2013: (v) Nova Promoters & Finlease (342 ITR 169); (vi) CIT v. Nipun Builders and Developers

111 ITR 951High Court1978#5399 most cited

What is 2013: (v) Nova Promoters & Finlease (342 ITR 169); (vi) CIT v. Nipun Builders and Developers authority for?

The identity and creditworthiness of creditors must be established for share application money or loans to be accepted. If not, additions under Section 68 are justified.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Nipun Builders and Developers · CIT v. Nova Promoters & Finlease · Section 68 · share application money · unexplained cash credit · creditworthiness of creditor · genuineness of transaction · addition u/s 68 · accommodation entry · income tax officer

Sections most often in play

Section 133(6)Section 68Section 143(3)Section 115BBESection 131Section 142(1)Section 143(2)

Issues it is cited on

creditworthiness of the creditoraddition under section 68share application moneyaddition u/s 68entry operatorgenuineness of the transactionsection 133(6)unexplained cash creditaccommodation entrysection 133income-tax officersection 131

Judgments citing 2013: (v) Nova Promoters & Finlease (342 ITR 169); (vi) CIT v. Nipun Builders and Developers

M/S. Rajsadan Overseas Sales(P)Ltd, Siliguri vs. DCIT, Circle-2, Siliguri

In the result, appeal of assessee is dismissed

ITA 1076/KOL/2012[2008-2009]Status: DisposedITAT Kolkata17 Sept 2015AY 2008-2009

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri Subhas Agarwal, AdvocateFor Respondent: Shri Amitabha Choudhury, Addl. CIT
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri M. Balaganesh, AM] I.T.A No.1076/Kol/2012 Assessment Year: 2008-09 M/s. Rajsadan Overseas Sales (P) Ltd. Vs. Deputy Commissioner of Income-tax, (PAN: AADCR0755P) Circle-2, Siliguri (Appellant) (Respondent) Date of hearing: 25.08.2015 Date of pronouncement: 17.09.2015 For the Appellant: Shri Subhas Agarwal, Advocate For the Respondent: Shri Amitabha Choudhury, Addl. CIT ORDER Per Shri Mahavir Singh, JM: This appeal by assessee is arising out of order of CIT(A), Siliguri in appeal No. 79/CIT(A)/Slg/10-11 dated 17.05.201…