(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.

DCIT, New Delhi vs. M/S. Senorita Enterprises Pvt. Ltd., New Delhi

ITA 5388/DEL/2015[2007-08]Status: DisposedITAT Delhi26 Jul 2019AY 2007-08

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumar

For Appellant: Sh. Yogesh Jagia, AdvFor Respondent: Sh. Amit Katoch, Sr. DR
Section 131(1)Section 139(1)Section 143(1)Section 143(2)Section 147Section 148Section 151(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No. 5388/DEL/2015 A.Y. : 2007-08 DCIT, CIRCLE 23(2), VS. SENORITA ENTERPRISES PVT. NEW DELHI LTD., ROOM NO. 248, C.R. V-6/1, FIRST FLOOR, BUILDING, GREEN PARK EXTEN., I.P. ESTATE, NEW DELHI – 110016 NEW DELHI – 11 0002 (PAN : AAJCS7373P) (ASSESSEE) (RESPONDENT) Revenue by : Sh. Amit Katoch, Sr. DR. Assessee by : Sh. Yogesh Jagia, Adv. ORDER PER H.S. SIDHU : JM The Revenue has filed this Appeal against the impugned Order dated 10.6.2015 of the Ld. CIT(A)-8, New…

Sheetal Infoservices Pvt. Ltd, New Delhi vs. ITO Ward-23(2), New Delhi

In the result, the appeal of the assessee is allowed

ITA 4604/DEL/2019[2015-16]Status: DisposedITAT Delhi22 Jul 2019AY 2015-16

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 4604/Del/2019 : Asstt. Year : 2015-16 Sheetal Infoservices Pvt. Ltd., Vs Income Tax Officer, L-7A(Lgf), South Extension, Ward-23(2), Part-2, New Delhi-110049 New Delhi-110002 (Appellant) (Respondent) Pan No. Aamcs0742A Assessee By : Sh. Raj Kumar Gupta, Ca Revenue By : Sh. S. S. Rana, Cit Dr Date Of Hearing: 04.07.2019 Date Of Pronouncement: 22.07.2019

For Appellant: Sh. Raj Kumar Gupta, CAFor Respondent: Sh. S. S. Rana, CIT DR
Section 131Section 143(3)Section 147Section 150(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES ‘G’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 4604/Del/2019 : Asstt. Year : 2015-16 Sheetal Infoservices Pvt. Ltd., Vs Income Tax Officer, L-7A(LGF), South Extension, Ward-23(2), Part-2, New Delhi-110049 New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AAMCS0742A Assessee by : Sh. Raj Kumar Gupta, CA Revenue by : Sh. S. S. Rana, CIT DR Date of Hearing: 04.07.2019 Date of Pronouncement: 22.07.2019 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The assessee has raised following grounds of appeal: “1. Tha…

Yug Developers, Mumbai vs. ACIT-17(3), Mumbai

In the result, both the appeals of the assessee are partly allowed

ITA 7130/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 Jul 2019AY 2013-14

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am

Section 143(3)

…aid decision by the ld DR is factually distinguishable and would not advance the case of the revenue. 6.9. Finally the ld DR placed reliance on the recent decision of the Hon’ble Apex Court 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 ld AO had made extensive enquiries 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…

Income-Tax Officer vs. Akash Farms Pvt. Ltd., Aurangabad

In the result, the appeal of the Revenue is dismissed

ITA 1482/PUN/2016[2012-13]Status: DisposedITAT Pune12 Jul 2019AY 2012-13

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No.1482/Pun/2016 िनधा"रण वष" / Assessment Year : 2012-13 Ito, Ward-1(1), .......अपीलाथ" / Appellant Aurangabad. बनाम / V/S. M/S. Akash Farms Llp, Nath House, Paithan Road, Aurangabad. ……""यथ" / Respondent Pan : Aadca3303J Revenue By : Smt. Shabana Parveen Assessee By : Shri N. R. Agarwal सुनवाई क" तारीख / Date Of Hearing : 15.05.2019 घोषणा क" तारीख / Date Of Pronouncement : 12.07.2019 आदेश / Order Per D. Karunakara Rao, Am: This Appeal Is Filed By The Revenue Against The Order Of The Cit(A)- 1, Aurangabad Dated 29.04.2016 For The Assessment Year 2012-13. 2. The Revised Grounds Raised By The Revenue Are As Under :- “1. The Ld. Commissioner Of Income-Tax (A)-1 Erred In Passing The Order Both On The Facts Of The Case & In Law. 2. The Ld. Commissioner Of Income-Tax (A)-1 Erred In Failing To Give To The A.O. Reasonable Opportunity Required To Be Given To The A.O. As Per Rule 46A(3) As Only Seven Days Were Given To The A.O. For Examining & Rebutting The Considerable Additional Evidence Produced By The Assessee & For Submitting The Remand Report & The Order Was Passed By Cit(A) On The Very Next Day After The Remand Report Was Due. 3. The Ld. Commissioner Of Income-Tax (A)-1 Erred In Not Upholding The Addition Of Rs.42608528/- In Light Of The Decision By The Hon’Ble Supreme Court In The Case Of Pcit Vs Nra Iron & Steel (P) Ltd. (Reported In 103 Taxmann.Com 48) As In The Instant Case The Investor Company Was In Loss Of Rs.65,459/- & Had Negative Figures Of Reserve & Surplus Of Rs.3.60 Crores.

For Appellant: Shri N. R. AgarwalFor Respondent: Smt. Shabana Parveen
Section 143(3)Section 68

…आयकर अपीलीय अिधकरण “ए” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE "ी डी. क"णाकरा राव, लेखा सद"य एवं "ी िवकास अव"थी, "याियक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No.1482/PUN/2016 िनधा"रण वष" / Assessment Year : 2012-13 ITO, Ward-1(1), .......अपीलाथ" / Appellant Aurangabad. बनाम / V/s. M/s. Akash Farms LLP, Nath House, Paithan Road, Aurangabad. ……""यथ" / Respondent PAN : AADCA3303J Revenue by : Smt. Shabana Parveen Assessee by : Shri N. R. Agarwal सुनवाई क" तारीख / Date of Hearing : 15.05.2019 घोषणा क" तारीख / Date of Pronouncement :…

Smg Estates (P) Ltd., Delhi vs. ACIT, Circle- 24(1), New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1537/DEL/2019[2015-16]Status: DisposedITAT Delhi12 Jul 2019AY 2015-16

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1537/Del/2019 : Asstt. Year : 2015-16 M/S Smg Estates (P) Ltd., Vs Acit, E-42, Greater Kailash, Part-Ii, Circle-24(1), South Delhi, Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aaics2351R Assessee By : Sh. Raj Kumar Gupta, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 03.07.2019 Date Of Pronouncement: 12.07.2019 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Raj Kumar Gupta, CAFor Respondent: Ms. Ashima Neb, Sr. DR
Section 115BSection 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES ‘G’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 1537/Del/2019 : Asstt. Year : 2015-16 M/s SMG Estates (P) Ltd., Vs ACIT, E-42, Greater Kailash, Part-II, Circle-24(1), South Delhi, Delhi-110048 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAICS2351R Assessee by : Sh. Raj Kumar Gupta, CA Revenue by : Ms. Ashima Neb, Sr. DR Date of Hearing: 03.07.2019 Date of Pronouncement: 12.07.2019 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The assessee has raised following grounds of appeal: “1. That under the facts and…

M/S. Tara Mercantile Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 1572/DEL/2017[2011-12]Status: DisposedITAT Delhi12 Jul 2019AY 2011-12

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumar

For Appellant: Sh. Gautam Jain, AdvFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 142(1)Section 143(2)Section 143(3)Section 56(2)(viib)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No. 1572/DEL/2017 A.Y. : 2011-12 M/S TARA MERCANTILE PVT. LTD. VS. DCIT, CIRCLE 16(1), 314-315, PP TOWER, NEW DELHI NETAJI SUBHASH PLACE, PITAMPURA, NEW DELHI – 34 (PAN: AAACT2680C) (APPELLANT) (RESPONDENT) Assessee By : Sh. Gautam Jain, Adv. Department By : Sh. S.S. Rana, CIT(DR) ORDER PER H.S. SIDHU : JM This appeal by the Assessee is directed against the impugned order dated 19.1.2017 passed by the Ld. CIT(A)-9, New Delhi on the following grounds:- 1. The…

Bla Power Holding Private Limited, Mumbai vs. Income Tax Officer Circle-3(1)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 217/MUM/2019[2010-11]Status: DisposedITAT Mumbai10 Jul 2019AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Madhur Agarwal, A.RFor Respondent: Shri H.N. Singh, D.R
Section 143Section 143(1)Section 147Section 148Section 234BSection 271Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER Assessment Year: 2010-11 M/s. BLA Power Holding Income Tax Officer, Pvt. Ltd., Circle – 3(1)(2), 84, Maker Chamber III, Vs. Room No.607, 6th Floor, Nariman Point, Aayakar Bhavan, Mumbai – 400 021 M.K. Road, PAN: AADCB 3577H Mumbai - 400020 (Appellant) (Respondent) Present for: Assessee by : Shri Madhur Agarwal, A.R. Revenue by : Shri H.N. Singh, D.R. Date of Hearing : 03.06.2019 Date of Pronouncement : 10.07.2019 O R D E R Per Rajesh Kumar, Accountant Member: Th…

Deputy Commissioner of Income Tax-4(2)(2), Mumbai vs. M/S.Jamini Nidustries Private Limited, Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 5516/MUM/2017[2014-15]Status: DisposedITAT Mumbai10 Jul 2019AY 2014-15

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2014-15

For Appellant: Mr. Bhupendra Shah, ARFor Respondent: Mr. Rajeev K. Gubgotra, DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI SANDEEP GOSAIN (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2014-15 DCIT-4(2)(2), Room No. M/s Jamini Industries Pvt. 640, 6th floor, Aayakar Ltd., 11-13, Rupa Sadan, Vs. Bhavan, M.K. Road, Malharrao, Wadi, Kalbadevi, Mumbai-400020. Mumbai-400002 PAN No. AAACI1312A Appellant Respondent Revenue by : Mr. Rajeev K. Gubgotra, DR Assessee by : Mr. Bhupendra Shah, AR Date of Hearing : 16/04/2019 Date of pronouncement : 10/07/2019 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the Revenue. The relevan…

DCIT, New Delhi vs. M/S. Okara Agro Industries Ltd., New Delhi

In the result, the Appeal of the Revenue is dismissed

ITA 3940/DEL/2015[1997-98]Status: DisposedITAT Delhi08 Jul 2019AY 1997-98

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumarassessment Year: 1997-98 Dcit, Circle 19(1), Vs. Okara Agro Industries Ltd. Room No. 221, 803, Vikram Tower, C.R. Building, Rajinder Place, I.P. Estate, New Delhi New Delhi (Appellant) (Respondent)

For Appellant: NONEFor Respondent: SHRI S.S. RANA, CIT(DR)
Section 143(2)Section 143(3)Section 264Section 271(1)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 1997-98 DCIT, CIRCLE 19(1), VS. OKARA AGRO INDUSTRIES LTD. ROOM NO. 221, 803, VIKRAM TOWER, C.R. BUILDING, RAJINDER PLACE, I.P. ESTATE, NEW DELHI NEW DELHI (APPELLANT) (RESPONDENT) Department by : SHRI S.S. RANA, CIT(DR) Assessee by : NONE ORDER PER H.S. SIDHU, JM This appeal by the Assessee is directed against the Order dated 06.10.2017 of the Ld. CIT(A)-2, New Delhi pertaining to assessment year 1997-98 on the following grounds:- "On the fa…

Shivalik Cotex Limited, New Delhi vs. ITO, Ward- 23(2), New Delhi

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

ITA 5819/DEL/2018[2007-08]Status: DisposedITAT Delhi01 Jul 2019AY 2007-08

Bench: Shri R.K. Pandaassessment Year: 2007-08 Shivalik Cotex Limited, Vs. Ito, C-586, Lgf, Defence Colony, Ward-23(2), New Delhi. New Delhi. Pan: Aaics3938E (Appellant) (Respondent) Assessee By : Shri Swaranendu Chatterjee & Ms Itisha Gulati, Advocates Revenue By : Shri S.L. Anuragi, Sr. Dr Date Of Hearing : 01.07.2019 Date Of Pronouncement : 01.07.2019 Order

For Appellant: Shri Swaranendu Chatterjee, &For Respondent: Shri S.L. Anuragi, Sr. DR
Section 131Section 148Section 151Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2007-08 Shivalik Cotex Limited, Vs. ITO, C-586, LGF, Defence Colony, Ward-23(2), New Delhi. New Delhi. PAN: AAICS3938E (Appellant) (Respondent) Assessee by : Shri Swaranendu Chatterjee, & Ms Itisha Gulati, Advocates Revenue by : Shri S.L. Anuragi, Sr. DR Date of Hearing : 01.07.2019 Date of Pronouncement : 01.07.2019 ORDER This appeal filed by the assessee is directed against the order dated 31st May, 2018 of the CIT(A), New Delhi, relating to Assessment Year 2007-08. 2. Although a numb…

I.T.O. 1(1)(2), Mumbai vs. Ami Housing & Developers Pvt. Ltd., Mumbai

ITA 2926/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Jun 2019AY 2012-13

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri G. Manjunatha, Am आयकरअपीलसं./ I.T.A. No. 2926/Mum/2016 (निर्धारणवर्ा / Assessment Year:2012-13) Ito – 1(1)(1), M/S Ami Housing & R. No. 534/579, 5Th Floor, Developers Pvt. Ltd. बिधम/ Aayakar Bhava, M. K. Road, 102, Manratna Business Mumbai-400 020 Park, Tilak Road, Vs. Ghatkopar (E), Mumbai-400 077. स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aagaca4872M (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : C.O. No. 310/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) M/S Ami Housing & Ito – 1(1)(1), R. No. 534/579, 5Th Developers Pvt. Ltd. बिधम/ 102, Manratna Business Park, Floor, Aayakar Bhava, Vs. Tilak Road, Ghatkopar (E), M. K. Road, Mumbai- Mumbai-400 077. 400 020 (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Ms. Harkamal Soni & Shri S. Rajore, Dr प्रत्यथीकीओरसे/Respondentby : Shri Pravin R. Raiyani, Ar सुनवाईकीतारीख/ : 11/04/2019 Date Of Hearing घोषणाकीतारीख / : 27.06.2019 Date Of Pronouncement

For Appellant: Ms. Harkamal Soni &For Respondent: Shri Pravin R
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI G. MANJUNATHA, AM आयकरअपीलसं./ I.T.A. No. 2926/Mum/2016 (निर्धारणवर्ा / Assessment Year:2012-13) ITO – 1(1)(1), M/s Ami Housing and R. No. 534/579, 5th floor, Developers Pvt. Ltd. बिधम/ Aayakar Bhava, M. K. Road, 102, Manratna Business Mumbai-400 020 Park, Tilak Road, Vs. Ghatkopar (E), Mumbai-400 077. स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAGACA4872M (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : C.O. No. 310/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) M/s Ami Housing and ITO – 1(1)(1), R. No. 534/…

Aanya Developers, Ahmedabad vs. The DCIT, Central Circle-2(2), Ahmedabad

In the result, appeal of the assessee is allowed

ITA 2069/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad26 Jun 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Rifaur Rahman

For Appellant: Shri G.C. Pipara, ARFor Respondent: Shri Vinod Tanwani, Sr.DR
Section 133(6)Section 142(1)Section 143(2)Section 44Section 44ASection 68

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘D’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI RIFAUR RAHMAN, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.2069/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2013-14 Aanya Developers Vs. DCIT, Cent.Cir.2(2) Survey No.326/1, Block Ahmedabad. No.450 Opp: Aarohi Homes, Bopal Ahmedabad 380 015. PAN : AAOFA 8827 H. अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent) Assessee by : Shri G.C. Pipara, AR Revenue by : Shri Vinod Tanwani, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 18/06/2019 घोषणा क" तार"ख /Date of Pronouncement: 26/06…

Income Tax Officer-4(2)(4), Mumbai vs. M/S.Mayuresh Logistics Private Limited, Mumbai

ITA 6691/MUM/2017[2009-10]Status: DisposedITAT Mumbai24 Jun 2019AY 2009-10

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri G. Manjunatha, Am आयकरअपीलसं./ I.T.A. No. 6691/Mum/2017 (निर्धारणवर्ा / Assessment Year:2009-10) In The Matter Of:

For Appellant: Shri D. G. Pansari, DRFor Respondent: Shri Nitesh Joshi, AR
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI G. MANJUNATHA, AM आयकरअपीलसं./ I.T.A. No. 6691/Mum/2017 (निर्धारणवर्ा / Assessment Year:2009-10) In the matter of: ITO 4(2)(4) M/s Mayuresh R. No. 647, 6th floor, Aayakar Logistics Pvt. Ltd. बिधम/ 428, Abhay House, 2nd Bhavan, M. K. Road, Vs. Mumbai-400 020 floor, Kalbidevi Road, Mumbai-400 021 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAFCM3536M (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : C.O. No. 47/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2009-10) M/s Mayuresh Logistics Pvt. Ltd. ITO 4(2)(4) 428, Abhay…

Prayag Polytech Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 7, New Delhi

In the result, the appeal of the assessee is allowed

ITA 6015/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Jun 2019AY 2014-15

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumarassessment Year: 2014-15

For Appellant: Sh. Ved Jain, Adv. & Sh. Ashish Goel, AdvFor Respondent: Sh. Surender Pal, Sr. DR
Section 127(1)Section 133(6)Section 142(1)Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 2014-15 ADDL. CIT, SPECIAL VS. PRAYAG POLYTECH PVT. LTD. RANGE-7, 1106-7, VIKRAM TOWERS, NEW DELHI 16, RAJENDRA PLACE, NEW DELHI – 110 008 (PAN: AAACP1009R) (APPELLANT) (RESPONDENT) Assessment Year: 2014-15 PRAYAG POLYTECH PVT. LTD. VS. ADDL. CIT, SPECIAL 1106-7, VIKRAM TOWERS, RANGE-7, 16, RANJENDRA PLACE, NEW DELHI NEW DELHI – 110 008 (PAN: AAACP1009R) (APPELLANT) (RESPONDENT) Assessee by : Sh. Ved Jain, Adv. & Sh. Ashish Goel, Adv. Department…

Addl. CIT, Special Range- 7, New Delhi vs. Prayag Polytech Pvt. Ltd., New Delhi

In the result, the appeal of the assessee is allowed

ITA 5970/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Jun 2019AY 2014-15

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumarassessment Year: 2014-15

For Appellant: Sh. Ved Jain, Adv. & Sh. Ashish Goel, AdvFor Respondent: Sh. Surender Pal, Sr. DR
Section 127(1)Section 133(6)Section 142(1)Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 2014-15 ADDL. CIT, SPECIAL VS. PRAYAG POLYTECH PVT. LTD. RANGE-7, 1106-7, VIKRAM TOWERS, NEW DELHI 16, RAJENDRA PLACE, NEW DELHI – 110 008 (PAN: AAACP1009R) (APPELLANT) (RESPONDENT) Assessment Year: 2014-15 PRAYAG POLYTECH PVT. LTD. VS. ADDL. CIT, SPECIAL 1106-7, VIKRAM TOWERS, RANGE-7, 16, RANJENDRA PLACE, NEW DELHI NEW DELHI – 110 008 (PAN: AAACP1009R) (APPELLANT) (RESPONDENT) Assessee by : Sh. Ved Jain, Adv. & Sh. Ashish Goel, Adv. Department…

Pune Kondhwa Realty Pvt. Ltd., Mumbai vs. DCIT - 14 (2)(2), Mumbai

ITA 2481/MUM/2019[2008-09]Status: DisposedITAT Mumbai12 Jun 2019AY 2008-09

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh , Jm Sa No.224/Mum/2019 Arising Out Of Ita No.2481/Mum/2019 (Assessment Year :2008-09) & Sa No.225/Mum/2019 Arising Out Of Ita No.2482/Mum/2019 (Assessment Year :2009-10) & M/S. Pune Kondhwa Realty Vs. Dy. Commissioner Of Private Limited Income Tax- 14(2)(2) Unit No.215, The Capital, Room No.461, Aayakar G-Block, Bandra Kurla Bhavan, Maharshi Karve Complex, Bandra (E) Road, Marine Lines, Mumbai – 400 051 Mumbai – 400 020 Pan/Gir No. Aaacw6665N (Appellant) .. (Respondent) Assessee By Shri Sanjay Sanghvi & Shri Raghav Kumar Bajaj Revenue By Shri S.H. Usmani Date Of Hearing 03/05/2019 Date Of Pronouncement 12/06/2019

Section 143(3)Section 154Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI M.BALAGANESH, AM & SHRI AMARJIT SINGH , JM SA No.224/Mum/2019 Arising out of ITA No.2481/Mum/2019 (Assessment Year :2008-09) & SA No.225/Mum/2019 Arising out of ITA No.2482/Mum/2019 (Assessment Year :2009-10) & M/s. Pune Kondhwa Realty Vs. Dy. Commissioner of Private Limited Income Tax- 14(2)(2) Unit No.215, The Capital, Room No.461, Aayakar G-Block, Bandra Kurla Bhavan, Maharshi Karve Complex, Bandra (E) Road, Marine Lines, Mumbai – 400 051 Mumbai – 400 020 PAN/GIR No. AAACW6665N (Appellant) .. (Respondent) Assessee by Shri Sanjay Sanghvi & Shr…

Mannat Hospitality (P) Ltd., Delhi vs. ITO, Ward- 16(2), New Delhi

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

ITA 7348/DEL/2018[2009-10]Status: DisposedITAT Delhi07 Jun 2019AY 2009-10

Bench: Sh. R. K. Panda & Sh. Kuldip Singhassessment Year: 2009-10 Mannat Hospitality (P) Ltd. Income Tax Officer 325, Jagirit Enclave, Vs Ward – 16 (2) Delhi-110092 New Delhi Pan No.Aagcm0506Q (Appellant) (Respondent) Appellant By Sh. Repudaman Thakur, Ca Respondent By Ms. Rinku Singh, Sr Dr Date Of Hearing: 11/03/2019 Date Of Pronouncement: 07/06/2019 Order

Section 132Section 68

…ditworthiness of share applicants and the genuineness of the transaction. Therefore, the order of the CIT(A) should be upheld. 18. Referring to the latest decision of Hon’ble Supreme court in the case of PCIT Vs. NRA Iron & Steel Private Limited, reported in 103 Taxmann.com 48, he submitted that the Hon’ble Apex court in the said decision has held that the practice of conversion of un-accounted money through cloak of Share Capital/ Premium must be subjected to careful scrutiny especially in private placement of shares. Filling primary evidence is not sufficient. The onus to establish credit worthiness of the inv…

Namah Shivaya Marketing (P) Ltd., New Delhi vs. ITO, Ward- 17(3), New Delhi

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

ITA 7456/DEL/2017[2008-09]Status: DisposedITAT Delhi07 Jun 2019AY 2008-09

Bench: Shri R.K.Panda

For Appellant: : Sh. Mukul Gupta, C.AFor Respondent: Sh. Amit Jain, Sr.D.R
Section 143(1)Section 147Section 148Section 68

…mber of the company, bank account details, assessment particulars etc. were filed before the AO to discharge the initial onus cast on the assessee. Referring to the decision of Hon’ble Supreme Court in the case of PCIT vs. NRA Iron & Steel P. Ltd. reported in 103 Taxmann.com 48, he drew attention of the Bench to para 11 of the said order which reads as under. “11. The principles which emerge where sums of money are credited as Share Capital/Premium are : The assessee is under a legal obligation to prove the genuineness of the i. transaction, the identity of the creditors, and credit-worthiness of the investors…

Lakshya Educational Trust, Ghaziabad vs. Addl. CIT, Range-1, Ghaziabad

In the result appeal of the assessee is dismissed

ITA 4128/DEL/2017[2010-11]Status: DisposedITAT Delhi04 Jun 2019AY 2010-11

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishilakshya Educational Trust, Vs. Addl. Cit, Range-1, Akhilesh Kumar, Adv., Chamber Ghaziabad No. 206-207, Ansal Satyam, Rdc Raj Nagar, Ghaziabad, Pan: Aatl6943M (Appellant) (Respondent)

For Appellant: Shri Akhilesh Kumar, AdvFor Respondent: Smt Naina Soin Kapil, Sr. DR
Section 11Section 143(3)Section 68

…t credited to the income and expenditure account but is shown as a liability. Further the issue before us is also squarely covered by the Decision of 24. Honourable Supreme court in case of PRINCIPAL COMMISSIONER OF INCOME-TAX V NRA iron & Steel Co Ltd [2019] 412 ITR 161 (SC) and Honourable Delhi High court in PRINCIPAL COMMISSIONER OF INCOME-TAX V v. NDR PROMOTERS PVT. LTD. [2019] 410 ITR 379 (Del). 25. In view of above facts we dismiss ground number 1 – 3 of the appeal of the assessee and confirmed the order of the learned CIT – A confirming the addition of INR 3,000,000 in the hands of the assessee u/s 68 of t…

Shri Rathi Steel (Dakshin) Ltd., New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, all the appeals filed by the assessee are allowed

ITA 7973/DEL/2018[2009-10]Status: DisposedITAT Delhi31 May 2019AY 2009-10

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

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Shri Sanjay Goyal, CIT, DR
Section 132Section 142(1)Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.7971 & 7972/Del/2018 Assessment Years: 2009-10 & 2011-12 Shri Rathi Steel Ltd., Vs ACIT, J-1/202, DDA Flats, Central Circle-16, Kalkaji, New Delhi. New Delhi. – 110 019. PAN: AAACS4554L ITA Nos.7973 & 7974/Del/2018 Assessment Years: 2009-10 & 2011-12 Shri Rathi Steel (Dakshin) Ltd., ACIT, J-1/202, DDA Flats, Central Circle-16, Kalkaji, New Delhi. New Delhi. – 110 019. PAN: AAACB1192M (Appellant) (Respondent) Assessee by : Shri Ved Jain, Advocate Revenue by :…