2011) ITO v. Rakam Money

253 ITR 341High Court2002#3462 most cited

What is 2011) ITO v. Rakam Money authority for?

The Assessing Officer must demonstrate that the source of funds for share capital and share premium introduced by a company is not genuine or that the creditor is not creditworthy, before making an addition under Section 68.

34

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2025.

Also referred to as

ITO v. Rakam Money · 253 ITR 341 · Section 68 · share capital · share premium · source of source · creditworthiness of creditor · addition u/s 68

Sections most often in play

Section 147Section 148Section 145(3)Section 69CSection 142(1)Section 151Section 11A of the Central Excise ActSection 143(3)

Issues it is cited on

section 31paper companysection 251(2)share capital and share premiumsource of sourcecreditworthiness of the creditorsection 251(1)(a)live linkadmission of additional evidenceentry operatorshare application moneyaddition u/s 68

Judgments citing 2011) ITO v. Rakam Money

M/S Globus Real Infra Pvt. Ltd., New Delhi vs. DCIT, New Delhi

ITA 2920/DEL/2017[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ACIT, New Delhi vs. M/S. Star Light Consumer Electronics Pvt. Ltd., New Delhi

ITA 6070/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ACIT, New Delhi vs. M/S. Superstar Agency Pvt. Ltd., New Delhi

ITA 5832/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ACIT, New Delhi vs. M/S. Sur Buildcon Pvt. Ltd., New Delhi

ITA 5831/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

ITA 5744/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S. Sukhna Real Estate Pvt. Ltd., Ghaziabad

ITA 5742/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S. Sukhna Steel Pvt. Ltd., New Delhi

ITA 5741/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S. Sunlight Tour and Travels Pvt. Ltd., Sahibabad

ITA 5740/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S. Sintex Consumers Electronics Pvt. Ltd., Delhi

ITA 5736/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S. Supreme Placement Services Pvt. Ltd., New Delhi

ITA 5650/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S Angel Cement Pvt. Ltd., Ghaziabad

ITA 4691/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…Del/2009 (ITAT Developers [2013] 350 ITR Delhi) • 407 (Del) CIT V Oasis Hospitalities • CIT V N.R. Portfolio PVt Ltd P. Ltd [(2011) 333 ITR (ITA No. 1018 & 1019 of 119 (Delhi)] • 2011) ITO V Rakam Money • Mittal Belting and Machinery Matters P Ltd Stors V CIT 253 ITR 341 2821/Del/2011 • CIT V Kariary Trading Co Ltd • ACIT V Kisco castings Pvt (1998) 232 ITR 820 Ltd 34 taxmann.com 37 • SumatiDayal V CIT 214 ITR • CIT V Fair Fivest Ltd 801 [2014] 44 taxmann.com • CIT V L. N. Dalmia 207 ITR 89 356 (Delhi) • • Sunil Sidhartha V CIT 156 ITR CIT V Expo Globe India 507 Ltd [2014] • CIT V Biju Patnaik 160 ITR (51Taxmann.…

ITO, New Delhi vs. M/S Blisswood Green Infrastructure and Developers Pvt. Ltd., New Delhi

In the result, the appeal is dismissed

ITA 5120/DEL/2016[2012-13]Status: DisposedITAT Delhi15 Feb 2019AY 2012-13

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2012-13

Section 133(6)Section 68

…remotely similar in the present case. 16 11 Mittal In this case assessee purchased a truck in Belting and relevant assessment year for Rs. 2 lakhs. Machinery Within a week of purchasing, amount of Rs. Stores v. CIT 2 lakhs had come back to assessee and after 253 ITR 341 some time truck was also transferred to (P&H) brother of seller. It was held that there is no genuine transaction between parties and there is a pure paper transaction only, depreciation in respect of such asset would Facts are not even remotely not be allowed. similar in the present case. 12 Me Dowell & In this case sales tax was paid by appella…

Jet Chemicals P.Ltd, Kalyan vs. Ast CIT Cir 1, Kalyan

ITA 3707/MUM/2017[2010-11]Status: DisposedITAT Mumbai28 Feb 2018AY 2010-11

Bench: Shri G. S. Pannu, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 3707/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2010-11)

For Appellant: Sh. Haresh P. ShahFor Respondent: Sh. Suman Kumar
Section 143(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI G. S. PANNU, AM & SHRI SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 3707/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2010-11) Jet Chemicals Pvt. Ltd. ACIT Cir -1 1st floor, Mohan Plaza 3/2 Mile Stone, KalyanMurbad बिधम/ Rd, ShahadKalyan, Kalyan- Wayale Nagar, Vs. 421103. Khadakpada, Kalyan(W)-421301 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAACJ4203H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Sh. Haresh P. Shah प्रत्यथीकीओरसे/Respondentby : Sh. Suman Kumar सुनवाईकीतारीख/ : 10/01/2018 Date of Hearing घोषणाकीतारीख / : 28/0…

M/S. Indian Seamless Steels & Alloys Ltd vs. The Jt CIT S.R.19

In the result, Revenue’s appeal is dismissed

ITA 2214/MUM/2005[1998-1999]Status: DisposedITAT Mumbai29 Apr 2016AY 1998-1999

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

Section 28Section 29Section 30Section 32Section 32(1)Section 43D

…epreciation for tax saving purpose. For such proposition, he relied upon the 7 M/s. Indian Seamless Steels & Alloys Ltd. (Now known as ISMT Limited) decision of the Hon'ble Punjab & Haryana High Court in Mittal Belting & Machinery Stores v/s CIT & Anr. [2002] 253 ITR 341 (P&H). 8. We have considered the submissions of the parties and perused the material available on record. Undisputedly, from the assessment year 1997–98, the assessee had not claimed depreciation on assets for whatever may be the reason. It is also accepted that in assessment year 1997–98, the Assessing Officer did not compute depreciation of as…