(Central)-1 v. NRA Iron & Steel (P) Ltd.

103 Taxmann.com 48Supreme Court of India2019#76 most cited

What is (Central)-1 v. NRA Iron & Steel (P) Ltd. authority for?

When assessing cash credits, share capital, or loans, the assessee bears the onus to prove the identity, creditworthiness, and genuineness of transactions. This burden is not discharged merely by documentary evidence if field inquiries reveal accommodation entries or dealings with paper/shell companies.

696

judgments rely on this decision, according to BharatTax’s citation analysis of 371,887 Indian tax judgments — from 2011 to 2026.

Also referred to as

NRA Iron & Steel · (Central)-1 v. NRA Iron & Steel · Section 68 · cash credit · share capital · share application money · unexplained loan · onus of proof · creditworthiness · genuineness of transaction · paper company · shell company · accommodation entries

Sections most often in play

Section 68Section 143(3)Section 147Section 10(38)Section 148Section 69CSection 131Section 133(6)

Issues it is cited on

price riggingbogus share capitalbogus long term capital gainonus of proofpenny stockpaper companypreponderance of probabilitycreditworthiness of the creditorsection 10(38)bogus ltcgshell companysource of source

Judgments citing (Central)-1 v. NRA Iron & Steel (P) Ltd.

ITO 19(2)(4), Mumbai, Income Tax Office, Piramal Chambers vs. Prakashmal Malraj Jain, Mumbai

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

ITA 3271/MUM/2023[2014-15]Status: DisposedITAT Mumbai12 Aug 2024AY 2014-15

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeeassessment Year 2014-15 Ito-19(2)(4), Prakashmalmalraj Jain, Piramal Chambers, 43/45, Pathan Street, Parel, Vs. 1St Floor, Room No. 7 Mumbai. Mumbai Pan : Acrpj0370M (Appellant) (Respondent) For Assessee : Shri Vishnu Agarwal For Revenue : Shri Yogendra T. Wakare, Sr.Dr Date Of Hearing : 07-08-2024 Date Of Pronouncement : 12-08-2024 Order Per B.R. Baskaran, A.M :

For Appellant: Shri Vishnu AgarwalFor Respondent: Shri Yogendra T. Wakare, Sr.DR
Section 10(38)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “C” BENCH : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER Assessment Year 2014-15 ITO-19(2)(4), PrakashmalMalraj Jain, Piramal Chambers, 43/45, Pathan Street, Parel, vs. 1st Floor, Room No. 7 Mumbai. Mumbai PAN : ACRPJ0370M (Appellant) (Respondent) For Assessee : Shri Vishnu Agarwal For Revenue : Shri Yogendra T. Wakare, Sr.DR Date of Hearing : 07-08-2024 Date of Pronouncement : 12-08-2024 ORDER PER B.R. BASKARAN, A.M : The Revenue has filed this appeal challenging the order dt. 25-07- 2023 passed by the learned Commiss…

DCIT 13(3)(2), Mumbai vs. Tarmat Limited, Mumbai

In the result, the appeal is dismissed

ITA 3106/MUM/2024[2018-19]Status: DisposedITAT Mumbai01 Aug 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Ratnesh Nandan Sahayassessment Year: 2018-19 Dcit 13(3)(2), Tarmat Limited Room No. 229, Roman Tarmat Ltd., Aayakar Bhawan, General Vaidya Marg, M. K. Road, Goregaon East, Vs. Mumbai- 400020. Mumbai- 400063. Pan: Aaact1561G (Appellant) (Respondent)

For Appellant: Shri Jigar MehtaFor Respondent: Shri P. D. Chougule, (Addl. CIT), SR. D.R
Section 153Section 250Section 250(4)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER AND SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Assessment Year: 2018-19 DCIT 13(3)(2), Tarmat Limited Room No. 229, Roman Tarmat Ltd., Aayakar Bhawan, General Vaidya Marg, M. K. Road, Goregaon East, Vs. Mumbai- 400020. Mumbai- 400063. PAN: AAACT1561G (Appellant) (Respondent) Present for : Assessee by : Shri Jigar Mehta Revenue by : Shri P. D. Chougule, (Addl. CIT), SR. D.R. Date of Hearing : 01 . 08 . 2024 Date of Pronouncement : 23 . 10 . 2024 O R D E R Per : Ratnesh Nandan Sahay, Accountant…

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

…tions of law are answered in favour of the revenue.” Page 11 of 15 I.T.A. No.: 35/KOL/2023 Assessment Year: 2012-13 M/s. Nexcare Agency Pvt. Ltd. 5.2. We also draw considerable strength from the case of PCIT vs. NRA Iron & Steel (P.) Ltd. reported in [2019] 412 ITR 161 (SC) in which share application money was approved for action u/s 68 of the Act even where the share applicants had filed confirmations and attempted to show that the transactions have taken place through normal banking channels, etc. In this case, the Hon'ble Apex Court has dealt with the issue from a legal perspective and some of the passages d…

ITO -24(2)(1), Mumbai, Piramal Chambers vs. Kailash Chandra Gupta, HUF, Mumbai

ITA 4013/MUM/2023[2012-13]Status: DisposedITAT Mumbai26 Jul 2024AY 2012-13
Section 10(38)Section 143(1)Section 143(2)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “E” Bench, Mumbai. Before Ms. Kavitha Rajagopal (JM) & Shri Omkareshwar Chidara (AM) Ι.Τ.Α. No. 4013/Mum/2023 (A.Y. 2012-13) ITO-24(2)(1) Vs. Kailash Chandra Gupta HUF 608, Income Tax Office C-403, Runwal Elegante Lalbaug, Parel Lokhandwala Complex Mumbai-400 012. Oshiwara, Andheri West (Appellant) Mumbai-400 053. PAN : AAAHK4439D (Respondent) Assessee by Shri Rajesh Sanghvi, CA Department by Shri P.D. Chougule Date of Hearing 01.05.2024 Date of Pronouncement 26.07.2024 ORDER Per Omkareshwar Chidara (AM) :- The appellant has filed return of income on 5.6.2012 declaring…

Nimesh Chandrakant Mehta HUF, Mumbai vs. ITO-33(2)(4), 603, Kaushal Apt, Behind State Bank of India, Shankar Lane, Kandivali -West, Mumbai- 400067, Delhi

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

ITA 4877/MUM/2023[2015-2016]Status: DisposedITAT Mumbai24 Jul 2024AY 2015-2016

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan: A.Y : 2015-16

For Appellant: Shri Vishnu AgarwalFor Respondent: Shri Ashok Kumar Ambastha, Sr. DR
Section 10(38)Section 131Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI RAJ KUMAR CHAUHAN, JUDICIAL MEMBER : A.Y : 2015-16 Nimesh Chandrakant Mehta HUF, Vs. Income Tax Officer 603, Kaushal Apt, Behind State Bank -33(2)(4), of India, Shankar Lane, Mumbai Kandivali West, (Respondent) Mumbai. PAN : AABHN6978F (Appellant) Appellant by : Shri Vishnu Agarwal, Respondent by : Shri Ashok Kumar Ambastha, Sr. DR Date of Hearing : 09/07/2024 Date of Pronouncement : 24/07/2024 O R D E R PER B.R. BASKARAN, A.M: The assessee has filed this appeal challenging the order dated 03-…

Gilt Commodities Pvt. Ltd., Kolkata vs. I.T.O., Ward-3(1), Kolkata

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

ITA 1447/KOL/2019[2014-15]Status: DisposedITAT Kolkata23 Jul 2024AY 2014-15

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

…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.: 1447/KOL/2019 Assessment Year: 2014-15 Gilt Commodities Pvt. Ltd........................................................Appellant [PAN: AADCG 7443 H] Vs. ITO, Ward-3(1), Kolkata........................................................Respondent Appearances: Assessee represented by: Miraj D. Shah, A/R. Department represented by:…

Nitesh Rajhans Singh, Mumbai vs. The Income Tax Officer -26(2)(3), Mumbai

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

ITA 4114/MUM/2023[BAMPS4588L]Status: DisposedITAT Mumbai15 Jul 2024

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

For Appellant: Shri Rajiv Khandelwal &For Respondent: Shri Laxmi Kant.Sr.DR
Section 10(38)Section 148Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & MS PADMAVATHY S, ACCOUNTANT MEMBER ITA No.4114 & 4115/Mum/2023 (Assessment Year: 2013-14 & 2014-15) Nitesh Rajhans Singh, ITO- 26(2)(3), 13/14, Indra Bhavan, Kautilya Bhavan, बनाम/ Patel Wadi, Pipeline, BKC, Bandra (East), Vs. Kurla(West), Mumbai-400051. Mumbai-400070. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : BAMPS4588L (""थ" / Respondent) (अपीलाथ" /Appellant) Appellant by : Shri Rajiv Khandelwal & Shri Akash Kumar.AR Respondent by : Shri Laxmi Kant.Sr.DR सुनवाई की तारीख / Date of Hearing 08/05/2024 घोषणा क…

Smt. Sneha Ankit Salecha, Mumbai vs. Income Tax Office, Ward, 19(3)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 255/MUM/2024[2014-15]Status: DisposedITAT Mumbai27 Jun 2024AY 2014-15

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Shri Jalaj Prakash, AdvocateFor Respondent: Shri Mahesh Parwani, Sr. DR
Section 10(38)Section 131Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAJ KUMAR CHAUHAN, JM I.T.A. No. 255/Mum/2024 (Assessment Year: 2014-15) Smt. Sneha Ankit Selecha, ITO, Ward-19(3)(4) 1303,, Vastu Shilp, Gamadia Piramal Chambers, Vs. Colony, Grant Road, S.O. 400007. Mumbai-400012. PAN : AMEPJ4070D Appellant) : Respondent) Appellant/Assessee by : Shri Jalaj Prakash, Advocate Revenue/Respondent by : Shri Mahesh Parwani, Sr. DR Date of Hearing : 13.06.2024 : 27.06.2024 Date of Pronouncement O R D E R Per Padmavathy S, AM: This appeal is against the order of assessment passed by the Commission…

Veenita Enterprise Pvt. Ltd., Ahmedabad vs. The Dy.Commissioner of Income Tax, Central Circle-1(1), Ahmedabad

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

ITA 1199/AHD/2016[2009-10]Status: DisposedITAT Ahmedabad14 Jun 2024AY 2009-10

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

Section 132(4)Section 143(3)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member Assessment Year 2009-10 Veenita Enterprise Pvt. The DCIT, Ltd. Central Circle-1(1), 512/10, Road No.4, Vs Ahmedabad Kathwada GIDC, P Phase-2, Kathwada, Ahmedabad-382230 PAN: AACCV2313G (Respondent) (Appellant) Assessee Represented: Shri Divyang Shah, A.R. Revenue Represented: Ms. Saumya Pandey Jain, Sr.D.R. Date of hearing : 19-03-2024 Date of pronouncement : 14-06-2024 आदेश/ORDER PER : SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER:- This is an appeal filed b…

Shaily Prince Goyal, Mumbai vs. Income Tax Officer-27(3)(1), Navi Mumbai

In the result, the appeal of the assessee Shri Yogesh Popatlal Thakkar in ITA No

ITA 4271/MUM/2023[2013-14]Status: DisposedITAT Mumbai30 May 2024AY 2013-14
For Appellant: Dr. K Shivaram Sr. Advocate & Shashi BekalFor Respondent: Ms. Sujatha Iyangar SR AR
Section 10(38)Section 143(3)Section 148Section 250Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "G", MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA 4271/Mum/2023 (Assessment year: 2013-14) Shaily Prince Goyal, Flat No.10, Block No.77, Prabha Building, R.B. Mehta Marg, 60 Feet Road, Ghatkopar (East), Mumbai-400 077 PAN: AEDPG5633E APPELLANT VS Income-tax Officer-27(3)(3), Mumbai, Tower No.6, 4th Floor, Room No.426, Vashi Railway Station Complex, Vashi, Navi Mumbai-400 703 RESPONDENT Assessee by : Dr. K Shivaram Sr. Advocate & Shashi Bekal Respondent by : Ms. Sujatha Iyangar SR AR Date of hearing : 21/05/2024…

Amarpadma Credits Private Limited, Jodhpur vs. The Income Tax Officer, Ward-1(1)(1), Ahmedabad

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

ITA 1/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad22 May 2024AY 2017-18

Bench: MRS. ANNAPURNA GUPTA (Accountant Member), SHRI SIDDHARTHA NAUTIYAL (Judicial Member)

For Appellant: Shri Gautam Baid, CAFor Respondent: Shri Ankit Jain, Sr. DR
Section 133Section 250Section 40A(3)Section 68

…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 BEFORE MRS. ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER िनधा"रणवष"/Assessment Year: 2017-18 Amarpadma Credits Pvt. Ltd., Vs. Income-Tax Officer, 10, Shalval Flat, Mahalaxmi Ward 1(1)(1), Cross Road, Paldi, Ahmedabad Ahmedabad PAN : AAACB 9627 M अपीलाथ"/ (Appellant) अपीलाथ" "" यथ" "" यथ"/ (Respondent) अपीलाथ" अपीलाथ" "" "" यथ" यथ" Ass…

Balgopal Merchants Pvt Ltd vs. Principal Commissioner of Income Tax 2 Kolkata

Accordingly, the appeal fails and is dismissed

ITAT/232/2023HC Calcutta13 May 2024

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 131Section 143(1)Section 143(2)Section 260A

…the assessee. The decision in Roshan Di Hatti Versus Commissioner of Income Tax 9 was referred to wherein it was held that if the assessee fails to discharge the onus by producing cogent 8 (2019) 15 SCC 529 9 (1977) 2 SCC 378 ITAT NO. 232 OF 2023 REPORTABLE Page 19 of 26 evidence and explanation the assessing officer would be justified in making the addition back into the income of the assessee. 23. The decision in N.R. Portfolio Private Limited was quoted with approval wherein it has been held that creditworthiness or genuin…

ITO-13(2)(1), Mumbai vs. Sethia Infrastructure Pvt. Ltd, Mumbai

In the result, appeal filed by the revenue is allowed

ITA 2739/MUM/2023[2010-11]Status: DisposedITAT Mumbai10 May 2024AY 2010-11

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleito-13(2)(1) V. Sethia Infrastructure Pvt. Ltd 701, Central Plaza 147, 1St Floor, Aayakar Bhavan Daftari Road, Malad (East) M. K. Marg, Mumbai Mumbai, Maharashtra -400097 Maharashtra-400020 Pan: Aalcs9354B (Appellant) (Respondent) Assessee Represented By : Jaiprakash Bairaga & Rupa Nanda Department Represented By : Dr. Kishor Dhule

Section 143(2)Section 143(3)Section 68

…ase of Sumati Dayal v. CIT [214 ITR 801] and CIT v. Durga Prasad More [82 ITR 540] squarely apply on the facts of the case. 30. It would be pertinent to refer to the decision of the Hon’ble Supreme Court in the case of PCIT v. NRA Iron and Steel Pvt., Ltd., [412 ITR 161] wherein the Hon’ble Supreme Court held as under: - “8.1. The issue which arises for determination is whether the Respondent / Assessee had discharged the primary onus to establish the genuineness of the transaction required under Section 68 of the said Act. Section 68 of the I.T. Act (prior to the Finance Act, 2012) read as follows: “68. Cash c…

Namokar Builders Pvt. Ltd., Kolkata vs. D.C.I.T., Central Circle -2(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 762/KOL/2022[2013-2014]Status: DisposedITAT Kolkata09 May 2024AY 2013-2014

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

Section 131Section 133ASection 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA [Before Shri Rajpal Yadav, Vice President and Shri Rajesh Kumar, AM] I.T.A. No. 762/Kol/2022 Assessment Year: 2013-14 Namokar Builders Pvt. Ltd. Vs. Deputy Commissioner of Income-tax, 5, Sree Charan Sarani, Bally, Howrah, Circle-2(1), Kolkata West Bengal-711201 (PAN: AABCN7737R) Appellant Respondent Date of conclusion of Hearing 10.04.2024 Date of Pronouncement 09.05.2024 For the Assessee Shri Soumitra Choudhury & Shri P. Sarkar, Advocates For the Respondent Shri B. K. Singh, JCIT, Sr. DR ORDER Per Shri Rajesh Kumar, AM Appeal filed by the assessee is ag…

Quest Online, Kolkata vs. ITO, Ward-49(1), Kolkata.

In the result, the appeal of the assessee is allowed

ITA 1046/KOL/2023[2020-21`]Status: DisposedITAT Kolkata03 May 2024

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A. No.1046/Kol/2023 Assessment Year: 2020-21 Quest Online…………………………………...............................……….……Appellant Block-A, 3Rd Floor, Room No.24, 1, Chandni Chowk Street, Princep Street, Kolkata – 700072. [Pan:Aaafq4820G] Vs. Ito, Ward-49(1),Kolkata.............…..….…..….........……........……...…..…..Respondent Appearances By: Shri S. M. Surana, Advocate & Sunil Surana, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit, Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 02, 2024 Date Of Pronouncing The Order : May 03, 2024 Order Per Rajesh Kumar: The Present Appeal Filed By The Assessee For The Assessment Year 2020-21Against The Order Dated 08.09.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Only Issue Raised In The Various Grounds Of Appeals Is Against The Confirmation Of Addition By Cit(A) Of Rs.14,82,41,932/- As Made By The Assessing Officer U/S 68 Of The Act R.W.S. 115Bbe Of The Act. 3. The Facts In Brief Are That The Assessee Filed Return Of Income On 09.01.2021 Declaring Total Income From Business & Profession At Rs.36,73,790/-. The Case Was Selected For Complete Scrutiny Under Cass & Statutory Notices Were Duly Issued & Served Upon The Assessee. During The Assessment Proceedings, The Various Documents & Evidences Were Called For By The Assessing Officer From The Assessee

Section 115BSection 133(6)Section 143(3)Section 250Section 68

…आयकर अपीलीय अिधकरण, कोलकाता पीठ ‘ए’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A”BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Rajesh Kumar, Accountant Member I.T.A. No.1046/Kol/2023 Assessment Year: 2020-21 Quest Online…………………………………...............................……….……Appellant Block-A, 3rd Floor, Room No.24, 1, Chandni Chowk Street, Princep Street, Kolkata – 700072. [PAN:AAAFQ4820G] vs. ITO, Ward-49(1),Kolkata.............…..….…..….........……........……...…..…..Respondent Appearances by: Shri S. M. Surana, Advocate & Sunil Surana, CA, appeared on behalf of the appellant. Shri S. Datta, CIT, Sr…

Surendrakumar Balakishandas Agarwal, Mumbai vs. ITO Ward-19(3)(1), Mumbai

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

ITA 3779/MUM/2023[2014-15]Status: DisposedITAT Mumbai29 Apr 2024AY 2014-15

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Manoj Kumar Singh
Section 10(38)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE JUSTICE (RETD.) C V BHADANG, HON’BLE PRESIDENT& SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment Year 2014-15 Surendrakumar Balkishandas Agarwal, 545, Panchratna, Mama Parmanand Marg, Opera House, Mumbai - 400 004. PAN:AABPA-7889-C - Appellant Vs. Commissioner of Income Tax (Appeals)-NFAC/ Income Tax Officer, Ward-19(3)(1), Matru Mandir, Mumbai. - Respondent Appellant by : Shri Neelkanth Khandelwal Respondent by : Shri Manoj Kumar Singh Date of Hearing : 05/03/2024 Date of Pronouncement : 29/04/2024 O R D E R PER B.R. BASKARAN, ACCOUNTANT M…

Principal Commissioner of Income Tax Central 2 Kolkata vs. M/S Bst Infratech Ltd

In the result the appeal is allowed, the order passed by the learned

ITAT/67/2024HC Calcutta23 Apr 2024

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 142(1)Section 143(2)Section 143(3)Section 260ASection 68

…ing share application money depends on whether two parties are related or known to each other, or mode by which parties approached each other, whether a transaction is entered into through 4 (2019) 15 SCC 529 5 (1977) 2 SCC 378 ITAT 67 OF 2024 REPORTABLE Page 21 of 35 written documentation to protect investment or whether the investor was a angel investor, the quantum of money invested, the creditworthiness of the receipt, object and purposes for which payment/investment was made etc. The incorporation of a company and payment by banking…

Principal Commissioner of Income Tax 2 Kolkata vs. One Point Commercial Pvt Ltd

The appeal is allowed

ITAT/36/2024HC Calcutta10 Apr 2024

Bench: :

Section 133(6)Section 143(3)Section 260ASection 68

…nd in the circumstances of the case the Learned Income Tax Appellate Tribunal was erred in law in appreciating the principle which has been laid down by the Hon’ble Supreme Court in the case of Pr. CIT (Central) –1, Kolkata vs. NRA Iron & Steel Pvt. Ltd. (412 ITR 161) wherein it is suggested that Assessing Officer is duty bound to investigate the creditworthiness of the creditors/subscriber, verify the identity of the subscribers and ascertain whether the transaction is genuine or these are bogus entries of name lenders. In facts of the case, in spite of best efforts made by the Assessing Officer, he cou…

Spectrum Foods Limited, Jaipur vs. Income Tax Officer, Jaipur

In the result, the appeal of the assessee is allowed

ITA 38/JPR/2024[2010-11]Status: DisposedITAT Jaipur08 Apr 2024AY 2010-11

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. L. Poddar, AdvFor Respondent: Sh. Anup Singh (Addl. CIT)
Section 143(3)Section 147Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 38/JP/2024 fu/kZkj.k o"kZ@Assessment Years : 2010-11 cuke M/s Spectrum Foods Limited The Income Tax Officer, Vs. L-5, B-II, Surya House, Krishna Jaipur Marg, C-Scheme, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AADCS 3704 R vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. S. L. Poddar, Adv. jktLo dh…

Lalitaben Pravin Shah, Mumbai vs. Commissioner of Income Tax (Appeals), Delhi

In the result, the appeal of the assessee is allowed

ITA 2008/MUM/2023[2014-2015]Status: DisposedITAT Mumbai05 Apr 2024AY 2014-2015

Bench: Justice (Retd.) C.V. Bhadang () & Shri B.R. Baskaran (Am)

Section 10(38)Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “A” Bench, Mumbai. Before Justice (Retd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) I.T.A. No. 2008/Mum/2023 (A.Y. 2014-15) Lalitaben Pravin Shah Vs. CIT(A) 25, Harhar Wala Building, S.V. P. Road Opp. Moti Talkies Mumbai-400 004. PAN : ABIPS1884R (Appellant) New Delhi. (Respondent) Assessee by Department by Shri K. Gopal & Ms. Neha Paranjpe Shri Manoj Kumar Sinha Date of Hearing 17.01.2024 Date of Pronouncement 05.04.2024 ORDER Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging the order dated 28.4.2023 passed by the learned CIT(A), Nationa…