BalGopal Merchants (P.) Ltd. v. PCIT

162 Taxmann.com 465High Court2024#4559 most cited

What is BalGopal Merchants (P.) Ltd. v. PCIT authority for?

The Assessing Officer is justified in adding back amounts under section 68 when the directors of the assessee company do not appear for examination and the company's financials are weak. The onus required under section 68 is not discharged in such circumstances.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2026.

Also referred to as

BalGopal Merchants (P.) Ltd. v. PCIT · section 68 · share application money · addition u/s 68 · creditworthiness of the creditor · genuineness of the transaction · source of source · non-appearance of directors · weak financials · cash credit

Sections most often in play

Section 131Section 133(6)Section 250Section 68Section 143(3)Section 142(1)Section 143(2)Section 147
Read the full judgment

Issues it is cited on

closely held companysummons under section 131creditworthiness of the creditorbogus share capitalprincipal officershare capital and share premiumshare application moneysource of sourceaddition u/s 68entry operatorgenuineness of the transactionsection 131

Judgments citing BalGopal Merchants (P.) Ltd. v. PCIT

Elegant Dealmark Pvt. Ltd., Kolkata vs. ITO, Ward-5(3), Kolkata

In the result, the appeal filed by the assessee is partly allowed, with Ground No

ITA 51/KOL/2024[2012-13]Status: DisposedITAT Kolkata21 Aug 2024AY 2012-13

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 14ASection 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 51/KOL/2024 Assessment Year: 2012-13 Elegant Dealmark Pvt. Ltd......................................................Appellant [PAN: AACCE 7972 Q] Vs. ITO, Ward-5(3), Kolkata........................................................Respondent Appearances: Assessee represented by: None. Department represented by: B.K. Singh, Addl.…

Grafton Merchant Pvt. Ltd., Kolkata vs. DCIT, Circle-1(1)/Kolkata

ITA 230/KOL/2023[2010-11]Status: DisposedITAT Kolkata21 Aug 2024AY 2010-11

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 250Section 263Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 230/KOL/2023 Assessment Year: 2010-11 Grafton Merchant Pvt. Ltd.......................................................Appellant [PAN: AABCG 2641 P] Vs. DCIT, Circle-1(1), Kolkata.....................................................Respondent Appearances: Assessee represented by: None. Department represented by: Subhendu Datta,…

Decent Industries P. Ltd., Bhopal vs. ITO-1(2), Bhopal

Appeal is partly allowed

ITA 356/IND/2023[2012-13]Status: DisposedITAT Indore20 Aug 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

Section 133ASection 143(2)Section 147Section 148Section 14ASection 68

…Industries Pvt. Ltd ITA No. 356/Ind/2023 – AY 2012-13 14. The Ld. DR relied heavily upon PCIT Vs. BST Infra (2024) 161 Taxmann.com 668 (Calcutta), PCIT Vs. Swati Bajaj (2022) 139 taxmann.com 352 (Calcutta) and Bal Gopal Merchants (P) Ltd. Vs. PCIT (2024) 162 Taxmann.com 465 (Calcutta). 15. In rejoinder, Ld. AR re-iterated that the assessee is neither concerned nor had any knowledge of either Anand Sharma or other companies in which “A” and “J” made investments. The assessee has received moneys from “A” and “J” and both of these companies are very much active as per MCA records and also regularly assessed…

M/S. Nexcare Agency Pvt. Ltd., Kolkata vs. I.T.O., Ward - 7(1), Kolkata

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

ITA 35/KOL/2023[2012-2013]Status: DisposedITAT Kolkata26 Jul 2024AY 2012-2013

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 133(6)Section 143(3)Section 263Section 56(2)(viib)Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 35/KOL/2023 Assessment Year: 2012-13 M/s. Nexcare Agency Pvt. Ltd...................................................Appellant [PAN: AACCN 5944 P] Vs. ITO, Ward-7(1), Kolkata........................................................Respondent Appearances: Assessee represented by: None. Department represented by: Subhendu Datta, C…

Madhya Gujarat Vij Company Ltd., Baroda vs. ACIT, Circle-2(1)(2), Baroda

In the result, appeal of the assessee is allowed

ITA 1038/AHD/2018[2008-09]Status: DisposedITAT Ahmedabad13 Apr 2022AY 2008-09

Bench: S/Shri Waseem Ahmed & T.R. Senthil Kumarassessment Year : 2008-09 Madhya Gujarat Vij Company Ltd. Acit, Cir.2(1)(2) Sardar Patel Vidyut Bhavan Vs Baroda. Race Course Circle, Baroda Pan : Aadcm 7339 H

For Appellant: Shri M.K. Patel, AdvocateFor Respondent: Shri Vijaykumar Jaiswal, CIT-DR
Section 115JSection 143(3)Section 147Section 148Section 263

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘A’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD (Conducted Through Virtual Court) ] ] BEFORE S/SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Assessment Year : 2008-09 Madhya Gujarat Vij Company Ltd. ACIT, Cir.2(1)(2) Sardar Patel Vidyut Bhavan Vs Baroda. Race Course Circle, Baroda PAN : AADCM 7339 H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri M.K. Patel, Advocate Reven…

Metropolitan Stock Exchange of India Private Limited, Mumbai vs. Principal Commissioner of Income Tax - 14, Mumbai

In the result, this appeal by the assessee stands partly allowed

ITA 4081/MUM/2018[2010-11]Status: DisposedITAT Mumbai22 Oct 2018AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

For Appellant: Shri Sumant Chadha &
Section 142Section 147Section 148Section 263

…riod contemplated under sub-section (2) of section 263 of the Act would begin to run from date of original 8 assessment order and not from date of re-assessment. This view is supported by following judicial decisions: a) CIT vs Alagendran Finance Ltd. [2007] 162 Taxmann.com 465 (SC) "...We, therefore, are clearly of the opinion that keeping in view the facts and circumstances of this case and, in particular, having regard to the fact that the Commissioner of Income Tax exercising its revisiona! jurisdiction reopened the order of assessment only in relation to lease equalization fund which being not the subject o…