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.

Forever Flourishing Fin. & Inv. Pvt. Ltd., Mumbai vs. DCIT (CC)-3(4), Mumbai

In the result, appeal for the assessment year 2012

ITA 6120/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 6040 & 6120/MUM/2019 Assessment Years: 2012-13 & 2013-14 Forever Flourishing Fin. & DCIT(CC)-3(4), Inv. Pvt. Ltd., Central Circle-3(4), Room No. Vs. A-401, Pearl Arcade, Off J P 1915, 19th floor, Air India Road, Dawood Baug Lane, Building, Nariman Point, Andheri (W), Mumbai-400021. Mumbai-400058. PAN NO. AAACF 4311 Q Appellant Respondent Assessee by : Mr. Ashok Bansal/Ajay Daga Revenue by : Mr. Ankush Kapoor, CIT-DR : Date of Hearing 13/07/2023 Date o…

Forever Flourishing Fin & Inv. Pvt Ltd, Mumbai vs. DCIT-CC-3(4), Mumbai

In the result, appeal for the assessment year 2012

ITA 6040/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jul 2023AY 2012-13

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 6040 & 6120/MUM/2019 Assessment Years: 2012-13 & 2013-14 Forever Flourishing Fin. & DCIT(CC)-3(4), Inv. Pvt. Ltd., Central Circle-3(4), Room No. Vs. A-401, Pearl Arcade, Off J P 1915, 19th floor, Air India Road, Dawood Baug Lane, Building, Nariman Point, Andheri (W), Mumbai-400021. Mumbai-400058. PAN NO. AAACF 4311 Q Appellant Respondent Assessee by : Mr. Ashok Bansal/Ajay Daga Revenue by : Mr. Ankush Kapoor, CIT-DR : Date of Hearing 13/07/2023 Date o…

Assistant Commissioner of Income Tax, Circle 1(1), Raipur vs. M/S R.R. Industrial Corporation (India) Private Limited, Raipur

ITA 144/RPR/2018[2013-14]Status: DisposedITAT Raipur11 Jul 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 144/Rpr/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. R.R. Industrial Corporation (India) Pvt. Ltd., Station Road, Telghani Naka, Raipur (C.G.) Pan : Aaecr4291B ……""यथ" / Respondent

For Appellant: Shri Amit M. Jain, AdvocateFor Respondent: Smt. Ila M. Parmar, CIT-DR
Section 143(2)Section 143(3)Section 250(4)Section 68

…estigation wing of the Income Tax Department to show that the monies represented the appellant's undisclosed income. 18. The Hon'ble Supreme Court in CIT vs. Lovely Export, 216 ITR 198 SC find the Delhi High Court in Divine Leasing and Finance Limited, (2008) 299 ITR 268 have held that in the case of money received towards share capital only the identity of the share holders needs to be proved and once that is established and it is also shown that the money did in fact come from them, it is not for the assessee to prove as to how the share applicants came to be in possession of the money. In the light of the abov…

Pingash Home Appliances Private Limited, Faridabad vs. ITO Ward-2(1), Faridabad

In the result, appeal of the assessee is allowed

ITA 106/DEL/2021[2016-17]Status: DisposedITAT Delhi07 Jul 2023AY 2016-17

Bench: Shri Saktijit Dey, Vice- & Shri Girish Agrawal

For Appellant: Shri Rajiv Saxena and Shyam Sunder, AdvsFor Respondent: Shri Ram Dhan Meena, Sr. DR
Section 143(2)Section 143(3)Section 250(2)Section 251(1)Section 271Section 56Section 56(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘H’ NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE-PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.l06/Del/2021 Assessment Year: 2016-17 Pingash Home Appliances ACIT, Circle 4(1), Pvt. Ltd. Gurgaon Plot No. 1043, near Pier Vs. Baba, Baba Nagar, Old (Haiyana). Faridabad. (PAN: AAHPC6538Q) (Appellant) (Respondent) Present for: Appellant by : Shri Rajiv Saxena and Shyam Sunder, Advs. Respondent by : Shri Ram Dhan Meena, Sr. DR Date of Hearing : 03.07.2023 Date of Pronouncement : O'J.07.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal fi…

ITO, Ncw - 3 (4), Chennai vs. Ms. Kavitha Siddareddy, Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 160/CHNY/2020[2013-14]Status: DisposedITAT Chennai14 Jun 2023AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.160/Chny/2020 िनधा"रणवष"/Assessment Year: 2013-14 V. The Income Tax Officer, Ms.Kavithasiddareddy, Non-Corporate Ward-3(4), No.7/1, Surabhi, Chennai. Sriram Nagar, North Street, Opp. To Frontline Eye Hospital, Alwarpet, Chennai-600 018. [Pan:Aeppk 0880 D] (अपीलाथ"/Appellant) (""यथ"/Respondent) Department By : Mr.Ar.V.Sreenivasan, Addl.Cit. : Assessee By Mr.D.Anand, Adv : सुनवाईक"तारीख/Date Of Hearing 11.05.2023 : घोषणाक"तारीख /Date Of Pronouncement 14.06.2023 आदेश / O R D E R Per Manjunatha.G:

For Respondent: Mr.AR.V.Sreenivasan
Section 147Section 148Section 69

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी मंजूनाथा. जी, माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRIMANJUNATHA.G, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA No.160/Chny/2020 िनधा"रणवष"/Assessment Year: 2013-14 v. The Income Tax Officer, Ms.KavithaSiddareddy, Non-Corporate Ward-3(4), No.7/1, Surabhi, Chennai. Sriram Nagar, North Street, Opp. to Frontline Eye Hospital, Alwarpet, Chennai-600 018. [PAN:AEPPK 0880 D] (अपीलाथ"/Appellant) (""यथ"/Respondent) Department by : Mr.AR.V.Sreenivasan, A…

DCIT, Central Circle- 15, New Delhi vs. Brahamputra Infrastructure Ltd., New Delhi

In the result, appeal of the assessee in ITA

ITA 5123/DEL/2018[2010-11]Status: DisposedITAT Delhi31 May 2023AY 2010-11

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahmaputra Infraprojects Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4123/DEL/2018[2011-12]Status: DisposedITAT Delhi31 May 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahamputra Infrastructure Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4122/DEL/2018[2011-12]Status: DisposedITAT Delhi31 May 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahmaputra Infrastructure Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4121/DEL/2018[2010-11]Status: DisposedITAT Delhi31 May 2023AY 2010-11

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahamputra Infrastructure Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4120/DEL/2018[2010-11]Status: DisposedITAT Delhi31 May 2023AY 2010-11

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahmaputra Infraprojects Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4119/DEL/2018[2009-10]Status: DisposedITAT Delhi31 May 2023AY 2009-10

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahamputra Infrastructure Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4118/DEL/2018[2009-10]Status: DisposedITAT Delhi31 May 2023AY 2009-10

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

Brahamputra Infrastructure Ltd., New Delhi vs. DCIT, Central Circle- 15, New Delhi

In the result, appeal of the assessee in ITA

ITA 4117/DEL/2018[2008-09]Status: DisposedITAT Delhi31 May 2023AY 2008-09

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Ms. Monika Agarwal, Adv
Section 133(6)Section 143(3)Section 153ASection 153D

…3 Taxman 482 (Del) (b) CIT Vs. V. B. Aggarwal 296 ITR 750 (Del) (c) EMC Works (P) Ltd Vs. ITO 49 ITR 650 (All) (d) Nathu Ram Premchand Vs. CIT 49 ITR 561 (All) (e) CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78 (SC) (f) CIT Vs. Divine Leasing and Finance Ltd. 299 ITR 268 (Del). 13. On the other hand, the ld. DR submits that in the loose papers and the diary seized the names are mentioned, dates are mentioned, amounts are mentioned and, therefore, it is not a dumb document. The ld. DR submits that the addition was rightly made by the Assessing Officer based on the seized materials. 14. Heard rival submissions pe…

ITO, New Delhi vs. M/S. Central Plastics Pvt. Ltd., Delhi

In the result, the appeal of the Revenue in ITA No

ITA 65/DEL/2017[2012-13]Status: DisposedITAT Delhi31 May 2023AY 2012-13

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

For Appellant: Shri Gaurav Kabra, CAFor Respondent: Shri Shankar Lal Verma, Sr. DR
Section 133(6)Section 68

…stion. It has come up for discussion in various judgments rendered by this Court, other Courts as well as the Supreme Court. The law was discussed by a Division Bench of this Court in the case of Commissioner of Income Tax Vs. Divine Leasing and Finance Ltd. [299 ITR 268]. Since the entire gamut of case law as on that date was visited in the said judgment, we may initiate our discussion by taking note of this case. In this case, the Court highlighted the menace of conversion of unaccounted money through the masquerade or such channels of investment in the share capital of a company and thus stressed upon the duty…

ACIT(Central)-2, Indore vs. Shri Aakash Shukla, Indore

In the result, appeal of revenue is dismissed

ITA 43/IND/2022[2013-14]Status: DisposedITAT Indore31 May 2023AY 2013-14

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit(Central)-1 Shri Aakash Shukla Indore 94, Banganga Main Road Vs. Indore

Section 131Section 132(1)Section 148Section 68

…cision, the appellant had discharged its onus by producing ample evidences. Without any investigation and cogent material, Id. AO treated the same as unexplained which is not sustainable in view of following judgments: (i). Divine Leasing & Finane Ltd. (2008) 299 ITR 268(Delhi). wherein it was held that: "16. In this analysis, a distillation of the precedents yields the following propositions of law in the context of s. 68 of the IT Act. The assessee has to prima facie prove (1) the identity of the creditor/subscriber: 2) the genuineness of the transaction, namely, whether it has been transmitted through banking…

DCIT, Circle- 25(1), New Delhi vs. Tepe Consultants Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4595/DEL/2018[2010-11]Status: DisposedITAT Delhi17 May 2023AY 2010-11

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: Sh. Shailesh Gupta, CAFor Respondent: Sh. Rajesh K. Dhanesta, Sr. DR
Section 131Section 68

…It has come up for discussion in various judgments rendered by this Court, other Courts as well as the Supreme Court. The law was discussed by a Division Bench of this Court in the case of CIT vs. Divine Leasing & Finance Ltd. (2007) 207 CTR (Del) 38 : (2008) 299 ITR 268 (Del). Since the entire gamut of case law as on that date was visited in the said judgment, we may initiate our discussion by taking note of this case. In this case, the Court highlighted the menace of conversion of unaccounted money through the masquerade or such channels of investment in the share capital of a company and thus stressed upon the…

Santosh Chopra, Raipur vs. Income Tax Officer, Circle-3(4), Raipur

In the result, the appeal of the assessee is dismissed in terms of my aforesaid observations

ITA 220/RPR/2022[2012-13]Status: DisposedITAT Raipur11 May 2023AY 2012-13

Bench: Shri Ravish Soodआयकर अपील सं./ Ita No. 220/Rpr/2022 "नधा"रण वष" / Assessment Year : 2012-13 Santosh Chopra, D-3, Faristha Complex, G.E Road, Raipur (C.G.)-492 001 Pan : Acipj9443J .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Circle-3(4), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Praveen Jain &For Respondent: Shri Piyush Tripathi, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 145(3)

…e ld. A.R, as under: (i) CIT Vs. Orissa Corporation (1986) 25 Taxman 80F (SC) (ii) CIT Vs. Ranchhod Jivabhai Nakhava (2012) 21 taxmann.com 159 (Guj.) (iii) Nemi Chand Kothari Vs. CIT (2004) 136 Taxman 213 (Gauhati) (iv) CIT Vs. Divine Leasing & Finance Ltd., 299 ITR 268 (Del.) (v) ACIT Vs. Shri Joitkumar B. Jain, ITA No.5638/MUM/2017 (vi) Lanchand Dhariwal Vs. ITO, ITA No.2623/AHD/2016 17 Santosh Chopra Vs. ITO, Circle- 3(4), Raipur , he had tried to impress upon me that now when address, PAN, mobile number of the lenders were available with the A.O, then, he was precluded from drawing any adverse inferences as…

Jugraj Dhanraj Rathod, Mumbai vs. Income Tax Officer -21 (1) (5), Mumbai

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

ITA 103/MUM/2022[2014-15]Status: DisposedITAT Mumbai30 Mar 2023AY 2014-15

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2014-15

For Appellant: Shri Bhavesh Prafulbhai Shah, A.RFor Respondent: Shri Anoop Hiwase, D.R
Section 131Section 133(6)Section 143(2)Section 143(3)Section 68

…taxmann.com 239 (All.), judgment of Hon’ble Delhi High Court in case of Commissioner of Income Tax vs. Nova Promoters & Finlease (P) Ltd. dated 15.02.2012, CIT vs. NR Portfolios Pvt. Ltd. in ITA Nos.134/2012, Lovely Exports 216 CTR 195 (Del) & Divine Leasing 299 ITR 268 (SC), Vaibhav Cotton (P.) Ltd. vs. Income Tax Officer, 4(4), Indore (2012) 26 taxmann.com 352 (Indore), CIT vs. Durga Prasad More (1971) 82 ITR 540, Sumati Dayal vs. CIT (1995) 80 taxman 89/214 ITR 801 (SC), Som Nath Maini vs. CIT (2008) 306 ITR 414 (Punj. & Har.) & ITO Wd 25(1)(5), Mumbai vs. United Metal & Wire Industries dated 01.03.2019 and m…

DCIT Circle-20(1), New Delhi vs. Priytam Plaschem P.Ltd, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 6038/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Mar 2023AY 2015-16

Bench: Sh. C. N. Prasaddr. B. R. R. Kumarita No. 6038/Del/2019 : Asstt. Year : 2015-16 Dcit, Vs M/S Priyatam Plaschem Pvt. Ltd., Circle-20(1), X-53, Okhla Industrial Area, New Delhi-110002 Phase-Ii, New Delhi-110020 (Appellant) (Respondent) Pan No. Aabcp4629G Assessee By : Sh. Gautam Jain, Adv. Revenue By : Ms. Meenakshi Dohore, Addl. Cit Date Of Hearing: 03.01.2023 Date Of Pronouncement: 16.03.2023

For Appellant: Sh. Gautam Jain, AdvFor Respondent: Ms. Meenakshi Dohore, Addl. CIT
Section 131Section 133(6)Section 68Section 69C

…f discharging this is upon the assessee [Commissioner of Income Tax vs. Lovely Exports Pvt. Ltd. [(2008) 216 CTR 195] : (2010) 14 SCC 761, by which the Division Bench judgment of this Court in Commissioner of Income Tax v. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 was affirmed. 4. In this case, the assessee had provided the details of the investor; a survey enquiry pursuant to Section 133(6) was carried out. That the investor M/s Mekastar Finlease Pvt. Ltd. was genuine stood established; it had resources to the tune of ₹300 crores. The only ground on which the genuineness of the transactions was doubted w…

DCIT Cir 1(4), Mumbai vs. Anandilal & Ganesh Podar Society, Mumbai

In the result, all the appeals of the revenue are dismissed

ITA 1792/MUM/2021[2016-17]Status: DisposedITAT Mumbai10 Mar 2023AY 2016-17

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 147

…eaning of Sec. 68 of the Act. In support of his aforesaid contention the assessee had relied on the judgments of the Hon’ble Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd. (2008) 216 CTR 195 (SC) and CIT Vs. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 (SC) and that of the Hon’ble High Court of Bombay in the case of CIT Vs. M/s Gagandeep Infrastructure Pvt. Ltd. (2017) 394 ITR 680 (Bom). As regards the statement of Shri Navin Nishar, Chartered accountant that was recorded u/s 131 of the Act on 11.01.2018 in the course of the survey proceeding, wherein he had stated to have arranged four compani…