(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, Ward-5(1), Kolkata vs. M/S Eurolink Expors Pvt. Ltd.T, Kolkata

ITA 21/KOL/2021[2012-13]Status: DisposedITAT Kolkata23 Feb 2023AY 2012-13

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 14ASection 68

…ity & creditworthiness of the creditors and genuineness of transactions could not be verified. 3. That on the facts, the principles 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) suggests that "the assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the A.O., failure of which, 2 AY: 2012-13 M/s. Eurolink Exports Pvt. Ltd. would justify addition of the said amount to the income of the assessee". In the facts and under the circumstances of the case, the assessee compa…

Alwar General Finance Co. (P) Ltd, Alwar vs. ACIT, Alwar

In the result, the appeal of the assessee is partly allowed

ITA 332/JPR/2022[2016-17]Status: DisposedITAT Jaipur17 Feb 2023AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal, CAFor Respondent: Shri R.S. Meel, JCIT) a
Section 115JSection 133(6)Section 143(2)Section 143(3)Section 36(1)Section 68

…report dt. 05.02.2020 (PB 43-44) wherein he stated that since Shri Divesh Goyal has filed the return at loss of Rs.20,85,522/- therefore, his creditworthiness is not proved in view of the decision of Hon’ble Supreme Court in case of NRA Iron & Steels (P) Ltd. 412 ITR 161 where it was held that it was worth noting that how could investor companies having filed income tax returns with a meager or nil income invest such huge sum of money. The assessee filed rejoinder to the remand report. In the appellate proceedings, the Ld. CIT(A) held that from the date of issue of first notice u/s 142(1) by the AO on 23.08.2018…

Income Tax Officer -32(2) (1), Mumbai vs. M/S. Kinjal Enterprises, Mumb

In the result, the appeal of the revenue stand dismissed

ITA 60/MUM/2022[2014-15]Status: DisposedITAT Mumbai13 Feb 2023AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhita Nos. 60/Mum/2022 Ita Nos. 2464/Mum/2021 (A.Ys. 2013-14 & 2014-15)

For Appellant: Soumendu Kumar DashFor Respondent: Shashank Mehta
Section 132Section 143(2)

…d would not advance the case of the revenue. P a g e | 12 2 Appeals ITO-32(2)(1) Vs. M/s Kinjal Enterprises 6.9 Finally the Id DR placed reliance on the recent decision of the Hon’ble Apex in the case of Principal CIT vs NRA Iron & Steel (P) Ltd reported in 412 ITR 161 (SC) wherein the decision on addition made towards cash credit was rendered in favour of the revenue. We have gone through the said judgement and we find in that case, the id AO had made extensive enquines and from that he had found that some of the investor companies were non-existent which is not the case before us. Certain investor companies d…

ITO 32(2)(1), Mumbai vs. Kinjal Enterprises, Mumbai

In the result, the appeal of the revenue stand dismissed

ITA 2464/MUM/2021[2013-14]Status: DisposedITAT Mumbai13 Feb 2023AY 2013-14

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhita Nos. 60/Mum/2022 Ita Nos. 2464/Mum/2021 (A.Ys. 2013-14 & 2014-15)

For Appellant: Soumendu Kumar DashFor Respondent: Shashank Mehta
Section 132Section 143(2)

…d would not advance the case of the revenue. P a g e | 12 2 Appeals ITO-32(2)(1) Vs. M/s Kinjal Enterprises 6.9 Finally the Id DR placed reliance on the recent decision of the Hon’ble Apex in the case of Principal CIT vs NRA Iron & Steel (P) Ltd reported in 412 ITR 161 (SC) wherein the decision on addition made towards cash credit was rendered in favour of the revenue. We have gone through the said judgement and we find in that case, the id AO had made extensive enquines and from that he had found that some of the investor companies were non-existent which is not the case before us. Certain investor companies d…

M/S. Dwarka Goods Pvt. Ltd., Kolkata vs. I.T.O., Ward-1(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 524/KOL/2022[2016-2017]Status: DisposedITAT Kolkata07 Feb 2023AY 2016-2017

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 133(6)Section 250Section 68

…ceeding. 5. On the other hand, ld. departmental representative vehemently argued supporting the order of ld. CIT(A) and also 5 AY: 2016-17 M/s. Dwarka Goods Pvt. Ltd. relied on the judgment in the case of PCIT Central-1, Kolkata vs NRA Iron & Steel Pvt. Ltd. 412 ITR 161. We have heard the rival contentions and perused the 6. records placed before us and carefully gone through the judgment referred by the parties. The addition made u/s 68 of the Act at Rs. 39,41,475/- is under challenge before us. It was made by the AO alleging that the assessee failed to explain the source of share capital and share premium of R…

ITO, WD.-4(1), Kolkata vs. M/S Rootstar Developers Pvt. Ltd, Kollkata

ITA 33/KOL/2021[2012-13]Status: DisposedITAT Kolkata06 Feb 2023AY 2012-13

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2012-13

For Appellant: Shri G. H. Sema, Addl. CIT, DRFor Respondent: Shri Manoj Kataruka, Advocate
Section 131Section 143(3)Section 68

…of the subscribers. 2. That on the facts and the circumstances of the case, the Ld. CIT(A) has erred in overlooking the principles which has been laid down by the Hon'ble Supreme Court in the case of Pr. CIT (Central)-l, Delhi VS. NRA Iron & Steel Pvt. Ltd. (412 ITR 161), which suggests that the assessee is under a legal obligation to prove the receipt of share capital/premium to the 2 Rootstar Developers Pvt. Ltd., AY 2012-13 satisfaction of the A.O., failure of which, would justify addition of the said amount to the income of the assessee. 3. That on the facts and the circumstances of the case, the Ld. CIT(A)…

ITO, Ward-6(1), Kolkata vs. Inset Commercial & Trading Co. (P) Ltd., Kolkata

ITA 650/KOL/2020[2012-13]Status: DisposedITAT Kolkata06 Feb 2023AY 2012-13

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2012-13

For Appellant: Shri Vijay Kumar, Addl. CITFor Respondent: Shri Rajeeva Kumar, Advocate
Section 143(3)Section 68

…3 such identity & creditworthiness of the creditors and genuineness of the transactions could not be verified. 3. The principles which has been laid down by the Hon'ble Supreme Court in the case of Pro CI'I'(Central] -1, Kolkata vs NRA Iron & Steel Pvt. Ltd. (412 ITR 161) suggests that lithe assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the AO, failure of which, would justify addition of the said amount to the income of the Assessee". In the facts and under the circumstances of the case, the assessee company has failed to do so other than submission of m…

Shri Yogesh P.Thakkar, Mumbai vs. The DCIT CC-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1612/MUM/2021[2015-16]Status: DisposedITAT Mumbai03 Feb 2023AY 2015-16
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Dineshchandra D. Chhajed, Mumbai vs. DCIT CC3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1611/MUM/2021[2015-16]Status: DisposedITAT Mumbai03 Feb 2023AY 2015-16
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Shri Nitin Popatlal Thakkar, Mumbai vs. The Dy.Citi Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1610/MUM/2021[2013-14]Status: DisposedITAT Mumbai03 Feb 2023AY 2013-14
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Shri Nitin Popatlal Thakkar, Mumbai vs. The DCIT Cent.Cir-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1609/MUM/2021[2014-15]Status: DisposedITAT Mumbai03 Feb 2023AY 2014-15
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Smt Harhsa Nitin Thakkar, Mumbai vs. The Dy. Citi Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1608/MUM/2021[2014-15]Status: DisposedITAT Mumbai03 Feb 2023AY 2014-15
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Nisha Yogesh Thakkar, Mumbai vs. DCIT CC 3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1607/MUM/2021[2015-16]Status: DisposedITAT Mumbai03 Feb 2023AY 2015-16
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Smt. Harsh A Nitin Thakkar, Raigad vs. The DCIT Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1606/MUM/2021[2013-14]Status: DisposedITAT Mumbai03 Feb 2023AY 2013-14
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

Shri Yogesh P. Thakkar, Panvel vs. The DCIT, CC-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

ITA 1605/MUM/2021[2014-15]Status: DisposedITAT Mumbai03 Feb 2023AY 2014-15
Section 10(38)Section 143(3)Section 153Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & Shri Yogesh P. Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAPPT1825P (Appellant) .. (Respondent) & Shri Harsha Nitin Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan Bawan Bunglow Maharshi Karve Road Panvel, Raigad-410 206 Mumbai – 400 020 PAN/GIR No.AAHPT2178D (Appellant) .. (Respondent) Nisha Yogesh Thakkar Vs. The DCIT, CC-3(4) 31, Adarsh CHS Aaykar Bhavan…

M/S Starland Vinimay Pvt. Ltd, Kolkata vs. ITO, Ward-2(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 574/KOL/2020[2012-13]Status: DisposedITAT Kolkata24 Jan 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 143(2)Section 143(3)Section 250Section 56(2)(viib)Section 68

…equity shares of assessee company. 5. On the other hand, the ld. departmental representative vehemently argued and supported the order of ld. CIT(A) and also relied on the judgment in the case of PCIT (Central Circle-1, Kolkata) vs NRA Iron & Steel Pvt. Ltd. 412 ITR 161. 6. We have heard the rival contentions and perused the records placed before us and carefully gone through the judgments referred by both the sides. The addition u/s 68 of the Act at Rs.1,71,00,000/- is under challenge before us. It was made by the A.O by alleging that the assessee failed to explain the identity, creditworthiness of shareholders…

Raj International Ltd., Surat vs. DCIT, Circle 4(3)(1), Mumbai

In the result, appeal filed by assessee is dismissed

ITA 985/MUM/2019[2012-13]Status: DisposedITAT Mumbai24 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey & Shri Gagan Goyalraj International Ltd., 701, River Residency, B/H Anjan Salakha Apartment, Athwalines, Surat-395007 Pan: Aaacr5092G ...... Appellant Vs. Dy.Cit, Circle-4(3) (1), Room No. 649, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ..... Respondent Dy.Cit, Circle-4(3) (1), Room No. 649, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ..... Appellant Vs. Raj International Ltd., A-1803, Samarpan, Kanakia Spaces, Opp. Magathane, Tel. Exchange Bus Stop, Western Express Highway, Borivali, Mumbai- 400101. Pan: Aaacr5092G ...... Respondent Appellant/Assessee By : Sh. Dharan Gandhi, Ar Respondent/Revenue By : Smt. Riddhi Mishra, Cit-Dr

For Appellant: Sh. Dharan Gandhi, ARFor Respondent: Smt. Riddhi Mishra, CIT-DR
Section 10ASection 14ASection 41(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Raj International Ltd., 701, River Residency, B/h Anjan Salakha Apartment, Athwalines, Surat-395007 PAN: AAACR5092G ...... Appellant Vs. Dy.CIT, Circle-4(3) (1), Room No. 649, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ..... Respondent Dy.CIT, Circle-4(3) (1), Room No. 649, Aayakar Bhavan, M.K. Road, Mumbai- 400020. ..... Appellant Vs. Raj International Ltd., A-1803, Samarpan, Kanakia Spaces, Opp. Magathane, Tel. Exchange Bus Stop, Western Express Highway, Borivali, Mumb…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 463/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner of Income Tax M/S Darshan Enterprises Circle-1,6th Floor, Ashar IT Park, 2nd Floor, Rosa Vista, Vs. B wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./PAN/GIR No. : AADFD8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri S…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 462/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner of Income Tax M/S Darshan Enterprises Circle-1,6th Floor, Ashar IT Park, 2nd Floor, Rosa Vista, Vs. B wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./PAN/GIR No. : AADFD8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri S…

ITO, Ward-6(2), Kolkata vs. M/S Gokul Infra Developers Pvt Ltd, Kolkata

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 59/KOL/2021[2012-13]Status: DisposedITAT Kolkata09 Jan 2023AY 2012-13

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 131Section 144Section 250Section 68

…of the subscribers." 2. "That on the facts and the circumstances of the case, the Ld. CIT(A) has erred in overlooking the principles which has been laid down by the Hon'ble Supreme Court in the case of Pr. CIT(Central)-l, Delhi Vs. NRA Iron & Steel Pvt. Ltd. (412 ITR 161), which suggests that the assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the A.O., failure of which, Page 2 of 10 I.T.A. No.: 59/KOL/2021 C.O. No.: 11/KOL/2022 Assessment Year: 2012-13 M/s. Gokul Infra Developers Pvt. Ltd. would justify addition of the said amount to the income of the a…