| Case ID |
3ad5023b-f22d-4caf-a41f-ab952299babd |
| Body |
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| Case Number |
CIVIL APPEAL No. 938 OF 1981 |
| Decision Date |
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| Hearing Date |
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| Decision |
The Supreme Court affirmed the decision of the High Court, stating that the taxing authorities were justified in treating the cash credits as the assessee's own income from undisclosed sources due to the failure of the assessee to provide satisfactory proof of the genuineness of the cash credits. The court highlighted that the declarations made under the Voluntary Disclosure Scheme were not sufficient to prove the legitimacy of the cash credits, especially since the creditors were not produced before the Income Tax Officer (ITO) as required. The decision is consistent with previous case law in Jamnaprasad Kanhaiyalal v. CIT, reinforcing the necessity of evidence in tax matters. |
| Summary |
In the case of Radhey Shyam Tibrewal v. Commissioner of Income Tax, the Supreme Court of India dealt with the issue of cash credits under Section 68 of the Income Tax Act, 1961. The appellant, Radhey Shyam Tibrewal, had cash credits in his books attributed to certain creditors who had made declarations under the Voluntary Disclosure Scheme. However, the appellant failed to produce these creditors before the Income Tax Officer, leading to the conclusion that the cash credits were the appellant's income from undisclosed sources. The Supreme Court affirmed the decisions of the lower courts, emphasizing the importance of providing satisfactory evidence in tax matters. This case is significant for its interpretation of the Income Tax Act and the requirements for proving the legitimacy of cash credits, making it a crucial reference for tax law practitioners and advocates. Legal professionals should note the implications of this ruling for future cases involving cash credits and the necessity of presenting credible evidence before tax authorities. |
| Court |
Supreme Court of India
|
| Entities Involved |
Not available
|
| Judges |
V.D. Tulzapurkar,
V. Balakrishna Eradi,
D.P. Madon
|
| Lawyers |
B.B. Ahuja,
A. Minocha,
M.M. Abdul Khader Khan,
A. Subhashini
|
| Petitioners |
Radhey Shyam Tibrewal
|
| Respondents |
Commissioner of Income Tax
|
| Citations |
1984 SLD 400,
(1984) 145 ITR 186
|
| Other Citations |
Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244 (SC)
|
| Laws Involved |
Income Tax Act, 1961
|
| Sections |
68
|