ACIT v. Venkateshwar Ispat (P) Ltd.

INCOME TAX OFFICER, WARD 4(1), RAIPUR vs. AVIRAL FINANCE PRIVATE LIMITED,, RAIPUR

In the result, appeal of Revenue is partly allowed for statistical purposes

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.13/Rpr/2021 िनधा"रण वष" /Assessment Year: 2017-18 V. Ito-4(1) Aviral Finance Pvt. Ltd. Raipur Ground Floor, Nalghar Chowk, Raipur – 492 001 [Pan: Aabcg 2701 N] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" की ओर से/ Appellant By Shri Praveen Khandelwal & Shri Praveen Goyal, Cas ""थ" की ओर से /Respondent By : Smt. Ila M. Parmar, Cit-D.R. सुनवाई क" तार"ख/Date Of Hearing : 13.07.2023 घोषणा क" तार"ख /Date Of Pronouncement : 22.09.2023

…irst proviso to Section :: 18 :: 68 of the Income Tax Act. Learned CIT(A) has deliberated the matter discussed at length, has decided the issue relying upon the judgment of Hon’ble Jurisdictional High Court in the case of ACIT vs. Venkateshwar Ispat (P.) Ltd. 319 ITR 393 (2009) (Chhattisgarh High Court), culminating that the assessee has discharged the onus cast upon it to substantiate the identity, creditworthiness of the shareholders and genuineness of the transactions, thus have deleted the additions made by Assessing Officer on account of bogus share capital, share premium received by the assessee company dur…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), RAIPUR vs. M/S TRIPCO SERVICES PVT. LTD., , RAIPUR

In the result, the appeal of the revenue is partly allowed in terms of our observations above

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.110/Rpr/2020 "नधा"रण वष" / Assessment Year : 2015-16

…tion 1 that source of source has to be proved in the cases of share application money ? 5. "Whether on the facts of the cases and in law, the CIT(A) is justified in replying on jurisdictional high court order in the case of ACIT Vs Venkateshwar (spat Pvt. Ltd 319 ITR 393 while ignoring the ratio decided by Hon'ble Supreme Court of India in the case of PCIT Vs NRA Iron & Steel Pvt. Ltd in SLP 29855 of 2018 ? 6. The order of Ld. CIT(A) is erroneous both in law and on facts. 3 M/s. Tripco Services Pvt. Ltd. Vs. ACIT-1(1), Raipur Any other ground that may be adduced at the time of hearing.” 2. Succinctly stated, t…

INCOME TAX OFFICER, WARD 2(1), RAIPUR vs. MESERS ARYAN BUILDERS AND DEVELOPERS PRIVATE LIMITED, RAIPUR

In the result, both appeal of the revenue and cross objection of the assessee stand dismissed in terms of our observations

Bench: SHRI RAVISH SOOD (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

…al binding pronouncements on the issue as given by the Raipur Bench of the Tribunal as well as by the Chhattisgarh high court and honorable Supreme Court of India 7.1.Honorable Chhattisgarh High Court in the case of ACIT v. Venkateshwar Ispat (P.) Ltd. (2009) 319 ITR 393 (Chhattisgarh HC) held that: As decide by the SC in CIT v. Lovely Exports (P.) Ltd. (2009) 319 ITR 5 (SC), even if the share application money was received by the assesse company from alleged bogus shareholders whose names were given to the AO, then, the Dep’t. Was free to proceed to reopen their individual assessments in accordance with law, but…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), BHILAI vs. MESERS STEELCO ISPAT PRIVATE LIMITED, BHILAI

In the result, appeal of the revenue is partly allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.88/Rpr/2020 ("नधा"रण वष" / Assessment Year: 2014-15)

…n the judgment of the Hon’ble Apex Court in the case of CIT Vs. Lovely Exports (P) Ltd. reported in 216 CTR 195 and judgment of the Hon’ble Jurisdictional High Court i.e. High Court of Chhattisgarh in the case of ACIT Vs. Venkeshwar Ispat (P) Ltd. reported in 319 ITR 393 wherein similar issues were discussed. It was submitted by the Ld. CIT-DR that the CIT(Appeals) has decided the issue in favour of the assessee by deleting the addition made by the A.O treating the transaction as genuine and creditors as identifiable and creditworthy. The Ld. CIT-DR submitted that the observation of the CIT(Appeals) that addition…

ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE 1(1), RAIPUR vs. M/S R.R. INDUSTRIAL CORPORATION (INDIA) PRIVATE LIMITED, RAIPUR

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 144/Rpr/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. R.R. Industrial Corporation (India) Pvt. Ltd., Station Road, Telghani Naka, Raipur (C.G.) Pan : Aaecr4291B ……""यथ" / Respondent

…o take note of the decisions rendered by the Hon'ble Apex Court in the case of CIT Vs Lovely Exports (P) Ltd, reported, in 216 CTR 195 and the jurisdictional High Court viz. Chhattisgarh High Court in the case of ACIT Vs Venkateshwar Ispat (P) Ltd reported in 319 ITR 393 nor it is the case of the AO that the facts in said cases are entirely different from the facts in the instant case. Hence no such differentiation could be effectively demonstrated and brought on the record by the AO. I find that the investments made by the share applicants were duly reflected in the audited financial statements of the corporatei…

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA Nos.10 & 11/RPR/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs ACIT, Central Circle-II, Raipur 1st Floor, V.R.Plaza, Bilaspur PAN No. :AAFCA 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : Shri Sumit Nema & Gagan Tiwari, Advs. & Shri Bikram Jain, CA राजस्व की ओर से /Revenue by :…

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA Nos.10 & 11/RPR/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs ACIT, Central Circle-II, Raipur 1st Floor, V.R.Plaza, Bilaspur PAN No. :AAFCA 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : Shri Sumit Nema & Gagan Tiwari, Advs. & Shri Bikram Jain, CA राजस्व की ओर से /Revenue by :…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1), BHILAI vs. MESERS ABIS POULTRY PRIVATE LIMITED, RAJNANDGAON

In the result, both appeals of the revenue are dismissed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.233 & 234/Rpr/2019 (ननधाारण वषा / Assessment Year :2009-2010 & 2011-2012) Acit-2(1), Bhilai Vs M/S Abis Poultry Private Limited, Baldeo Bag, Rajnandgaon Pan No. :Aaeca 87411 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…van Farms Pvt. Ltd in ITA No. 7112015 dated 12.8.2015 same view has been taken by the Hon'ble Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd 216 CTR 195 SC 2008 and the jurisdictional High Court in the case of ACIT vs. Venkateshwar lspat Pvt Ltd 319 ITR 393 (SC). In this decision the Hon'ble Supreme Court has held that " in case of share application money the assessee has to produce evidence regarding names, address etc and once the share holder has confirmed the investments, the department is free to proceed to reopen share holders undisclosed income of the assessee company". In this case the subsc…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1), BHILAI vs. MESERS ABIS POULTRY PRIVATE LIMITED, RAJNANDGAON

In the result, both appeals of the revenue are dismissed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.233 & 234/Rpr/2019 (ननधाारण वषा / Assessment Year :2009-2010 & 2011-2012) Acit-2(1), Bhilai Vs M/S Abis Poultry Private Limited, Baldeo Bag, Rajnandgaon Pan No. :Aaeca 87411 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…van Farms Pvt. Ltd in ITA No. 7112015 dated 12.8.2015 same view has been taken by the Hon'ble Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd 216 CTR 195 SC 2008 and the jurisdictional High Court in the case of ACIT vs. Venkateshwar lspat Pvt Ltd 319 ITR 393 (SC). In this decision the Hon'ble Supreme Court has held that " in case of share application money the assessee has to produce evidence regarding names, address etc and once the share holder has confirmed the investments, the department is free to proceed to reopen share holders undisclosed income of the assessee company". In this case the subsc…

THE ASSISTANT COMMISSIONER OF INCOME-TAX-CENTRAL CIRCLE-2,RAIPUR, RAIPUR (CG) vs. M/S DEVI IRON & POWER PVT LTD., RAIPUR, RAIPUR (CG)

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 267 & 268/Rpr/2014 Co Nos. 30 & 31/Rpr/2015 "नधा"रण वष" / Assessment Years : 2011-12 & 2012-13 The Deputy Commissioner Of Income Tax, Central Circle, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. Mahamaya Tower, 3Rd & 4Th Floor, In Front Of Anupam Nagar, Near Varun Honda, G.E. Road, Raipur (C.G.) Pan : Aaeca3704G ……""यथ" / Respondent आयकर अपील सं. / Ita No.101/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax (Central)-2, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. B-08-09, Sector-C, Industrial Area, Urla, Sarora, Raipur (C.G.) Pan : Aabcd9753D ……""यथ" / Respondent Co Nos.30 & 31/Rpr/2015

…have drawn any adverse CO Nos.30 & 31/RPR/2015 inferences in the case of the assessee company. Our aforesaid conviction is further supported by the judgments of the Hon’ble Jurisdictional High Court in the case of ACIT Vs. Venkateshwar Ispat (P) Ltd. (2009) 319 ITR 393 (Chhattisgarh) and CIT Vs. Abdul Aziz (2012) 251 CTR 58 (Chhattisgarh). On the basis of our aforesaid deliberations, we are of the considered view that now when the assessee had duly discharged the onus that was cast upon it as regards proving the authenticity of the transaction of receipt of share application money from the aforesaid investor co…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. DEVI IRON & POWER PVT LIMITED, RAIPUR

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 267 & 268/Rpr/2014 Co Nos. 30 & 31/Rpr/2015 "नधा"रण वष" / Assessment Years : 2011-12 & 2012-13 The Deputy Commissioner Of Income Tax, Central Circle, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. Mahamaya Tower, 3Rd & 4Th Floor, In Front Of Anupam Nagar, Near Varun Honda, G.E. Road, Raipur (C.G.) Pan : Aaeca3704G ……""यथ" / Respondent आयकर अपील सं. / Ita No.101/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax (Central)-2, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. B-08-09, Sector-C, Industrial Area, Urla, Sarora, Raipur (C.G.) Pan : Aabcd9753D ……""यथ" / Respondent Co Nos.30 & 31/Rpr/2015

…have drawn any adverse CO Nos.30 & 31/RPR/2015 inferences in the case of the assessee company. Our aforesaid conviction is further supported by the judgments of the Hon’ble Jurisdictional High Court in the case of ACIT Vs. Venkateshwar Ispat (P) Ltd. (2009) 319 ITR 393 (Chhattisgarh) and CIT Vs. Abdul Aziz (2012) 251 CTR 58 (Chhattisgarh). On the basis of our aforesaid deliberations, we are of the considered view that now when the assessee had duly discharged the onus that was cast upon it as regards proving the authenticity of the transaction of receipt of share application money from the aforesaid investor co…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. DEVI IRON & POWER LIMITED, RAIPUR

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 267 & 268/Rpr/2014 Co Nos. 30 & 31/Rpr/2015 "नधा"रण वष" / Assessment Years : 2011-12 & 2012-13 The Deputy Commissioner Of Income Tax, Central Circle, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. Mahamaya Tower, 3Rd & 4Th Floor, In Front Of Anupam Nagar, Near Varun Honda, G.E. Road, Raipur (C.G.) Pan : Aaeca3704G ……""यथ" / Respondent आयकर अपील सं. / Ita No.101/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax (Central)-2, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Devi Iron & Power Pvt. Ltd. B-08-09, Sector-C, Industrial Area, Urla, Sarora, Raipur (C.G.) Pan : Aabcd9753D ……""यथ" / Respondent Co Nos.30 & 31/Rpr/2015

…have drawn any adverse CO Nos.30 & 31/RPR/2015 inferences in the case of the assessee company. Our aforesaid conviction is further supported by the judgments of the Hon’ble Jurisdictional High Court in the case of ACIT Vs. Venkateshwar Ispat (P) Ltd. (2009) 319 ITR 393 (Chhattisgarh) and CIT Vs. Abdul Aziz (2012) 251 CTR 58 (Chhattisgarh). On the basis of our aforesaid deliberations, we are of the considered view that now when the assessee had duly discharged the onus that was cast upon it as regards proving the authenticity of the transaction of receipt of share application money from the aforesaid investor co…

M/S BAJRANG AGROTECH(I) PVT. LTD,DURG(CG) vs. THE INCOME TAX OFFICER, WARD-2(1),BHILAI, BHILAI(CG)

In the result the appeal of the assessee is allowed in terms of our observations as above for statistical purposes

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.43/Rpr/2017 (ननधाारण वषा / Assessment Year :2012-2013) M/S Bajrang Agrotech (I) Pvt. Ltd., Vs Ito-2(1), Bhilai (C.G.) Village Samoda, Dhamdha Road, Durg (C.G.) Pan No. :Aaccb 2444 G (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…ot be regarded as undisclosed or unexplained cash credit of the assessee u/s 68 of the Act, to substantiate towards this contention, Ld AR relied upon the decision of the Jurisdictional High Court in the case of Venkateshwar Ispat (P.) Ltd. Reported in (2009) 319 ITR 393 (Chhattisgarh) (01-05-2009), wherein it was held that:- “Section 68 of the Income-tax Act, 1961 - Cash credit - Assessment year 1989-90 - If share application money is received by assessee- company from alleged bogus shareholders whose names are given to Assessing Officer, then Department is free to proceed to reopen their individual assessments…