307 ITR 334 (Delhi). In CIT v. Oasis Hospitalities (P.) Ltd.

331 ITR 119High Court2011#14084 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2023.

Issues it is cited on

share application money commissioner (appeals)genuineness of the transaction unexplained cash credit section 68 previous year transfer person company business document

Judgments citing 307 ITR 334 (Delhi). In CIT v. Oasis Hospitalities (P.) Ltd.

FOREVER FLOURISHING FIN. & INV. PVT. LTD. ,MUMBAI vs. DCIT (CC)-3(4), MUMBAI, MUMBAI

In the result, appeal for the assessment year 2012

ITA 6120/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR

Section 143(2)Section 147

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 6040 & 6120/MUM/2019 Assessment Years: 2012-13 & 2013-14 Forever Flourishing Fin. & DCIT(CC)-3(4), Inv. Pvt. Ltd., Central Circle-3(4), Room No. Vs. A-401, Pearl Arcade, Off J P 1915, 19th floor, Air India Road, Dawood Baug Lane, Building, Nariman Point, Andheri (W), Mumbai-400021. Mumbai-400058. PAN NO. AAACF 4311 Q Appellant Respondent Assessee by : Mr. Ashok Bansal/Ajay Daga Revenue by : Mr. Ankush Kapoor, CIT-DR : Date of Hearing 13/07/2023 Date o…

FOREVER FLOURISHING FIN & INV. PVT LTD,MUMBAI vs. DCIT-CC-3(4), MUMBAI, MUMBAI

In the result, appeal for the assessment year 2012

ITA 6040/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jul 2023AY 2012-13

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR

Section 143(2)Section 147

ACIT, CIRCLE-30(1), NEW DELHI vs. BHUSHAN KUMAR JAIN, NEW DELHI

In the result, the appeal of the revenue is allowed

ITA 72/DEL/2020[2016-17]Status: DisposedITAT Delhi31 Jul 2023AY 2016-17

For Appellant: Shri Kanav Bali Sr. DRFor Respondent: Shri Satish Kr. Agarwal, CA

Section 68

…late order and submitted that the ld. CIT(A) was right in relying on the judgments of Hon’ble jurisdictional High Court of Delhi in the case of CIT vs. Dwarkadhish Investment Pvt. Ltd. (2010) 194 taxmann 49 (Del.) and CIT vs. Oasis Hospitality (P) Ltd. [2011] 331 ITR 119 (Del.) submitted that the assessee discharged onus lay on him 2 u/s. 68 of the Act, therefore, the addition made by the AO was rightly held as unsustainable. 6. Placing rejoinder to the above, the ld. Senior DR again drew attention towards para 4.3 & 4.4 of assessment order and also took us through the para 7.2 to 7.4 of first appellate order an…

TITAN ENGINEERING CO. PVT. LTD., ,DURGAPUR vs. DCIT, CIRCLE - 1(2), KOLKATA

Appeal is partly allowed in above terms

ITA 2250/KOL/2018[2012-13]Status: DisposedITAT Kolkata17 May 2019AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 Titan Engineering Co. Pvt. V/S. Dcit, Circle-1(2), Ltd., Sanjibi Sarani, Aayakar Bhawan, P-7, 7Th Floor, Chowringhee Durgapur-713210 [Pan No.Aabct 4321 K] Square, Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri H.V. Bhardwaj, Fca अपीलाथ" क" ओर से/By Appellant Shrishankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 07-05-2019 सुनवाई क" तार"ख/Date Of Hearing 17-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-1, Kolkata’S Order Dated 05.09.2018 Passed In Case No.18161/Cit(A)-1/Kol./Cir.-1(2)/2015-16, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. Learned Counsel Representing Assessee Does Not Press For First Substantive Ground Raised In The Instant Appeal Challenging Liquidated Damage Disallowance Of ₹85,099/- Made In Both The Lower Proceedings Keeping In Mind Smallness Of The Amount. 3. This First Substantive Ground Is Rejected As Not Pressed. 4. Next Comes The Estimated Ad Hoc Disallowance Of Site Expense Amounting To ₹4,74,241/- In Both The Lower Proceedings. The Cit(A)’S Detailed Discussion To This Effect Reads As Follows:-

Section 143(3)

…fficer, not satisfactory." In respect of the reliance by the AIR on the decision of the Apex Court in the case of Lovely Exports (P) Ltd (supra), the Division Bench of the Delhi High Court has observed in the case of CIT v. Oasis Hospitalities (P.) Ltd.[2011] 331 ITR 119/ 198 Taxman 247/ 9- taxmann.com 179 (Delhi), that the initial burden must be upon the assessee to explain the nature and source of the share application money received. In order to discharge this burden, the assessee is required to prove: (a) Identity of shareholder; (b) Genuineness of transaction; and (c) Credit worthiness of shareholders. As fa…

ITO 12(2)(3), MUMBAI vs. GREEKSOFT INSTITUTE OF FINANCIAL MARKET PVT. LTD., MUMBAI

In the result, the appeal filed by the revenue is dismissed

ITA 3969/MUM/2017[2012-13]Status: DisposedITAT Mumbai24 Oct 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Shri Ravish Sood(Jm)

Section 133(6)Section 68

…applicants were proved in those cases. The AO took the view that the share applicants, in the present case, merely exist on paper. 7. The AO relied upon the decision rendered by Hon’ble Delhi High Court in the case of CIT vs. Oasis Hospitalities P Ltd (2011)(331 ITR 119), wherein the Hon’ble High Court held that the burden to prove the nature and source of share application money received still lies upon the assessee only. It was held that the assessee should discharge initial burden of proof and is required to prove (a) Identity of shareholder; (b) genuineness of transactions and (c) credit worthiness of shareh…

ITO 12(2)(2), MUMBAI vs. ELEGANT CREATIONS P . LTD, MUMBAI

In the result, the appeal is allowed for statistical purposes

ITA 5632/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Jun 2018AY 2012-13

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2012-13 Income Tax Officer M/S Elegant Creations Pvt. Ltd. 12(2)(2), Room No. 146A, 701, Meenaxi Apt. Gokuldham, Vs. 1St Floor, Aayakar Bhavan, Goregaon (E), Mumbai-400063, M.K. Road, Mumbai-400020. Pan No. Aaace5295L Appellant Respondent Revenue By : Ms. S. Padmaja, Dr Assessee By : Mr. Vipul J. Shah, Ar Date Of Hearing : 17/04/2018 Date Of Pronouncement: 28/06/2018

For Appellant: Mr. Vipul J. Shah, ARFor Respondent: Ms. S. Padmaja, DR

Section 133(6)Section 143(3)Section 68

…i High Court. The principle which was emphasised by the Delhi High Court in the case of Lovely Exports was followed by another Division Bench in CIT v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi). In CIT v. Oasis Hospitalities (P.) Ltd. [2011] 331 ITR 119 (Delhi), a Division Bench of the Delhi High Court observed that the initial burden must be upon the assessee to explain the nature and source of the share application money received. In order to discharge this burden, the assessee is required to prove: (a) Identity of shareholder; (b) Genuineness of transaction; and (c) Credit worthiness of share…

GROVER VINEYARDS LTD,MUMBAI vs. ITO WD 1(1)(4), MUMBAI

Appeal are allowed for statistical purposes

ITA 3509/MUM/2016[2009-10]Status: DisposedITAT Mumbai27 Jun 2018AY 2009-10

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2009-10 Income Tax Officer Ward M/S Grover Vineyards 1(1)(4),531 A/579 Pvt. Ltd., 107/8, 1St Vs. Aayakar Bhavan, Floor, Arcadia, N.C.P.A. M.K.Road Lane, Nariman Point, Mumbai-400020 Mumbai-400021. Pan No. Aaacg3592Q Appellant Respondent Assessment Year: 2009-10 M/S Grover Vineyards Income Tax Officer Ltd. Anand Bhavan, 348, Ward 1(1)(4) Vs. Dr. D.N. Road, Fort, Mumbai. Mumbai-400001 Pan No. Aaacg3592Q Appellant Respondent

For Appellant: Mr. L. Raghavendra Rao, ARFor Respondent: Ms. S. Padmaja, CIT(DR)

Section 133(6)Section 143(3)