What is CIT v. Active Traders (P.) Ltd. authority for?

When a sum is credited on account of share capital or share premium, the assessee must establish the existence, identity, genuineness, and creditworthiness of the share applicants, going beyond mere submission of documents. The Assessing Officer has the power to investigate and lift the corporate veil to ascertain the bonafides of such transactions.

How many judgments cite CIT v. Active Traders (P.) Ltd.?

55 judgments on BharatTax cite CIT v. Active Traders (P.) Ltd. (214 ITR 583), spanning 2011 to 2024.

CIT v. Active Traders (P.) Ltd. (214 ITR 583)

M/S SWIFT VINTRADE PVT. LTD.,KOLKATA vs. CIT, KOLKATA-1I, KOLKATA

In the result, the appeal of the assessee is dismissed

ITA 1032/KOL/2014[2009-2010]Status: DisposedITAT Kolkata21 Nov 2024AY 2009-2010

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2009-10

For Appellant: N o n eFor Respondent: Shri A. Kundu, CIT, DR

Section 143Section 148Section 263

…Vs. CIT 67 ITR 84 (SC), 5 Swift Vintrade Pvt. ltd., AY: 2009-10 ii) Tara Devi Agarwal Vs. CIT 88 ITR 323 (SC), iii) Gee Vee Enterprises Vs. Addl. CIT 99 ITR 375, 386 (Del.), iv) CIT Vs. Sophia finance Ltd. 205 ITR 98 (Del), v) CIT Vs. Active Traders P. Ltd. 214 ITR 583 (Cal), vi) CIT Vs. Nivedan Vanijya Niyojan Ltd. 263 ITR 623 (Cal), vii) CIT V. Bhagwati Jewels Ltd. 201 ITR 461 (Del.). 2.4. He was of the view that the Ld. AO has power to investigate the identity of the shareholders to satisfy that they exist. The genuineness of the investment has to be examined to the extent that the shareholders have invested…

APL METALS LIMITED ,KOLKATA vs. ACIT, CENTRAL CIRCLE - 3(3), KOLKATA

ITA 297/KOL/2023[2018-19]Status: DisposedITAT Kolkata15 Sept 2023AY 2018-19

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm I.T.A. No.297/Kol/2023 Assessment Years: 2018-19 Apl Metals Ltd. Vs. Income Tax Officer, National C/O, Subash Agarwal & Faceless Assessment Centre, Associates, Advocates, Siddha Delhi. Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata- 700069. (Pan: Aacca4246P) (Appellant) (Respondent)

Section 115BSection 143(2)Section 143(3)Section 250Section 69C

…d as sufficient disclosing the identity of individual." This underlines the need for the appellant, on who lies the burden of proof, to go beyond the mere supply of some documents and establish the transactions bonafides. CIT vs Active Traders Pvt. Ltd. (Cal) 214 ITR 583 The jurisdictional HC has held that where for any sum credited on account of share capital or share premium, there must be existence, identity, genuineness and creditworthiness of the share applicants. This needs to be established by the Assessee by going beyond the submission of some documents. Sankar Industries 114 ITR 689 (Cal) It has been hel…

M/S KINNOR KINNOREE,KOLKATA vs. CIT-X, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 176/KOL/2022[2005-06]Status: DisposedITAT Kolkata30 Aug 2022AY 2005-06

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Manish Borad

Section 143(2)Section 143(3)Section 263

…order of Nil assessment without application of mind. The Supreme Court was of the opinion that the High Court has rightly held that the exercise of the jurisdiction by the Commissioner under section 263 was justified. In CIT V. Active Traders (P) Ltd. (1995) 214 ITR 583,586-87, (Cal Commissioner was held justifieo in setting aside the assessment made without making proper and detailed enquiry into the genuineness and creditworthiness of the persons who subscribed to the equity capital of the assessee Company. CIT V. M.N. Dastur & Co. (P) Ltd. (2000) ITR 10, 19 (Cal) Tribunal was held not justified in law in ca…

SHRI ASHWANI MARWAH,SHIMLA vs. PR.CIT, SHIMLA

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

ITA 307/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh23 Feb 2022AY 2015-16

Bench: Passing Order U/S. 143(3). 4. For These & Other Grounds That May Be Adduced At The Time Of Hearing, The Order Of The Learned Pr. Cit May Be Quashed & The Appeal Allowed. The Appellant Craves Leave To Add To, Or, Amend/ Alter/ Withdraw Any Of The Above Grounds Of Appeal. All The Grounds Of Appeal Are Without Prejudice To Each Other.” 2. Briefly, The Facts Of The Case Are That The Assessee, Who

Section 143(2)Section 143(3)Section 263

…as erroneous and prejudicial to the interest of the Revenue. Further reliance was placed on various decisions which have been relied upon by the Ld. Pr.CIT in his order as well as decisions in case of Commissioner of Income Tax vs Active Traders (P) Ltd. 214 ITR 583 High Court of Calcutta 03.02.1992, ITAT No. 209 of 2013, G.A. No. 3436 of 2013 in the case of Commissioner of Income Tax vs M/s Maithan International High Court of Calcutta dated 10.04.2014, Commissioner of Income Tax vs Nagesh Knitweare Pvt Ltd. ITA NOS. 591/2008 High Court of Delhi dated 01.06.2012, M/s Gee Vee Enterprise vs Additional Comm…

INTELLECTUAL SECURITES PVT. LTD.,DELHI vs. DCIT, CC, NOIDA

In the result, the appeal of the assessee is allowed

ITA 1031/DEL/2021[2010-11]Status: DisposedITAT Delhi12 Jan 2022AY 2010-11

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing)

For Appellant: Sh. Rajiv Khandelwal, CA &For Respondent: Ms. Deepshikha Sharma, CIT DR

Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 250(6)Section 263

…Devi Saraogi vs, CIT 67 iTR 84 (SC) ii) Tara Devi Agarwal vs. CIT 88 ITR 323 (SC) iii) Gee Vee Enterprises vs. Addl.CIT 99 ITR 375,386 (Del) iv) CIT vs. Sophia Finance Ltd. 205 ITR 98 (Del) 6 Intellectual Securities Pvt. Ltd. v) CIT vs. Active Traders P Ltd. 214 ITR 583 (Cal) vi) CIT vs. Nivedan Vanijya Niyojan Ltd. 263 ITR 623 (Cal) vii) CIT vs. Bhagwafi Jewels Ltd. 201 ITR 461 (Del) The broad principles emerging out of the above cases can be summed up as under: 1. The Assessing Officer has the powers to investigate the identity of the share holders to satisfy that they exist. 2. The genuineness of the investme…

SHRI KRISHNA MOHAN CHUORSIYA,RAJGARH vs. THE PR. CIT UJJAIN, UJJAIN

ITA 626/IND/2019[2014-15]Status: DisposedITAT Indore25 May 2021AY 2014-15

Bench: Shri Manish Borad & Mis Madhumita Royassessment Year:2014-15 Shri Krishna Mohan Pr. Cit Choursiya(Prop. Of M/S Laxmi Ujjain Mp बनाम/ Auto Parts) Vs. Ward No.14, Bus Stand, Kurawar Rajgarh(M.P.) (Appellant) (Respondent ) P.A. No.Aempc3634G

Section 143Section 143(2)Section 143(3)Section 263Section 68

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI MANISH BORAD,ACCOUNTANT MEMBER AND MIS MADHUMITA ROY, JUDICIAL MEMBER Assessment Year:2014-15 Shri Krishna Mohan Pr. CIT Choursiya(Prop. of M/s Laxmi Ujjain MP बनाम/ Auto Parts) Vs. Ward No.14, Bus Stand, Kurawar Rajgarh(M.P.) (Appellant) (Respondent ) P.A. No.AEMPC3634G Appellant by Shri S.N. Agrawal, CA Revenue by Shri S.B. Prasad, CIT Date of Hearing: 07.04.2021 Date of Pronouncement: 25.05.2021 आदेश / O R D E R PER MANISH BORAD, A.M: By way of this appeal, the appellant has challenged the assumptio…

SHRI SHALIGRAM BAROD, ,INDORE vs. PR. CIT-1, INDORE

ITA 625/IND/2019[2014-15]Status: DisposedITAT Indore30 Apr 2021AY 2014-15

Bench: Hon'Ble Manish Borad & Hon'Ble’ Madhumita Royassessment Year:2014-15 Shri Shaligram Barod, Pr. Cit-I, Ah/29, Hig, Sukhliya Indore बनाम/ Indore Vs. (Appellant) (Respondent ) P.A. No. Ahfpp4068H Appellant By Shri S.N. Agrawal, Ca Revenue By Shri S.B. Prasad, Cit-Dr

Section 143(3)Section 263Section 40A(2)(b)Section 54Section 54BSection 54FSection 54F(1)

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE HON'BLE MANISH BORAD,ACCOUNTANT MEMBER AND HON'BLE’ MADHUMITA ROY, JUDICIAL MEMBER Assessment Year:2014-15 Shri Shaligram Barod, Pr. CIT-I, AH/29, HIG, Sukhliya Indore बनाम/ Indore Vs. (Appellant) (Respondent ) P.A. No. AHFPP4068H Appellant by Shri S.N. Agrawal, CA Revenue by Shri S.B. Prasad, CIT-DR Date of Hearing: 12.04.2021 Date of Pronouncement: 30.04.2021 आदेश / O R D E R PER MANISH BORAD, A.M: By way of this appeal, the appellant has challenged the assumption of jurisdiction u/s 263 of the Income Tax…