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Sumangal Diamonds Private ... vs Income Tax Department, Delhi on 26 May, 2026 cites

Sanjay Brahmdev Kapoor, Mumbai vs Acit, Circle -17(3), Mumbai on 15 January, 2020

Further with regard to the decision in the case of Sanjay Kapur vs. ACIT (supra), Hon'ble Supreme Court dismissed the appeal of the assessee for the reason that no supporting evidences were available to prove source of such deposit leading to reason to believe. In this case, there was no supporting evidence to prove the source of cash deposited to record the reasons to reopen the case whereas in the present case, the issue involved is cash deposited supported by cash sales and all the cash was already in the books. Therefore, these cases are distinguishable to the present case.
Income Tax Appellate Tribunal - Mumbai Cites 0 - Cited by 1 - Full Document

Wns Global Services P.Ltd, Mumbai vs Asst Cit 10(2), Mumbai on 6 December, 2021

It is well recognized that no business operates in a fixed or linear pattern. Commercial activity is subject to fluctuations arising from various external factors, including seasonal demand, market dynamics, and socio-cultural events. Business inherently involves uncertainty, as it operates within a dynamic environment influenced by unpredictable factors. In the present case, the appellant has duly explained the reasons for the spike in cash sales during the relevant period-- specifically citing factors such as the Diwali festival, Dhanteras, Bhai Dooj, Karwa Chauth, and the marriage season. These explanations were placed on record and were not rebutted or disproved by the AO in the assessment proceedings. This view is supported by the decision of the Hon'ble Delhi Tribunal in the case of AGSONS GLOBAL P. LTD. v. Asstt. CIT [2020] 115 taxmann.com 342 (Delhi - Trib.), wherein it was held that additions solely on the ground of deviation in the ratio of cash sales and cash deposits during the demonetization period vis-à-vis earlier years are neither proper nor legally sustainable.
Income Tax Appellate Tribunal - Mumbai Cites 29 - Cited by 2 - Full Document

Commissioner Of Income-Tax vs President Industries on 20 April, 1999

Furthermore, the appellant's case finds strong support from the judgment of the Hon'ble Gujarat High Court in CIT v. President Industries [2002] 258 ITR 654, wherein it has been clearly held that sales constitute turnover and not income per se, and therefore the entire sale proceeds cannot be brought to tax as undisclosed income. The Hon'ble Court further observed that where the sales have already been duly credited in the books of account, any further addition of the same amount would result in double taxation of the same receipt, which is impermissible in law. In the 12 ITA No.5913/DEL/2025 present case, the impugned sales have been duly recorded in the audited books of account of the appellant, and the same have been offered to tax in the normal course. It is also pertinent to note that the Assessing Officer has not pointed out any discrepancy either in the quantitative stock records or in the corresponding purchase documentation. In the absence of any defect in the books of account or adverse material on record, no separate or further addition on account of such recorded sales is legally sustainable and deserves to be deleted.
Gujarat High Court Cites 0 - Cited by 223 - A R Dave - Full Document

Pankaj Bansal, Gurgaon vs Pr,Cit (Central), Gurgaon on 31 May, 2021

11. With regard to case laws relied by the ld. DR of the Revenue, we observed that the same is distinguishable to the facts in the present case. With regard to 26 ITA No.5913/DEL/2025 decision of Pankaj Gupta (supra), Hon'ble High Court dismissed the appeal of the assessee on the basis that assessee did not explain nature and source of acquisition of money whereas in the present case, the cash sales are already recorded in the books of account.
Income Tax Appellate Tribunal - Delhi Cites 77 - Cited by 5 - Full Document

Deputy Commissioner Of Income Tax vs M/S R.R. Energy Ltd. 60 Taxc/6/2019 ... on 25 June, 2019

In the case of CIT Vs. Assolciated Transport (P.) Ltd. 1996]84 Taxman 146/[1995] 212 ITR 417 (Cal). The Tribunal foundthat the assessee had sufficient cash in hand in the books ofaccount of the assessee, therefore, held that there was no reasonto treat this amount as income from undisclosed sources and itwas not a fit case for treating the said amount as concealedincome of the assessee. The revenue moved to Calcutta HighCourt against the order of the tribunal and the Hon'ble High Courthas confirmed the order of the Tribunal while deleting thepenalty, Hon'ble Calcutta high court held as under:
Chattisgarh High Court Cites 1 - Cited by 119 - Full Document
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