(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 371,507 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.

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

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

ITA 7971/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 :…

Dhara Motor Finance Ltd., Uttar Pradesh vs. DCIT, Najibabad

In the result, the appeal of the assessee is dismissed

ITA 2442/DEL/2017[2013-14]Status: DisposedITAT Delhi24 May 2019AY 2013-14

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2013-14

Section 68

…us to quash the orders of lower authorities and return income be accepted.” 7. On the other hand, the ld. DR relied on the order of the authorities below. She also relied on the judgment of Hon’ble Apex Court in the case of PCIT vs. NRA Iron & Steel Pvt. Ltd. 412 ITR 161 (SC). She submitted that the case is squarely covered by the above decision of Supreme Court. She also submitted that the financial capacity of the share application has not been proved by the assessee. The case laws submitted by the assessee are not applicable once the issue under consideration has attained finality by the decision of Hon’ble Su…

Mr Tarun Goyal, New Delhi vs. ACIT, Noida

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

ITA 6715/DEL/2016[2005-06]Status: DisposedITAT Delhi22 May 2019AY 2005-06

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

For Appellant: Shri V.P. Gupta &For Respondent: Shri S.S. Rana, CIT, DR
Section 139Section 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : G : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER ITA Nos.6715 & 6716/Del/2016 Assessment Years: 2005-06 & 2006-07 Tarun Goyal, Vs ACIT, 13/34, WEA, Karol Bagh, Central Circle, New Delhi. Noida. PAN: AAPPG1505R (Appellant) (Respondent) Assessee by : Shri V.P. Gupta & Shri Anunav Kumar, Advocates Revenue by : Shri S.S. Rana, CIT, DR Date of Hearing : 02.05.2019 Date of Pronouncement : 22.05.2019 ORDER PER BENCH: The above two appeals filed by the assessee are directed against the separate orders dated 18.11.2016 of t…

Shri Nitin Raj Jain, Jaipur vs. Income Tax Officer, Jaipur

In the result, appeal of the assessee is partly allowed

ITA 69/JPR/2018[2012-13]Status: DisposedITAT Jaipur13 May 2019AY 2012-13
For Appellant: Shri Manish Agarwal (CA)For Respondent: Shri Varinder Mehta (CIT)
Section 131Section 142(1)Section 145(3)Section 68

…the decision of Hon’ble Supreme Court in case of Kale Khan Mohammed Hanif vs. CIT, 50 ITR 1 (SC). The decisions relied upon by the AO have been reaffirmed by the Hon’ble Supreme Court in the latest decision in case of Pr. CIT vs. NRA Iron & Steel Pvt. Ltd., 412 ITR 161 (SC) 13. We have considered the rival submissions as well as the relevant material on record. In the case in hand, the assessee has shown unsecured loan of Rs. 3,00,00,000/- taken from two companies, namely, M/s. Punit Oils & Chemicals Ltd. of Rs. 1,00,00,000/- and M/s. Tanish Tradecom Pvt. Ltd. of Rs. 2,00,00,000/-. There is no dispute that…

Surya Agrotech Infrastructure Ltd, New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, all the appeals of the assessees are allowed

ITA 1158/DEL/2019[2014-15]Status: DisposedITAT Delhi07 May 2019AY 2014-15

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

Section 37Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G’: NEW DELHI BENCH : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, G.D. AGRAWAL, VICE G.D. AGRAWAL, VICE VICE PRESIDENT VICE PRESIDENT PRESIDENT AND PRESIDENT AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No 1156/Del/2019 ITA ITA No No 1156/…

Surya Agrotech Infrastructure Ltd, New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, all the appeals of the assessees are allowed

ITA 1157/DEL/2019[201`3-14]Status: DisposedITAT Delhi07 May 2019

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

Section 37Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G’: NEW DELHI BENCH : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, G.D. AGRAWAL, VICE G.D. AGRAWAL, VICE VICE PRESIDENT VICE PRESIDENT PRESIDENT AND PRESIDENT AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No 1156/Del/2019 ITA ITA No No 1156/…

Surya Processed Food Pvt. Ltd., New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, all the appeals of the assessees are allowed

ITA 1156/DEL/2019[2013-14]Status: DisposedITAT Delhi07 May 2019AY 2013-14

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

Section 37Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G’: NEW DELHI BENCH : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, G.D. AGRAWAL, VICE G.D. AGRAWAL, VICE VICE PRESIDENT VICE PRESIDENT PRESIDENT AND PRESIDENT AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No 1156/Del/2019 ITA ITA No No 1156/…

DCIT 6(2)(2), Mumbai vs. Edesk Services Ltd, Mumbai

ITA 7113/MUM/2016[2012-13]Status: DisposedITAT Mumbai02 May 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7113/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 6(2)(2) M/S. Edesk Services Ltd. R.No. 563, Aayakar Bhavan, 6-A, Lalwani Indl. Estate M.K Road, Churchgate, 14, G.D. Ambekar Road, V. Mumbai 400020 Wadala, Mumbai 400031 स्थायी ऱेखा सं./ Pan : Aabcb5087H

For Appellant: Shri. Jayesh DadiaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 68

…nce with law. Needless to say that powers of learned CIT(A) are co- terminus with powers of the AO. At this stage , we would like to refer to recent decision of Hon’ble Supreme Court in the case of PCIT v. NRA Iron and Steel Private Limited reported in (2019) 412 ITR 161(SC). The appeal of the Revenue and CO filed by the assessee are allowed for statistical purposes. We order accordingly. 8. The appeal of the revenue as well CO filed by the assessee are allowed for statistical purposes. Order pronounced in the open court on 02.05.2019 आदेश की घोषणा खुऱे न्यायाऱय में ददनांकः 02.05.2019 को की गई । (MAHAVIR SINGH )…

ACIT, New Delhi vs. M/S. Swastik Tradex (P) Ltd., Kolkata

In the result, the appeal filed by the Revenue and the CO raised by the

ITA 33/DEL/2017[2008-09]Status: DisposedITAT Delhi30 Apr 2019AY 2008-09

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

…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.175 & 176/Del/2017 Assessment Years: 2009-10 & 2010-11 ACIT, Vs Bhadani Financiers Pvt. Ltd., Central Circle-31, Room No.22, Ground Floor, ARA Centre, Shanti Niketan, E-2, Jhandewalan Extn., 8, Camac Street, Park Street, New Delhi. Kolkata. PAN: AABCB9305MH CO Nos.88 & 89/Del/2017 (ITA Nos.175 & 176/Del/2017) Assessment Years: 2009-10 & 2010-11 Bhadani Financiers Pvt. Ltd., Vs. ACIT, Room No.22, Ground Floor, Central Circle-31, Shanti Niketan, ARA Centre, 8,…

ACIT, New Delhi vs. M/S. Bhadani Financers Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue and the CO raised by the

ITA 175/DEL/2017[2009-10]Status: DisposedITAT Delhi30 Apr 2019AY 2009-10

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

…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.175 & 176/Del/2017 Assessment Years: 2009-10 & 2010-11 ACIT, Vs Bhadani Financiers Pvt. Ltd., Central Circle-31, Room No.22, Ground Floor, ARA Centre, Shanti Niketan, E-2, Jhandewalan Extn., 8, Camac Street, Park Street, New Delhi. Kolkata. PAN: AABCB9305MH CO Nos.88 & 89/Del/2017 (ITA Nos.175 & 176/Del/2017) Assessment Years: 2009-10 & 2010-11 Bhadani Financiers Pvt. Ltd., Vs. ACIT, Room No.22, Ground Floor, Central Circle-31, Shanti Niketan, ARA Centre, 8,…

ACIT, New Delhi vs. M/S. Pragati Imptrade Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue and the CO raised by the

ITA 173/DEL/2017[2008-09]Status: DisposedITAT Delhi30 Apr 2019AY 2008-09

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

…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.175 & 176/Del/2017 Assessment Years: 2009-10 & 2010-11 ACIT, Vs Bhadani Financiers Pvt. Ltd., Central Circle-31, Room No.22, Ground Floor, ARA Centre, Shanti Niketan, E-2, Jhandewalan Extn., 8, Camac Street, Park Street, New Delhi. Kolkata. PAN: AABCB9305MH CO Nos.88 & 89/Del/2017 (ITA Nos.175 & 176/Del/2017) Assessment Years: 2009-10 & 2010-11 Bhadani Financiers Pvt. Ltd., Vs. ACIT, Room No.22, Ground Floor, Central Circle-31, Shanti Niketan, ARA Centre, 8,…

ACIT, New Delhi vs. M/S. Pragati Tradecom Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue and the CO raised by the

ITA 171/DEL/2017[2008-09]Status: DisposedITAT Delhi30 Apr 2019AY 2008-09

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

…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.175 & 176/Del/2017 Assessment Years: 2009-10 & 2010-11 ACIT, Vs Bhadani Financiers Pvt. Ltd., Central Circle-31, Room No.22, Ground Floor, ARA Centre, Shanti Niketan, E-2, Jhandewalan Extn., 8, Camac Street, Park Street, New Delhi. Kolkata. PAN: AABCB9305MH CO Nos.88 & 89/Del/2017 (ITA Nos.175 & 176/Del/2017) Assessment Years: 2009-10 & 2010-11 Bhadani Financiers Pvt. Ltd., Vs. ACIT, Room No.22, Ground Floor, Central Circle-31, Shanti Niketan, ARA Centre, 8,…

ACIT, New Delhi vs. M/S. Pragati Imports Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue and the CO raised by the

ITA 169/DEL/2017[2008-09]Status: DisposedITAT Delhi30 Apr 2019AY 2008-09

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

…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.175 & 176/Del/2017 Assessment Years: 2009-10 & 2010-11 ACIT, Vs Bhadani Financiers Pvt. Ltd., Central Circle-31, Room No.22, Ground Floor, ARA Centre, Shanti Niketan, E-2, Jhandewalan Extn., 8, Camac Street, Park Street, New Delhi. Kolkata. PAN: AABCB9305MH CO Nos.88 & 89/Del/2017 (ITA Nos.175 & 176/Del/2017) Assessment Years: 2009-10 & 2010-11 Bhadani Financiers Pvt. Ltd., Vs. ACIT, Room No.22, Ground Floor, Central Circle-31, Shanti Niketan, ARA Centre, 8,…

Commissioner of Income Tax vs. Atyam Suryanarayana

ITTA/165/2010HC Telangana20 Jun 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

The Commissioner of Income Tax IV vs. M/s. Nava Bharat Ferro Alloys Ltd

ITTA/392/2013HC Telangana05 Sept 2013

Commissioner of Income Tax-I, Visakhapatnam vs. Agricultural Market Committee, Paderu

ITTA/125/2011HC Telangana21 Apr 2011

Bench: V.V.S.RAO,RAMESH RANGANATHAN