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

Under Section 68, an assessee is only required to prove the identity and creditworthiness of the immediate creditor or share subscriber and the genuineness of the transaction. The assessee is not obligated to establish the 'source of the source' of funds or the creditworthiness of sub-lenders, as this information may not be within the assessee's special knowledge.

How many judgments cite CIT v. Gagandeep Infrastructure (P.) Ltd.?

303 judgments on BharatTax cite CIT v. Gagandeep Infrastructure (P.) Ltd. (394 ITR 680), spanning 2017 to 2026.

Which sections of the Income Tax Act does CIT v. Gagandeep Infrastructure (P.) Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 131, Section 148, Section 142(1), Section 147.

CIT v. Gagandeep Infrastructure (P.) Ltd. (394 ITR 680)

Raheja Legency Trust, Mumbai vs. ACIT, Cir-22(1), Mumbai

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

ITA 2268/MUM/2024[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

For Appellant: Shri Bharat Raichandani & Bhagrati SahuFor Respondent: Smt. Sanyogita Nagpal, CIT/DR

Section 250Section 68

…ection 68 requires the creditor to explain the source of the amounts in his hands and this requirement cannot be made applicable from retrospective effect. The jurisdictional Hon’ble Bombay High Court in the cases of CIT vs. Gangadeep Infrastructure Pvt. Ltd, 394 ITR 680 and PCIT vs. Veedhata Tower Pvt. Ltd. (ITA No. 819 of 2015 dated 17-4-2018) has held that provisions inserted under the law imposing additional burden on the assessee cannot be made applicable with retrospective effect. Duly following this decision, I hold that the JAO has erred in considering the non-availability of explanation on source of mone…

The DCIT, Central Circle-2(4), Ahmedabad vs. J.A . Infracon Pvt. Ltd., Ahmedabad

ITA 166/AHD/2021[2012-13]Status: DisposedITAT Ahmedabad21 Jan 2025AY 2012-13

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 133(6)Section 143(1)Section 143(3)Section 69C

…Hon'ble Bombay High Court in the case of Orchid Industries Pvt.Ltd (2017) 397 ITR 139 (Bom), wherein, the Hon'ble High Court has considered the decision of the division Bench of Bombay High Court in the case of CIT vs. Gagandeep Infrastructure Pvt. Ltd 12017) 394 ITR 680 (Bom.) and the Hon'ble Supreme Court in the case of CIT vs. Lovely Exports (P) Ltd 216 CTR 195 (SC) and held as under:- “… 5. The Assessing Officer added Rs.95 lakhs as income under section 68 of the Income tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had to appeared befor…

Income Tax Oficer, Ward - 7(1), Kolkata vs. R J C Developers Pvt Ltd, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1207/KOL/2023[2012-13]Status: DisposedITAT Kolkata21 Jan 2025AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rjc Developers Pvt. Ltd. Income Tax Officer, Ward-7(1) 52A, Shakespeare Sarani, Aayakar Bhawan, P-7 Chandan Niketan, Chowringhee Square, Vs. Unit No.405, Kolkata-700017 Kolkata-700069, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aaecr2766F Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Kallol Mistry, Dr Date Of Hearing: 13.01.2025 Date Of Pronouncement : 21.01.2025

For Appellant: Shri Sunil Surana, ARFor Respondent: Shri Kallol Mistry, DR

Section 131Section 68

…, Zion Infradevelopers Pvt. Ltd., Liluah Properties Pvt. Ltd., Loksangaam Mercantile Pvt. Ltd. The ld. CIT (A) also relied on the decision of Hon'ble Bombay High Court in the case of Commissioner of Income- tax- 1 vs. Gagandeep Infrastructure (P.) Ltd. [2017] 394 ITR 680 (Bombay) vide order dated 20-03-2017, wherein it has been held that the amendment to Section 68 of the Act is prospective and is applicable from A.Y. 2013-14. Accordingly, the assessee is not required to prove the source of source. Thereafter, the ld. CIT (A) discussed the said judgement in which the issue of high premium is also discussed. Final…

Income-Tax Officer, Ward-4(1)(1), Ahmedabad vs. Solace Capital Services Private Limited, Ahmedbad

The appeal of the Revenue is dismissed and the Cross Objection filed by the Assessee is also dismissed as infructuous

ITA 1438/AHD/2024[2011-12]Status: DisposedITAT Ahmedabad08 Jan 2025AY 2011-12

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri M. S. Chhajed, ARFor Respondent: Shri Rignesh Das, Sr.DR

Section 131Section 143(1)Section 143(3)Section 147Section 148Section 151Section 68

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “सी“, अहमदाबाद IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD सु"ी सुिच"ा का"ले, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम!। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA No.1438/Ahd/2024 – Asst.Year 2011-12 AND Cross Objection No.38/Ahd/2024 – Asst.Year 2011-12 (in ITA No.1438/Ahd/2024 – AY 2011-12) The Income Tax Officer Solace Capital Services बनाम/ Ward-4(1)(1) Pvt.Ltd. v/s. Ahmedabad O/702, Chandanbala Opp. Suvidha Shopping Centre Paldi, Ahmedabad-380 007 "थायी लेखा सं./PAN:…

Income Tax Officer, Aayakar Bhawan, Poorva vs. Amodini Vyapar Pvt Ltd, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1481/KOL/2024[2012-13]Status: DisposedITAT Kolkata31 Dec 2024AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Amodini Vyapar Pvt. Ltd. Income Tax Officer, Kalpanalaya, Avirampur, Po- 7Th Floor, Nadt Building, Aaykar Bhavan Poorva, 110 Shantipally, Budge Budge, Vs. Kolkata-700107 Kolkata-700137, West Bengal (Appellant) (Respondent) Pan No. Aacca2332G Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Pradip Kumar Biswas, Dr Date Of Hearing: 26.11.2024 Date Of Pronouncement : 31.12.2024

For Appellant: Shri Sunil Surana, ARFor Respondent: Shri Pradip Kumar Biswas, DR

Section 131Section 131(1)Section 142(1)Section 144Section 14ASection 68Section 68o

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, AM AND SHRI PRADIP KUMAR CHOUBEY, JM Amodini Vyapar Pvt. Ltd. Income Tax officer, Kalpanalaya, Avirampur, PO- 7th floor, NADT Building, Aaykar Bhavan Poorva, 110 Shantipally, Budge Budge, Vs. Kolkata-700107 Kolkata-700137, West Bengal (Appellant) (Respondent) PAN No. AACCA2332G Assessee by : Shri Sunil Surana, AR Revenue by : Shri Pradip Kumar Biswas, DR Date of hearing: 26.11.2024 Date of pronouncement : 31.12.2024 O R D E R Per Rajesh Kumar, AM: This is an appeal preferred by the Revenue against the order of the National Facele…

DCIT CC 7(4), Mumbai vs. Poddar Renaissance Reality Pvt Ltd (Now Known As Imperial Renaissaice Reniasance Reality Pvt. Ltd), Mumbai

In the result, the appeal of the In the result, the appeal of the Revenue is partly allowed

ITA 2045/MUM/2019[2012-13]Status: DisposedITAT Mumbai20 Dec 2024AY 2012-13

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhaildcit, Cc-7(4), Mumbai V/S. Poddar Renaissance Reality Room No. 659, Aaykar बनाम Pvt. Ltd. (Now Known As Bhavan, M.K. Road, Imperial Renaissance Mumbai-400020 Renaissance Reality Pvt. Ltd.) 501/601, Aqua Marine, Carter Road, Mumbai-400050030 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aagcp2657R Appellant/अपीलाथ" .. Respondent/"ितवादी

For Appellant: Mr. Rishabh MehtaFor Respondent: Mr. R. A. Dhyani

Section 143Section 143(3)Section 68Section 69

…IN THE INCOME-TAX APPELLATE TRIBUNAL“C” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER DCIT, CC-7(4), Mumbai v/s. Poddar Renaissance Reality Room No. 659, Aaykar बनाम Pvt. Ltd. (Now known as Bhavan, M.K. Road, Imperial Renaissance Mumbai-400020 Renaissance Reality Pvt. Ltd.) 501/601, Aqua Marine, Carter Road, Mumbai-400050030 "थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAGCP2657R Appellant/अपीलाथ" .. Respondent/"ितवादी Assessee by : Mr. Rishabh Mehta Revenue by : Mr. R. A. Dhyani Date of Hearing 15.10.2024 Date of Pronouncement 20.12.2024 आदेश / O R D E R PE…