Bhalotia Engineering Works (P.) Ltd. v. CIT (275 ITR 399)

DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH vs. JAMES HOTELS LTD, CHANDIGARH

ITA 552/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh01 Oct 2024AY 2012-13

Bench: The Said Resolution To Enhance Authorized Share Capital.

For Appellant: Shri R.K. KapoorFor Respondent: Shri Rohit Sharma, CIT, DR

…ransaction from the share application money to loan. 8.3 It was further submitted that while levying the penalty, Additional CIT has only relied upon the judgment of Hon'ble Jharkhand High Court in the case of Bhalotia Engineering Works Pvt Ltd vs. CIT (2005) 275 ITR 399 Jharkhand. Said judgment of Hon'ble Jharkhand High court has clearly been distinguished by Hon'ble Delhi High Court in the case of CIT vs. LP. India Pvt Ltd (2012) 343 ITR 353 (Delhi) wherein the above judgment of Jharkhand High Court was distinguished and was held that provisions of section 269SS of Income Tax Act will not be applicable in resp…

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

ITA 206/CTK/2022[2012-13]Status: DisposedITAT Cuttack18 Sept 2024AY 2012-13

Section 132Section 269SSection 271D

…e the claim of the assessee that it is a current account where the closing balance was converted into share capital is not of any help to the assessee as the Hon’ble Jharkhand High Court in the case of Bhalotia Engineering Works(P.) Ltd., reported in [2005] 275 ITR 399 (Jharkhand), has held that even if share application money cannot be considered as loan within meaning of section 269SS of the Act, it partakes of character of deposit, since it is repayable in specie on refusal to allot shares and is repayable if recalled by the assessee/applicant, before allotment of shares and conclusion of contract. Ld. CIT…

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

ITA 205/CTK/2022[2009-10]Status: DisposedITAT Cuttack18 Sept 2024AY 2009-10

Section 132Section 269SSection 271D

…e the claim of the assessee that it is a current account where the closing balance was converted into share capital is not of any help to the assessee as the Hon’ble Jharkhand High Court in the case of Bhalotia Engineering Works(P.) Ltd., reported in [2005] 275 ITR 399 (Jharkhand), has held that even if share application money cannot be considered as loan within meaning of section 269SS of the Act, it partakes of character of deposit, since it is repayable in specie on refusal to allot shares and is repayable if recalled by the assessee/applicant, before allotment of shares and conclusion of contract. Ld. CIT…

M/S H. K. INFRAVENTURE PVT. LTD ,VARANSI vs. JOINT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, VARANSI

ITA 46/ALLD/2019[2012-13]Status: DisposedITAT Allahabad12 Dec 2022AY 2012-13

Bench: Shrivijay Pal Rao & Shri Ramit Kochar

For Appellant: Shri Praveen Godbole, C.AFor Respondent: Shri Ramendra Kumar Viswakarma,CITD.R

Section 143(2)Section 143(3)Section 269SSection 271D

…IN THE INCOME TAX APPELLATE TRIBUNAL, ALLAHABAD BENCH, ALLAHABAD BEFORE SHRIVIJAY PAL RAO, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA No.46/Alld./2019 Assessment Year: 2012-13 M/s. H.K. InfraventurePvt. Ltd. Joint Commissioner of Income 17, Industrial Colony, Naini, v. Tax, Central Circle, Allahabad-211008, U.P. Varanasi, U.P. PAN:AACCH6249K (Appellant) (Respondent) Appellant by: Shri Praveen Godbole, C.A. Respondent by: Shri Ramendra Kumar Viswakarma,CITD.R. Date of hearing: 15.09.2022 Date of pronouncement: 13.12.2022 O R D E R PER SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER: This appeal, filed…

SANTPURIA ALLOYS PVT. LTD.,GIRIDIH vs. ADDITIONAL CIT, RANCHI

In the result, the appeal of the assessee stands dismissed

ITA 142/RAN/2015[2006-07]Status: DisposedITAT Ranchi20 Sept 2022AY 2006-07

Bench: Shri Sanjay Garg & Shri Manish Boradi.T.A. No.142/Ran/2015 Assessment Year: 2006-07 Santpuria Alloys Pvt. Ltd……………..…...…......................……...…..….. Appellant Manjhladih, Giridih - 815301. [Pan: Aaics4215J] Vs. Acit, Central Range-2, Ranchi….……………….……….…………….. Respondent Appearances By: Shri Rahul Saboo, Ar, Appeared On Behalf Of The Appellant. Shri Pranob Ku. Koley, Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : August 25, 2022 Date Of Pronouncing The Order : September 20, 2022 Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 24.09.2015 Of The Commissioner Of Income Tax (Appeals)-3, Patna [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

Section 250Section 269SSection 271DSection 68

…ng Officer held that the amounts have been received in cash in violation of provisions of section 269SS of the Act. He, therefore, relying upon the decision of jurisdictional Hon’ble Jharkhand High Court in the case of Bhalotia Engineering Works P Ltd. (2005) 275 ITR 399 (Jharkhand) levied penalty of Rs.51,00,000/- u/s 271D of the Act. 4. In the appellate proceedings before the CIT(A), the assessee filed a disclosure petition of Director of the assessee company, Shri Gunwant Singh Saluja, wherein, the aforesaid amount of Rs.51,00,000/- had been taken as additional undisclosed income of the said director. The ld.…

ACIT, CENTRAL CIRCLE, ALWAR vs. SHRI BABU LAL DATA, 2015-16

In the result the appeal of the department is dismissed

ITA 1233/JPR/2019[2015-16]Status: DisposedITAT Jaipur05 May 2022AY 2015-16

For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT

Section 132(1)Section 143(3)Section 269SSection 271D

…alse explanation for the same. Similar views have also been expressed in the following cases: 1) Sundarshan Cold Storage (P) Ltd. 296 ITR 188 (MP) 2) Kasi Consultant Corporation 311 ITR 419 (Mad.) 3) R.K. Singhal 221 CTR 412 (Raj.). 4) Bhalotia Eng. Work Ltd. 275 ITR 399 (Jharkhand) 13. In view of the above, the Addl. CIT stated that the assessee had taken cash loan of Rs. 2,75,00,000/- in violation of section 269SS of the IT Act, 1961 and, therefore, the assessee is liable for penalty of 2,75,00,000/- i.e. equal to the amount of Loan accepted in cash. Accordingly, penalty for 2,75,00,000/- is imposed on the ass…

THE DY. CIT,, VIJAYAWADA vs. M/S. R.R. CHICKEN PVT.LTD., VIJAYAWADA

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

ITA 466/VIZ/2016[2012-2013]Status: DisposedITAT Visakhapatnam21 Feb 2018AY 2012-2013

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri P.S. Murthy, DRFor Respondent: Shri D.L. Narasimha Rao

Section 269SSection 271D

…digarh in the case of M/s. Iqbal Inn and Hotels Limited Vs. The JCIT. 4. The Ld. Addl. CIT considered the submissions made by the assessee and relied on the order of Hon’ble High Court of Jharkhand in the case of Bhalotia Engineering Works Pvt. Ltd. Vs. CIT (275 ITR 399) and held that the share application money partakes the character of deposit, hence, the provisions of section 269SS of the Act are applicable, accordingly held that the assessee had contravened the provisions of section 269SS of the Act and imposed penalty of ` 50 lakhs u/s 271D of the Act. 5. Aggrieved by the order of the Addl.CIT the assess…

SATIDHAM SYNTEX LTD,BANGALORE vs. ADDL CIT RG 5(3), MUMBAI

The appeal of the assessee is allowed

ITA 7038/MUM/2014[2010-11]Status: DisposedITAT Mumbai08 Mar 2017AY 2010-11

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S Satidham Syntex Ltd. Acit Range-5(3), Vajras, No. 1445, 28Th Main, Mumbai. South End ‘A’ Cross, Vs. Jaya Nagar, 9Th Block, Banglore-560069. Pan: Aafcs6656N (Appellant) (Respondent)

For Appellant: Shri Rakesh Joshi (AR)For Respondent: Shri Shridhar E. (DR)

Section 143(3)Section 253Section 254(1)Section 269SSection 269TSection 271ESection 273B

…1931, 1932, 1937 & 1938/Kol/2009 dated 12.01.2012. On the other hand, ld. DR for the Revenue supported the order of authorities below and further relied upon the decision of Hon’ble Jharkhand High Court in Bhalotia Engineering vs. CIT 169 CTR 619 (Jharkhand)/275 ITR 399. 4. We have considered the rival contention of the parties and further gone through the orders of authorities below. First, to appreciate the facts of the present case we may refer the relevant provision of section 269T, section 271E and section 273B of the Act. Mode of repayment of certain loans or deposits 269T. No branch of a banking compa…

NUMERO UNO FINANCIAL SERVICES PVT. LTD,DELHI vs. ADDL. CIT, NEW DELHI

ITA 1713/DEL/2010[2006-07]Status: DisposedITAT Delhi27 Jul 2016AY 2006-07

Section 269SSection 271DSection 273B

…reasonable cause for the assessee to accept share application money in cash. The Ld. Additional Commissioner of Income Tax following the judgment of the Hon’ble Jharkhand High Court in the case of Bhalotia Engineering works Ltd Vs. Commissioner of Income Tax, 275 ITR 399, levied penalty of Rs. 10,70,000/- on 23/03/2009 under section 271D of the Act. On appeal, the learned Commissioner of Income-tax (Appeals), held that the assessee received the said amount under the guise of share application money but in fact that was loan received to attend the urgent business needs and the entries of the said amount in books o…