(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.

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

ITA 6629/DEL/2017[2011-12]Status: DisposedITAT Delhi23 Dec 2021AY 2011-12

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

ITA 6628/DEL/2017[2010-11]Status: DisposedITAT Delhi23 Dec 2021AY 2010-11

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

ITA 6627/DEL/2017[2008-09]Status: DisposedITAT Delhi23 Dec 2021AY 2008-09

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

ITA 6626/DEL/2017[2008-09]Status: DisposedITAT Delhi23 Dec 2021AY 2008-09

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

ITA 6625/DEL/2017[2012-13]Status: DisposedITAT Delhi23 Dec 2021AY 2012-13

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

ITA 6624/DEL/2017[2011-12]Status: DisposedITAT Delhi23 Dec 2021AY 2011-12

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

ITA 6623/DEL/2017[2010-11]Status: DisposedITAT Delhi23 Dec 2021AY 2010-11

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

ITA 6622/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Dec 2021AY 2009-10

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

Section 132(1)Section 153A

…dgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. We 67 ITA No.6627/Del./2017 and 15 other appeals have gone through all the aforesaid cases and rather have found that the said judgments support the case of assessee companies, as the main proposition which has been laid down in all the aforesaid judgments is that “Assessing Officer ought to conduct an independent enquiry to verify the genuinen…

DCIT, Central -2, Indore vs. M/S Great Galleon Ventures Ltd, Indore

In the result, the appeals of the Revenue bearing ITANo

ITA 68/IND/2021[2016-17]Status: DisposedITAT Indore23 Dec 2021AY 2016-17

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad

Section 145(3)Section 153ASection 68Section 69ASection 69C

…f the The case of the - Our written - assessee is assessee is submission distinguishabl distinguishable from before e from the that of the case of PCIT CIT(A) at case of NRA (Central)-1 vs. NRA page nos. Iron & Steel Iron & Steel Pvt. Ltd. 55 to 57 for (2019) 412 ITR 161 A.Y. 2015- (SC) 16 15 Interest is The AO disallowed the allowable on claim of the assessee genuine for interest only on the borrowing ground that the unsecured loans on which the interest have been paid are not genuine. Once, such loans are considered as genuine, then the entire interest would be allowable u/s. 36(1)(iii). 12.1 Reference was als…

DCIT, Central -2, Indore vs. M/S Great Galleon Ventures Ltd, Indore

In the result, the appeals of the Revenue bearing ITANo

ITA 67/IND/2021[2015-16]Status: DisposedITAT Indore23 Dec 2021AY 2015-16

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad

Section 145(3)Section 153ASection 68Section 69ASection 69C

…f the The case of the - Our written - assessee is assessee is submission distinguishabl distinguishable from before e from the that of the case of PCIT CIT(A) at case of NRA (Central)-1 vs. NRA page nos. Iron & Steel Iron & Steel Pvt. Ltd. 55 to 57 for (2019) 412 ITR 161 A.Y. 2015- (SC) 16 15 Interest is The AO disallowed the allowable on claim of the assessee genuine for interest only on the borrowing ground that the unsecured loans on which the interest have been paid are not genuine. Once, such loans are considered as genuine, then the entire interest would be allowable u/s. 36(1)(iii). 12.1 Reference was als…

Kurele Fragrances (P) Ltd., Uttar Pradesh vs. ACIT, New Delhi

In the result, ITA.No.5597/Del

ITA 5597/DEL/2014[2008-09]Status: DisposedITAT Delhi22 Dec 2021AY 2008-09

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gautam JainFor Respondent: Shri Surender Pal, CIT-DR
Section 133(6)Section 145ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER ITA No.5405/Del./2014 Assessment Year 2008-09 M/s. Kurele Pan The ACIT, Products (P) Ltd., vs., Central Circle – 23, Room C-17, 1st Floor, No.359, E-2, ARA Centre, Mandawali, Delhi. Jhandewalan Extn., PAN AACCK0043J New Delhi - 55. (Appellant) (Respondent) ITA No.5597/Del./2014 Assessment Year 2008-09 M/s. Kurele Fragrances The ACIT, (P) Ltd., G-496, Gujaini, vs., Central Circle – 23, Room Dabauli, Kanpur. No.359, E-2, ARA Centre, U.P. – 208 022 Jhandewalan Extn.,…

M/S. Kurele PAN Products (P) Ltd., New Delhi vs. ACIT, New Delhi

In the result, ITA.No.5597/Del

ITA 5405/DEL/2014[2008-09]Status: DisposedITAT Delhi22 Dec 2021AY 2008-09

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gautam JainFor Respondent: Shri Surender Pal, CIT-DR
Section 133(6)Section 145ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER ITA No.5405/Del./2014 Assessment Year 2008-09 M/s. Kurele Pan The ACIT, Products (P) Ltd., vs., Central Circle – 23, Room C-17, 1st Floor, No.359, E-2, ARA Centre, Mandawali, Delhi. Jhandewalan Extn., PAN AACCK0043J New Delhi - 55. (Appellant) (Respondent) ITA No.5597/Del./2014 Assessment Year 2008-09 M/s. Kurele Fragrances The ACIT, (P) Ltd., G-496, Gujaini, vs., Central Circle – 23, Room Dabauli, Kanpur. No.359, E-2, ARA Centre, U.P. – 208 022 Jhandewalan Extn.,…

ACIT, Central Circle-15, New Delhi vs. Luxman Builders Pvt. Ltd., New Delhi

In the result, the CO filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

ITA 817/DEL/2018[2010-11]Status: DisposedITAT Delhi14 Dec 2021AY 2010-11

Bench: Shri R.K. Panda & Shri Kul Bharatassessment Year: 2010-11 Acit, Vs Lumax Builders Pvt. Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. Pan: Aaacl2184R Co No.93/Del/2018 (Ita No.817/Del/2018) Assessment Year: 2010-11 Lumax Builders Pvt. Ltd., Vs. Acit, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. Pan: Aaacl2184R (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Advocate Revenue By : Ms Paramita M. Biswas, Cit, Dr Date Of Hearing : 16.09.2021 Date Of Pronouncement : 14.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 3Rd November, 2017 Of The Cit(A)-26, New Delhi, Relating To Assessment Year 2010- 11. Co No.93/Del/2018 2. The Assessee Has Filed The Co Against The Appeal Filed By The Revenue. For The Sake Of Convenience, These Were Heard Together & Are Being Disposed Of By This Common Order.

For Appellant: Shri Gautam Jain, Advocate &For Respondent: Ms Paramita M. Biswas, CIT, DR
Section 132Section 132(4)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI (Through Virtual Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER Assessment Year: 2010-11 ACIT, Vs Lumax Builders Pvt. Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACL2184R CO No.93/Del/2018 (ITA No.817/Del/2018) Assessment Year: 2010-11 Lumax Builders Pvt. Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACL2184R (Appellant) (Respondent) Assessee by : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Advocate Revenue by : Ms…

Principal Commissioner of Income Tax 1 Kolkata vs. M/S Apeejay Shipping Ltd

In the result, these appeals are allowed and the substantial

ITA/26/2021HC Calcutta08 Dec 2021

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

…sidered by the Tribunal and the transaction done by the assessee therein was held to be not genuine. Reliance was placed on the decision in CIT Versus N.R. Portfolio Pvt. Ltd.12 which decision was approved by the Hon’ble Supreme Court as reported in (2019) 15 SCC 529. This decision is pressed into service to explain as to the manner and mode of conducting assessment proceedings, the application of the principle of preponderance of probabilities as to how the entire material would be germane for completing the assessment and that certificate of incorporation of a company, payment by banking channels etc. c…

Chandra Financial Services P.Ltd, Mumbai vs. Asst CIT 2(1)(1), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 1524/MUM/2017[2009-10]Status: DisposedITAT Mumbai18 Nov 2021AY 2009-10

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () Chandra Financial Services Pvt. Assistant Commissioner Of Ltd., Achal Building, 3Rd Floor, Vs. Income Tax-2(1)(1), 21, Mody Street, Fort, Mumbai Mumbai – 400 001

For Appellant: Shri Neelkanth Khandelwal, A.RFor Respondent: Shri R.K. Sahu, D.R
Section 143(2)Section 143(3)Section 144Section 147Section 148Section 68Section 73

…ITA No.1524/Mum/2017 A.Y. 2009-10 1 Chandra Financial Services Pvt. Ltd. Vs. ACIT-2(1)(1) IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI RAJESH KUMAR (ACCOUNTANT MEMBER) AND SHRI RAVISH SOOD (JUDICIAL MEMBER) Chandra Financial Services Pvt. Assistant Commissioner of Ltd., Achal Building, 3rd Floor, Vs. Income Tax-2(1)(1), 21, Mody Street, Fort, Mumbai Mumbai – 400 001 PAN No. AABFA1353R (Assessee) (Revenue) Assessee by : Shri Neelkanth Khandelwal, A.R Revenue by : Shri R.K. Sahu, D.R Date of Hearing : 24/08/2021 Date of pronouncement : 18/11/2021 ORDER PER RAVISH SOOD, J.M: The pr…

Arm Infra & Utilities Private Limited, Mumbai vs. Pr.Commissioner of Income Tax Range-6, Mumbai

In the result, assessee’s appeal is allowed

ITA 2212/MUM/2019[2014-15]Status: DisposedITAT Mumbai12 Nov 2021AY 2014-15

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

For Appellant: Shri P.J. Pardiwala a/wFor Respondent: Shri Rajiv Harit
Section 143(2)Section 143(3)Section 263Section 56(2)(viib)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA no.2212/Mum./2019 (Assessment Year : 2014–15) ARM Infra & Utilities Pvt. Ltd. 18th Floor, A–Wing, Marathon Futurex ……………. Appellant N.M. Joshi Marg, Lower Parel Mumbai 400 013 PAN – AALCA8247K v/s Pr. Commissioner of Income Tax ……………. Respondent Range-6, Mumbai Assessee by : Shri P.J. Pardiwala a/w Shri Jay Bhansali and Shri Jeet Kamdar Revenue by : Shri Rajiv Harit Date of Hearing – 24.09.2021 Date of Order –12/11/2021 O R D E R PER S. RIFAUR RAHMAN, A.M. The prese…

M/S Indiaon Time Express Pvt Ltd, Bangalore vs. The Assistant Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result appeal filed by assessee stands partly allowed

ITA 3444/BANG/2018[2013-14]Status: DisposedITAT Bangalore11 Oct 2021AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Indiaon Time Express Pvt. Ltd., The Assistant A1, Samhita Ritz, Commissioner Of Nagavarapalya, Income Tax, Cv Raman Nagar, Circle – 3 [1][1], Bangalore – 560 093. Vs. Bangalore. Pan: Aacci6196C Appellant Respondent Assessee By : Shri Suresh Muthukrishnan, Ca : Shri Kannan Narayanan, Revenue By Jcit (Dr) Date Of Hearing : 18-08-2021 Date Of Pronouncement : 11-10-2021 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 30/10/2018 Passed By The Ld.Cit(A)-3, Bangalore For Assessment Year 2013-14 On Following Grounds Of Appeal: “1. The Order Of The Ld. Commissioner Of Income Tax (Appeals) In So Far As It Is Against The Appellant Is Opposed To Taw, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case. 2. The Authorities Below Have Not Justified In Making An Addition Of Rs.41,04,847/- On An Estimate Basis At 5% Of The Total Expenditure Claimed Under The Facts & In The Circumstances Of The Appellant'S Case.

For Appellant: Shri Suresh Muthukrishnan, CA
Section 143(2)Section 144

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2013-14 M/s. Indiaon Time Express Pvt. Ltd., The Assistant A1, Samhita Ritz, Commissioner of Nagavarapalya, Income Tax, CV Raman Nagar, Circle – 3 [1][1], Bangalore – 560 093. Vs. Bangalore. PAN: AACCI6196C APPELLANT RESPONDENT Assessee by : Shri Suresh Muthukrishnan, CA : Shri Kannan Narayanan, Revenue by JCIT (DR) Date of Hearing : 18-08-2021 Date of Pronouncement : 11-10-2021 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal is filed by assesse…

Adhoi Vyapar Pvt Ltd., Mumbai vs. ITO 9 (1)(1), Mumbai

The appeals stand allowed in terms of our above order

ITA 7308/MUM/2019[2009-10]Status: DisposedITAT Mumbai01 Oct 2021AY 2009-10

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No.7308/Mum/2019 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील सं./ I.T.A. No.7309/Mum/2019 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील सं./ I.T.A. No.7310/Mum/2019 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील सं./ I.T.A. No.7311/Mum/2019 (धििाारण वर्ा / Assessment Year: 2012-13) Adhoi Vyapar Pvt. Ltd. Ito-9(1)(1), R.No. 205, 2Nd Floor, A-502, 234, Manish Garden Chs, बिाम/ Vs. 4 Bunglow, Andheri(W), Aaykar Bhavan, M.K.Road Mumbai-400 058 Mumbai-400 020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aahca-6296-L (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Ajay Singh, Ld. Ar Revenue By : Shri Brajendra Kumar– Ld. Sr. Dr सुनवाई की तारीख/ : 03/09/2021 Date Of Hearing घोषणा की तारीख / : 01/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Assessee For Assessment Years (Ay) 2009- 10 To 2012-13 Contest Separate Orders Of Learned First Appellate Authority

For Appellant: Shri Ajay Singh, Ld. ARFor Respondent: Shri Brajendra Kumar– Ld. Sr. DR
Section 143(3)Section 68Section 69C

…urmises. 5.2 The Ld. CIT(A) noted that the initial onus was on assessee to establish by cogent evidence the genuineness of the transaction and creditworthiness of the investors u/s 68 as held by Hon’ble Supreme Court in Pr. CIT V/s NRA Iron & Steel Pvt. Ltd. (103 Taxmann.com 48) and various other decisions. The Ld. AO conducted independent enquiries and obtained bank statements of the investor. Upon perusal of the same, cash deposits were noted and subsequently cheques of equivalent amount were issued to the assessee. There was no material on record to prove that the share application money was received from inde…

Limited vs. & ANR

ITA/148/2021HC Delhi27 Sept 2021
Section 68

…d by learned counsel for the appellant, he would not like to file any written reply or documents. He, however, submits that in view of the judgment of the Supreme Court in Principle Commissioner of Income Tax (Central-I) vs. NRA Iron & Steel Pvt. Ltd., (2019) 15 SCC 529 the onus was on the respondent/assessee under Section 68 of the Act to prove the identity and creditworthiness of the lenders and genuineness of the loans. 5. A perusal of the paper book reveals that neither CIT(A) nor ITAT had considered the appellant’s defence with regard to the issue of identity and creditworthiness of the lenders and genuinene…

Dy CIT 15(1)(2), Mumbai vs. M/S Leena Poower Tech Engineers P Ltd., Navi Mumbai

In the result, the appeal is allowed

ITA 1313/MUM/2020[2011-12]Status: DisposedITAT Mumbai21 Sept 2021AY 2011-12

Bench: Us Is A Private Limited Company Stated To Be Engaged In The Business As 'Investment Company' In Column 10, Page 1, Of The Impugned Assessment Order. Its Assessment Under Section 143(3)

Section 143(3)Section 68

…mar M Sanghvi (supra). On a somewhat similar note, and particularly in the context of issuance of shares at high premium to the companies which are seemingly shell companies, Hon’ble Supreme Court has, in the case of PCIT Vs NRA Iron and Steel Pvt Ltd [(2019) 412 ITR 161 (SC)] observed that “The practice of conversion of un-accounted money through the cloak of Share Capital/Premium must be subjected to careful scrutiny. This would be particularly so in the case of private placement of shares, where a higher onus is required to be placed on the assessee since the information is within the personal knowledge of the…