THE COMMISSIONER OF INCOME TAX vs. M/S NALWA INVESTMENT LTD.

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ITA - 822 / 2005HC Delhi08 August 20192 pages
For Petitioner: ZOHEB HOSSAIN
AI SummaryAllowed

What did the High Court hold?

The Delhi High Court held that the amounts received by the assessee companies were in the nature of share application money and not income. The court found that the genuineness of the transactions and the identity of the subscribers were established.

What were the facts?

The appeals were filed by the Commissioner of Income Tax against the orders of the Income Tax Appellate Tribunal concerning several investment companies. The core issue revolved around the taxability of certain amounts received by these companies.

What were the issues?

The primary issue was whether the amounts received by the assessee companies from various parties were to be treated as unexplained cash credits under Section 68 of the Income Tax Act, 1961, or as genuine share application money.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-1,6,13 &14 +

ITA 822/2005 THE COMMISSIONER OF INCOME TAX ..... Appellant

Through: Ms Lakshmi Gurung, Senior Standing

Counsel for Revenue with Mr Tushar

Gupta, Junior Standing Counsel for

Revenue.

versus M/S NALWA INVESTMENT LTD. ..... Respondent Through: Mr Ajay Vohra, Senior Advocate

with Ms Kavita Jha, Vaibhav

Kulkarni and Mr Udit Maneesh,

Advocates.

ITA 853/2005 THE COMMISSIONER OF INCOME TAX ..... Appellant

Through: Mr Deepak Anand, Senior Standing

Counsel for Revenue.

versus M/S ABHUINANDAN INVESTMENT LTD. ..... Respondent Through: Mr Ajay Vohra, Senior Advocate

with Ms Kavita Jha, Vaibhav

Kulkarni and Mr Udit Maneesh,

Advocates.

ITA 935/2005 THE COMMISSIONER OF INCOME TAX, DELHI ..... Appellant

Through: Mr Ajit Sharma, Senior Standing

Counsel for Revenue with Ms Adiba

Mujahid and Ms Priya, Advocates.

versus M/S JINDAL EQUIPMENT LEASING ..... Respondent Through: Mr Ajay Vohra, Senior Advocate This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 28/03/2026 at 06:45:55

with Ms Kavita Jha, Vaibhav

Kulkarni and Mr Udit Maneesh,

Advocates. +

ITA 961/2005 THE COMMISSIONER OF INCOME TAX ..... Appellant

Through: Mr Ajit Sharma, Senior Standing

Counsel for Revenue with Ms Adiba

Mujahid and Ms Priya, Advocates.

versus M/S MANSAROVAR INVESTMENTS LTD. ..... Respondent Through: Mr Ajay Vohra, Senior Advocate

with Ms Kavita Jha, Vaibhav

Kulkarni and Mr Udit Maneesh,

Advocates.

CORAM: JUSTICE S.MURALIDHAR JUSTICE TALWANT SINGH

O R D E R %

08.08.2019

Arguments heard. Judgment reserved.

S.MURALIDHAR, J

TALWANT SINGH, J AUGUST 08, 2019 rd This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 28/03/2026 at 06:45:55

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