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Taruna Manish Jain,Mumbai vs Income Tax Officer, Mumbai on 19 December, 2024 cites

Commissioner Of Income Tax vs P. Mohanakala on 15 May, 2007

While relying upon paragraph 26 of this judgment in P. Mohanakala (supra) what Mr. Mohanty submits is that in that paragraph the Hon'ble Supreme Court was referring to its prior decisions. The reliance thereon was to the extent of the Revenue's submissions and to give support to it. The argument was that the issue relating to the 5 ITA No. 1629/Mum/2024 Taruna Manish Jain, Mumbai propriety of the legal conclusion that could be drawn on the basis of the proved f acts gives rise to a question of law and, therefore, the High Court is justif ied in interfering in the manner since the authorities below failed to draw a proper and logical inference from the proven facts. The Hon'ble Supreme Court expressly rejects this submission and says that findings of fact are arrived at on a proper appreciation of the material available on record and the surrounding circumstances. The doubtful nature of the transaction and the manner in which the sums were found credited in the books of account maintained by the assessee have been duly taken into consideration by the authorities even in the case before us. The transactions were found to be genuine. It is not only that the moneys came by way of cheques and through proper banking channels, but even the repayment has been verified and the Assessing Officer, while giving effect to the Tribunal's order records that this is not a transaction which can be said to be hit by the principles relied upon.
Supreme Court of India Cites 12 - Cited by 324 - B S Reddy - Full Document

Rakshak Chemicals Pvt. Ltd. And Ors. vs The Income-Tax Officer [Alongwith Ita ... on 8 September, 2003

6. After having gone through the decisions placed on record by Ld.DR, I found that same are not applicable in the facts and circumstances of the present case, more particularly when the decision of the Coordinate Bench of ITAT in the case of M/s Savita Mercantiles Pvt Ltd (supra) P.B page No. 31 has clearly distinguished the decision referred by Ld. DR and the operative portion of the decision of the Coordinate Bench of ITAT is reproduced herein below:
Income Tax Appellate Tribunal - Ahmedabad Cites 45 - Cited by 55 - Full Document
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