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Mrs. Mohinidevi T. Chudiwala vs Assistant Commissioner Of Income Tax on 21 November, 1997 cites

Commissioner Of Income-Tax, Orissa vs Orissa Corporation (P) Ltd on 19 March, 1986

5. Once again being aggrieved against the assessment thus made by the Asstt. CIT, Cent. Cir. 2, Mumbai, an appeal was preferred before the CIT(A), Cent. I, Mumbai, inter alia, questioning the legality and propriety of the addition made by the Asstt. CIT as undisclosed income of the assessee. It was submitted before the CIT(A) that the return of money to HTC was evidenced by copy of paying in slips through which moneys were deposited in the accounts of the assessee and that the return of money was evidenced by the accounts maintained by the assessee and through the bank statements, etc. Thus, the assessee appeared to have argued before the CIT(A) that the loan of Rs. 70,000 taken by the assessee is satisfactorily explained by the assessee by the fact that moneys have been returned through account-payee cheques. It was contended that merely because Ostwal and Mantri did not come forward to tell the truth in the matter while giving their statement under s. 131 before the AO both times, the assessee should not be allowed to suffer. The assessee placed strong reliance on the noted Supreme Court decision in CIT vs. Orissa Corpn. (P) Ltd. (1986) 159 ITR 78 (SC). The learned CIT(A), in his impugned order dt. 21st March, 1996, rejected the arguments advanced on behalf of the assessee on the following grounds :
Supreme Court of India Cites 12 - Cited by 585 - S Mukharji - Full Document
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