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Sh. Rohit Jain, Samana vs Assessee on 19 June, 2012 cites

Commissioner Of Income-Tax, Madras vs Ajax Products Ltd. Through Its ... on 8 October, 1964

In the facts of the case before the Hon'ble Delhi High Court in CIT Vs. Diamond Products Ltd.(supra) the assessee had furnished the confirmation of the creditor a l o n g w i t h t h e c o p i e s o f h i s r e t u r n o f i n c o m e f i l e d f o r t h e r e l e v a n t ye a r and such creditor also appeared before the Assessing Officer and furnished all the information. The books of account of the creditor were also verified by the Assessing Officer and as per the statement of the creditor admitted to have advanced certain sums to the assessee, out of his bank account, statements of which were filed before the Assessing Officer. The deposits to the extent of amount advanced were also explained before the Assessing Officer. However, said amount was f o u n d t o b e r e c e i v e d i n c a s h t o w a r d s r e p a ym e n t o f l o a n g i v e n e a r l i e r . The Assessing Officer had made the addition on account of the said deposit in cash in the bank account of the creditor. The Hon'ble Court held that it was not open to the Assessing Officer to make the addition after entering upon the examination of the source of source once the assessee had established that the transaction with the creditor was genuine and the identity and creditworthiness of the creditor had been established.
Supreme Court of India Cites 13 - Cited by 177 - Full Document

Commissioner Of Income-Tax, Orissa vs Orissa Corporation (P) Ltd on 19 March, 1986

A p p l yi n g t h e a b o v e s a i d r a t i o l a i d d o w n b y t h e H o n ' b l e Supreme Court in CIT Vs. Orissa Corporation P. Ltd. (supra) to the facts of the present case, we find that the assessee in the present assessee had furnished the requisite information vis-à-vis the donor i.e. the bank account of the donor was produced and even the acknowledgement of filing return of income explaining the source of the said credit by the donor was also furnished during the course of assessment proceedings, copies of which are filed before us also. The revenue authorities in the present case have failed to carry out any investigation in the hands of the donor and merely because there was cash deposits in the bank account of the donor prior to issuing the cheques of gifted amount to the assessee, the source of the gifts could not be held to be unexplained on 9 the surmises that the cash was unexplained in the hands of the donor, who is assessed to tax.
Supreme Court of India Cites 12 - Cited by 585 - S Mukharji - Full Document
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