CIT v. Empire Builtech (P.) Ltd.

366 ITR 110High Court2014#974 most cited

What is CIT v. Empire Builtech (P.) Ltd. authority for?

For additions under Section 68 related to share capital and premium, the assessee must prove the genuineness of the transaction and the creditworthiness of the investors, beyond merely disclosing their identities. Additions are permissible for amounts attributable to investors whose particulars remain unverified or who fail to respond to inquiries.

110

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Empire Builtech · 366 ITR 110 · Section 68 · share capital · share premium · share application money · creditworthiness of investors · genuineness of transaction · identity of investors · burden of proof · paper company · unverified investors · unexplained cash credit

Sections most often in play

Section 1961Section 147Section 68Section 148Section 151Section 153ASection 153CSection 101
Read the full judgment

Issues it is cited on

paper companysection 31share capital and share premiumsection 251(2)source of sourcecreditworthiness of the creditorsection 251(1)(a)live linkadmission of additional evidenceshare application moneyentry operatoraddition u/s 68

Judgments citing CIT v. Empire Builtech (P.) Ltd.

ACIT, New Delhi vs. M/S. Star Light Consumer Electronics Pvt. Ltd., New Delhi

ITA 6070/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ACIT, New Delhi vs. M/S. Superstar Agency Pvt. Ltd., New Delhi

ITA 5832/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ACIT, New Delhi vs. M/S. Sur Buildcon Pvt. Ltd., New Delhi

ITA 5831/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

ITA 5744/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S. Sukhna Real Estate Pvt. Ltd., Ghaziabad

ITA 5742/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S. Sukhna Steel Pvt. Ltd., New Delhi

ITA 5741/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S. Sunlight Tour and Travels Pvt. Ltd., Sahibabad

ITA 5740/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S. Sintex Consumers Electronics Pvt. Ltd., Delhi

ITA 5736/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S. Supreme Placement Services Pvt. Ltd., New Delhi

ITA 5650/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

ITO, New Delhi vs. M/S Angel Cement Pvt. Ltd., Ghaziabad

ITA 4691/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…opportunities(Para 4.6.4 Sub-Point (4) Page 6/7 – • Tarika Investment AO’s order). Properties Pvt Ltd [221  The case of the assessee for taxmann 0014 (Del)] the AY 2012-13 is also pending disposal in which • Empire Buildtech Pvt Ltd addition on same ground [366 ITR 110 (Delhi)] was made and the assessee has failed to discharge its • Kundan Investment Ltd onus because merely filing (263 ITR 626 (Cal)) some papers in support of transaction cannot be • Nova Promoters termed as genuine &Finlease (P) Ltd (342 ITR transaction.(Para 4.7.8 Page 169 (Del)) 11 – AO’s order) • Ultra Modern Exports Pvt Case laws relied upo…

DCIT, New Delhi vs. M/S. Technico Industries Pvt. Ltd., New Delhi

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

ITA 5204/DEL/2015[2011-12]Status: DisposedITAT Delhi09 Mar 2021AY 2011-12

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2011-12 Dcit, Vs Technico Industries Pvt. Ltd., Circle-25(1), 103, Pratap Bhawan, Cr Building, Ip Estate, Bahadur Shah Zafar Marg, New Delhi. Near Indian Express Building, New Delhi. Pan: Aaact4445P (Appellant) (Respondent) Assessee By : Shri Aditya Kumar, Ca & Shri Ashwani Kumar, Ca Revenue By : Mrs Aashna Paul, Cit-Dr Date Of Hearing : 17.12.2020 Date Of Pronouncement : 09.03.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against Order Dated 31St March, 2015 Of The Cit(A)-9, New Delhi Relating To Assessment Year 2011-12. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Manufacturing Of Sheet Metal Components & Tools & Dies. It Filed Its Return Of Income On 29Th September, 2011 Declaring ‘Nil’ Income. The Said Return Was Revised On 14Th September, 2012 Declaring A Loss Of Rs.3,61,68,075/-. During The Course Of Assessment Proceedings, The Ao, On Perusal Of The Balance Sheet Filed By The Assessee, Noted That The Assessee Company Has Issued 14,72,000 Equity Shares At A Premium Of Rs.115. From The Various Details Furnished By The Assessee, The Ao Noted That The Assessee Has Issued Shares To The Following Persons/Parties:-

For Appellant: Shri Aditya Kumar, CA &For Respondent: Mrs Aashna Paul, CIT-DR
Section 133(6)

…mann.com 458, 220 Taxman 165) 14. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221) 15. CIT Vs N R Portfolio Pvt Ltd [2014] 42 taxmann.com 339 (Delhi)/[2014] 222 Taxman 157 (Delhi)(MAG)/[2014] 264 CTR 258 (Delhi) 16 CIT Vs Empire Builtech (P.) Ltd (366 ITR 110) 17. CIT Vs Focus Exports (P.) Ltd (51 taxmann.com 46 (Delhi)/[2015] 228 Taxman 88) 18 PCIT Vs Bikram Singh [2017] 85 taxmann.com 104 (Delhi)/[2017] 250 Taxman 273 (Delhi)/[2017] 399 ITR 407 (Delhi) 19 Rick Lunsford Trade & Investment Ltd Vs CIT [2016] 385 ITR 399 (Cal) 20 Rick Lunsford Trade & Investment Ltd Vs CIT [2016-TIOL-207-SC-IT] (Supreme…

ACIT, Central Circle-15, New Delhi vs. Sunstar Infra Developers Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 816/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Nov 2020AY 2012-13

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Competent Infoways Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 128/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 124/DEL/2018[2010-11]Status: DisposedITAT Delhi27 Nov 2020AY 2010-11

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Hindustan Aqua Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 122/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Fortune Industrial Resources Ltd., Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 119/DEL/2018[2011-12]Status: DisposedITAT Delhi27 Nov 2020AY 2011-12

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Moon Beverages Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 115/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 111/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…italities (P) Ltd. xvi) 354 ITR 282 (Del) MOD Creations (P) Ltd. vs. ITO xvii) 3 61 ITR 147 (Del) CIT v. Expo Global India Ltd. xviii) 361 ITR 220 (Del) CIT v. Kamdhenu Steel and Alloys Ltd affirmed by Apex Court in SLP No. 15640 of 2012 dated 23.12.2011 xix) 366 ITR 110 (Del) CIT vs. Empire Buildtech (P) Ltd. xx) 380 ITR 289 (Del) CIT v. Five Vision Promoters (P.) Ltd. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 xxi) ITA No. 71/2019 (Del) Pr. CIT vs. Priyatam Plaschem Pvt. Ltd affirming the decision of Delhi Tribunal in the case of M/s Priyatam Plaschem (P) Ltd. v. ITO reported in 53…

M/S. Gayatri Seva Sansthan, Ghaziabad vs. Addl. CIT, Ghaziabad

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

ITA 4332/DEL/2015[2010-11]Status: DisposedITAT Delhi18 Aug 2020AY 2010-11

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaassessment Year: 2010-11 Gayatri Seva Sansthan, Vs Addl. Cit, 155, G.T. Road, Range-1, Panchwati, Ghaziabad. Ghaziabad. Pan: Aaatg1960H (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advocate, Shri Rohit Jain, Advocate & Ms Deepashree Rao, Ca Revenue By : Ms Rakhi Vimal, Sr. Dr Date Of Hearing : 30.07.2020 Date Of Pronouncement : 18.08.2020 Order Per R.K. Panda, Am:

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Ms Rakhi Vimal, Sr. DR
Section 131(1)

…us documents filed before him proceeded to confirm the addition made by the AO by incorrectly relying on the decision of the Hon’ble Delhi High Court in the case of CIT vs. Nova Promoters & Finlease (P) Ltd., 342 ITR 169 and CIT vs. Empire Builtech Pvt. Ltd., 366 ITR 110 although the facts of those cases were completely distinguishable and different from the facts of the instant case. He accordingly submitted that since the assessee has discharged the initial onus cast on it by proving the identity and credit worthiness of M/s Baldev Promoters Pvt. Ltd. and the genuineness of the transaction, the 10 addition of R…

Nimbus (India) Ltd., New Delhi vs. DCIT, Central Circle, Noida

In the result, both the appeals filed by the assessee are partly allowed

ITA 930/DEL/2019[2014-15]Status: DisposedITAT Delhi10 Feb 2020AY 2014-15

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Smt. Parmita M. Biswas, CIT, DR
Section 132Section 153A

….com 458, 220 Taxman 165); 14. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221); 15. CIT Vs N R Portfolio Pvt Ltd [2014] 42 taxmann.com 339 (Delhi)/[2014] 222 Taxman 157 (Delhi)(MAG)/[2014] 264 CTR 258 (Delhi); 16. CIT Vs Empire Builtech (P.) Ltd (366 ITR 110); 17. CIT Vs Focus Exports (P.) Ltd (51 taxmann.com 46 (Delhi)/[2015] 228 Taxman 88); 18. PCIT Vs Bikram Singh [2017] 85 taxmann.com 104 (Delhi)/[2017] 250 Taxman 273 (Delhi)/[2017] 399 ITR 407 (Delhi); 19. Rick Lunsford Trade & Investment Ltd Vs CIT [2016] 385 ITR 399 (Cal); 20. Rick Lunsford Trade & Investment Ltd Vs CIT [2016-TIOL-207-SC-IT] (…