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1 - 10 of 16 (1.22 seconds)Commissioner Of Income-Tax vs Dhawan Investment And Trading Co. Ltd. on 26 March, 1998
Mr. Khaitan then relied on the decision in CIT v. Dhawan Investment & Trading Co. Ltd. . In the said case the shares were transacted through noted share brokers at the rates quoted in the stock exchange. The claim of the assessee was accepted. Such, an acceptance was found favour by this Court in the said decision.
Commissioner Of Income-Tax vs Currency Investment Co. Ltd. on 6 September, 1999
Mr. Khaitan had then relied on the decision in CIT v. Currency Investment Co. Ltd. . In this case, it was held that merely because the assessee could not produce the broker through whom the shares were sold, the same did not affect the genuineness of the transaction when the assessee disclosed the identity of persons from whom the shares were purchased and to whom sold. Even when two views are possible, if the view taken by the learned Tribunal is possible, it cannot be said to be perverse.
Commissioner Of Income-Tax, Orissa vs Orissa Corporation (P) Ltd on 19 March, 1986
6. Mr. Khaitan had relied on the decision in CIT v. Orissa Corporation (P) Ltd. to support his contention where it was held that there was no effort made to pursue the so-called alleged creditors and that after the materials were produced by the assessee, they could not do anything further. Therefore, it was incumbent on the Revenue to scrutinize and find out the real nature of the transaction. It cannot proceed on the basis of surmises and conjecture.
Nava Bharat Enterprises (P) Ltd. vs Commissioner Of Income-Tax, Andhra ... on 27 December, 1982
He had also relied on the decision in Bharati (P) Ltd. v. CIT . In this case, it was held that mere filing of confirmatory letters would not discharge the onus that lay on the assessee unless the identity of the creditors is established. Here, according to him, the identity of the creditors was established in respect of 67 per cent of the public issue as well as the directors' quota and, therefore, relying on this decision, he contends that the assessee had nothing, which it could do further.
Commissioner Of Income-Tax vs W.J. Walker And Company on 4 April, 1978
He then relied on the decision in CIT v. W.J. Walker & Co. .
Commissioner Of Income Tax West Bengal vs Anwar Ali on 29 April, 1970
In this case, it was held that after the assessee has proved positively that the failure to return correct income did not arise from any fraud, gross or wilful neglect on his part, the Department was bound to prove that the assessee was guilty of concealment of income or had furnished inaccurate particulars relying on CIT v. Anwar Ali . But this decision does not help Mr. Khaitan in view of the fact that it relates to a
proceeding under Section 271(1)(c).
Commissioner Of Income-Tax vs Emerald Commercial Ltd. And Anr. on 23 March, 2001
4. Mr. Khaitan had relied on the decisions in CIT v. Emerald Commercial Ltd. and Anr. where a Division Bench of this Court has held that non-production of share broker by the assessee did not disentitle the assessee from claiming loss in genuine transaction of shares. In this case the learned Tribunal having come to a finding on the basis of the materials that the transaction was genuine, sitting in reference, unless it is found perverse, this Court cannot intervene. In the said decision, it was further found that the findings of the ITO and the CIT(A) were based on presumption and not warranted by facts of the case as in the present case.
Commissioner Of Income-Tax vs Korlay Trading Co. Ltd. on 20 February, 1998
Mr. Khaitan then relied on CIT v. Korlay Trading Co. Ltd. . In this decision, it was held that once the assessee had discharged its initial burden, no investigation or proper steps had been taken by the ITO to bring on record the materials to controvert the claim of the assessee. The claim of the assessee could not be denied merely because the broker through whom the transaction was effected had failed to produce his books. The creditor should be identified, their creditworthiness should also be established and the genuineness should be proved. In this case the identity had admittedly been established but for establishing the creditworthiness, no further steps were taken by the IT authority nor proper opportunity was given to the assessee.
K.M. Sadhukhan And Sons Pvt. Ltd. vs Commissioner Of Income-Tax on 29 April, 1999
Mr. Khaitan then relied on KM. Sadhukhan & Sons (P) Ltd. v. CIT . Relying on the decision, he contended that reliance placed on this decision by Mr. Agarwal does not help Mr. Agarwal in view of the distinguishing facts of the case.