CIT v. Fair Finvest Ltd.

357 ITR 147Reported decision#9022 most cited

What is CIT v. Fair Finvest Ltd. authority for?

Where an assessee provides documentary evidence of share transactions, the Assessing Officer must investigate any potential fallacies in that evidence rather than making an assumption of guilt.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2019 to 2025.

Also referred to as

CIT v Fair Finvest Ltd. · 357 ITR 147 · documentary evidence · lack of investigation · onus of proof · share transactions · Assessing Officer duty · fallacy in evidence · natural justice

Judgments citing CIT v. Fair Finvest Ltd.

Chitra Avdhesh Mehta, Mumbai vs. ITO 33 (1) (3), Mumbai

In the result the appeal filed by the assessee stands

ITA 3229/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 Aug 2026AY 2014-15

Bench: Hon’Ble Shri Sandeep Gosain

Section 10(38)Section 115BSection 143(3)Section 250Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents SO submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee's…

Govind Corporation, Mumbai vs. DCIT Central Circle 8(1), Mumbai

In the result the appeal filed by the assessee stands

ITA 3229/MUM/2025[2014-15]Status: HeardITAT Mumbai24 Jul 2025AY 2014-15

Bench: Hon’Ble Shri Sandeep Gosain

Section 10(38)Section 115BSection 143(3)Section 250Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents SO submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee's…

Mohanlal Khandelwal, Indore vs. The ITO-4(1), Indore

In the result, all the captioned appeals filed by different

ITA 8/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Radheshyam Khandelwal, Indore vs. ACIT4(1), Indore

In the result, all the captioned appeals filed by different

ITA 7/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Smt. Rukmani Khandelwal, Indore vs. ITO-4(3), Indore

In the result, all the captioned appeals filed by different

ITA 30/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Shri Suresh Khandelwal, Indore vs. The ITO-4(1), Indore

In the result, all the captioned appeals filed by different

ITA 29/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Smt. Sandhya Khandelwal, Indore vs. ITO 4(3), Indore

In the result, all the captioned appeals filed by different

ITA 113/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Seema Tayal, Delhi vs. ITO, Ward-3(2), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1132/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT (DR)
Section 10Section 115BSection 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee were tabulated as under: Particulars Pg No. of PB - I Copy of shares purchased, sold and calculation of 125 long term capital gain. Copy of contract note of SEBI registered with BSE 126-132 broker along with proof of payment of STT. Co…

Asha Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6483/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Namrata Sehgal Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6482/DEL/2017[2014-15]Status: PendingITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Shruti Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6481/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…

Swati Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6480/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…enquiry and also due to failure to provide any fallacy in the documentary evidences so submitted by assessee and on the aforesaid proposition reliance was placed on the judgments of jurisdictional High Court in the case of CIT vs Fair Finvest Ltd. reported in 357 ITR 147 and PCIT vs Laxman Industrial Resources Ltd. reported in 397 ITR 106.The said documents so submitted by assessee are tabulated as under: For scrip of M/s Turbotech Engineering Ltd. Share Purchase Documents Pg 15 to 17 of PB Share Certificate Pg 18 of PB Share Transfer Form Pg 19 to 21 of PB Contract Note issued by DP Pg 24 to 27 of PB Assessee’s…