Bhola Shankar Cold Storage v. JCIT

270 ITR 487High Court2004#12572 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2023.

Judgments citing Bhola Shankar Cold Storage v. JCIT

APL METALS LIMITED ,KOLKATA vs. ACIT, CENTRAL CIRCLE - 3(3), KOLKATA

ITA 297/KOL/2023[2018-19]Status: DisposedITAT Kolkata15 Sept 2023AY 2018-19

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm I.T.A. No.297/Kol/2023 Assessment Years: 2018-19 Apl Metals Ltd. Vs. Income Tax Officer, National C/O, Subash Agarwal & Faceless Assessment Centre, Associates, Advocates, Siddha Delhi. Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata- 700069. (Pan: Aacca4246P) (Appellant) (Respondent)

Section 115BSection 143(2)Section 143(3)Section 250Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA Before Dr. Manish Borad, AM & Shri Sonjoy Sarma, JM I.T.A. No.297/KOL/2023 Assessment Years: 2018-19 APL Metals Ltd. Vs. Income Tax Officer, National C/o, Subash Agarwal & Faceless Assessment Centre, Associates, Advocates, Siddha Delhi. Gibson, 1, Gibson Lane, Suite 213, 2nd Floor, Kolkata- 700069. (PAN: AACCA4246P) (Appellant) (Respondent) Appearances by: Shri Subhash Agarwal, Advocate appeared for Appellant. Shri Subhendu Datta, CIT, DR appeared for Respondent. Date of concluding the hearing : 21.06.2023 Date of pronouncing the order : 15.09.2023 ORDER…

INCOME TAX OFFICER 6(3)(3), MUMBAI vs. M/S.KALASH METALS PRIVATE LIMITED, MUMBAI

The appeal of the assessee is allowed, and appeal of the Assessing Officer is dismissed

ITA 504/MUM/2018[2009-10]Status: DisposedITAT Mumbai26 Jun 2020AY 2009-10

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 504/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10)

For Appellant: Shri K. Bhoopati, DR byFor Respondent: Shri S.C. Tiwari & Ms
Section 142(1)Section 143(1)Section 147Section 148Section 68Section 69C

…The AO verified the 6 parties by deputing the ward inspector and based on this report, he treated the above said parties as not genuine and by relying on various judicial pronouncements in the case of M/s Bhola Shankar Cold Storage Pvt. Ltd. vrs. JCIT (2004) 270 ITR 487 (Cal), Durga Prasad More 82 ITR 540, Roshan Di Hatti vrs. CIT (1977) 107 ITR 937 (SC) and Kale Khan Mohammad Hanif vrs. CIT (1963) 50 ITR 1(SC), has dismissed the contention of the assessee and made the addition u/s 68 of the Act for the subscription value of shares Rs. 2.85 crores. 4. Further, assessee filed the details of payment of Mr. Amarch…

DCIT CIRCLE-1 vs. RANA PAPERS LTD,

ITA 2184/DEL/2008[2002-2003]Status: DisposedITAT Delhi15 Nov 2019AY 2002-2003

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

For Appellant: NoneFor Respondent: Shri Sanjog Kapoor, Sr. DR
Section 143(2)Section 143(3)Section 144Section 148Section 68

…the reason that there is no such law. There are large number of Courts decisions wherein this view has been upheld 255 ITR 573, 254 ITR 617, 214 ITR 801 (Sc.) 264 ITR 435 etc. The Calcutta High Court in the case of Bhola Sankar Cold Storage (P) Ltd. vs. JCIT 270 ITR 487 after referring Page 5 of 63 ITA No.- 2184/Del/2008 M/s Rana Papers Ltd. to various decisions held that where payment by cheque is not sacrosanct as it would not make a non genuine transaction as genuine. The burden to prove nature and sources of the receipt is on the assessee as held by the Hon’ble S.C. in 57 ITR 532 (SC) 53 ITR 623 (SC). In th…

SHAKTI HARDWARE COLLECTIONS P.LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

ITA 6301/MUM/2014[2006-07]Status: DisposedITAT Mumbai31 Jan 2018AY 2006-07

Bench: Sri Mahavir Singh, Jm & Sri G. Manjunatha, Am Shakti Hardware Collections The Dy. Commissioner Of Pvt. Ltd Income Tax, Cc-22, Vs. 60-62, Kika Street, Gulalwadi, Mumbai Mumbai-400 044 Appellant .. Respondent Pan No. Aaecs6501K

For Appellant: K. Shivaram, ARFor Respondent: Manjunath Swami, DR
Section 131Section 143(3)Section 68

…ection applies to cash deposit or otherwise. In the instant case, the appellant had failed to prove creditworthiness and genuineness of the transaction, merely establishing the identity is not enough. Reliance is placed upon Bhola Shankar Cold Storage(P) Ltd. 270 ITR 487 (Cal). In the instant case oil it has been stated that even if it is assumed that identity has been established, the creditworthiness of the subscriber companies and the genuineness of the transactions have not been proved. Mere filing of documents or mere appearance alone will not discharge the burden cast on the assessee under s. 68 of the Act.…

SUN STAR GEMS P.LTD,MUMBAI vs. ITO 5(3)(4), MUMBAI

ITA 3074/MUM/2012[2008-09]Status: DisposedITAT Mumbai07 Jun 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.3074/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) M/S Sun Star Gems Pvt. Income Tax Officer 5(3)(4), बनाम/ Ltd.,342, Panchratna, Mumbai. V. Opera House, Mumbai – 400 004. "थायी लेखा सं./Pan : Aadcs9525L .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Ritesh Misra(D.R.)
Section 131Section 143(2)Section 143(3)Section 41(1)Section 68Section 69C

…y has to establish the identity, creditworthiness and genuineness of the transaction and then the onus shifts to the Revenue. The AO relied upon the decision of Hon’ble High Court of Calcutta in the case of Bhola Shankar Cold Storage Private Limited v. CIT in 270 ITR 487 and Hon’ble Punjab and Haryana High Court in the case of Raunaq Ram Nandlal v. CIT 254 ITR 617 . Further it was observed by the AO that the assessee company has received unsecured loan of Rs. 7,17,500/- from Shri Navnit A Parikh, Director of the company. The assessee company was asked to file the loan confirmations along with the copy of bank sta…

DCIT CC-45, MUMBAI vs. PARAMSHKTI DISTRIBUTORS P. LTD, MUMBAI

In the result, appeal of the assessee is allowed, whereas appeal of the revenue is allowed in part in terms indicated hereinabove

ITA 9224/MUM/2010[2006-07]Status: DisposedITAT Mumbai09 Oct 2015AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav
Section 143(3)Section 68

…sessed as the company's income by virtue of the provisions of section 68 of the Act. The A. O. has relied upon these three judgments of Hon'ble Calcutta High Court and also the judgment of Calcutta High Court in the case of Bhola Shankar Cold Storage vs. JCIT 270 ITR 487 (Cal). In the case of Sophia Finance Ltd., Hon'ble Delhi High Court, in effect, held that the jurisdiction of the AO to apply section 68 should be restricted to find out whether or not the shareholder in fact exists. Now, Hon'ble Supreme Court have upheld this view and finally quelled the controversy whether section 68 applies or not in the case…

DCIT CC-45, MUMBAI vs. PARAMSHKTI DISTRIBUTORS P. LTD, MUMBAI

In the result, appeal of the assessee is allowed, whereas appeal of the revenue is allowed in part in terms indicated hereinabove

ITA 9223/MUM/2010[2005-06]Status: DisposedITAT Mumbai09 Oct 2015AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav
Section 143(3)Section 68

…sessed as the company's income by virtue of the provisions of section 68 of the Act. The A. O. has relied upon these three judgments of Hon'ble Calcutta High Court and also the judgment of Calcutta High Court in the case of Bhola Shankar Cold Storage vs. JCIT 270 ITR 487 (Cal). In the case of Sophia Finance Ltd., Hon'ble Delhi High Court, in effect, held that the jurisdiction of the AO to apply section 68 should be restricted to find out whether or not the shareholder in fact exists. Now, Hon'ble Supreme Court have upheld this view and finally quelled the controversy whether section 68 applies or not in the case…

PARASHAKTI DISTRIBUTORS P. LTD,MUMBAI vs. ACIT CEN CIR 45, MUMBAI

In the result, appeal of the assessee is allowed, whereas appeal of the revenue is allowed in part in terms indicated hereinabove

ITA 8748/MUM/2010[2005-06]Status: DisposedITAT Mumbai09 Oct 2015AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav
Section 143(3)Section 68

…sessed as the company's income by virtue of the provisions of section 68 of the Act. The A. O. has relied upon these three judgments of Hon'ble Calcutta High Court and also the judgment of Calcutta High Court in the case of Bhola Shankar Cold Storage vs. JCIT 270 ITR 487 (Cal). In the case of Sophia Finance Ltd., Hon'ble Delhi High Court, in effect, held that the jurisdiction of the AO to apply section 68 should be restricted to find out whether or not the shareholder in fact exists. Now, Hon'ble Supreme Court have upheld this view and finally quelled the controversy whether section 68 applies or not in the case…

Bhola Shankar Cold Storage v. JCIT (270 ITR 487) — Cited in 8 Judgments | BharatTax