CIT v. Ayachi Chandrashekhar Narsangji

42 Taxmann.com 251High Court2014#505 most cited

What is CIT v. Ayachi Chandrashekhar Narsangji authority for?

No addition can be made under section 68 for cash credits if the loan repayment is established in the subsequent year through banking channels, and the assessee has provided sufficient evidence of the creditor's genuineness and creditworthiness.

187

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2014 to 2026.

Also referred to as

CIT v Ayachi Chandrashekhar Narsangji · section 68 · cash credit · loan repayment · banking channels · genuineness of transaction · creditworthiness of creditor · audited balance sheets · explained income

Also reported as

26 SOT 541

Sections most often in play

Section 68Section 147Section 148Section 143(3)Section 133(6)Section 115BBESection 131Section 250
Read the full judgment

Issues it is cited on

source of sourcecreditworthiness of the creditorshell companyaddition under section 68beyond four yearsaddition u/s 68material facts necessary for assessmentborrowed satisfactionshare application moneygenuineness of the transactionaccommodation entrysection 41(1)

Judgments citing CIT v. Ayachi Chandrashekhar Narsangji

JCIT, Noida vs. M/S. Sardar Patel Institute of Management Society, Greater Noida

In the result all the grounds of the appeal of the revenue are allowed with above direction

ITA 5499/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2017AY 2008-09

Bench: Shri H.S.Sidhu & Shri Prashant Maharishi

For Appellant: Shri BK Anand, CAFor Respondent: Shri Kaushlendra Tiwari, Sr. DR
Section 11Section 68

…he facts are quite different the income of the loan of Rs. 70 lakhs has not been offered by the assessee as income. Therefore the decision relied upon does not apply to the facts of the case. The assessee has also relied on the decision of coordinate bench in 26 SOT 541. We have carefully considered the facts of that particular case and noted that coordinate bench has recorded its findings as under:- “15. With the assistance of learned representatives, we have gone through the record carefully. It is true that assessee has proved the identity of the payer and genuineness of the transaction but creditworthiness o…

JCIT, Noida vs. M/S. Sardar Patel Institute of Management Society, Greater Noida

In the result all the grounds of the appeal of the revenue are allowed with above direction

ITA 5124/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2017AY 2008-09

Bench: Shri H.S.Sidhu & Shri Prashant Maharishi

For Appellant: Shri BK Anand, CAFor Respondent: Shri Kaushlendra Tiwari, Sr. DR
Section 11Section 68

…he facts are quite different the income of the loan of Rs. 70 lakhs has not been offered by the assessee as income. Therefore the decision relied upon does not apply to the facts of the case. The assessee has also relied on the decision of coordinate bench in 26 SOT 541. We have carefully considered the facts of that particular case and noted that coordinate bench has recorded its findings as under:- “15. With the assistance of learned representatives, we have gone through the record carefully. It is true that assessee has proved the identity of the payer and genuineness of the transaction but creditworthiness o…

Kiran R. Mehta, Mumbai vs. ITO 32(2)(2), Mumbai

In the result, appeal of the assessee is allowed for statistical purposes

ITA 2250/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Feb 2017AY 2010-11

Bench: Shri D. Karunakara Rao & Shri Pawan Singhkiran R Mehta, फनाभ/ Ito-32(2)(2), Plot No.82, S.V. Road, 5 Th Floor, C-11, 6Th Floor, Pratyakshkar Vs. Kailash Apartment, No.3, Bhavan, Bkc Bandra (E), Borivali (W), Mumbai – 400092. Mumbai – 400 051. स्थामी रेखा सं./ Pan : Aacpm7558H (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) अऩीराथी की ओय से / Appellant By : Shri Mandar Vaidya प्रत्मथी की ओय से/ Respondent By : Shri Sambit Mishra

For Appellant: Shri Mandar VaidyaFor Respondent: Shri Sambit Mishra
Section 131

…ignoring the fact that part of the loan was already repaid by the assessee to the creditor in the same assessment year. In the regard, Ld AR relied on the decision of the ITAT, Delhi in the case of ITO vs. Shyam Sunder Jajodia in ITA No. 4549/Del/2004 (2008) 26 SOT 541. After hearing the Ld Representatives of both the parties and on perusal of the orders of the Revenue Authorities on this issue, we are of the view that this issue should also be remanded to the file of the AO with a direction that when the assessee done repayment of the loan, as to why such loan can become subject matter of addition. If the loan…

M/S. Agilent Technologies (International) Pvt. Ltd., Gurgaon vs. ACIT, Gurgaon

In the result ground No. 3 of the appeal of the assessee is allowed

ITA 1255/DEL/2014[2009-10]Status: DisposedITAT Delhi29 Sept 2016AY 2009-10

Bench: Smt Diva Singh & Shri Prashant Maharishiagilent Technologies Acit, (International) Pvt. Ltd, Circle-1, Vs. Plot No.-Cp-11, Sector-8, Gurgaon Imt Mangsar, Gurgaon Pan: Aadca4115C (Appellant) (Respondent)

For Appellant: Mr. Kanchan KaushalFor Respondent: Mr. Sunil Sharma, CIT DR
Section 143(3)Section 144CSection 234ASection 271(1)(c)Section 92

…Page 1 of 22 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-2”: NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Agilent Technologies ACIT, (International) Pvt. Ltd, Circle-1, Vs. Plot No.-CP-11, Sector-8, Gurgaon IMT Mangsar, Gurgaon PAN: AADCA4115C (Appellant) (Respondent) Assessee by : Mr. Kanchan Kaushal, Ms. Shruti Khimta, AR Revenue by: Mr. Sunil Sharma, CIT DR Date of Hearing 05/07/2016 Date of pronouncement 29/09/2016 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by assessee against the order of the ld Assessing Officer (in short „AO‟) dated…

ACIT, New Delhi vs. M/S Vardan Fashion, New Delhi

In the result ground No. 3 of the appeal of the assessee is dismissed

ITA 950/DEL/2013[2007-08]Status: DisposedITAT Delhi08 Jul 2016AY 2007-08

Bench: I.C.Sudhir & Shri Prashant Maharishivardan Fashions, Jcit, E-1/7, 2Nd Floor, East Patel Range-33, Vs. Nagar, New Delhi New Delhi Pan:Aacfv0423H (Appellant) (Respondent) Acit, Vardan Fashions, Circle-33(1) E-1/7, 2Nd Floor, East Patel Vs. New Delhi Nagar, New Delhi Pan:Aacfv0423H (Appellant) (Respondent)

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Sh. Vijay Verma, CIT DR
Section 142Section 40

…1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE I.C.SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Vardan Fashions, JCIT, E-1/7, 2nd Floor, East Patel Range-33, Vs. Nagar, New Delhi New Delhi PAN:AACFV0423H (Appellant) (Respondent) ACIT, Vardan Fashions, Circle-33(1) E-1/7, 2nd Floor, East Patel Vs. New Delhi Nagar, New Delhi PAN:AACFV0423H (Appellant) (Respondent) Assessee by : Sh. Ajay Wadhwa, Adv Revenue by: Sh. Vijay Verma, CIT DR Date of Hearing 11/05/2016 Date of pronouncement 08/07/2016 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This is an appeal filed by the as…

M/S Vardaan Fashion, New Delhi vs. JCIT, New Delhi

In the result ground No. 3 of the appeal of the assessee is dismissed

ITA 1143/DEL/2013[2007-08]Status: DisposedITAT Delhi08 Jul 2016AY 2007-08

Bench: I.C.Sudhir & Shri Prashant Maharishivardan Fashions, Jcit, E-1/7, 2Nd Floor, East Patel Range-33, Vs. Nagar, New Delhi New Delhi Pan:Aacfv0423H (Appellant) (Respondent) Acit, Vardan Fashions, Circle-33(1) E-1/7, 2Nd Floor, East Patel Vs. New Delhi Nagar, New Delhi Pan:Aacfv0423H (Appellant) (Respondent)

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Sh. Vijay Verma, CIT DR
Section 142Section 40

…1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE I.C.SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Vardan Fashions, JCIT, E-1/7, 2nd Floor, East Patel Range-33, Vs. Nagar, New Delhi New Delhi PAN:AACFV0423H (Appellant) (Respondent) ACIT, Vardan Fashions, Circle-33(1) E-1/7, 2nd Floor, East Patel Vs. New Delhi Nagar, New Delhi PAN:AACFV0423H (Appellant) (Respondent) Assessee by : Sh. Ajay Wadhwa, Adv Revenue by: Sh. Vijay Verma, CIT DR Date of Hearing 11/05/2016 Date of pronouncement 08/07/2016 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This is an appeal filed by the as…

Commissioner of Income Tax-VI vs. M/S. T.S.Kishan & Co. Ltd

The appeal is disposed of

ITA/1270/2011HC Delhi16 Sept 2014
Section 143(1)Section 143(2)Section 260ASection 68

…ears apart from stating that necessary evidence was furnished before the AO by way of Affidavit and Bank Statements. 9.3 The AO has not disputed the repayment of loans in subsequent assessment year/s. in the case of ITO vs. Shyam Sunder Jajodia (2008) 26 SOT 541 (Delhi), the Hon’ble Tribunal has held that repayment of loan confirms the earlier acceptance of loan. 9.4 After careful consideration of the facts brought on record, the identity, creditworthiness 86 genuineness of the transactions as envisaged u/s 68 are adequately proved. In the light of the above discussion, the action of the AO is…