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1 - 7 of 7 (0.20 seconds)Section 69 in The Income Tax Act, 1961 [Entire Act]
M. M. A. K. Mohideen Thamby & Co. vs Commissioner Of Income-Tax, Madras. on 9 January, 1959
The same High Court in M.M.A.K. Mohindeen Thamby and Co. v. CIT [1959] 36 ITR 481, relying on the said decision came to the conclusion that there is no distinction between the entries in the names of the partners and those in the names of the third parties, and the nature of the entry is not distinguishable. In the absence of a satisfactory explanation, it is open to the Department to infer that these monies also belong to the assessee and represent suppressed income.
A. Govindarajulu Mudaliar vs Commissioner Of Income-Tax, Hyderabad on 24 September, 1958
In A. Govindarajulu Mudaliar v. CIT [1958] 34 ITR 807, it was observed by the Supreme Court that there is ample authority for the position that where an assessee fails to prove satisfactorily the source and nature of certain amounts of cash received during the accounting year, the Income-tax Officer is entitled to draw the inference that the receipts are of an assessable nature.
Section 256 in The Income Tax Act, 1961 [Entire Act]
Hardwarmal Onkarmal vs Commissioner Of Income-Tax on 25 August, 1973
In Hardwarmal Onkarmal v. CIT [1976] 102 ITR 779, it was observed by the Patna High Court that if cash credits are found in the account books of a partnership firm in the names of the partners, the credits are surely in the names of persons who constitute the firm itself. In such a case, the onus was on the assessee to establish that the partners had actually deposited the money and that the entries were not fictitious,
P. V. Raghava Reddi And Another vs Commissioner Of Income-Tax on 16 January, 1962
In P.V. Raghava Reddi v. CIT [1956] 29 ITR 942, it was observed by the Andhra Pradesh High Court that the burden of proof is not dependent upon the fact of a credit entry in the name of the assessee or in the name of a third party. In either case, the burden lies upon the assessee to explain the credit entry, though the onus might shift to the Income-tax Officer under certain circumstances. Otherwise a clever assessee can always throw the burden of proof on the income-tax authorities by making a credit entry in the name of a third party either real or pseudonymous.
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