HIM PROPERTIES & DEVELOPERS PRIVATE LIMITED,LUCKNOW vs. DCIT/ACIT, LUCKNOW

ITA 345/LKW/2026Status: DisposedITAT Lucknow27 May 2026AY 2016-177 pages
AI SummaryRemanded

What were the facts?

The assessee received share application money of ₹44,96,000/-. The Assessing Officer treated this as income from other sources under section 56(1) due to the assessee's inability to produce records and lack of clarity on the source and nature of the funds. The CIT(A) confirmed this addition.

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal. It noted that if the share application money was introduced in previous years, it could not be taxed in the current year. The matter was restored to the Assessing Officer for de novo consideration.

What were the issues?

Whether share application money, if introduced in prior years, can be taxed as income in the current year, and whether the CIT(A)'s order was non-speaking.

Which sections of the Income-tax Act were involved?

Section 56(1),Section 68,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW ‘B’ BENCH, LUCKNOW

Hearing: 07.05.2026Pronounced: 27.05.2026

PER NIKHIL CHOUDHARY, A.M.: This is an appeal filed by the assessee against the order of the ld. CIT(A), NFAC under section 250 of the Income Tax Act, 1961 on 3.01.2025, wherein the ld. CIT(A) has dismissed the appeals of the assessee against the orders passed by the Assessing Officer under section 143(3) for the A.Y. 2016-17 on 6.12.2018. The grounds of appeal are as under: - “1. That the learned Commissioner (Appeals) erred in law and on facts in confirming the addition by treating the share application money of ₹ 44,96,000/- as income under section 56(1) of the Income-tax Act, despite the assessee having consistently disclosed the amount as share application money p

The order continues below.

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