| Case ID |
ec11b44a-2cb7-43b8-8cfe-6ee20c325b1f |
| Body |
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| Case Number |
Income Tax Application No. 225 of 1991 |
| Decision Date |
Oct 10, 1991 |
| Hearing Date |
|
| Decision |
The court held that the issue of whether the cash credit amounting to Rs. 21,000 in the name of Smt. Memo Deyi remained unexplained was indeed a question of law. The court directed the Income Tax Appellate Tribunal to prepare a statement of the case and refer the question to the High Court for its opinion. The judgment emphasizes the importance of clarity and justification regarding cash credits under the Indian Income Tax Act, ensuring that the Tribunal's decisions are well-founded in law. |
| Summary |
The case revolves around the interpretation of cash credits under the Indian Income Tax Act, 1961. The Allahabad High Court examined whether the cash credit of Rs. 21,000 in the name of Smt. Memo Deyi was unexplained, which posed significant implications for income tax assessments. The ruling underscores the legal framework surrounding cash credits, the necessity for thorough documentation, and the importance of the Tribunal's role in ensuring equitable tax practices. This case serves as a critical reference for tax professionals and advocates dealing with similar income tax issues, particularly those concerning unexplained cash credits, a common area of dispute in tax litigation. Keywords: Income Tax, Cash Credit, Tax Law, Tribunal Decisions, High Court Rulings, Legal Interpretation. |
| Court |
Allahabad High Court
|
| Entities Involved |
Not available
|
| Judges |
A.N. Verma,
R.K. Gulati
|
| Lawyers |
learned counsel for the assessee,
learned counsel representing the Commissioner of Income-tax
|
| Petitioners |
Avadesh Kumar Upadhyay
|
| Respondents |
Commissioner of Income Tax
|
| Citations |
1993 SLD 332,
1993 PTD 823,
(1993) 199 ITR 214
|
| Other Citations |
Not available
|
| Laws Involved |
Indian Income Tax Act, 1961
|
| Sections |
68,
256
|