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

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

ITA 1791/MUM/2021[2014-15]Status: DisposedITAT Mumbai10 Mar 2023AY 2014-15

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…

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

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

ITA 1790/MUM/2021[2015-16]Status: DisposedITAT Mumbai10 Mar 2023AY 2015-16

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…

Deputy Commissioner of Income Tax, Circle- 3, Guwahati vs. M/S. Satyam Ispat (North East) Limited, Banderdewa

In the result, the appeals filed by the Revenue for AY 2011-

ITA 87/GTY/2017[2012-13]Status: DisposedITAT Guwahati03 Mar 2023AY 2012-13

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 132Section 133(6)Section 139Section 143(2)Section 153CSection 250Section 68Section 80I

…20 (iv) C.I.T. vs. Sameer Bio-Tech Pvt. Ltd. 325 ITR 294 (Delhi) (v) C.I.T. vs. Five Vision Promoters Pvt. Ltd. (2016) 380 ITR 289 (Delhi) (vi) C.I.T. vs. Dwarkadhish Investment Pvt. Ltd. 330 R 298 (Delhi) (vii) C.I.T. vs. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 (Delhi) In view of my above discussion, I delete the addition made in respect of share capital and share premium. This ground of appeal is, therefore, allowed. Ground No.6 (a), (b) and (c): These grounds pertain to disallowance of deduction under section 80IC of the Income Tax Act, 1961 on the following subsidies: (i) Transport Subsidy: Rs.7,12,7…

Deputy Commissioner of Income Tax, Circle- 3, Guwahati vs. M/S. Satyam Ispat (North East) Limited, Banderdewa

In the result, the appeals filed by the Revenue for AY 2011-

ITA 86/GTY/2017[2011-12]Status: DisposedITAT Guwahati03 Mar 2023AY 2011-12

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 132Section 133(6)Section 139Section 143(2)Section 153CSection 250Section 68Section 80I

…20 (iv) C.I.T. vs. Sameer Bio-Tech Pvt. Ltd. 325 ITR 294 (Delhi) (v) C.I.T. vs. Five Vision Promoters Pvt. Ltd. (2016) 380 ITR 289 (Delhi) (vi) C.I.T. vs. Dwarkadhish Investment Pvt. Ltd. 330 R 298 (Delhi) (vii) C.I.T. vs. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 (Delhi) In view of my above discussion, I delete the addition made in respect of share capital and share premium. This ground of appeal is, therefore, allowed. Ground No.6 (a), (b) and (c): These grounds pertain to disallowance of deduction under section 80IC of the Income Tax Act, 1961 on the following subsidies: (i) Transport Subsidy: Rs.7,12,7…

DCIT-13(2)(2), Mumbai vs. M/S.Shubham Motiwala & Jewellers Private Limited, Mumbai

ITA 4210/MUM/2018[2014-15]Status: DisposedITAT Mumbai17 Feb 2023AY 2014-15

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 13(2)(2) V. M/S. Shubham Motiwala & Jewellers Pvt. Ltd., Shop No. 5, Unity Heights, Chincholi Jn, 1St Floor, Room No. 146 Aayakar Bhavan, M.K. Road Sv Road, Malad, Mumbai – 400064 Mumbai - 400020 Pan: Aahcs1597A

Section 143(1)Section 143(2)Section 14ASection 68Section 80G

…- Revenue brought said cash credits to income of assessee Whether it was incumbent upon revenue to enquire about genuineness and credit worthiness of creditor and not having done so, impugned addition could not be sustained-Held, yes 6. CIT Vs. Divine Leasing 299 ITR 268 (SC): section 68, read with section 69, of the Income-tax Act, 1961 Cash Credits - Assessment years 1984-85 to 1986-87 Whether if Assessing Officer harbours doubts of legitimacy of any subscription he is empowered, nay duty- bound, to carry out thorough investigations, but if Assessing Officer fails to unearth any wrong or illegal dealings, he ca…

ITO Ward 31(4), New Delhi vs. Damini Wadhwa, New Delhi

In the result, this appeal filed by the Revenue stands allowed for

ITA 3146/DEL/2019[2006-07]Status: DisposedITAT Delhi02 Feb 2023AY 2006-07

Bench: Shri Shamim Yahya & Ms. Astha Chandra[Assessment Year: 2006-07]

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘B’: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND Ms. ASTHA CHANDRA, JUDICIAL MEMBER [Assessment Year: 2006-07] Income Tax Officer, Smt. Damini Wadhwa, Ward-31(4), 27, Western Avenue, Room No.1209, 12th Floor, Vs Lance W-22, Civic Centre, Minto Road, Sainik Farms, New Delhi-110002 New Delhi-110062 PAN-AABPW1928N Revenue Assessee Revenue by Sh. Vipul Kashyap, Sr. DR Assessee by Sh. Y.K. Kapoor, Adv. Date of Hearing 17.01.2023 Date of Pronouncement 02.02.2023 ORDER PER SHAMIM YAHYA, AM, This appeal by the Revenue is directed against the order of l…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 463/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…arkadhish Investment Pvt Ltd 330 ITR 298 Delhi HC (2011) CIT Vs Oasis Hospitalitites P LTd 333 ITR 119 Delhi HC 35 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises CIT vs Kamdhenu Steel & Alloys Ltd 361 ITR 220 Delhi HC CIT Vs Lovely Exports Pvt Ltd 299 ITR 268 Supreme Court PCIT Vs Veedhata Tower P Ltd 403 ITR 415 Bombay HC Gaurav Triyugi Singh vs ITO 423 ITR 531 Bombay HC Orient Trading Co Ltd Vs CIT 49 ITR 723 Bombay HC CIT Vs Creative World Telefilms Ltd 333 ITR 100 Bombay HC 21. The Ld. AR submits that the following principles emerge from the various decisions referred above i. The identity of the…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 462/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…arkadhish Investment Pvt Ltd 330 ITR 298 Delhi HC (2011) CIT Vs Oasis Hospitalitites P LTd 333 ITR 119 Delhi HC 35 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises CIT vs Kamdhenu Steel & Alloys Ltd 361 ITR 220 Delhi HC CIT Vs Lovely Exports Pvt Ltd 299 ITR 268 Supreme Court PCIT Vs Veedhata Tower P Ltd 403 ITR 415 Bombay HC Gaurav Triyugi Singh vs ITO 423 ITR 531 Bombay HC Orient Trading Co Ltd Vs CIT 49 ITR 723 Bombay HC CIT Vs Creative World Telefilms Ltd 333 ITR 100 Bombay HC 21. The Ld. AR submits that the following principles emerge from the various decisions referred above i. The identity of the…

Pine Tree Consultants P.Ltd., Mumbai vs. Dy CIT Circle - 3(2)(2), Mumbai

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

ITA 1695/MUM/2020[2014-15]Status: DisposedITAT Mumbai21 Dec 2022AY 2014-15

Bench: Shri Baskaran Br & Shri Pavan Kumar Gadaleita No.1696/Mum/2020 (A.Y: 2013-14) Pine Tree Consultants Vs. Dcit, Circle – 3(2)(2) Pvt Ltd, No.104, Raheja Aayakar Bhavan, Centre, 1St Floor, Mk Road, Free Press Journal Mumbai -400020. Marg, Nariman Point, Mumbai -400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcp8816F Appellant .. Respondent Appellant By : Mr.Neelkanth Khandelwal.Ar Respondent By : Ms.Deepika Arora.Dr Date Of Hearing 23.11.2022 Date Of Pronouncement 22.12.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Are The Three Appeals Filed By The Assessee Against The Separate Orders Of The Commissioner Of Income Tax(Cit(A))-8 Mumbai Passed Under Sec250 Of The Act

For Appellant: Mr.Neelkanth Khandelwal.ARFor Respondent: Ms.Deepika Arora.DR
Section 133(6)Section 143(2)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI BASKARAN BR, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA No.1696/Mum/2020 (A.Y: 2013-14) Pine Tree Consultants Vs. DCIT, Circle – 3(2)(2) Pvt Ltd, No.104, Raheja Aayakar Bhavan, Centre, 1st Floor, MK Road, Free Press Journal Mumbai -400020. Marg, Nariman Point, Mumbai -400 021 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AADCP8816F Appellant .. Respondent Appellant by : Mr.Neelkanth Khandelwal.AR Respondent by : Ms.Deepika Arora.DR Date of Hearing 23.11.2022 Date of Pronouncement 22.12.2022 आदेश / O R D E R PER PAVAN KUMAR GADA…

ITO 1(1), Bhopal vs. M/S Amkay Colonisers & Builders P Ltd, Bhopal

In the result, this appeal of revenue is partly allowed

ITA 32/IND/2020[2013-14]Status: DisposedITAT Indore20 Dec 2022AY 2013-14

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2013-14 Ito 1(1) M/S. Amkay Colonisers & Bhopal Builders Pvt. Ltd. बनाम/ 16, Amar Stambh, Z-1, M.P. Nagar Vs. Bhopal (Appellant / Revenue ) (Respondent / Assessee) Pan: Aaeca 6272 F Assessee By None Revenue By Shri P.K. Mishra, Cit- Dr Date Of Hearing 12.12.2022 Date Of Pronouncement 20.12.2022

Section 143(3)Section 14ASection 36(1)(iii)Section 68

…ellant, such as audited financial statements, confirmation received and the fact that the amount was received through the regular banking channels. Reliance is placed on the decision of the Hon'ble Delhi Court in the case of Divine Leasing and Finance ([2009] 299 ITR 268). In the instant case, where there were documentary evidences in the form of bank statements, Permanent Account Number, financial statements showing creditworthiness, the High Court has held that the assessee's case would not be negated merely because creditor / share applicant had not appeared before the Assessing Officer. The relevant extract o…

Aakash Films Pvt. Ltd, Mumbai vs. CIT -50, Mumbai

In the result, Ground No. 2 raised by the assessee is allowed

ITA 1762/MUM/2021[2013-14]Status: DisposedITAT Mumbai22 Nov 2022AY 2013-14

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Aakash Films Private Limited V. Income Tax Officer – 16(1)(1) Room No. 436A, Plot No. A-51, Midc Aayakar Bhavan, M.K. Road Marol Industrial Area Next To Aipma Andheri (E), Mumbai - 400093 Mumbai - 400020 Pan: Aahca5657K (Appellant) (Respondent) M/S. Aakash Ashish Realtors Limited V. Cit – 50, Central Circle – 8(3) Cts No. 766, 534 Mumbai S.V. Road, New Oshiwara Station Jogeshwari (W), Mumbai – 400102 Pan: Aaack7241C (Appellant) (Respondent)

Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 147Section 148

…3] 34 taxmann.com 32 (Gujarat):-Expenditure cannot be disallowed on account of 'bogus purchase' only on basis of assumption and presumption 8. View taken in Modi creation Pvt. Ltd. Is also taken in following decision. i. CIT v/s Divine Leasing 85 Finance Ltd. 158 Taxmann 440 (Delhi) (2007). ii. Nemichand Kothari V/s CIT (136 Taxman 216) (Gau.) (2004). iii. CIT V/s Value Capital Services (P) Ltd. 307 ITR 334 (Delhi)(2008). 18 ITA NO. 1762 & 1763/MUM/2021 (A.Y: 2013-14) M/s. Aakash Films Private Limited & M/s. Aakash Ashish Realtors Limited Your honor can refer the page nos. 1-59 of the Paper Book; the details in…

Growfast Agency Pvt. Ltd., Howrah vs. I.T.O., Ward-6(4), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 352/KOL/2019[2008-09]Status: DisposedITAT Kolkata16 Nov 2022AY 2008-09

Bench: Rajesh Kumar & Sonjoy Sarmaआयकर अपील सं"या: 352 / कोल / 2019 िनधा"रण वष"ः 2008-09

Section 143(1)Section 143(3)Section 147Section 148Section 263Section 68Section 69

…the learned Commissioner of Income Tax (Appeals Kolkata-17, ought to have considered that the addition on account of share investment in the hands of the appellant in the light of the Judgement of the Hon'ble supreme court in the case Lovely Exports Pvt. Ltd. 299 ITR 268 (SC) and other legal precedents in the matter. 3. That the learned Commissioner of Income Tax (Appeals) Kolkata-17 erred in inclusion in the total income of the appellant a sum of Rs.2,73,25,000/- as unexplained investment under section 69 of the Income Tax Act, 1961. 4. That the learned Commissioner of Income Tax (Appeals Kolkata-17, erred in co…

Prakash Chandra Jain, Udaipur vs. ITO, Ward-1(1), Udaipur

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

ITA 115/JODH/2020[2010-11]Status: DisposedITAT Jodhpur04 Nov 2022AY 2010-11

Bench: Shri B. R. Baskaran & Shri Sandeep Gosainsh. Prakash Chandra Jain, Vs Income Tax Officer 67-68, Hiran Magri, Sector Ward 1(1), Udaipur No. 08, Udaipur (Appellant) (Respondent) Pan No. Aavpj 3696 E

Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE SHRI B. R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER Sh. Prakash Chandra Jain, Vs Income Tax Officer 67-68, Hiran Magri, Sector Ward 1(1), Udaipur No. 08, Udaipur (Appellant) (Respondent) PAN NO. AAVPJ 3696 E Assessee By Shri Shyam Bokdia (CA) Revenue By Shri Venkatesh V. SR. DR (JCIT) Date of hearing 31/10/2022 Date of 04/11/2022 Pronouncement O R D E R PER: B.R. BASKARAN, AM The assessee has filed this appeal challenging the order dated 17-06- 2020 passed by Ld CIT(A)-1, Udaipur for assessment year 2010-11. The asses…

Assistant Commissioner of Income Tax, Circle- 1(1), Raipur vs. Mesers Vandana Ispat Limited, Raipur

In the result, the appeal of revenue is dismissed

ITA 183/RPR/2019[2013-14]Status: DisposedITAT Raipur31 Oct 2022AY 2013-14
For Appellant: Shri R.B.Doshi, CAFor Respondent: Shri G.N.Singh, Sr. DR
Section 68

…ellant has relied upon various judicial pronouncements and correlated the facts in those decision with facts in the case of the appellant. The honble* Supreme Court in CIT vs Lovely Export 216 ITR 195 and Delhi High Court in Divine Leasing and Finance Limited 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…

Assistant Commissioner of Income Tax Central Circle - 1(4), Bengaluru vs. M/S Snowshine Realtors Pvt.Ltd., Bengaluru

In the result, the revenue appeals in ITA Nos

ITA 1443/BANG/2018[2008-09]Status: DisposedITAT Bangalore28 Oct 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…3/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Developers India Pvt. Ltd., Bangalore M/s. Snowshine Realtors Pvt. Ltd., Bangalore Page 21 of 49 CIT V. Al Anam Agro Foods (P) Ltd (2013) 38 Taxmann.com 375 (xiii) (All) CIT V. Divine Leasing & Finance Ltd (2008) 299 ITR 268 (Delhi) (xiv) Jaya Securities Ltd V. CIT (2008) 166 Taxman 7 (All) (xv) Cochin State Power & Light Corporation Ltd V. State of Kerala (xvi) (AIR 1965 SC 1688, 1691) Vinod Krishna Kaul V. Union of India (JT 1995 (9) SC 205. 208) (xvii) Attiq-ur-Rehman V. Municipal Corporation of Delhi (JT 1996 (2) (xviii) SC 670. 678) Manohar Joshi V Nitin Bhaurao…

Assistant Commissioner of Income Tax Central Circle - 1(4), Bengaluru vs. M/S Kansur Developers India Pvt. Ltd., Bengaluru

In the result, the revenue appeals in ITA Nos

ITA 1442/BANG/2018[2012-13]Status: DisposedITAT Bangalore28 Oct 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…3/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Developers India Pvt. Ltd., Bangalore M/s. Snowshine Realtors Pvt. Ltd., Bangalore Page 21 of 49 CIT V. Al Anam Agro Foods (P) Ltd (2013) 38 Taxmann.com 375 (xiii) (All) CIT V. Divine Leasing & Finance Ltd (2008) 299 ITR 268 (Delhi) (xiv) Jaya Securities Ltd V. CIT (2008) 166 Taxman 7 (All) (xv) Cochin State Power & Light Corporation Ltd V. State of Kerala (xvi) (AIR 1965 SC 1688, 1691) Vinod Krishna Kaul V. Union of India (JT 1995 (9) SC 205. 208) (xvii) Attiq-ur-Rehman V. Municipal Corporation of Delhi (JT 1996 (2) (xviii) SC 670. 678) Manohar Joshi V Nitin Bhaurao…

Assistant Commissioner of Income Tax Central Circle-1-(4), Bengaluru vs. M/S Kansur Developers India Pvt. Ltd., Bengaluru

In the result, the revenue appeals in ITA Nos

ITA 1441/BANG/2018[2009-10]Status: DisposedITAT Bangalore28 Oct 2022AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…3/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Developers India Pvt. Ltd., Bangalore M/s. Snowshine Realtors Pvt. Ltd., Bangalore Page 21 of 49 CIT V. Al Anam Agro Foods (P) Ltd (2013) 38 Taxmann.com 375 (xiii) (All) CIT V. Divine Leasing & Finance Ltd (2008) 299 ITR 268 (Delhi) (xiv) Jaya Securities Ltd V. CIT (2008) 166 Taxman 7 (All) (xv) Cochin State Power & Light Corporation Ltd V. State of Kerala (xvi) (AIR 1965 SC 1688, 1691) Vinod Krishna Kaul V. Union of India (JT 1995 (9) SC 205. 208) (xvii) Attiq-ur-Rehman V. Municipal Corporation of Delhi (JT 1996 (2) (xviii) SC 670. 678) Manohar Joshi V Nitin Bhaurao…

Joint Commissioner of Income Tax (OSD) Circle-1(1), Bilaspur vs. M/S Omax Minerals Pvt. Ltd. Gadumaria, Raigarh

In the result appeal ITA No

ITA 94/RPR/2018[2014-15]Status: DisposedITAT Raipur17 Oct 2022AY 2014-15
For Appellant: Shri G.S.Agrawal & Shri N.C.Gupta, ARsFor Respondent: Shri Sanjay Kumar, Sr.DR
Section 131(1)Section 68

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA No.94/RPR/2018 (ननधाारण वषा / Assessment Year :2014-2015) JCIT(OSD), Circle-1(1), Bilaspur Vs M/s Omax Minerals Pvt. Ltd. Adumaria, Jharsuguda Road, Raipur PAN No. : AABCO 5774 H (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. AND Cross Objection No.09/RPR/2018 (Arising out of ITA No.94/RPR/2018) (ननधाारण वषा / Assessment Year :2014-2015) M/s Omax Minerals Pvt. Ltd. Vs J…

Dwarkadish Spinners Limited, New Delhi vs. DCIT Circle-7(2), New Delhi

In the result, appeal of the assessee is allowed

ITA 7861/DEL/2019[2012-13]Status: DisposedITAT Delhi14 Oct 2022AY 2012-13

Bench: Shri Chandra Mohan Gargassessment Year 2012-13 Dwarkadish Spinners Limited, Dcit, 1, Kouli Majra, Lalru, Vs Circle-7(2), Patiala – 140 501 Punjab.Pan: Aabcd0202D New Delhi. (Appellant) (Respondent)

For Appellant: Shri Ravi Pratap Mall, AdvocateFor Respondent: Shri Anuj Garg, Sr. DR
Section 143(2)Section 143(3)Section 271(1)(c)Section 32Section 68

…not undertake any verification. The CIT(A) deleted the addition by relying upon the decision of the Hon’ble Apex Court in the case of Lovely Exports Pvt.Ltd. (supra) and judgement of Delhi High Court in the case of CIT vs Divine Leasing & Finance Ltd. [2008] 299 ITR 268. The ITAT confirmed the opinion of the Ld.CIT(A). Hon’ble High Court in view of the above findings noted that the assessee had provided several documents that could have showed light into whether truly the transactions were genuine. The assessee provided details of share applicants i.e. copy of the PAN, Assessment particulars, mode of amount inve…

DCIT 4 (3)(1), Mumbai vs. Shri Mohit Keepak Kamboj, Mumbai

ITA 4285/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Sept 2022AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alcpk2213Q (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Satyaprakash SinghFor Respondent: Shri P. R. Mane
Section 143(2)Section 143(3)Section 2(22)(e)Section 23Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) DCIT-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5th Floor, Kamboj Vs. Aayakar Bhavan…