205 ITR 98 (FB) (Delhi), CIT v. Nipuan Auto (P) Ltd.

361 ITR 155High Court2014#4686 most cited

What is 205 ITR 98 (FB) (Delhi), CIT v. Nipuan Auto (P) Ltd. authority for?

If an assessee provides evidence of the identity, creditworthiness, and genuineness of share applicants, including bank details and IT returns, then additions under Section 68 for cash credits are to be deleted as the initial burden has been discharged.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Nipuan Auto (P) Ltd. · Section 68 · cash credit · share application money · identity · creditworthiness · genuineness · initial burden · Delhi High Court

Sections most often in play

Section 1961Section 68Section 131Section 132Section 142(1)Section 142(1) of the Income Tax ActSection 143(2)Section 143(2) of the Income Tax Act

Issues it is cited on

section 44afsection 262trade creditorsinadequate enquiryrevision u/s 263non application of mindsection 263(1)lack of enquirysource of sourceaddition under section 68malabar industrialsection 194a

Judgments citing 205 ITR 98 (FB) (Delhi), CIT v. Nipuan Auto (P) Ltd.

Versatile Polytech P.Ltd, New Delhi vs. ACIT, Central Circle-15, New Delhi

In the result, ITA No.2257/Del/2018 filed by the Revenue is dismissed and the

ITA 1088/DEL/2018[2014-15]Status: DisposedITAT Delhi15 Mar 2019AY 2014-15

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2009-10 Acit, Vs Versatile Polytech P. Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Superior House, Bangali Market, New Delhi. Pan: Aaccv1244Q Assessment Year: 2014-15 Versatile Polytech P. Ltd., Vs. Acit, 25, Bazar Lane, Central Circle-15, Superior House, New Delhi. Bangali Market, New Delhi. Pan: Aaccv1244Q (Appellant) (Respondent) Assessee By : Shri V.K. Aggarwal, Ar & Ms Shweta Bansal, Ca Revenue By : Smt. Sulekha Verma, Cit, Dr Date Of Hearing : 06.02.2019 Date Of Pronouncement : .03.2019 Order Per R.K. Panda, Am:

For Appellant: Shri V.K. Aggarwal, AR &For Respondent: Smt. Sulekha Verma, CIT, DR
Section 115JSection 132Section 132(3)Section 132(4)Section 143(3)Section 153A

…to observe. Accordingly the addition made by die A.O. u/s 68 of the Act is deleted. 5.4 Ld AR also placed reliance on the judgments in CIT vs. Sophia finance Ltd. (1994] 205 ITR 9g ;(FB) (Delhi), CIT vs. Nipuan Auto (P) Ltd. ((2014) 49 taxmann.com 13 (Del.) 361 ITR 155 (Del.), Commissioner of Income-tax vs Winstral Petrochemicals P. Ltd. 2011330 lTR603(Det,),CIT v. Divine Leasing and Finance Ltd. (2008) 299 ITR 268(Delhi), CIT v. Stellar Investments Ltd 192 ITR 287(Del.)& CIT v. Stellar Investment Ltd (2001)251 ITR. 263(SC) and contended that the appellant duly discharged the initial burden to establish the ide…

ITO, New Delhi vs. M/S. Moksha Securities (P) Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 6251/DEL/2015[2005-06]Status: DisposedITAT Delhi02 Sept 2016AY 2005-06

Bench: Shri H.S. Sidhuassessment Year: 2005-06

For Appellant: Shri Gautam Jain, Adv. & Sh. P.K. KamalFor Respondent: None
Section 139Section 142(1)Section 143(2)Section 148Section 68Section 69

…. LTD. Amount received by ale payee cheque ITA NO. 6251/Del/2015 & CO No. 74/Del/2016 9 Documentary evidence by A Identity of investors established No enquiry by AO No attempt to prove documents were fabricated. Mere reliance on Inv. Report not enough. 361 ITR 155 (Del)-NIPUA AUTO PVT. LTD. AO failed to produce any tangible materials to doubt veracity of documents furnished by assessee. Addition deleted. In all the above cases, it has been held by the Hon’ble Judiciary that addition cannot be made simply basing on some report like report received from investigation wing etc. and when the assessee pr…

ITO, New Delhi vs. M/S Nishit Fincap (P) Ltd., New Delhi

ITA 2515/DEL/2010[2006-07]Status: DisposedITAT Delhi31 Mar 2016AY 2006-07

Bench: Shri J. Sudhakar Reddy & Shri Sudhanshu Srivastavaay: 2006-07 Income Tax Officer, Vs M/S Nishit Fincap (P) Ltd., Ward 13(3), B-58, Gujranwala Town-1, New Delhi. New Delhi. (Pan: Aaacn3687M) (Appellant) (Respondent) Appellant By: Shri Ved Jain, Ca Respondent By: Shri P.Damkanunjna, Sr. Dr Date Of Hearing: 07.01.2016 Date Of Pronouncement: 31.03.2016

For Appellant: Shri Ved Jain, CAFor Respondent: Shri P.Damkanunjna, Sr. DR
Section 143(1)Section 143(3)Section 68

…given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment.” 11. The Hon'ble Delhi High Court in the case of CIT vs Nipun Auto Pvt. Ltd. (2014) 361 ITR 155 (Delhi) held as under:- “10. ………..Whereas in the present case, the identity of the two companies which are sister companies stood established. Furthermore, this is not a case of mere furnishing of copies of bank accounts of the subscribers. But, in the present case, as noted by the Commissioner of Income-tax (Appeals) the assessee had filed the…

ITO, New Delhi vs. M/S Tarun Enterprises Pvt. Ltd., Delhi

ITA 2652/DEL/2009[2006-07]Status: DisposedITAT Delhi22 Feb 2016AY 2006-07

Bench: Shri J. Sudhakar Reddy & Sh. Sudhanshu Srivastavaay: 2006-07 Income Tax Officer, Vs Tarun Enterprises Pvt. Ltd., Ward 16(1), 5036, Excelsior Cinema Street, New Delhi. Sirkiwalan, Delhi. (Pan: Aaact2713N) (Appellant) (Respondent) Appellant By: Shri O.P.Meera, Sr. D.R. Respondent By: Shri Amit Goel, Ca

For Appellant: Shri O.P.Meera, Sr. D.RFor Respondent: Shri Amit Goel, CA
Section 133(6)Section 143(3)Section 68

…given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment.” 11. The Hon'ble Delhi High Court in the case of CIT vs Nipan Auto Pvt. Ltd. (2014) 361 ITR 155 (Delhi) held as under:- I.T.A. No. 2652/Del/2009 Assessment Year 2006-07 “10. ………..Whereas in the present case, the identity of the two companies which are sister companies stood established. Furthermore, this is not a case of mere furnishing of copies of bank accounts of the subscribers. But, in the present case, as noted by the Commissioner of…

M/S. Ghaziabad Ispat Udyog Ltd., Ghaziabad vs. DCIT, Ghaziabad

In the result, the appeal of the assessee is allowed

ITA 2436/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Oct 2015AY 2010-11

Bench: Shri I.C. Sudhirshri L.P. Sahu

For Appellant: Shri Rakesh Gupta, AdvFor Respondent: Shri P. Dam Kanunjna, Sr. DR
Section 143(3)Section 234BSection 68

…wing decisions: 1. CIT Vs. Fairinvest Ltd 83 CCH 265 [DHC] 2. CIT Vs. Oasis Hospitalities P. Ltd 333 ITR 119 [Del] 3. CIT Vs. Value Capital Services P. Ltd 307 ITR 334 4. CIT Vs. Winstral Petro Chemicals (P) Ltd 330 ITR 603 [DHC] 5. CIT Vs. Expo Auto [P] Ltd 361 ITR 155 [DHC] 6. CIT Vs. Expo Globe India Ltd 361 ITR 477 [DHC] 7. CIT Vs. Gangeshwari Metal (P) Ltd 330 ITR 603 [DHC] 8. Goel Sons Golden Estate Pvt. Ltd ITA No. 212/2012 [Del] 15. The ld. D.R, on the other hand, tried to justify the orders of the authorities below on the issue. He submitted that the AO made his full efforts to locate the above named s…