{"id":7612,"date":"2019-10-04T06:50:41","date_gmt":"2019-10-04T06:50:41","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-malayil-bankers-2019-416-itr-322-ker-hc-2\/"},"modified":"2021-05-05T14:37:03","modified_gmt":"2021-05-05T09:07:03","slug":"cit-v-malayil-bankers-2019-416-itr-322-ker-hc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-malayil-bankers-2019-416-itr-322-ker-hc-2\/","title":{"rendered":"CIT   v.  Malayil Bankers. (2019) 416 ITR 322 \/( 2020) 185 DTR 347\/ 314 CTR 568(Ker.)(HC)"},"content":{"rendered":"<p>Allowing the appeal of the revenue the Court held that neither at the time of search nor later after issuance of notice had the assessee produced any substantiating materials as to the genuineness of the depositors. After clearly finding that the civil proceedings would not regulate the assessment under the Income-tax Act, there was no ground for modifying the order of the Commissioner (Appeals) directing the Assessing Officer to examine the genuineness of the creditors. The preliminary list of creditors as approved by the civil court in the insolvency proceedings, was not sufficient material to upset the additions made in an assessment under the Act. The assessment order with respect to the addition of cash credits under section 68 was valid. (AY. 1995-96, 1996 -97)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-No explanation was furnished\u2013Civil proceedings would not regulate the assessment under the Income-tax Act-Tribunal remanding the matter is  held to be erroneous-Addition as cash credit is valid. [S. 254(1)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7612","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1YM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7612"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7612\/revisions"}],"predecessor-version":[{"id":17606,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7612\/revisions\/17606"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}