR 669 (MP))], reference, particularly in the context of the present case, which is qua section 41(1), be made to the decision in CIT v. S. Kamaraja Pandian [1984] 150 ITR 703 (Mad), clarifying that the assessee shall, inspite of entries to that effect in his accounts, have to establish the identity of the creditor; his capacity to advance; as well as the genuineness of the loan.
Madras High Court Cites 8 - Cited by 17 - Full Document
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