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. Victory Dwellings Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6228/DEL/2014[2007-08]Status: DisposedITAT Delhi24 Mar 2017AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

Section 68

…Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We have considered the submissions of both the parties and car…

ACIT, New Delhi vs. M/S. Victory Structures Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6225/DEL/2014[2008-09]Status: DisposedITAT Delhi24 Mar 2017AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

Section 68

…Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We have considered the submissions of both the parties and car…

Victory Township Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6215/DEL/2014[2010-11]Status: DisposedITAT Delhi24 Mar 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

Section 68

…Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We have considered the submissions of both the parties and car…

Victory Dwellings Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6208/DEL/2014[2009-10]Status: DisposedITAT Delhi24 Mar 2017AY 2009-10

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

Section 68

…Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We have considered the submissions of both the parties and car…

M/S Goli Finance Ltd., New Delhi vs. DCIT, New Delhi

The appeal is allowed

ITA 3789/DEL/2013[2006-07]Status: DisposedITAT Delhi26 Jul 2016AY 2006-07

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi Assessment Year: 2006-07 M/S. Goli Finance Ltd., Vs. Deputy Cit, Wz-386, Ram Chowk, Company Circle-12(1), Sadh Nagar, Palam Colony, New Delhi. New Delhi-1100 45 (Pan: Aaacg1962A) (Appellant) (Respondent) Assessee By: Shri P.C. Yadav, Adv. Department By: Shri T. Vasanthan, Sr. Dr Date Of Hearing : 05 .05.2016 Date Of Pronouncement: 26 :07.2016 Order Per I.C. Sudhir:The Assessee Has Impugned First Appellate Order On The Following Grounds: 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(Appeals) Has Passed The Order Arbitrarily & Without Least Verification & Appreciating Of Facts. 2. The Appellant Prays That The Addition Of Rs.16,11,500 Made In Respect Of Unexplained Cash Credit Under Sec. 68 Of The Act Be Deleted.

For Appellant: Shri P.C. Yadav, AdvFor Respondent: Shri T. Vasanthan, Sr. DR
Section 68

…before issuance of cheques by them to the assessee. He placed reliance on the following decisions: i) CIT v. P. Mohanakala [2007] - 291 ITR 278 (SC); ii) CIT Vs. Navodaya Castles Pvt. Ltd.; 367 ITR 306- (Del.); & iii) CIT vs. Empire Buildtech P. Ltd. (2014) -366 ITR 110 (Del.). 4.3 He further submitted that the ITAT being a last facts finding authority can always refer the matter to the Assessing Officer to conduct further inquiry if it is so required. 5. Having gone through the orders of the authorities below, material available on record and the decisions relied upon, we are of the view that primary onus alw…

ITO, New Delhi vs. M/S. Gross Holdings Pvt. Ltd., New Delhi

In the result ground No. 2 of the appeal is dismissed

ITA 169/DEL/2013[2005-06]Status: DisposedITAT Delhi01 Jul 2016AY 2005-06

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiito, Gross Holdings Pvt. Ltd., Ward-12(2), Room No.337, 4Th Floor, Vardhman Plaza, Vs. C. R. Building, Corner, New Delhi Inder Enclave, Paschim Vihar, New Delhi Pan:Aaacg0436B (Appellant) (Respondent)

For Appellant: Sh. T. Vasanthan, Sr. DRFor Respondent: Sh. Anil Kr. Gupta, CA
Section 68

…of remand report and copy of CIT(A)’s order. He further reiterated his submission made before ld CIT(A). he further relied on the decision of Hon’ble Delhi High Court in case of Novadaya Castles Ltd.[367 ITR 306] as well as CIT V Empire Buildtech P Limited [ 366 ITR 110]. Regarding admissions of additional evidence he relied on the decision of Hon’ble Delhi High Court in case of CIT Vs. Manish Build Well Pvt. Ltd. 6. The ld AR also submitted a paper book containing 161 pages. The main contention of the ld AR was that admission of additional evidences have been admitted by the ld CIT(A) after careful consideratio…

M/S Vam-Hi-Fashion Garments Pvt. Ltd, New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the Assessee is allowed

ITA 494/DEL/2016[2010-11]Status: DisposedITAT Delhi21 Mar 2016AY 2010-11

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

For Appellant: Sh. R.S. Singhvi, CAFor Respondent: Sh. T. Vasanthan, Sr. DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)

…ITA NO.494/Del/2016 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A. No. 494/DEL/2016 A.Y. : 2010-11 M/S VAM-HI-FASHION GARMENTS ACIT, RANGE-17, NEW DELHI PVT. LTD., VS. E-45/14, OKHLA INDL. AREA, NEW DELHI – 20 (PAN: AACCV0852G) (APPELLANT) (APPELLANT) (APPELLANT) (APPELLANT) (RESPONDENT) (RESPONDENT) (RESPONDENT) (RESPONDENT) Assessee by : Sh. R.S. Singhvi, CA Department by : Sh. T. Vasanthan, Sr. DR Date of Hearing : Date of Hearing : 09 Date of Hearing : Date of Hearing : 09 09-03-201 09 201 2016 20…

Himgiri Enterprises (P) Ltd., Delhi vs. ITO, New Delhi

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

ITA 2477/DEL/2013[2006-07]Status: DisposedITAT Delhi13 Jan 2016AY 2006-07

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

Section 143(1)Section 143(2)Section 68

…sale of shop and not in respect of cash credits, and therefore, not applicable to the case of the assessee. He further relied on the judgment of the Hon’ble Delhi High Court in the case of Commissioner of Income Tax Vs. Empire Buildtech Pvt. Ltd., reported in 366 ITR 110. 5 ITA No. 2477/Del/2013, AY: 2006-07 Himgiri Enterprises (P) Ltd. 3.2 We have heard the rival submissions and perused the material on record. It is undisputed that the assessee failed to furnish the confirmation in respect of share application money of Rs. 17,08,990/- out of the share application of Rs. 41,20,409/- credited during the year, eith…

ITO, New Delhi vs. M/S. Lipi Softech Pvt. Ltd., New Delhi

In the result, revenue’s appeal is allowed for statistical purposes

ITA 4427/DEL/2010[2006-07]Status: DisposedITAT Delhi06 Oct 2015AY 2006-07

Bench: Shri S.V. Mehrotra : & Shri I.C. Sudhir :

For Appellant: Shri Sameer Sharma Sr. DRFor Respondent: Shri Vinod Kumar Bindal CA
Section 133(6)Section 68

…case the AO had made inquiries and when the notice u/s 133(6) was received back, the assessee was required to produce the party but the same was not done. He further referred to the decision of Hon’ble Delhi High Court in the case of Empire Buildtech P. Ltd. 366 ITR 110, wherein it has been held that if a person who is investing the money has meager income then the same is to be adversely viewed. In this regard ld. DR referred to page 5 of PB wherein the acknowledgement in regard to return of income filed by M/s Well Wish Credits Pvt. Ltd. is contained and pointed out that the total income returned by the compan…

DCIT, New Delhi vs. M/S. Green Valley Plywood Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3688/DEL/2013[2004-05]Status: DisposedITAT Delhi30 Sept 2015AY 2004-05

Bench: Shri N. K. Saini & Smt Suchitra Kamblei.T.A .No.-3688/Del/2013 (Assessment Year-2004-05)

Section 115Section 143(3)Section 148Section 68

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER AND SMT SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A .No.-3688/Del/2013 (ASSESSMENT YEAR-2004-05) DCIT vs Green Valley Plywood Ltd. Circle 12(1) 2941/3, Chuna Mandi New Delhi Paharganj New Delhi (APPELLANT) AAACG0323P (RESPONDENT) Appellant by Sh. Ved Jain, CA Respondent by Sh.T. Vasanthan, Sr. DR Date of Hearing 18.09.2015 Date of Pronouncement 30.09.2015 ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the Revenue against the order dated 26/03/2013 passed by CIT(A) XV, New Delhi for Assessment Ye…