| Case ID |
1b78d95a-7458-4a28-bbdc-55e2cc3e4556 |
| Body |
View case body. Login to View |
| Case Number |
IT APPLICATION No. 39 OF 1968 |
| Decision Date |
Jun 22, 1972 |
| Hearing Date |
|
| Decision |
The Tribunal held that the loans in question were genuine transactions and could not be added back to the assessee's income. The findings were based on appreciation of evidence, and it was concluded that the Income-tax Officer had not provided sufficient evidence to dispute the genuineness of the loans. The case was decided in favor of the assessee, with the court ruling that the evidence presented substantiated the authenticity of the transactions. |
| Summary |
In the case IT APPLICATION No. 39 OF 1968, the Bombay High Court dealt with the issue of loan transactions treated as income from undisclosed sources by the Income-tax Officer. The Tribunal found that the loans were genuine, supported by confirmatory letters from bankers and proper documentation. The court emphasized that the Income-tax Officer failed to provide evidence challenging the authenticity of the loans, leading to a decision favoring the assessee. This case highlights the importance of thorough and fair assessment procedures in tax-related matters, ensuring that genuine transactions are not erroneously classified as undisclosed income. Keywords such as 'Income-tax Act', 'genuine transactions', 'Bombay High Court', and 'loan assessment' are essential for SEO optimization. |
| Court |
Bombay High Court
|
| Entities Involved |
Not available
|
| Judges |
Kotval, C.J.,
Chandrachud, J.
|
| Lawyers |
R.M. Hajarnavis,
J.H. Parikh,
F.N. Kaka,
Dinesh Vyas
|
| Petitioners |
Commissioner of Income tax
|
| Respondents |
U.M. Shah, Proprietor, Shrenik Trading Co.
|
| Citations |
1973 SLD 358 = (1973) 90 ITR 396
|
| Other Citations |
CIT v. Daulatram Rawatmall [1970] 78 ITR 318 (SC),
Reform Flour Mills (P.) Ltd v. CIT [1970] ITR 322 (SC)
|
| Laws Involved |
Income-tax Act, 1961
|
| Sections |
143,
256
|