ITO 10(2)(3), MUMBAI vs. ZIMITH PROPERTIES P LTD, MUMBAI

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ITA 3228/MUM/2014Status: DisposedITAT Mumbai04 November 2015AY 2005-065 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the issue was squarely covered by the decisions of the Hon'ble Supreme Court and the High Court of Bombay, as well as previous orders of the Tribunal in similar cases.

What were the facts?

The Revenue filed appeals against the deletion of additions made on account of share application money. The assessee claimed to have proved the identity, genuineness, and creditworthiness of the subscribers.

What were the issues?

Whether the additions made on account of share application money were justified when the assessee proved the identity, genuineness, and creditworthiness of the subscribers.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: SHRI N.K. BILLAIYA & SHRI AMARJIT SINGH

Hearing: 29.10.2015Pronounced: 04.11.2015

Heard together (6 matters)

I.TA No. 3228/Mum/2014
I.TA No. 3227/Mum/2014
I.TA No. 3233/Mum/2014
I.TA No. 3297/Mum/2014
I.TA No. 3296/Mum/2014
I.TA No. 3299/Mum/2014

Read from the judgment's own cause title. This page is filed under one of them.

Mumbai-400 086 �थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAICS 2665J आयकर अपील सं/ (�नधा�रण वष� / Assessment Year:2006-07 बनाम/ The ITO-10(2)(4), M/s. Supergold Properties Aaykar Bhavan, Pvt. Ltd., Vs. Mumbai-400 020 Room No. 2, Munir Bashir Colony, Ghatkopar (W), Mumbai-400 086 �थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAHCS 9942F (अपीलाथ� /Appellant) (��यथ� / Respondent) .. अपीलाथ� ओर से/ Revenue by: Dr. P. Daniel ��यथ� क� ओर से/Assessee by: Shri K. Ravi Ramchandran सुनवाई क� तार�ख / Date of Hearing :29.10.2015 घोषणा क� तार�ख /Date of Pronouncement : 04.11.2015 आदेश / O R D E R PER BENCH: The captioned appeals by the Revenue have identically worded grounds of appeal though with different quantum. This bunch of appeals were heard together and are disposed of by this consolidated order for the sake of convenience.

2. As mentioned hereinabove, the grievance of the Revenue is identical in all these appeals with different quantum. The representative of both sides agreed that the issues involved have been decided in favour of the assessee and against the Revenue in other cases of group and also by the decision of the Hon’ble Supreme Court and the High Court of Bombay.

3.

On the concession made by the rival parties, it was agreed to proceed with the facts in ITA No. 3230/M/2014. The issue involved relates to the share application money received by the assessee amounting to Rs. 55 lakhs. The claim of the assessee is that it has proved the identity of the subscriber and also proved the genuineness of the transaction and the credit worthiness therefore the issues are squarely covered by the decision of the Hon’ble Supreme Court in the case of CIT Vs Lovely Export (Pvt) Ltd 216 CTR 195.

4.

The Ld. CIT(A) was convinced with the claim of the assessee and deleted the impugned additions. The Ld. CIT(A) followed his own order in the case of M/s. Sarvadeep Trading Pvt. Ltd. vide CIT(A)-22/IT-10(2)-4/IT-78/2013-14 dated 24.3.2014. While deleting the impugned addition, the First Appellate Authority has also followed the decision in the case of M/s. J.J. Multitrade Pvt. Ltd. in dated 30.1.2014.

5.

As no distinguishing decision has been brought before us in favour of the Revenue, we find that the order of the Ld. CIT(A) in the case of M/s. J.J. Multitrade Pvt. Ltd. (supra) was confirmed by the Tribunal in 2158 & 2159/M/2014 order dated 11.3.2015. We also find that in other cases of the group were decided by a consolidated order in the case of M/s. Deep Darshan Properties Pvt. Ltd., in ITA Nos. 2117 & 2118/M/2014, Aajivan Computers Pvt. Ltd in ITA No. 2160/M/2014, M/s. Karamveer Real Estate Pvt. Ltd. in ITA No. 2116/M/2014, Diginity Securities Trading Pvt. Ltd in ITA No. 2157/M/2014 and M/s. Blue Hill Properties Pvt. Ltd in ITA No. 2119/M/2014 order dated 28.9.2015 wherein the appeals of the Revenue were also dismissed. We find that in all these appeals, the Co-ordinate Bench has followed the ratio laid down by the Hon’ble Supreme Court in the case of Lovely Export (Pvt) Ltd and Hon’ble High Court of Bombay in the case of CIT Vs Creative World Telefilms Ltd. 333 ITR 100. Respectfully following the decision of the Co- ordinate Bench (supra), all these appeals of the Revenue are dismissed.

6.

In the result, all the appeals filed by the Revenue are dismissed. Order pronounced in the open court on 4th November, 2015.

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