465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT

364 ITR 53High Court2014#2476 most cited

What is 465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT authority for?

The assessee must discharge the onus under Section 68 to prove the genuineness, identity, and creditworthiness of subscribers for share application money or share capital, and additions are valid if funds are mere book adjustments or their source of source is unexplained.

47

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2017 to 2025.

Also referred to as

Onassis Axles v CIT · Section 68 · Section 143(3) · unexplained share application money · cash credit · share capital and premium · creditworthiness of investor · source of source · paper company · entry operator · onus of proof

Also reported as

44 Taxmann.com 408224 Taxmann 80

Sections most often in play

Section 133ASection 143(3)Section 153ASection 254Section 35DSection 68

Issues it is cited on

paper companysection 31share capital and share premiumsection 251(2)source of sourcecreditworthiness of the creditorsection 251(1)(a)live linkadmission of additional evidenceentry operatorshare application moneysection 131(1)

Judgments citing 465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT

ACIT Central Circle 2 (2), Chennai vs. M/S Midas Golden Distilleries Private Limited, Kanchipuram

In the result, the appeal filed by the Revenue is partly allowed

ITA 2562/CHNY/2017[2004-05]Status: DisposedITAT Chennai25 Apr 2025AY 2004-05

Bench: Shri Ss Viswanethra Ravi & Shri Jagadishआयकर अपील सं./Ita No.2562/Chny/2017 िनधा:रण वष: /Assessment Year: 2004-05

For Appellant: Shri T. Vasudevan, AdvocateFor Respondent: Shri A. Sasi Kumar, CIT
Section 143(3)

…No.2096/Mum/2011 vide order dt 16 July 2012 and also by the Hon'ble Delhi High Court in the case of CIT Vs Ultra Modern Exports (P) Ltd [2013] 40 Taxmann.com 458(Del), CIT Vs Youth Constructions P Ltd (2013) 357 ITR 97 (Del), Onassis Axles P.Ltd Vs CIT (2014)364 ITR 53 (Del) (HC), Riddhi Promoters P Ltd Vs :- 3 -: CIT [2015] 58 Taxmann.com 367(Del) and by the Hon'ble High Court of Bombay in the case of Major Metals Ltd Vs Union of India & Others (2012) 251 CTR 385 on facts similar to the case of the assessee company, wherein the AO had conducted enquiries and established that there were cash deposits prior to t…

ITO, Ward-25(2), New Delhi vs. Telplay Packaging Solutions P.Ltd, New Delhi

The appeal of the Revenue is dismissed

ITA 5892/DEL/2017[2012-13]Status: DisposedITAT Delhi07 Mar 2025AY 2012-13

Bench: SHRI ANUBHAV SHARMA (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)

Section 143(3)Section 14ASection 234BSection 68

…receipt. The decisions in (i) CIT v. Focus Exports (P.) Ltd. [2014] 51 taxmann.com 46/228 Taxman 88 (Delhi) (Mag.); (ii) CIT v. Globus Securities & Finance Pvt. Ltd. [2014] 41 taxmann.com 465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT [2014] 364 ITR 53/224 Taxman 80 (Mag.)/44 taxmann.com 408 (Delhi); (iv) Olwin Tiles India (P.) Ltd. v. Dy. CIT [2016] 382 ITR 291/237 Taxman 342/66 taxmann.com 8 (Guj.); (v) B.R. Petrochem (P.) Ltd. v. ITO [2017] 81 taxmann.com 424 (Mad.); and (vi) Rajmandir Estates (P.) Ltd. v. Pr. CIT [2016] 386 ITR 162/240 Taxman 306/70 taxmann.com 124 (Cal.), cited on behalf of…

Unisys Softwares and Holding Ind. Ltd., Kolkata vs. DCIT, Cir. 8(2), Kolkata

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

ITA 43/KOL/2024[2011-12]Status: DisposedITAT Kolkata27 Sept 2024AY 2011-12

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2011-12

For Appellant: NoneFor Respondent: Subhendu Datta, CIT-DR
Section 143(3)Section 147Section 148Section 250Section 250(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2011-12 Unisys Softwares And Holding Deputy Commissioner of Ind. Ltd., Income Tax, 75C, Park Street, Basement, Vs Circle-8(2), Kolkata, Kolkata - 700016 Aayakar Bhawan, P-7, (PAN: AABCC1191Q) Chowringhee Square, Kolkata - 700069 (Appellant) (Respondent) Present for: Appellant by : None Respondent by : Subhendu Datta, CIT-DR Date of Hearing : 02.07.2024 Date of Pronouncement : 27.09.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the…

Nav Consec P.Ltd, Mumbai vs. ITO 9(2)(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 3258/MUM/2016[2011-12]Status: DisposedITAT Mumbai25 Jan 2023AY 2011-12

Bench: Shri Aby T. Varkey, Jm & Shri. Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.3258/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S Nav Consec Pvt Ltd बिधम/ Income Tax Officer, Ward 9(2)(3) Mumbai. Vs. C/O Sanjay Shah, 108, 1St Floor Sujata Niketan, Rani Sati Marg Malad East, Mumbai-400097 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcn1435A (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Anil Surana, Ca (Written Submission) Assessee By: Dr Mahesh Akhade, Cit Dr

For Appellant: Dr Mahesh Akhade, CIT DRFor Respondent: Shri Anil Surana, CA (written
Section 68

…s Exports Pvt. Ltd., reported in (2014) 90 CCH 0105 (Delhi): (ii) Commissioner of Income Tax v. Globus Securities & Finance Pvt. Ltd.. reported in (2014) 264 CTR 481 (Delhi); (Hi) Onassis Axles Private Limited v. Commissioner of Income Tax, reported in (2014) 364 ITR 53 (Delhi), (iv) Olwin Tiles India (P) Ltd. v. Deputy Commissioner of Income Tax reported in (2016) 382 ITR 291 (Gujarat); (v) B.R. Petruchem Pvt. Lid. v. The Income Tax Officer, (Order dated 24.4.2017 in T.C.(A) No. 1498 of 12 ITA 3258/Mum/2016 M/s Nav Consec Pvt Ltd AY 2011-12 2007; and (vi) Rajmandir Estates Private Limited v. Principal Commissio…

Bhadanes Hitech Technology Computer Pvt.Ltd, Nashik vs. Income-Tax Officer, Ward - 1(1), Nashik

Appeal is partly allowed in above terms

ITA 1289/PUN/2018[2013-14]Status: DisposedITAT Pune14 Jul 2022AY 2013-14

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2013-14 Bhadanes Hitech Technology Vs. Ito, Ward Computer Pvt. Ltd. 1(1), Nashik Flat No.10, Padmavishwa Plaza, Nashik Pune Road, Tagore Nagar, Nashik – 422006 Pan : Aadcb9102E Appellant Respondent

Section 143(3)Section 68

…established by other materials such as bank statement and other supporting evidence to say that had the economic capacity to enter into such transaction. 6.20 Reference is invited to the Hon’ble Delhi High court decision in the case of Onassis Axles Pvt. Ltd 364 ITR 53 dt 13 Feb 2014 wherein it is held inter-alia as under:- “Lovely Exports (P.) Ltd. (supra) is an authority for the proposition that the assessee is under an obligation to dispel any doubts regarding the genuineness of an investor and the genuineness of the transaction. Here, though the assessee furnished particulars relating to three share applican…

ACIT, Central Circle-19, New Delhi vs. M/S K.R. Pulp & Papers Ltd, New Delhi

In the result, the appeal of the Revenue is

ITA 5064/DEL/2017[2009-10]Status: DisposedITAT Delhi31 Mar 2022AY 2009-10

Bench: Shri R.K. Panda & Shri N.K. Choudhry

For Appellant: Ms. Monika Aggarwal, AdvocateFor Respondent: Smt. Sunita Singh, CIT-DR
Section 132Section 143(3)Section 147Section 80I

…(Del.) 5. MAF ACADEMY P. L TD. [361ITR 02858 (Delhi)] 6. Tarika Properties Investment Pvt Ltd 221 TAXMAN 0014 (Del.) 7. Globus Securities & Finance Pvt Ltd 224 TAXMAN 237 (Delhi) 8. Empire Buittech Pvt. Ltd 366ITR 110 (Delhi) 9. ONASSIS AXLES PRIVATE LIMITED 364 ITR 53 (Delhi) 10. FOCUS EXPORTS PVT. LTD. 111 DTR 0012 (Del) 11. RathiFinlease Ltd 215 CTR 429 MP 12. Kundan Investment Ltd 263 ITR 626 (Cat) 13. Korlay Trading Co. Ltd 232 ITR 820 (Cat) 14. SumatiDayai 214 ITR 801 (SC) 15. Power Drugs Ltd. 245 CTR 623 P & H 16. Nova Promoters &Finiease (P) Ltd 342 ITR 169 (Del.) 17. AZEEM INVESTMENT PVT LTD 252 CTR 021…

Bramhani Industries Limited, Jammalamadugu, Kadapa vs. DCIT, Circle-1(3), Hyderabad

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 512/HYD/2017[2010-11]Status: DisposedITAT Hyderabad06 Jan 2022AY 2010-11

Bench: Shri A. Mohan Alankamony & Sri Chandra Mohan Garga.Y. 2010-11 Bramhani Industries Limited, Vs. Dcit, Jammalamadugu. Circle-1(3), Pan: Aadcb 1666 M Hyderabad. (Appellant) (Respondent) Ay: 2010-11 Dcit, Vs. Bramhani Industries Circle-1(2), Limited, Hyderabad. Jammalamadugu. Pan: Aadcb 1666 M (Appellant) (Respondent) Assessee By Sri Gowtham Jain Revenue By Sri K.V. Aravind, Sr. Standing Counsel For Dr Date Of Hearing: 12/10/2021 Date Of Pronouncement: 06/01/2022 Order

Section 144Section 234ASection 249(3)Section 68

…ies in the garb of share application monies from the entry operators. But in the case of the assessee it pertains to associate companies in the same management / promoters / shareholders viz., sister companies. (iii) Onassis Axles Pvt Ltd vs. CIT reported In 364 ITR 53:- in this case the entire share application money were brought in the form of cash deposits in the bank account of the share applicants on the same day from which pay order was obtained in favour of the assessee for issue of shares. (iv) Shri Chakra Cements Ltd vs. ITO reported in 221 Taxman 181: In this case, no documents were produced to prove t…

DCIT, Circle-1(2), Hyderabad vs. Bramhani Industries Limited, Jammalamadugu, Ysr Dist.

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 398/HYD/2017[2010-11]Status: DisposedITAT Hyderabad06 Jan 2022AY 2010-11

Bench: Shri A. Mohan Alankamony & Sri Chandra Mohan Garga.Y. 2010-11 Bramhani Industries Limited, Vs. Dcit, Jammalamadugu. Circle-1(3), Pan: Aadcb 1666 M Hyderabad. (Appellant) (Respondent) Ay: 2010-11 Dcit, Vs. Bramhani Industries Circle-1(2), Limited, Hyderabad. Jammalamadugu. Pan: Aadcb 1666 M (Appellant) (Respondent) Assessee By Sri Gowtham Jain Revenue By Sri K.V. Aravind, Sr. Standing Counsel For Dr Date Of Hearing: 12/10/2021 Date Of Pronouncement: 06/01/2022 Order

Section 144Section 234ASection 249(3)Section 68

…ies in the garb of share application monies from the entry operators. But in the case of the assessee it pertains to associate companies in the same management / promoters / shareholders viz., sister companies. (iii) Onassis Axles Pvt Ltd vs. CIT reported In 364 ITR 53:- in this case the entire share application money were brought in the form of cash deposits in the bank account of the share applicants on the same day from which pay order was obtained in favour of the assessee for issue of shares. (iv) Shri Chakra Cements Ltd vs. ITO reported in 221 Taxman 181: In this case, no documents were produced to prove t…

DCIT, New Delhi vs. M/S. Jaguar Buildcon Pvt. Ltd., New Delhi

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

ITA 284/DEL/2015[2012-13]Status: DisposedITAT Delhi31 Aug 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Ms. Sunita Singh, CIT-DRFor Respondent: Shri Rakesh Joshi, CA
Section 127Section 132Section 133(6)Section 139(1)Section 143(1)Section 153ASection 68

…of the assessee. So decision of the cited case (which is in favour of the Revenue) cannot be made applicable to the case of the assessee. (ii) Onassis Axles Private Limited v. CIT(ITA 31 /2013)(Delhi)- Decision dated 13.02.2014(2014) 44 taxmann.com 408/(2014) 364 ITR 53 The facts of the cited case are that the assessee received share application money from three companies. The AO issued summons u/s 131 to all the three shareholders, which came back un-served with remarks of the postal authorities “No such person”. The AO informed of this to the assessee and asked him to either produce the shareholders/investors o…

DCIT, New Delhi vs. M/S. Jaguar Buildcon Pvt. Ltd., New Delhi

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

ITA 283/DEL/2015[2011-12]Status: DisposedITAT Delhi31 Aug 2021AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Ms. Sunita Singh, CIT-DRFor Respondent: Shri Rakesh Joshi, CA
Section 127Section 132Section 133(6)Section 139(1)Section 143(1)Section 153ASection 68

…of the assessee. So decision of the cited case (which is in favour of the Revenue) cannot be made applicable to the case of the assessee. (ii) Onassis Axles Private Limited v. CIT(ITA 31 /2013)(Delhi)- Decision dated 13.02.2014(2014) 44 taxmann.com 408/(2014) 364 ITR 53 The facts of the cited case are that the assessee received share application money from three companies. The AO issued summons u/s 131 to all the three shareholders, which came back un-served with remarks of the postal authorities “No such person”. The AO informed of this to the assessee and asked him to either produce the shareholders/investors o…

ITO, New Delhi vs. M/S. Elative Building Solutions Pvt. Ltd., New Delhi

In the result, appeal of assessee is allowed

ITA 2498/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Mar 2021AY 2012-13
For Appellant: Shri Sudesh Garg, AdvocateFor Respondent: Shri Jagdish Singh, Sr. DR

…receipt. The decisions in (i) CIT v. Focus Exports (P.) Ltd. [2014] 51 taxmann.com 46/228 Taxman 88 (Delhi) (Mag.); (ii) CIT v. Globus Securities & Finance Pvt. Ltd. [2014] 41 taxmann.com 465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT [2014] 364 ITR 53/224 Taxman 80 (Mag.)/44 taxmann.com 408 (Delhi); (iv) Olwin Tiles India (P.) Ltd. v. Dy. CIT [2016] 382 ITR 291/237 Taxman 342/66 taxmann.com 8 (Guj.); (v) B.R. Petrochem (P.) Ltd. v. ITO [2017] 81 taxmann.com 424 (Mad.); and (vi) Rajmandir Estates (P.) Ltd. v. Pr. CIT [2016] 386 ITR 162/240 Taxman 306/70 taxmann.com 124 (Cal.), cited on behalf of…

Kasper Information Technology Pvt. Ltd., New Delhi vs. ITO Ward-14(2), New Delhi

ITA 9357/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

ITO Ward - 14(2), New Delhi vs. Kasper Information Technology Pvt Ltd, New Delhi

ITA 9287/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

ITO Ward - 13(3), New Delhi vs. Jingle Bells Aluminium Pvt. Ltd., New Delhi

ITA 5527/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

Jingle Bells Aluminium, New Delhi vs. ITO Ward - 13(3), New Delhi

ITA 5397/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

Kasper Information Technology P.Ltd, New Delhi vs. ITO, Ward-14(2), New Delhi

ITA 510/DEL/2019[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

Landsky Real Estates P.Ltd, New Delhi vs. ITO, Ward-15(1), New Delhi

ITA 509/DEL/2019[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, Ghaziabad

ITA 6401/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Mar 2021AY 2014-15

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, New Delhi

ITA 5974/DEL/2017[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

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

…ease Ltd (215 CTR destination. The beneficiary who gets such money does 429 MP) • Empire Buildtech Pvt Ltd not give back any dividend or share of profit or interest to [366 ITR 110 (Delhi)] • Onassis entry operators. (para 416, Axles Private page 7) Limited [364 ITR 53 (Delhi)]  Merely filing some papers in • Kundan Investment Ltd support of transaction cannot (263 ITR 626) (Cal) be termed as genuine • Korlay Trading Co. Ltd (232 transaction. (Page – 8, Para ITR 820 (Cal)) 4.21). • SumatiDayal (214 ITR 801 (SC)) Regarding advances of Rs 2.6 • Power Drugs Ltd. (245 CTR crores received from Cantabile 623 P&H) Min…

465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT (364 ITR 53) — Cited in 47 Judgments | BharatTax