(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 371,886 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- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 124/DEL/2018[2010-11]Status: DisposedITAT Delhi27 Nov 2020AY 2010-11

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

Section 132Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI (Through Virtual Court Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.115 to 118/Del/2018 Assessment Years: 2009-10 to 2012-13 ACIT, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACM1635J CO Nos.73 to 76/Del/2018 (ITA Nos.115 to 118/Del/2018) Assessment Years: 2009-10 to 2012-13 Moon Beverages Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACM1635J ITA Nos.122 & 123/Del/2018 Assessment Years:…

ACIT, Central Circle- 15, New Delhi vs. Hindustan Aqua Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 122/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

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

Section 132Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI (Through Virtual Court Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.115 to 118/Del/2018 Assessment Years: 2009-10 to 2012-13 ACIT, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACM1635J CO Nos.73 to 76/Del/2018 (ITA Nos.115 to 118/Del/2018) Assessment Years: 2009-10 to 2012-13 Moon Beverages Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACM1635J ITA Nos.122 & 123/Del/2018 Assessment Years:…

ACIT, Central Circle- 15, New Delhi vs. Fortune Industrial Resources Ltd., Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 119/DEL/2018[2011-12]Status: DisposedITAT Delhi27 Nov 2020AY 2011-12

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

Section 132Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI (Through Virtual Court Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.115 to 118/Del/2018 Assessment Years: 2009-10 to 2012-13 ACIT, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACM1635J CO Nos.73 to 76/Del/2018 (ITA Nos.115 to 118/Del/2018) Assessment Years: 2009-10 to 2012-13 Moon Beverages Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACM1635J ITA Nos.122 & 123/Del/2018 Assessment Years:…

ACIT, Central Circle- 15, New Delhi vs. Moon Beverages Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 115/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

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

Section 132Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI (Through Virtual Court Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.115 to 118/Del/2018 Assessment Years: 2009-10 to 2012-13 ACIT, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACM1635J CO Nos.73 to 76/Del/2018 (ITA Nos.115 to 118/Del/2018) Assessment Years: 2009-10 to 2012-13 Moon Beverages Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACM1635J ITA Nos.122 & 123/Del/2018 Assessment Years:…

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 111/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

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

Section 132Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI (Through Virtual Court Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.115 to 118/Del/2018 Assessment Years: 2009-10 to 2012-13 ACIT, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACM1635J CO Nos.73 to 76/Del/2018 (ITA Nos.115 to 118/Del/2018) Assessment Years: 2009-10 to 2012-13 Moon Beverages Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACM1635J ITA Nos.122 & 123/Del/2018 Assessment Years:…

Manju Sharma, New Delhi vs. ITO Ward - 45(5), New Delhi

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

ITA 8275/DEL/2019[2014-15]Status: DisposedITAT Delhi23 Nov 2020AY 2014-15

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2014-15 Manju Sharma, Vs Ito, Wz-43B, Meenakshi Garden, Ward-45(5), New Delhi. New Delhi. Pan: Aatps2170A (Appellant) (Respondent) Assessee By : Shri Krishnan Sampath, Advocate Revenue By : Ms Rinku Singh, Sr. Dr Date Of Hearing : 03.11.2020 Date Of Pronouncement : 23.11.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 05.09.2019 Passed By The Ld. Cit(A)-15, New Delhi, Relating To Assessment Year 2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Is Proprietor Of M/S Eastern Galaxy Which Is Engaged In The Business Of Export Of Handicrafts & Decorative Items. She Filed Her Return Of Income On 29.11.2014 Declaring Taxable Income Of Rs.47,10,000/-. The Case Of The Assessee Was Selected For Limited Scrutiny Under Cass With The Reason That There Is “Large Increase In Sundry Creditors With Respect To Turnover As Compared To Preceding Year.”

For Appellant: Shri Krishnan Sampath, AdvocateFor Respondent: Ms Rinku Singh, Sr. DR
Section 131Section 142(1)Section 144ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year: 2014-15 Manju Sharma, Vs ITO, WZ-43B, Meenakshi Garden, Ward-45(5), New Delhi. New Delhi. PAN: AATPS2170A (Appellant) (Respondent) Assessee by : Shri Krishnan Sampath, Advocate Revenue by : Ms Rinku Singh, Sr. DR Date of Hearing : 03.11.2020 Date of Pronouncement : 23.11.2020 ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 05.09.2019 passed by the ld. CIT(A)-15, New Delhi, relating to assessment year 20…

Akik Marketing India Pvt Ltd, New Delhi vs. ITO Ward - 2(1), New Delhi

The appeal of the assessee is allowed on this legal issue which is contested by the assessee in Ground Nos

ITA 8884/DEL/2019[2011-12]Status: DisposedITAT Delhi06 Nov 2020AY 2011-12

Bench: Shri G.S. Pannua N D Ms. Suchitra Kamble

For Appellant: Shri Shantanu Jain, C. AFor Respondent: Shri R. K. Gupta, Sr. D. R
Section 139(1)Section 147Section 148Section 151Section 68Section 69

…1 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “A” : NEW DLEHI ] (THROUGH VIDEO CONFERENCING) BEFORE SHRI G.S. PANNU, VICE PRESIDENT A N D MS. SUCHITRA KAMBLE, JUDICIAL MEMBER ITA. No. 8884/Del/2019 Assessment Year : 2011-12 Akik Marketing India Pvt. Ltd. Income Tax Officer, N–39 (GF), Greater Kailash–I, Vs. Ward : 2 (1), New Delhi – 110 048. New Delhi. PAN : AAACA6579K (Appellant) (Respondent) Assessee by : Shri Shantanu Jain, C. A.; Department by : Shri R. K. Gupta, Sr. D. R.; Date of hearing : 05/10/2020. Date of order : 06/11/2020. O R D E R PER SUCHITRA KAMBLE, JM : This is an appeal filed by…

Ins Finance & Investment P Ltd., New Delhi vs. ITO Ward - 12(3), New Delhi

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

ITA 9266/DEL/2019[2010-11]Status: DisposedITAT Delhi26 Oct 2020AY 2010-11

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Shri M. Baranwal, Sr.D.R
Section 147Section 148Section 151Section 250(1)Section 68

…of cross examination of person whose statements are being relied upon since same is secondary material and as such there is no contravention of principles of natural justice. Reference was made decision of Supreme Court in the case of NRA Iron & Steel P. Ltd. 412 ITR 161 (SC) and other revenue favoring decisions of High Courts and ITAT. However, the Ld. DR fairly conceded that issue of share capital relating to very same company was considered by ITAT and MP High Court. 20. We have considered the rival submissions and perused the material available on record. The issue in hand for our consideration is applicabil…

Asus India Pvt Ltd., Mumbai vs. Asst CIT Circle- 9(1)(2), Mumbai

In the result, appeal is partly allowed

ITA 942/MUM/2020[2017-18]Status: DisposedITAT Mumbai05 Oct 2020AY 2017-18

Bench: Shri Saktijit Deyand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vijay MehtaFor Respondent: Shri Rajeev Harit
Section 194CSection 40

…character of the transaction has to be examined to find out whether it is a transaction of sale between two principals or there is a principal–agent relationship. In this context, he relied upon the decision of the Hon'ble Supreme Court in Durga Prasad More, 83 ITR 540 (SC). To emphasis upon the fact that the contract of sale does not end with the sale made to the dealers/distributors, the learned Departmental Representative drew our attention to certain clauses of the contract between the assessee and Flipkart. The learned Departmental Representative submitted, as per the terms of the contract, the packaging of…

M/S. Shree Balkishan Agarwal Glass Industries Ltd., Delhi vs. DCIT, New Delhi

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

ITA 5798/DEL/2016[2005-06]Status: DisposedITAT Delhi18 Sept 2020AY 2005-06

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2005-06 Shree Balkishan Agarwal Glass Vs Dcit, Industries Ltd., Circle-8(1), C/O Sarvam & Associates, New Delhi. 403, Klj Tower North, B-5, Netaji Subhash Place, District Centre, Pitampura, Delhi. Pan: Aabcs2870C (Appellant) (Respondent) Assessee By : Shri Suresh Gupta, Ca Revenue By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 26.08.2020 Date Of Pronouncement : 21.09.2020 Order Per R.K. Panda, Am:

For Appellant: Shri Suresh Gupta, CAFor Respondent: Shri Saras Kumar, Sr. DR
Section 139Section 142(1)Section 143(1)Section 147Section 148

…ith law and the addition on merit also requires to be deleted. 21. The Ld. DR, on the other hand, heavily relied on the order of the AO and the CIT(A). Referring to the decision of the Hon’ble Supreme Court in the case of PCIT vs NRA Iron and Steel (P) Ltd., 412 ITR 161, the decision of Hon’ble Delhi High Court in the case of PCIT vs. NDR Promoters (P) Ltd., reported in 410 ITR 379, and in the case of CIT vs. Nipun Builders and Developers (P) Ltd., reported in 350 ITR 407, the ld. DR submitted that the addition made by the AO and upheld by the CIT(A) is fully justified. So far as the validity of re-assessment pr…

ITO, New Delhi vs. M/S. Cee Aar Decors Pvt. Ltd., New Delhi

The appeal of the Department stands dismissed

ITA 4792/DEL/2015[2008-09]Status: DisposedITAT Delhi31 Aug 2020AY 2008-09
Section 133(6)Section 68

…o it tax. The Ld. Sr. DR argued that the Ld. CIT (A) had not given any concrete finding on the genuineness of the transactions. The Ld. Sr. DR placed reliance on the judgment of the Hon’ble Apex Court in the case of PCIT Vs. NRA Iron & Steel (P.) Ltd. [2019] 412 ITR 161 (SC) wherein the Hon’ble Apex Court had held that where there was a failure of the assessee to establish the creditworthiness of the Investors Companies, the Assessing Officer was justified in making additions u/s 68 for share capital/ share ITO vs. M/s Cee Aar Decors Pvt. Ltd. premium. The Hon’ble Apex Court had held that merely because the…

ITO, New Delhi vs. M/S. Kns Realtors Pvt. Ltd. (M/S. Kms Realtors Pvt. Ltd.), New Delhi

In the result, appeal of the Revenue is allowed

ITA 1286/DEL/2014[2010-11]Status: DisposedITAT Delhi24 Aug 2020AY 2010-11

Bench: Shri Prashant Maharishi & Shri K.N. Chary

Section 131Section 133(6)Section 68

…e factor which missed the attention of the Ld. CIT(A) is that there are cash deposits in the bank statements of the investor companies. 8. He submitted that the decisions of the Hon’ble Apex Court in the case of PCIT vs. NRA Iron and Steel (P) Ltd (2019) for 12 ITR 161 (SC) and the decisions of the Hon’ble jurisdictional High Court in the cases of PCIT vs. NDR Promoters Pvt. Ltd. (2019) 410 ITR 379 (Delhi), CIT vs. NR Portfolio Private Limited (2014) 42 taxmann.com 339 (Delhi), CIT vs. Nova Promoters &Finlease (P) Ltd. 18 taxmann.com 217 etc., are applicable to the facts of the case. 9. Per contra, Ld. AR place…

I.T.O. - 25(2)(5), Mumbai vs. Smt. Leena Haresh Harde, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 6429/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Jul 2020AY 2013-14

Bench: Shri Shamim Yahya, Hon'Ble & Shri C.N. Prasad, Hon'Bleincome Tax Officer – 25(2)(5) V. Smt Leena Haresh Harde Room No. 506, C-10, 5Th Floor 502, 5Th Floor, Padmawati Palace Pratyakshakar Bhavan Nanda Patkar Road Bandra Kurla Complex Vile Parle (E), Mumbai – 400 057 Bandra (E), Mumbai - 400 051 Pan: Aaxph1737Q (Appellant) (Respondent) Assessee By : Shri Rushabh Mehta Department By : Shri Michael Jerald

For Appellant: Shri Rushabh MehtaFor Respondent: Shri Michael Jerald
Section 132Section 133(6)Section 145(3)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI SHAMIM YAHYA, HON'BLE ACCOUNTANT MEMBER & SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER Income Tax Officer – 25(2)(5) v. Smt Leena Haresh Harde Room No. 506, C-10, 5th Floor 502, 5th Floor, Padmawati Palace Pratyakshakar Bhavan Nanda Patkar Road Bandra Kurla Complex Vile Parle (E), Mumbai – 400 057 Bandra (E), Mumbai - 400 051 PAN: AAXPH1737Q (Appellant) (Respondent) Assessee by : Shri Rushabh Mehta Department by : Shri Michael Jerald Date of Hearing : 14.02.2020 Date of Pronouncement : 20.07.2020 O R D E R PER C.N. PRASAD (JM) 1. This appeal…

ITO 14(3)(4), Mumbai vs. Nextgen Constructions P.Tld (Changed to M/S Aetius Construction P. Ltd Which Is Further Amalgamated With M/S Supergold Properties Pvt. Ltd), Mumbai

ITA 3593/MUM/2019[2011-12]Status: DisposedITAT Mumbai25 Jun 2020AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Dr.P.Daniel-Ld.ARFor Respondent: Shri Rahul Raman-CIT- DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…Court in Pr. CIT V/s Ami Industries (India) Pvt. Ltd. [ITA No. 1231 of 2017, dated 29/01/2020) which has been rendered after considering the principles laid down by Hon’ble Supreme Court in its recent decision titled as Pr.CIT Vs. NRA Iron & Steel Pvt. Ltd. [412 ITR 161]. 5.3 Keeping in mind the aforesaid legal position, we find that the assessee, in support of the stated transactions, furnished following documentary evidences with respect to M/s MSPL during assessment proceedings: - (i) Copy of ITR for A.Y.2011-12 showing returned income at NIL, filed on 30-09- 2011; (ii) Copy of Directors Report, Auditors Repo…

M/S. Vbhc Value Homes Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Ward- 7(1)(2), Bangalore

In the result, appeal of the assessee for Assessment Year 2016-17 is partly allowed in the terms indicated above

ITA 37/BANG/2020[2016-17]Status: DisposedITAT Bangalore12 Jun 2020AY 2016-17

Bench: Shri A. K. Garodia & Smt. Beena Pillaiappeal No. & Appellant Respondent Assessment Year M/S. Vbhc Value Homes Pvt. Ltd., Income Tax Officer, 2015-16 74-75 Millers Road, Vasanthnagar, Ward – 7(1)(3), Bengaluru – 560 052. Bengaluru. Pan : Aaccv 7868 G The Assistant Commissioner 2016-17 -Do- Of Income Tax, Ward – 7(1)(2), Bengaluru. S.P. No. & Appellant Respondent Assessment Year 29/Bang/2020 M/S. Vbhc Value Homes Income Tax Officer, 2015-16 Pvt. Ltd., Ward – 7(1)(3), (In Ita No.2541/Bang/2019) Pan : Aaccv 7868 G Bengaluru. 59/Bang/2020 -Do- The Assistant Commissioner 2016-17 Of Income Tax, (In Ita No. 37/Bang/2020) Ward – 7(1)(2), Bengaluru. Assessee/S.P. By : Shri. S. Ramasubramanian, Ca Revenue By : Ms. Neera Malhotra, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 10/06/2020 Date Of Pronouncement : 12/06/2020 O R D E R Per A. K. Garodia

For Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 14ASection 56(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Appeal No. and APPELLANT RESPONDENT Assessment year M/s. VBHC Value Homes Pvt. Ltd., Income Tax Officer, 2015-16 74-75 Millers Road, Vasanthnagar, Ward – 7(1)(3), Bengaluru – 560 052. Bengaluru. PAN : AACCV 7868 G The Assistant Commissioner 2016-17 -do- of Income Tax, Ward – 7(1)(2), Bengaluru. S.P. No. & Appellant Respondent Assessment Year 29/Bang/2020 M/s. VBHC Value Homes Income Tax Officer, 2015-16 Pvt. Ltd., Ward – 7(1)(3), (in ITA No.2541/Bang/2019) PAN : AACCV 7868…

M/S. Vbhc Value Homes Private Limited, Bangalore vs. Income Tax Officer, Ward - 7(1)(3), Bangalore

In the result, appeal of the assessee for Assessment Year 2016-17 is partly allowed in the terms indicated above

ITA 2541/BANG/2019[2015-16]Status: DisposedITAT Bangalore12 Jun 2020AY 2015-16

Bench: Shri A. K. Garodia & Smt. Beena Pillaiappeal No. & Appellant Respondent Assessment Year M/S. Vbhc Value Homes Pvt. Ltd., Income Tax Officer, 2015-16 74-75 Millers Road, Vasanthnagar, Ward – 7(1)(3), Bengaluru – 560 052. Bengaluru. Pan : Aaccv 7868 G The Assistant Commissioner 2016-17 -Do- Of Income Tax, Ward – 7(1)(2), Bengaluru. S.P. No. & Appellant Respondent Assessment Year 29/Bang/2020 M/S. Vbhc Value Homes Income Tax Officer, 2015-16 Pvt. Ltd., Ward – 7(1)(3), (In Ita No.2541/Bang/2019) Pan : Aaccv 7868 G Bengaluru. 59/Bang/2020 -Do- The Assistant Commissioner 2016-17 Of Income Tax, (In Ita No. 37/Bang/2020) Ward – 7(1)(2), Bengaluru. Assessee/S.P. By : Shri. S. Ramasubramanian, Ca Revenue By : Ms. Neera Malhotra, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 10/06/2020 Date Of Pronouncement : 12/06/2020 O R D E R Per A. K. Garodia

For Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 14ASection 56(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Appeal No. and APPELLANT RESPONDENT Assessment year M/s. VBHC Value Homes Pvt. Ltd., Income Tax Officer, 2015-16 74-75 Millers Road, Vasanthnagar, Ward – 7(1)(3), Bengaluru – 560 052. Bengaluru. PAN : AACCV 7868 G The Assistant Commissioner 2016-17 -do- of Income Tax, Ward – 7(1)(2), Bengaluru. S.P. No. & Appellant Respondent Assessment Year 29/Bang/2020 M/s. VBHC Value Homes Income Tax Officer, 2015-16 Pvt. Ltd., Ward – 7(1)(3), (in ITA No.2541/Bang/2019) PAN : AACCV 7868…

M/S Bini Builders Pvt. Ltd., Mumbai vs. DCIT Central Range 7(3), Mumbai

The appeal stands partly allowed in terms of our above order

ITA 631/MUM/2019[2011-12]Status: DisposedITAT Mumbai12 Mar 2020AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Mr. Vimal Punmiya- Ld. ARFor Respondent: Ms. Kavita P. Kaushik-Ld. DR
Section 68

…231 of 2017, dated 29/01/2020) which has been rendered after considering the principles laid down by Hon’ble Supreme Court in its recent decision titled as M/s. Bini Builders Pvt. Ltd. Assessment Years :2011-12 & 2012-13 Pr.CIT Vs. NRA Iron & Steel Pvt. Ltd. [412 ITR 161]. The Hon’ble Court held as under: - 10. Mr. Suresh Kumar, learned standing counsel, revenue has taken us through the assessment order and submits therefrom that it cannot be said that assessee had discharged the burden to prove credit worthiness of the creditors. His further contention is that the assessee is also required to prove the source of…

Im.Media Pvt. Ltd. (Now Known As M/S.Saraswathi Media Pvt. Ltd.), Mumbai vs. ACIT Circle 16(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2907/MUM/2018[2007-08]Status: DisposedITAT Mumbai05 Mar 2020AY 2007-08

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2007-08 Assessment Year: 2008-09

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri Awungshi Limson, D.R
Section 143(1)Section 147Section 148Section 148(2)Section 234BSection 234CSection 68

…ia) Pvt Ltd(2020) 116 taxmann.com 34(Bombay), the Hon’ble Bombay High court after considering and distinguishing Hon’ble Supreme Court decision M/s. IM Media Pvt. Ltd. (Now known as M/s. Saraswathi Media Pvt. Ltd.) in case of PCIT vs. NRA Iron & Steel Pvt Ltd 412 ITR 161(SC) held that where the first appellate authority had written a clear finding of fact that assessee had discharged its onus of proving identity of creditors, genuineness of transactions and credit worthiness of creditors which finding of fact stood affirmed by the Tribunal and revenue had not been able to show any perversity in aforesaid findings…

DCIT Cir 6(3)(2), Mumbai vs. Equifax Credit Information Services P.Ltd, Mumbai

In the result, these appeals are partly allowed for statistical purposes

ITA 640/MUM/2016[2011-12]Status: DisposedITAT Mumbai10 Feb 2020AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Ravish Sood (Jm)

…THE INCOME TAX APPELLATE TRIBUNAL “E” Bench, Mumbai Before Shri Shamim Yahya (AM) & Shri Ravish Sood (JM) I.T.A. No. 640/Mum/2016 (Assessment Year 2011-12) I.T.A. No. 2345/Mum/2017 (Assessment Year 2012-13) DCIT-6(3)(2)/ M/s. Equifax Credit Vs. ACIT-6(2)(2) Information Services Pvt. Ltd. Aayakar Bhavan Unit No. 931, 3rd Floor Room No. 522 & 563 Building No. 9, Soilitare 5th Floor Andheri East M.K. Road Mumbai-400 093. Mumbai-400 020. PAN : AACCE0474F (Appellant) (Respondent) Assessee by Shri Niraj Sheth Department by Shri R. Manjunatha Swamy & Shri Amit Pratap Singh Date of Hearing 13.12.2019 Date of Pronou…

Nimbus (India) Ltd., New Delhi vs. DCIT, Central Circle, Noida

In the result, both the appeals filed by the assessee are partly allowed

ITA 930/DEL/2019[2014-15]Status: DisposedITAT Delhi10 Feb 2020AY 2014-15

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Smt. Parmita M. Biswas, CIT, DR
Section 132Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA Nos.929 & 930/Del/2019 Assessment Years : 2013-14 & 2014-15 Nimbus (India) Ltd., Vs DCIT, C/o RRA TAXINDIA, Central Circle, D-28, South Extension, Part I, Noida. New Delhi. PAN : AABCN6610K (Appellant) (Respondent) Assessee by : Dr. Rakesh Gupta, Advocate, Shri Somil Aggarwal, Advocate & Shri R.P. Basi, CA Revenue by : Smt. Parmita M. Biswas, CIT, DR Date of Hearing : 09.12.2019 Date of Pronouncement : 10.02.2020 ORDER PER R.K. PANDA, AM:- The above two ap…