292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT v. Nova Promoters &Finlease Pvt. Ltd. (

252 CTR 187High Court2012#2928 most cited

What is 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT v. Nova Promoters &Finlease Pvt. Ltd. ( authority for?

An amount received by an assessee in the guise of share application money from accommodation entry providers is liable to be added to its taxable income under Section 68, provided the genuineness of the transaction and the creditworthiness of the subscriber are not established.

40

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

CIT v. Nova Promoters & Finlease Pvt. Ltd. · Section 68 · share application money · accommodation entry providers · genuineness of transaction · creditworthiness · addition to income · section 131 · section 133(6)

Sections most often in play

Section 131Section 132(4)Section 133(6)Section 143(3)Section 147Section 68

Issues it is cited on

addition u/s 68genuineness of the transactionsection 133(6)unexplained cash creditsection 131section 68personcompanybusinessdocumenttotal incomeinterest

Judgments citing 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT v. Nova Promoters &Finlease Pvt. Ltd. (

Surya Processed Food Pvt. Ltd., New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, all the appeals of the assessees are allowed

ITA 1156/DEL/2019[2013-14]Status: DisposedITAT Delhi07 May 2019AY 2013-14

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

Section 37Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G’: NEW DELHI BENCH : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, G.D. AGRAWAL, VICE G.D. AGRAWAL, VICE VICE PRESIDENT VICE PRESIDENT PRESIDENT AND PRESIDENT AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No 1156/Del/2019 ITA ITA No No 1156/…

Income Tax Officer Ward-2(2), Mumbai vs. Span Venture, Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 4446/MUM/2017[2012-13]Status: DisposedITAT Mumbai26 Apr 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year: 2012-13

For Appellant: Shri Rashmikanat C. Modi, A.RFor Respondent: Shri Arun Kumar Singh, D.R
Section 132Section 133(6)Section 143(1)Section 143(3)Section 68

…vestment Ltd Vs CIT (2016-TIOL-207-SC-IT (Supreme Court) 8. CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34) 9. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169. 252 CTR 187) 10. CIT vs. Ultra Modern Exports (P.) Ltd (40 taxmann.com 458, 220 Taxman 165) 11. CIT vs. Frostair (P.) Ltd. (26 taxmann.com 11, 210 Taxman 221) 12. CIT vs. N.R. Portfolio Pvt. Ltd. (2013) 29 taxmann.com 291 (Delhi)/(2013) 214 Taxman 408 (Delhi/(2013) 263 CTR 456 (Delhi) 13. CIT Vs Empire Builtech (P.) Ltd (366 ITR 110) 14. CIT Vs Focus Exports…

M/S. One City Promoters Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 2036/DEL/2015[2010-11]Status: DisposedITAT Delhi12 Apr 2019AY 2010-11

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2010-11 M/S. One City Promoters Pvt. Vs. Income Tax Officer, Ltd., Ward-13(4), New Delhi D-2, Kalindi Colony, New Delhi Pan :Aaaco0322J (Appellant) (Respondent) Appellant By Shri Jitender Chaurisa, Company Secretary Respondent By Smt. Rinku Singh, Sr. Dr

Section 131Section 143(2)Section 68

…al question of law framed by us in the negative, in favour of the revenue and against the assessee. The appeal of the revenue is allowed with no order as to costs. ” 8. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) where Hon’ble Delhi High Court held that amount received by assessee from accommodation entry providers in garb of share application money, was to be added to its taxable income under section 68. It was held as follows: “41. In the case before us, not only did the material before the Assessing Officer show the link between the entry providers an…

Shishya Edutech Pvt. Ltd., New Delhi vs. ITO, Ward- 23(2), New Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purpose

ITA 7726/DEL/2017[2009-10]Status: DisposedITAT Delhi01 Apr 2019AY 2009-10

Bench: Sh. R.K Pandaassessment Year: 2009-10 M/S. Shishya Edutech (P) Ltd. Ito 4346/4-C, 1St Floor, Ansari Vs Ward – 23(2) Road, Daryaganj, New Delhi New Delhi -02 C/O Shri S. K. Sahpathi House No.579, Sector -16A, Faridabad -121002 Pan No. Aahcs9225R (Appellant) (Respondent)

Section 131Section 143Section 147Section 148Section 151

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC’, NEW DELHI BEFORE SH. R.K PANDA, ACCOUNTANT MEMBER Assessment Year: 2009-10 M/s. Shishya Edutech (P) Ltd. ITO 4346/4-C, 1st Floor, Ansari Vs Ward – 23(2) Road, Daryaganj, New Delhi New Delhi -02 C/o Shri S. K. Sahpathi House No.579, Sector -16A, Faridabad -121002 PAN No. AAHCS9225R (APPELLANT) (RESPONDENT) Appellant by Sh. P. C. Yadav, Advocate Respondent by Sh. S. L. Anuragi, Sr. DR Date of hearing: 20/02/2019 Date of Pronouncement: 01/04/2019 ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the 1. order dated 16.10.20…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2841/DEL/2015[2009-10]Status: DisposedITAT Delhi15 Mar 2019AY 2009-10

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…) Ltd. Vs. CIT [2018] 93 taxmann.com 490 (Calcutta) 42. CIT Vs. Nipun Builders & Developers (P.) Ltd. (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34) 43. CIT Vs. Nova Promoters & Finlease (P) Ltd. (18taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) 44. CIT Vs. Ultra Modern Exports (P.) Ltd. (40 taxmann.com 458, 220 Taxman 165) 45. CIT Vs. Frostrair (P.) Ltd. (26 taxmann.com 11, 210 Taxman 221) 46. CIT Vs. N R Portfolio Pvt. Ltd. [2014] 42 taxmann.com 339 (Delhi) / [2014] 222 Taxman 157 (Delhi) (MAG)/[2014] 264 CTR 258 (Delhi) Assessment year 2009-10, 2008-09 47. CIT vs. Empire Builtech (P…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2840/DEL/2015[2008-09]Status: DisposedITAT Delhi15 Mar 2019AY 2008-09

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…) Ltd. Vs. CIT [2018] 93 taxmann.com 490 (Calcutta) 42. CIT Vs. Nipun Builders & Developers (P.) Ltd. (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34) 43. CIT Vs. Nova Promoters & Finlease (P) Ltd. (18taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) 44. CIT Vs. Ultra Modern Exports (P.) Ltd. (40 taxmann.com 458, 220 Taxman 165) 45. CIT Vs. Frostrair (P.) Ltd. (26 taxmann.com 11, 210 Taxman 221) 46. CIT Vs. N R Portfolio Pvt. Ltd. [2014] 42 taxmann.com 339 (Delhi) / [2014] 222 Taxman 157 (Delhi) (MAG)/[2014] 264 CTR 258 (Delhi) Assessment year 2009-10, 2008-09 47. CIT vs. Empire Builtech (P…

ITO, New Delhi vs. M/S Synergy Finlease Pvt. Ltd., New Delhi

ITA 4778/DEL/2013[2006-07]Status: DisposedITAT Delhi08 Mar 2019AY 2006-07

Bench: Shri Bhavnesh Saini & Shri O.P. Kantasstt. Year: 2006-07 Ito (Exemptions) M/S. Synergy Finlease Pvt. Ltd. Ward-7(4), 3198/15, 4Th Floor, Gali No. 1, New Delhi. Sangatrashan, Pahar Ganj, New Delhi Vs. Pan Aabcs7160D (Appellant) (Respondent)

For Appellant: Shri S.K. Gupta, CAFor Respondent: Shri N.K. Bansal, Sr. DR
Section 133(6)Section 143(2)Section 143(3)Section 68

…6 (Del) 3. CIT vs. MAF Academy (P.) Ltd. (361 ITR 258) 4. CIT vs. Nipun Builders & Developers(P.) Ltd. (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34 5. CIT vs Nova Promoters & Finlease (P) Ltd. (18 taxmann. Com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187 6. CIT vs. Ultra Modern Exports (P.) Ltd. (40 taxmann.com 458, 220 Taxman 165) 7. CIT vs. N.R. Portfolio Pvt. Ltd. (2013) 29 taxmann.com 291 (Delhi)/{2013} 214 Taxman 408 (Delhi)/(2013) 263 CTR 456 (Delhi) 8. CIT vs. Empire Builtech (P.) Ltd. 366 ITR 110) 9. CIT vs. Focus Exprots (P.) Ltd. (51 taxmann.com 46 (Delhi) (2015) 228 Taxman 88) 6. The…

Accil Corporation P.Ltd, New Delhi vs. ACIT, Central Circle-29, New Delhi

In the result the appeal of the assessee deserves to be allowed for statistical purposes

ITA 6319/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Feb 2019AY 2012-13

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahu

Section 153A

…question of law framed by us in the negative, in favour of the revenue and against the assessee. The appeal of the revenue is allowed with no order as to costs.” 10. CIT Vs. Nova Promoters &Finlease (P) Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) (Copy Enclosed) where Hon’ble Delhi High Court held that amount received by assessee from accommodation entry provides in garb of share application money, was to be added to its taxable income under section68.It was held as follows:- “41. In the case before us, not only did not material before the Assessing Officer show the link between the entr…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4875/DEL/2014[2010-11]Status: DisposedITAT Delhi21 Feb 2019AY 2010-11

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4874/DEL/2014[2009-10]Status: DisposedITAT Delhi21 Feb 2019AY 2009-10

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4873/DEL/2014[2008-09]Status: DisposedITAT Delhi21 Feb 2019AY 2008-09

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

ITO, New Delhi vs. M/S. Sohail Financials Ltd., New Delhi

ITA 4867/DEL/2011[2008-09]Status: DisposedITAT Delhi28 Sept 2018AY 2008-09

Bench: Shri Kuldip Singh & Shri Prashant Maharishiito, Vs. Sohail Financials Ltd, Ward-9(1), C-19, Kirti Nagar, New Delhi New Delhi Pan: Aabcs3643M (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri S.K. Tewari, Sr. DR
Section 131Section 132Section 143(2)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITO, Vs. Sohail Financials Ltd, Ward-9(1), C-19, Kirti Nagar, New Delhi New Delhi PAN: AABCS3643M (Appellant) (Respondent) Revenue by : Shri S.K. Tewari, Sr. DR Assessee by: None Date of Hearing 24/09/2018 Date of pronouncement 28/09/2018 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the revenue against the order of the ld CIT(A)-XII, New Delhi dated 24.08.2011 for the Assessment Year 2008-09, raising following effective two grounds of appeal:- “1…

Sukumar Enterprises Pvt. Ltd., New Delhi vs. ITO, Ward 24(3), New Delhi

The appeals are partly allowed

ITA 6074/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Jul 2018AY 2014-15

Bench: Shri R. K. Panda & Ms Suchitra Kamble

Section 68

…s (P.) Ltd. Vs CIT f20171 88 taxmann.com 189 (Allahabad) 6. CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292. 214 Taxman 429, 350 ITR 407. 256 CTR 34) 7. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207. 342 ITR 169. 252 CTR 187) 8. CIT Vs Ultra Modern Exports (P.) Ltd (40 taxmann.com 458, 220 Taxman 165) 9. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221) 10. CIT Vs N R Portfolio Pvt Ltd T2013l 29 taxmann.com 291 (Delhi)/[2013] 214 Taxman 408 (Delhi)/(2013) 263 CTR 456 (Delhi) 11. CIT Vs Empire Bulltech (P.) Ltd (366 ITR 110) 12. CIT Vs Focus Exports (P.) Lt…

Sanskriti Tradex (P) Ltd., New Delhi vs. ITO, Ward 24(3), New Delhi

The appeals are partly allowed

ITA 6072/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Jul 2018AY 2014-15

Bench: Shri R. K. Panda & Ms Suchitra Kamble

Section 68

…s (P.) Ltd. Vs CIT f20171 88 taxmann.com 189 (Allahabad) 6. CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292. 214 Taxman 429, 350 ITR 407. 256 CTR 34) 7. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207. 342 ITR 169. 252 CTR 187) 8. CIT Vs Ultra Modern Exports (P.) Ltd (40 taxmann.com 458, 220 Taxman 165) 9. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221) 10. CIT Vs N R Portfolio Pvt Ltd T2013l 29 taxmann.com 291 (Delhi)/[2013] 214 Taxman 408 (Delhi)/(2013) 263 CTR 456 (Delhi) 11. CIT Vs Empire Bulltech (P.) Ltd (366 ITR 110) 12. CIT Vs Focus Exports (P.) Lt…

ACIT, New Delhi vs. M/S. Kunal Medicare Pvt. Ltd., New Delhi

The appeals of the Revenue are dismissed

ITA 2343/DEL/2016[2011-12]Status: DisposedITAT Delhi11 Jun 2018AY 2011-12

Bench: Shri G. D. Agrawal & Ms Suchitra Kambleacit Vs Umesh Pharmaceuticals Central Circle-6, (Erstwhile Pvt. Ltd. Central Circle) C-30, Room No. 364, 3Rd Floor, E-2, Ara Panchsheel Enclave Centre, Jhandewalan Extension New Delhi New Delhi Aaacu7237L (Appellant) (Respondent) Acit Vs Kunal Medicare, Central Circle-6, (Erstwhile C-30, Central Circle) Panchsheel Enclave Room No. 364, 3Rd Floor, E-2, Ara New Delhi Centre, Jhandewalan Extension Aadck3300M New Delhi (Respondent) (Appellant)

Section 132Section 133(6)

…. Bikram Singh [ITA No. 55/2017] (Delhi) 2. Sanraj Engineering Pvt. Ltd. Vs. CIT(ITA 79/2016) (Delhi) 3. Maresj Chandra Jain Vs. CIT(ITA No. 335 of 2009)(Allahabad) 4. CIT Vs. Nova Promoters & Finlease (P) Ltd (18 Taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) 5. CIT vs. MAF Academy (P). Ltd (361 ITR 258) 6. CIT Vs. Precision Finance (P) Ltd [1995]82 Taxman 31 (Calcutta)/ [1994] 208 ITR 465 (Calcutta)/[1994] 121 CTR 20 (Calcutta) 6. The Ld. AR submitted that the CIT(A) has rightly considered this issue and passed a reasoned order. 7. We have heard both the parties and perused the material available…

ACIT, New Delhi vs. M/S. Umesh Pharmaceuticals Pvt. Ltd., New Delhi

The appeals of the Revenue are dismissed

ITA 2342/DEL/2016[2012-13]Status: DisposedITAT Delhi11 Jun 2018AY 2012-13

Bench: Shri G. D. Agrawal & Ms Suchitra Kambleacit Vs Umesh Pharmaceuticals Central Circle-6, (Erstwhile Pvt. Ltd. Central Circle) C-30, Room No. 364, 3Rd Floor, E-2, Ara Panchsheel Enclave Centre, Jhandewalan Extension New Delhi New Delhi Aaacu7237L (Appellant) (Respondent) Acit Vs Kunal Medicare, Central Circle-6, (Erstwhile C-30, Central Circle) Panchsheel Enclave Room No. 364, 3Rd Floor, E-2, Ara New Delhi Centre, Jhandewalan Extension Aadck3300M New Delhi (Respondent) (Appellant)

Section 132Section 133(6)

…. Bikram Singh [ITA No. 55/2017] (Delhi) 2. Sanraj Engineering Pvt. Ltd. Vs. CIT(ITA 79/2016) (Delhi) 3. Maresj Chandra Jain Vs. CIT(ITA No. 335 of 2009)(Allahabad) 4. CIT Vs. Nova Promoters & Finlease (P) Ltd (18 Taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187) 5. CIT vs. MAF Academy (P). Ltd (361 ITR 258) 6. CIT Vs. Precision Finance (P) Ltd [1995]82 Taxman 31 (Calcutta)/ [1994] 208 ITR 465 (Calcutta)/[1994] 121 CTR 20 (Calcutta) 6. The Ld. AR submitted that the CIT(A) has rightly considered this issue and passed a reasoned order. 7. We have heard both the parties and perused the material available…

M/S. Galgotia Books & Departmental Store Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 7017/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…lowing judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT…

M/S. Galgotia Infotech Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 6583/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…lowing judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT…

M/S. Galgotia Software Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 6579/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…lowing judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT…

ACIT, New Delhi vs. M/S. Sagavi Housing & Developers Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1131/DEL/2015[2005-06]Status: DisposedITAT Delhi02 Feb 2017AY 2005-06

Bench: Shri H.S. Sidhua.Y. : 2005-06 Income Tax Officer, Sagavi Housing & Developers Ward 22(2), Vs. Pvt, Ltd., New Delhi Q-1C, F.F. Private Colony Sri Room No. 349, Niwas Puri, C.R. Building, New Delhi – 110 065 New Delhi (Pan: Aafcs5780B) (Pan: Aafcs5780B) (Appellant) (Respondent)

For Appellant: Sh. SANDEEP SAPRA, ADVFor Respondent: Sh. S.K. JAIN, SR. DR
Section 131Section 132Section 148Section 68

…o explain the credits appearing in its books of accounts to the satisfaction of the AO. Mere filing of paper details does not satisfy the conditions laid down under 68 of Income Tax Act. In the case of CIT vs. Nova Promoters and Finlease Pvt. Ltd. reported in 252 CTR 187 Hon'ble High Court of Delhi has held that Statements of M and R explaining their modus operandi afford sufficient material on the basis of which the AO can be said to have discharge such duty. These constitute materials upon which one could reasonably come to the conclusion that the monies emanated from the coffers of the assessee company It…