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K. P. Credit And Traders Pvt. Ltd vs Ashoka Hawai And Shoes Pvt. Ltd on 4 May, 2022 cites

Commissioner Of Income Tax vs M/S. Maithan International on 10 April, 2014

In my view this is a matter of serious concern and goes to the root of the genuineness of the entire transaction as pleaded by the petitioner. Accommodation entries or jamma kharchi transactions as they are commonly known are a commercial reality. The entire object of such transactions is to circulate ill gotten and unrecorded money with the resultant aim of attempting to launder one's money. Even under Section 68 of the Income Tax Act, 1961, any sum fund credited in the books of any person including loans received by such person can be examined by the Income Tax Department by verifying the identity, creditworthiness, nature, source and genuineness of the transactions [See Commissioner of Income Tax, Central-I vs. Maithan International (2015) 375 ITR 123 (Cal), Rajmandir Estates Private Limited vs. Principal Commissioner of Income Tax, Kolkata-III (2016) 386 ITR 162 (Cal) and Principal Commissioner of Income Tax (Central) - 1 vs. NRA Iron & Steel Pvt. Ltd. (2019) 412 ITR 161 (SC)].
Calcutta High Court Cites 0 - Cited by 81 - G C Gupta - Full Document

M/S. Rajmandir Estates Pvt. Ltd. vs Principal Commissioner Of Income Tax, ... on 9 January, 2017

In my view this is a matter of serious concern and goes to the root of the genuineness of the entire transaction as pleaded by the petitioner. Accommodation entries or jamma kharchi transactions as they are commonly known are a commercial reality. The entire object of such transactions is to circulate ill gotten and unrecorded money with the resultant aim of attempting to launder one's money. Even under Section 68 of the Income Tax Act, 1961, any sum fund credited in the books of any person including loans received by such person can be examined by the Income Tax Department by verifying the identity, creditworthiness, nature, source and genuineness of the transactions [See Commissioner of Income Tax, Central-I vs. Maithan International (2015) 375 ITR 123 (Cal), Rajmandir Estates Private Limited vs. Principal Commissioner of Income Tax, Kolkata-III (2016) 386 ITR 162 (Cal) and Principal Commissioner of Income Tax (Central) - 1 vs. NRA Iron & Steel Pvt. Ltd. (2019) 412 ITR 161 (SC)].
Supreme Court - Daily Orders Cites 0 - Cited by 87 - Full Document

Principal Commissioner Of Income ... vs Nra Iron And Steel Pvt. Ltd. Through ... on 5 March, 2019

In my view this is a matter of serious concern and goes to the root of the genuineness of the entire transaction as pleaded by the petitioner. Accommodation entries or jamma kharchi transactions as they are commonly known are a commercial reality. The entire object of such transactions is to circulate ill gotten and unrecorded money with the resultant aim of attempting to launder one's money. Even under Section 68 of the Income Tax Act, 1961, any sum fund credited in the books of any person including loans received by such person can be examined by the Income Tax Department by verifying the identity, creditworthiness, nature, source and genuineness of the transactions [See Commissioner of Income Tax, Central-I vs. Maithan International (2015) 375 ITR 123 (Cal), Rajmandir Estates Private Limited vs. Principal Commissioner of Income Tax, Kolkata-III (2016) 386 ITR 162 (Cal) and Principal Commissioner of Income Tax (Central) - 1 vs. NRA Iron & Steel Pvt. Ltd. (2019) 412 ITR 161 (SC)].
Supreme Court of India Cites 14 - Cited by 121 - I Malhotra - Full Document
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