CIT v. Divine Leasing & Finance Ltd.

299 ITR 268High Court2008#169 most cited

What is CIT v. Divine Leasing & Finance Ltd. authority for?

The Assessing Officer cannot add share capital or share premium amounts if the assessee provides the identity and creditworthiness of the subscriber and establishes the genuineness of the transaction. The court may admit additional evidence under Rule 46A, such as the PAN identity of the creditor.

426

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Divine Leasing & Finance Ltd. · section 68 · share capital · share premium · creditworthiness of creditor · source of source · genuineness of transaction · addition u/s 68 · PAN identity · Rule 46A

Also reported as

158 Taxmann 440207 CTR 38

Sections most often in play

Section 143(3)Section 68Section 133(6)Section 147Section 69ASection 1961Section 131Section 132(4)

Issues it is cited on

creditworthiness of the creditorsource of sourceshare capital and share premiumpaper companyshare application moneyaddition u/s 68live linkadmission of additional evidenceentry operatorgenuineness of the transactionaddition under section 68rule 46a

Judgments citing CIT v. Divine Leasing & Finance Ltd.

DCIT Cen Cir 40, Mumbai vs. Gibs Computers Ltd, Mumbai

ITA 2066/MUM/2013[2007-08]Status: DisposedITAT Mumbai04 Mar 2016AY 2007-08

Bench: S/Sh. B.R. Baskaran & Sandeep Gosainआयकर अपी अपील संसंसंसं/.Ita No.2066/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year-2007-08 आयकर आयकर आयकर अपी अपी िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं/.Ita No. 2071/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year- 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-Central Circle-40 M/S.Gibs Computers Ltd. 6Th Room No.653, Floor, Radha Bhavan, 121 Nagindas Aayakar Bhavan, M.K. Road Vs Master Road Mumbai-20. Mumbai-400 023. Pan: Aabcg 0096 L (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती िनधा"रती ओर ओर सेसेसेसे/Assessee By : S/Shri Rajiv Khandelwal & Neelkanth Khandelwal राज"व क" ओर से/ Revenue By : Ms. Sasmita Misra--Cit-Dr, िनधा"रती िनधा"रती ओर ओर सुनवाई सुनवाई क" क" तारीख तारीख सुनवाई सुनवाई क" क" तारीख तारीख / Date Of Hearing : 10.02.2016 घोषणा क" तारीख / Date Of Pronouncement : 04.03.2016 Order लेखा सद"य लेखा सद"य बी बी.आर आर. बा बा"करन "करन केकेकेके अनुसार अनुसार/ Per B.R. Baskaran, Am- लेखा लेखा सद"य सद"य बी बी आर आर बा बा "करन "करन अनुसार अनुसार The Revenue Has Filed These Two Appeals Challenging The Orders Passed By Ld Cit(A)-36, Mumbai For Assessment Years 2007-08 & 2008-09. Since Issue Urged In Both The Appeals Is Identical In Nature, These Appeals Were Heard Together & Are Being Disposed Of By This Common Order, For The Sake Of Convenience. 2. The Revenue Is Aggrieved By The Decision Of Ld Cit(A) In Deleting The Additions Made By The Ao U/S 68 Of The Act.

For Appellant: S/Shri Rajiv Khandelwal and Neelkanth KhandelwalFor Respondent: Ms. Sasmita Misra--CIT-DR
Section 68

…16. In the case of Lovely Exports (Supra), the Hon'ble Supreme Court dismissed SLP against the decision of the Hon'ble Delhi High court by the Revenue against the judgment of the Hon 'ble Delhi High Court in the case of CIT Vs. Divine Leasing & Finance Ltd. 299 ITR 268(Del) by observing as follows: "Can the amount of share money be regarded as undisclosed income under S. 68 of IT Act, 19611 We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the Assessee company from alleged bogus shareholders, whose names are given to the AO, then the Departm…

ACIT, New Delhi vs. M/S. Vip Growth Fund Pvt. Ltd., New Delhi

In the result, the Revenue’s Appeal stands dismissed

ITA 5153/DEL/2011[2003-04]Status: DisposedITAT Delhi04 Mar 2016AY 2003-04

Bench: Shri H.S. Sidhu & Shri L.P. Sahuassessment Year: 2003-04 Assistant Commissioner Of Income Tax Vs. M/S Vip Gorwth Fund Pvt. Ltd. Circle 17(1), New Delhi 208, 4855/24, Ansar Road, Daryaganj, New Delhi – 110 002 (Pan:Aaacv2851M) (Appellant) (Respondent)

For Appellant: Sh. R.C. Roy, AdvocateFor Respondent: Sh. V.R. Sonbhadra, Sr. DR
Section 143(3)Section 148Section 68

…tion to fulfill the conditions viz. identity of the creditor, credit worthiness of the creditor and genuineness of transaction as laid down by higher judicial authorities for examining the issue is u/s. 68. In the case of CIT vs. Divine Leasing & Finance Ltd. 207 CTR 38, the Hon'ble Jurisdictional High Court observed as under:- "On appeal this Court held that: 'There cannot be two opinions on the aspect that the pernicious practice of conversion of unaccounted money through the masquerade or channel of investment in the share capital of a company must be firmly excoriated by the Revenue. Equally, where the…

M/S. M.G. Portfolio Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed on legal grounds in the manner as indicated above

ITA 5510/DEL/2012[2003-04]Status: DisposedITAT Delhi19 Feb 2016AY 2003-04

Bench: Shri Chandra Mohan Garg & Shri Prashant Maharishi

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Shri P. DAM Kanunjna, Sr. DR
Section 143(1)Section 147Section 148

…e above contentions of the ld. DR, the ld. AR submitted that the Hon'ble Jurisdictional High Court in its recent judgement in the case of Jetlite India Vs. CIT reported in 379 ITR 185 by referring to the judgment of CIT Vs. Lovely Exports Pvt. Ltd reported in 299 ITR 268 and thereafter CIT Vs. Nova Promoters [supra] contended that the AO without conducting any enquiry proceeded to initiate reassessment proceedings and making addition in the hands of the assessee cannot be held as correct and justified in invoking the said provisions and in the present case, the AO has not conducted any enquiry regarding material…

Sanraj Engineering Pvt. Ltd vs. Commissioner of Income Tax, Delhi-III

The appeal is dismissed

ITA/79/2016HC Delhi17 Feb 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 143(3)Section 260ASection 68

…ITA No.79/2016 Page 1 of 6 $~1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 79/2016 SANRAJ ENGINEERING PVT. LTD. ..... Appellant Through: Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advocates. versus COMMISSIONER OF INCOME TAX, DELHI-III ..... Respondent Through: Mr. Ashok K. Manchanda, Senior Standing Counsel with Mr. Vibhooti Malhotra, Junior Standing Counsel and Mr. Aamir Aziz, Advocate. CORAM: JUSTICE S.MURALIDHAR JUSTICE VIBHU BAKHRU O R D E R % 17.02.2016 1. This appeal under Se…

ITO, Ward - 12(3), Kolkata vs. M/S. Harshwardhan Gems P. Ltd., Kolkata

In the result, both the appeals of revenue and that of assessee are dismissed

ITA 1337/KOL/2010[2005-06]Status: DisposedITAT Kolkata03 Feb 2016AY 2005-06

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri S. M. Surana, AdvocateFor Respondent: Shri P. B. Pramanik, JCIT, Sr. DR
Section 133(6)Section 133ASection 143(3)Section 68

…ing share capital and premium as undisclosed cash credit u/s. 68 of the Act. Aggrieved, assessee preferred appeal before CIT(A) who deleted the addition by following the decision of Hon’ble Delhi High Court in the case of CIT Vs. Divine Leasing & Finance Ltd. 299 ITR 268, the relevant finding of CIT(A) in para 3.7, 3.8, 3.9 and 3.10 reads as under: “3.7 I .have carefully considered the reasoning of the A.O. in making the addition and the submission of the A/R in this regard. From the perusal of the assessment order it is observed that the A.O. was not satisfied about the charging of premium of Rs.100/- per share…

Harshwardhan Gems Pvt. Ltd., Kolkata vs. ITO, Ward - 12(3), Kolkata

In the result, both the appeals of revenue and that of assessee are dismissed

ITA 1070/KOL/2010[2005-06]Status: DisposedITAT Kolkata03 Feb 2016AY 2005-06

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri S. M. Surana, AdvocateFor Respondent: Shri P. B. Pramanik, JCIT, Sr. DR
Section 133(6)Section 133ASection 143(3)Section 68

…ing share capital and premium as undisclosed cash credit u/s. 68 of the Act. Aggrieved, assessee preferred appeal before CIT(A) who deleted the addition by following the decision of Hon’ble Delhi High Court in the case of CIT Vs. Divine Leasing & Finance Ltd. 299 ITR 268, the relevant finding of CIT(A) in para 3.7, 3.8, 3.9 and 3.10 reads as under: “3.7 I .have carefully considered the reasoning of the A.O. in making the addition and the submission of the A/R in this regard. From the perusal of the assessment order it is observed that the A.O. was not satisfied about the charging of premium of Rs.100/- per share…

ITO, New Delhi vs. M/S. Ime International Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Revenue stand dismissed

ITA 1873/DEL/2012[2003-04]Status: DisposedITAT Delhi08 Jan 2016AY 2003-04

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. Kapil Goel, AdvFor Respondent: Sh. T. Vasanthan, Sr. DR
Section 139Section 143(1)Section 143(3)Section 147Section 148Section 68

…Tax Act. The facts of the cases cited by the appellant are identical with that of the instant case. Further, the reliance is also placed on following decisions of Apex Court:- 1 CIT Vs. Orissa Corporation 159 ITR 78 9SC); ` 2 Divine Leasing and Finance Ltd. 299 ITR 268. The appellant in its submission has also relied upon the latest judgment of the Apex Court in the case of CIT Vs. Lovely Export 299 ITR 268 (SC) which has confirmed the order of the Delhi High Court. It has been held by the Hon'ble Court that once the identify of the share holders have been established, even if there is a case of bogus share cap…

Aditya Birla Telcom Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5128/MUM/2013[2009-10]Status: DisposedITAT Mumbai01 Jan 2016AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Pavan Singh, Jm आमकय अऩीर सं./Ita No. 5128/Mum/2013 (निर्धारण वषा / Assessment Year :2009-10) Aditya Birla Telecom Ltd., 5Th Vs. Addl. Commissioner Of Floor, Windsor, Off. Cst Road, Income Tax, Near Vidyanagari, Kalina, Range-10(1), Santacruz (E), Mumbai. Aayakar Bhavan, Church Gate, Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aafca5315A (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri J.D. Mistri & Shri Deepak Jain याजस्व की ओर से /Revenue By Shri Deepkant Prasad,Cit-Dr : सुनवाई की तायीख / Date Of Hearing : 15Th October, 2015 घोषणा की तायीख/Date Of Pronouncement : 01.01.2016 आदेश / O R D E R Per R.C.Sharma (A.M.) : This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Dated 27-06-2013, For The Assessment Year 2009-10, In The Matter Of Order Passed Under Section 143(3) Of The I.T. Act. 2. The Following Grounds Have Been Taken By The Assessee: Ground No. I: Want Of Natural Justice 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(A) Erred In Confirming The Addition Made By The Ao U/S. 68 Despite The Fact That The Remand Report Of The Ao Confirmed That The Appellant Had Satisfied All The Three Tests, Viz: Identity Of P5 Asia Holding Investment (Mauritius) Ltd., (P5 Asia), Financial Capacity Of P5 Asia & Genuineness

For Appellant: Shri J.D. Mistri &
Section 143(3)Section 68

…on as per prescribed Rules. AO has empowered to investigate and verify in view of following cases i.e. CIT vs. Sophia Finance Ltd. (1994) 205 ITR 98 (Delhi), CIT vs. Oasis Hospitalities (P) Ltd (2011) 333 ITR 119 (Delhi), CIT vs. Divine Leasing & Finance Ltd. 299 ITR 268 (Del) (HC) and CIT vs. Stellar Investment Ltd. (2001) 251 ITR 263 (SC). As the documents furnished by appellant are under investigation and verification which was stated in remand report of AO. Under these circumstances, I uphold the order of AO. These grounds of appeal are dismissed”. 8. Against the above order of CIT(A), assessee is in further…

Commissioner of Income Tax Delhi vs. M/S Shiv Dooti Pearls of Inves

ITA/429/2003HC Delhi21 Dec 2015

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 131Section 143Section 260A(1)Section 44ASection 68

…ctors and shareholders or that of the sub-creditors. If it had any doubts with regard to their credit worthiness, the revenue could always bring it to tax in the hands of the creditors and/or sub-creditors. [See CIT v. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 (Delhi) and CIT v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 (SC)]." ITA No. 429/2003 Page 9 of 9 15. In view of the legal position explained in the above decisions, the Court holds that as far as the present case is concerned, the Assessee has indeed discharged its onus of proving the creditworthiness and genuinenes…

DCIT, New Delhi vs. M/S. Hi- Tech Residency Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4707/DEL/2012[2009-10]Status: DisposedITAT Delhi18 Dec 2015AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. C.S. Anand, CAFor Respondent: Sh. T.Vasanthan, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 50C(1)Section 68

…on by the AO are already referred to/discussed in the decisions pronounced subsequently in favor of the appellant Hon'ble Delhi High Court, while deciding the cases of Divine Leasing & Finance Ltd., General Exports & Credits Ltd. and Lovely Exports Pvt. Ltd. (299 ITR 268), had taken care of the 11 earlier decisions in the cases of Stellar Investment Ltd. (251 ITR 263-SC}, Sumati Dayal (214 ITR 801-SC}, Sophia Finance Ltd (205 ITR 98-Del), Korley Trading Co. Ltd. (232 ITR 820-Cal), Shankar Industries (114 ITR 689-Cal), Precision Finance P. Ltd. (208 ITR 465- Cal), United Commercial and Industrial Company Pvt. Ltd.…

Elder It Solutions P.Ltd, Mumbai vs. Pr CIT 4, Mumbai

In the result appeal of the assessee is allowed

ITA 2461/MUM/2015[2010-11]Status: DisposedITAT Mumbai16 Dec 2015AY 2010-11
For Appellant: Shri A.V.SondeFor Respondent: Manjunatha R.Swamy
Section 143(3)Section 263

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘ई’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM आमकय अऩीर सं./ITA No.2461/Mum/2015 (नििाारण वषा / Assessment Year :2010-2011) Elder IT Solutions Pvt. Ltd., 6 Vs. The Principal Ground Floor, Hanumanta Commissioner of Income Apartment, Bamanwada, Nr. Tax-4, Mumbai. Chakala Cigarette Factory, Andheri (East), Mumbai-400099 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AABCE 9586 F (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee by : Shri A.V.Sonde याजस्व की ओर से /Revenue by : Manju…

Commissioner of Income Tax-VIII vs. Svp Builders (India)Ltd

ITA/883/2015HC Delhi15 Dec 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…mber 2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (C/T v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CI V. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders arid Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. ITA N0S.S…

Commissioner of Income Tax-VIII vs. S.V. Liquior India Ltd

ITA/875/2015HC Delhi15 Dec 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…mber 2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (C/T v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CI V. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders arid Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. ITA N0S.S…

Commissioner of Income Tax-VIII vs. Svp Builders (India) Ltd

ITA/872/2015HC Delhi15 Dec 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…mber 2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (C/T v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CI V. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders arid Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. ITA N0S.S…

Commissioner of Income Tax-VIII vs. S.V. Liquor India Ltd

ITA/876/2015HC Delhi15 Dec 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…mber 2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (C/T v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CI V. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders arid Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. ITA N0S.S…

Commissioner of Income Tax-VIII vs. S.V. Liquor India Ltd

ITA/965/2015HC Delhi15 Dec 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…mber 2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (C/T v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CI V. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders arid Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. ITA N0S.S…

Commissioner of Income Tax-VIII vs. Svp Builders (India) Limited

ITA/871/2015HC Delhi15 Dec 2015

…2012 of the Supreme Court in SLP (Civil) CC 15640 of 2012 (CIT v. Kamdhenu Steel & Alloys Limited). In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reference was also made to the decisions of this Court in CIT v. Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del), CIT v. Dolphin Canpack Ltd. 283 ITR 190, CIT v. Kamdhenu Steel & Alloys Ltd. 206 Taxman 254, Sarthak Securities Co. (P) Ltd. v. ITO 329 ITR 110, CIT v. Nipun Builders and Developers (2013) 350 ITR 407 (Del) and CIT v. N.R. This…

Commissioner of Income Tax -3 vs. Five Vision Promoters Pvt.Ltd

The appeals are dismissed but in the circumstances, with no orders as

ITA/235/2015HC Delhi27 Nov 2015
Section 260A

…2012 of the Supreme Court in CIT v. Kamdhenu Steel & Alloys Limited [SLP (Civil) CC 15640 of 2012)]. In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reliance was also placed on the decision of 2015:DHC:9679-DB ITA Nos. 234, 235 & 236/2015 Page 16 of 23 this Court in (1994) CIT v. Sophia Finance Ltd. (1994)205 ITR 98 (FB) (Del). Law concerning Section 68 of the Act 28. Before proceeding to discuss the above submissions, a brief recapitulation of the legal positio…

Commissioner of Income Tax -3 vs. Five Vision Promoters Pvt.Ltd

The appeals are dismissed but in the circumstances, with no orders as

ITA/236/2015HC Delhi27 Nov 2015
Section 260A

…2012 of the Supreme Court in CIT v. Kamdhenu Steel & Alloys Limited [SLP (Civil) CC 15640 of 2012)]. In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reliance was also placed on the decision of 2015:DHC:9679-DB ITA Nos. 234, 235 & 236/2015 Page 16 of 23 this Court in (1994) CIT v. Sophia Finance Ltd. (1994)205 ITR 98 (FB) (Del). Law concerning Section 68 of the Act 28. Before proceeding to discuss the above submissions, a brief recapitulation of the legal positio…

Commissioner of Income Tax -3 vs. Five Vision Promoters Pvt.Ltd

The appeals are dismissed but in the circumstances, with no orders as

ITA/234/2015HC Delhi27 Nov 2015
Section 260A

…2012 of the Supreme Court in CIT v. Kamdhenu Steel & Alloys Limited [SLP (Civil) CC 15640 of 2012)]. In all the above three decisions the Supreme Court had affirmed the corresponding decisions of this Court including CIT v. Divine Leasing and Finance Ltd. 299 ITR 268. Reliance was also placed on the decision of 2015:DHC:9679-DB ITA Nos. 234, 235 & 236/2015 Page 16 of 23 this Court in (1994) CIT v. Sophia Finance Ltd. (1994)205 ITR 98 (FB) (Del). Law concerning Section 68 of the Act 28. Before proceeding to discuss the above submissions, a brief recapitulation of the legal positio…