CIT v. Frostair (P.) Ltd.

26 Taxmann.com 11High Court2012#1790 most cited

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

The assessee bears the onus under Section 68 of the Income-tax Act to establish the identity of the share applicant, the genuineness of the transaction, and the creditworthiness of the investor. Merely providing documentary evidence of the transaction may not be sufficient if the creditworthiness is not adequately demonstrated.

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judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2017 to 2024.

Also referred to as

CIT v. Frostair (P.) Ltd. · Section 68 · cash credit · share application money · onus of proof · identity of investor · genuineness of transaction · creditworthiness · documentary evidence · Delhi High Court

Issues it is cited on

Judgments citing CIT v. Frostair (P.) Ltd.

M/S. Sherawali Yarns Pvt. Ltd., New Delhi vs. ACIT, Meerut

In the result, the appeal filed by the assessee is partly allowed

ITA 2996/DEL/2015[2005-06]Status: DisposedITAT Delhi30 Nov 2018AY 2005-06

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2005-06 Sherawali Yarns Pvt. Ltd., Vs. Acit, 14D, 14Th Floor, Hansalaya, Central Circle, 15, Barakhamba Road, Bhainsali Road, New Delhi. Meerut. Pan: Aaics3421L (Appellant) (Respondent) Assessee By : Shri G.C. Srivastava & Shri Suvinay K. Dash, Advocates Revenue By : Shri S.S. Rana, Cit, Dr Date Of Hearing : 13.09.2018 Date Of Pronouncement : 30.11.2018 Order Per R.K. Panda, Am: This Appeal By The Assessee Is Directed Against The Order Dated 11Th March, 2015 Of The Cit(A), Meerut, Relating To Assessment Year 2005-06. 2. The Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Trading & Investment In Shares. It Filed Its Return Of Income On 19Th September, 2005 Declaring Loss Of Rs.320/-. The Case Was Selected For Scrutiny & In Response To Notice U/S 143(2) Dated 20Th September, 2006 & Notice U/S 142(1) Dated 3Rd August, 2007, The Counsel Of The Assessee Appeared Before The Assessing Officer

For Appellant: Shri G.C. Srivastava &For Respondent: Shri S.S. Rana, CIT, DR
Section 132Section 133(6)Section 142(1)Section 143(2)Section 143(3)Section 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : G : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year: 2005-06 Sherawali Yarns Pvt. Ltd., Vs. ACIT, 14D, 14th Floor, Hansalaya, Central Circle, 15, Barakhamba Road, Bhainsali Road, New Delhi. Meerut. PAN: AAICS3421L (Appellant) (Respondent) Assessee by : Shri G.C. Srivastava & Shri Suvinay K. Dash, Advocates Revenue by : Shri S.S. Rana, CIT, DR Date of Hearing : 13.09.2018 Date of Pronouncement : 30.11.2018 ORDER PER R.K. PANDA, AM: This appeal by the assessee is directed against the order dated 11th Mar…

M/S. Roseberry Mercantile Pvt. Ltd., New Delhi vs. ACIT, Meerut

In the result, the appeal filed by the assessee is partly allowed

ITA 2995/DEL/2015[2008-09]Status: DisposedITAT Delhi30 Nov 2018AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2008-09 Roseberry Mercantile Pvt. Ltd., Vs. Acit, 14D, 14Th Floor, Hansalaya, Central Circle, 15, Barakhamba Road, Bhainsali Road, New Delhi. Meerut. Pan: Aabcr3485J (Appellant) (Respondent) Assessee By : Shri G.C. Srivastava & Shri Suvinay K. Dash, Advocates Revenue By : Shri S.S. Rana, Cit, Dr Date Of Hearing : 13.09.2018 Date Of Pronouncement : 30.11.2018 Order Per R.K. Panda, Am: This Appeal By The Assessee Is Directed Against The Order Dated 10Th March, 2015 Of The Cit(A), Meerut, Relating To Assessment Year 2008-09. 2. The Facts Of The Case, In Brief, Are That The Assessee Is A Company & Derives Income From Interest On Loans & Advances Granted By It As An Nbfc & Profit On Sale Of Mutual Funds. The Return Of Income Was Filed On 6Th November, 2008 Declaring Total Income Of Rs. Nil. The Return Was Processed U/S 143(1) On 8Th July, 2009. Subsequently, The Case Was Reopened U/S 147 After Duly Recording The Reasons In Writing. In Response To Notice U/S 148 Of The It Act Dated 23Rd October, 2009, The Assessee Submitted To Treat The Original Return As Return Filed In Compliance To Notice U/S 148 Of The It Act, 1961. Subsequently, The Assessing Officer Completed The Assessment U/S 147/143(3) On 31St December, 2009 Determining The Total Income At Rs.73,510/- Wherein He Made Certain Additions By Disallowing Stt Debited To P&L Account, Income-Tax Debited, Disallowance U/S 14A & Preliminary Expenses.

For Appellant: Shri G.C. Srivastava &For Respondent: Shri S.S. Rana, CIT, DR
Section 132Section 143(1)Section 143(3)Section 147Section 148Section 14ASection 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : G : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year: 2008-09 Roseberry Mercantile Pvt. Ltd., Vs. ACIT, 14D, 14th Floor, Hansalaya, Central Circle, 15, Barakhamba Road, Bhainsali Road, New Delhi. Meerut. PAN: AABCR3485J (Appellant) (Respondent) Assessee by : Shri G.C. Srivastava & Shri Suvinay K. Dash, Advocates Revenue by : Shri S.S. Rana, CIT, DR Date of Hearing : 13.09.2018 Date of Pronouncement : 30.11.2018 ORDER PER R.K. PANDA, AM: This appeal by the assessee is directed against the order dated 10t…