CIT v. Gobi Textiles Ltd. (294 ITR 663)

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7842/DEL/2025[2022-23]Status: DisposedITAT Delhi20 Mar 2026AY 2022-23

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate

Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…GH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL i) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ii) ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. iii) 284 ITR 1 (Jodh) TM Uma Polymers P Ltd…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7841/DEL/2025[2021-22]Status: DisposedITAT Delhi20 Mar 2026AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…efilms Ltd. ii) 90 ITR 396 (Bom) CIT v. U.M. Shah iii) 397 ITR 136 (Bom) CIT v. Orchid Industries (P) Ltd. GUJARAT HIGH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL i) ii) iii) iv) v) vi) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. 284 ITR 1 (Jodh) TM Uma Polymers P Ltd. vs. DCIT ITA No. 2082/D/2011 dated 8.12.2014 ACIT v. Divine (India) Infrastru…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7840/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate

Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…GH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL i) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ii) ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. iii) 284 ITR 1 (Jodh) TM Uma Polymers P Ltd…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7838/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…efilms Ltd. ii) 90 ITR 396 (Bom) CIT v. U.M. Shah iii) 397 ITR 136 (Bom) CIT v. Orchid Industries (P) Ltd. GUJARAT HIGH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL i) ii) iii) iv) v) vi) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. 284 ITR 1 (Jodh) TM Uma Polymers P Ltd. vs. DCIT ITA No. 2082/D/2011 dated 8.12.2014 ACIT v. Divine (India) Infrastru…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT CENTRAL CIRCLE -05 , DELHI

ITA 5521/DEL/2025[2024-25]Status: DisposedITAT Delhi20 Mar 2026AY 2024-25

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate

Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…GH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL INCOME TAX APPELLATE TRIBUNAL i) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ii) ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. iii) 284 ITR 1 (Jodh) TM Uma Polymers P Ltd…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

ITA 5520/DEL/2025[2023-24]Status: DisposedITAT Delhi20 Mar 2026AY 2023-24

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…efilms Ltd. ii) 90 ITR 396 (Bom) CIT v. U.M. Shah iii) 397 ITR 136 (Bom) CIT v. Orchid Industries (P) Ltd. GUJARAT HIGH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL i) ii) iii) iv) v) vi) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. 284 ITR 1 (Jodh) TM Uma Polymers P Ltd. vs. DCIT ITA No. 2082/D/2011 dated 8.12.2014 ACIT v. Divine (India) Infrastru…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

ITA 5517/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…efilms Ltd. ii) 90 ITR 396 (Bom) CIT v. U.M. Shah iii) 397 ITR 136 (Bom) CIT v. Orchid Industries (P) Ltd. GUJARAT HIGH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL i) ii) iii) iv) v) vi) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. 284 ITR 1 (Jodh) TM Uma Polymers P Ltd. vs. DCIT ITA No. 2082/D/2011 dated 8.12.2014 ACIT v. Divine (India) Infrastru…

VESTIGE MARKETING PVT. LTD.,DELHI vs. DCIT, CENTRAL CIRCLE- 05, DELHI

ITA 5515/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…efilms Ltd. ii) 90 ITR 396 (Bom) CIT v. U.M. Shah iii) 397 ITR 136 (Bom) CIT v. Orchid Industries (P) Ltd. GUJARAT HIGH COURT i) 256 ITR 360 (Guj) DCIT v. Rohini Builders RAJASTHAN HIGH COURT i) 217 CTR 354 (Raj) Kanhaialal Jangid v. ACIT MADRAS HIGH COURT i) 294 ITR 663 (Mad) CIT v. Gobi Textiles Ltd. INCOME TAX APPELLATE TRIBUNAL i) ii) iii) iv) v) vi) ITA No. 110 of 2004 dated 18.02.2006 (Kar) Madhuri Investments Pvt. Ltd. vs. Asst. CIT ITA No. 2038/D/2009 ITO vs. M/s Emperor International Ltd. 284 ITR 1 (Jodh) TM Uma Polymers P Ltd. vs. DCIT ITA No. 2082/D/2011 dated 8.12.2014 ACIT v. Divine (India) Infrastru…

ACIT CENTRAL CIRCLE 2 (2), CHENNAI vs. M/S MIDAS GOLDEN DISTILLERIES PRIVATE LIMITED, KANCHIPURAM

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

ITA 2562/CHNY/2017[2004-05]Status: DisposedITAT Chennai25 Apr 2025AY 2004-05

Bench: Shri Ss Viswanethra Ravi & Shri Jagadishआयकर अपील सं./Ita No.2562/Chny/2017 िनधा:रण वष: /Assessment Year: 2004-05

For Appellant: Shri T. Vasudevan, AdvocateFor Respondent: Shri A. Sasi Kumar, CIT

Section 143(3)

…r of the :- 11 -: Assessing Officer. The Special Leave Petition filed by the assessee therein was dismissed by the Hon'ble Supreme Court in the taxmann.com 102. 14.In the decisions referred to by Ms.G.Baskar in the case of CIT vs. Gopi Textiles Ltd., [(2007) 294 ITR 663 (Madras)] and the decision of the Hon'ble Supreme Court in CIT vs. Lovely Exports (P.) Ltd., [(2008) 216 CTR 195 (SC)], the stand taken by the assessee was accepted as the Court found that the assessee had furnished full information thereby discharging the onus cast upon him and once the onus is discharged by the assessee, it is for the Assessing…

MANTRI COSMOS II OWNERS WELFARE ASSOCIATION,HYDERABAD vs. ACIT., CIRCLE-6(1), HYDERABAD

In the result, both the appeals of the assessee for the A

ITA 21/HYD/2025[2021-22]Status: DisposedITAT Hyderabad21 Mar 2025AY 2021-22

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita Nos.20 & 21/Hyd/2025 (िनधा"रण वष"/Assessment Years: 2020-21 & 2021-22) Mantri Cosmos Ii Owners Vs. Asstt. Commissioner Of Welfare Association Income Tax, Circle 6(1) Hyderabad Hyderabad Pan:Aaeam1297J (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocates K Hari Prasad & K Karthik राज" व "ारा/Revenue By:: Smt.M Narmada, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 19/03/2025 घोषणा की तारीख/Pronouncement: 21/03/2025 आदेश/Order

For Appellant: Advocates K Hari Prasad and KFor Respondent: : Smt.M Narmada, CIT(DR)

Section 139(1)Section 143(1)Section 143(1)(a)Section 143(3)Section 80I

…eletion of addition of Rs. 1,20,00,000/- made under Section 68 of the Act by the assessing officer as unexplained share application money, and the issue has been covered by the judgement of the Madras High Court in the case in CIT v. Gobi Textiles Ltd. [2007] 294 ITR 663/[2008] 170 Taxman 142 (Mad.) holding against the Revenue. 11. In such view of the matter, the substantial question of law (2) also does not merit consideration. 12. In fact, to arrive at such conclusion, the Madras High Court has relied on the judgement of the Delhi High Court in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287/ 59 Taxman 568 (D…

MANTRI COSMOS II OWNERS WELFARE ASSOCIATION,HYDERABAD vs. ACIT., CIRCLE-6(1), HYDERABAD

In the result, both the appeals of the assessee for the A

ITA 20/HYD/2025[2020-21]Status: DisposedITAT Hyderabad21 Mar 2025AY 2020-21

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita Nos.20 & 21/Hyd/2025 (िनधा"रण वष"/Assessment Years: 2020-21 & 2021-22) Mantri Cosmos Ii Owners Vs. Asstt. Commissioner Of Welfare Association Income Tax, Circle 6(1) Hyderabad Hyderabad Pan:Aaeam1297J (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocates K Hari Prasad & K Karthik राज" व "ारा/Revenue By:: Smt.M Narmada, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 19/03/2025 घोषणा की तारीख/Pronouncement: 21/03/2025 आदेश/Order

For Appellant: Advocates K Hari Prasad and KFor Respondent: : Smt.M Narmada, CIT(DR)

Section 139(1)Section 143(1)Section 143(1)(a)Section 143(3)Section 80I

…eletion of addition of Rs. 1,20,00,000/- made under Section 68 of the Act by the assessing officer as unexplained share application money, and the issue has been covered by the judgement of the Madras High Court in the case in CIT v. Gobi Textiles Ltd. [2007] 294 ITR 663/[2008] 170 Taxman 142 (Mad.) holding against the Revenue. 11. In such view of the matter, the substantial question of law (2) also does not merit consideration. 12. In fact, to arrive at such conclusion, the Madras High Court has relied on the judgement of the Delhi High Court in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287/ 59 Taxman 568 (D…

LOVELY PROMOTERS PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE, AJMER, AJMER

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

ITA 770/JPR/2023[2013-14]Status: DisposedITAT Jaipur08 Feb 2024AY 2013-14

Bench: him regarding non mentioning of Document Identification Number (DIN) in the body of the order u/s. 127 of the Act dated 08-09-2021 and various other technical pleas raised in grounds of appeal regarding validity of notice u/s. 148 of the Act, thereby appellate order passed by the CIT(A) is non-speaking order and deserves to be quashed. 4. On the facts and in circumstances of the case and in law, the AO erred in issuing notice u/s. 148 of the Act as it was a search related case u/s. 132 r/w

For Appellant: Shri Mayank Taparia (Adv.)For Respondent: Shri A.S. Nehra (Addl.CIT) a

Section 127Section 127(1)Section 132Section 147Section 148Section 148ASection 151Section 153C

…ablishing the genuineness of the transactions and that being so, it is for the revenue to disprove the claim of the assessee, by bringing on record the evidence to the contrary, as held by the Hon'ble Madras High Court in the case of CIT vs Gobi Textiles Ltd (294 ITR 663). All the details were furnished at the time of original assessment proceedings. Humble Prayer:- Therefore, on the basis of the above facts, arguments and explanations given as above, the addition of Rs. 1,09,99,289/- which made in the assessment order dated 26-03-2022 and confirmed by the CIT(A) in appellate order dated 19-10-2023 on account of…

D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA, KOLKATA vs. M/S. WISE INVESTMENT PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

ITA 163/KOL/2023[2012-2013]Status: DisposedITAT Kolkata09 Nov 2023AY 2012-2013

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/S. Wise Investment Pvt. Ltd. Vs 3Rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [Pan: Aaacw3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax, Appeals -21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 26/12/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Is Justified In Deleting Addition Made U/S. 68 Of Rs.32,50,00,000/- Ignoring The Remand Report Dated 20.07.2022 Wherein The Report Categorically Stated That The Share Applicant Company Has No Creditworthiness To Invest In The Assesses Company. 2. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Was Erroneous As It Had Not Taken Cognizance Of The Fact That The 2

For Appellant: Shri Manish Tiwari, FCAFor Respondent: Shri Abhijit Kundu, CIT D/R

Section 131Section 142(1)Section 143(2)Section 250Section 68

…the primary onus casted upon it u/s 68 of the Act and even the source of source has also been explained. Therefore, the ld. CIT(A) has rightly deleted the addition u/s 68 of the Act. Reliance is placed on the following decisions:-  CIT vs. Gobi Textile Ltd. 294 ITR 663  Oasis Hospitalities (P) Ltd. vs. CIT (2011) 333 ITR 119 (Del.)  CIT vs. Lovely Exports Ltd. (2008) 216 CTR 195 (SC)  CIT vs. Dolfin Canpack Ltd. 283 ITR 190 (Delhi)  DCIT vs. Rohini Builders (127 Taxman 523)  Sri Barkha Synthetics Ltd. vs. CIT 283 ITR 377 (Raj.)  CIT vs. Down Town Hospitals Ltd. 267 ITR 439 (Gau)  Sophia Finance Ltd. 205…

M/S DAVALAGIRI PROPERTY DEVELOPERS PRIVATE LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(2), BANGALORE

In the result, the appeal by the assessee is allowed

ITA 568/BANG/2019[2009-10]Status: DisposedITAT Bangalore11 Apr 2022AY 2009-10

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2009-10

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri Priyadarshi Mishra, Addl.CIT(DR)(ITAT), Bengaluru

Section 133(6)Section 234Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment year: 2009-10 M/s. Davalagiri Property Vs. The Deputy Commissioner Developers Pvt. Ltd., of Income Tax, Prerana Chambers, Circle 2[1][2], No.26, 2nd Floor, Bangalore. Nehru Nagar Main Road, Kumara Park West, Bangalore – 560 048. PAN: AACCD 3575A APPELLANT RESPONDENT Appellant by : Shri V. Srinivasan, Advocate Respondent by : Shri Priyadarshi Mishra, Addl.CIT(DR)(ITAT), Bengaluru. Date of hearing : 09.03.2022 Date of Pronouncement : 11.04.2022 O R D E R Per…

M/S UNIQUE BUILDERS AND DEVELOPERS (AJIT),JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed for statistical purposes only

ITA 249/JPR/2018[2013-14]Status: DisposedITAT Jaipur27 Mar 2019AY 2013-14

Bench: The Itat.

For Appellant: Shri Manish Agarwal (CA)For Respondent: Ms. Anuradha (JCIT)

Section 143(3)Section 80I

…eletion of addition of Rs. 1,20,00,000/- made under Section 68 of the Act by the assessing officer as unexplained share application money, and the issue has been covered by the judgement of the Madras High Court in the case in CIT v. Gobi Textiles Ltd. [2007] 294 ITR 663/[2008] 170 Taxman 142(Mad.) holding against the Revenue. 11. In such view of the matter, the substantial question of law (2) also does not merit consideration. 12. In fact, to arrive at such conclusion, the Madras High Court has relied on the judgement of the Delhi High Court in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287/ 59 Taxman 568(D…

UMA SINGAL,NEW DELHI vs. ACIT, CENTRL CIRCLE-3, NEW DELHI

ITA 1484/DEL/2018[2014-15]Status: DisposedITAT Delhi07 Dec 2018AY 2014-15

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR

Section 10(38)Section 143Section 153ASection 250Section 68

…blishing the genuineness of the transactions, and that being so, it is for the revenue to disprove the claim of the assessee, by bringing on record the evidence to the contrary, as held by the Hon‟ble Madras High Court in the case of CIT vs Gobi Textiles Ltd (294 ITR 663). (ii) Vishal Suryakant Shah & Ors Vs. ITO & Ors (2017) 49 CCH 106 (Ahd Trib): The Honble Ahmedabad Tribunal held that the claim of the assessee therein could not be denied on the basis of presumption and surmises in respect of penny stock by disregarding direct evidences on record relating to sale/ purchase transactions in shares supported by br…

RITU SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

ITA 1481/DEL/2018[2015-16]Status: DisposedITAT Delhi07 Dec 2018AY 2015-16

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR

Section 10(38)Section 143Section 153ASection 250Section 68

…blishing the genuineness of the transactions, and that being so, it is for the revenue to disprove the claim of the assessee, by bringing on record the evidence to the contrary, as held by the Hon‟ble Madras High Court in the case of CIT vs Gobi Textiles Ltd (294 ITR 663). (ii) Vishal Suryakant Shah & Ors Vs. ITO & Ors (2017) 49 CCH 106 (Ahd Trib): The Honble Ahmedabad Tribunal held that the claim of the assessee therein could not be denied on the basis of presumption and surmises in respect of penny stock by disregarding direct evidences on record relating to sale/ purchase transactions in shares supported by br…

INCOME TAX OFFICER, JAIPUR vs. M/S MARATHON INDIA LTD., JAIPUR

In the result, the appeal of the Revenue is dismissed

ITA 287/JPR/2018[2014-15]Status: DisposedITAT Jaipur27 Jun 2018AY 2014-15

Bench: The Ao At The Time Of Assessment Proceedings With A Certificate That The Above Said Forms Had Been Ito Vs. M/S Marathon India Ltd.

For Appellant: Shri B. L. Agarwal (C.A.)For Respondent: Smt. Seema Meena (JCIT)

Section 80I

…eletion of addition of Rs. 1,20,00,000/- made under Section 68 of the Act by the assessing officer as unexplained share application money, and the issue has been covered by the judgement of the Madras High Court in the case in CIT v. Gobi Textiles Ltd. [2007] 294 ITR 663/[2008] 170 Taxman 142(Mad.) holding against the Revenue. 11. In such view of the matter, the substantial question of law (2) also does not merit consideration. 12. In fact, to arrive at such conclusion, the Madras High Court has relied on the judgement of the Delhi High Court in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287/ 59 Taxman 568(D…

ASST CIT 25(2), MUMBAI vs. PRATIKSHA SHAH, MUMBAI

The appeals of the Revenue are dismissed

ITA 3479/MUM/2014[2006-07]Status: DisposedITAT Mumbai03 Oct 2017AY 2006-07

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 132Section 132(1)Section 143(2)Section 153ASection 271(1)(c)

…blishing the genuineness of the transactions, and that being so, it is for the revenue to disprove the claim of the assessee, by bringing on record the evidence to the contrary, as held by the Hon'ble Madras High Court in the case of CIT vs Gobi Textiles Ltd (294 ITR 663)." ITA Nos. 1422 & 1423/Mum/2010, Smt. Pratiksha Shah 3.17. Further, in the assessment order, the Assessing Officer has stated that TRADE Files of M/s. DPS Shares & Securities Pvt Ltd show that there was discrepancies in the number of shares traded for earning the speculation gain which where the source of purchase of shares of M/s. Robinson…

ACIT 25(2), MUMBAI vs. PRATIKSHA B SHAH, MUMBAI

The appeals of the Revenue are dismissed

ITA 4655/MUM/2012[2005-06]Status: DisposedITAT Mumbai03 Oct 2017AY 2005-06

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 132Section 132(1)Section 143(2)Section 153ASection 271(1)(c)

…blishing the genuineness of the transactions, and that being so, it is for the revenue to disprove the claim of the assessee, by bringing on record the evidence to the contrary, as held by the Hon'ble Madras High Court in the case of CIT vs Gobi Textiles Ltd (294 ITR 663)." ITA Nos. 1422 & 1423/Mum/2010, Smt. Pratiksha Shah 3.17. Further, in the assessment order, the Assessing Officer has stated that TRADE Files of M/s. DPS Shares & Securities Pvt Ltd show that there was discrepancies in the number of shares traded for earning the speculation gain which where the source of purchase of shares of M/s. Robinson…

CIT v. Gobi Textiles Ltd.

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Sections most often in play

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Judgments citing CIT v. Gobi Textiles Ltd.

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT CENTRAL CIRCLE -05 , DELHI

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

VESTIGE MARKETING PVT. LTD.,DELHI vs. DCIT, CENTRAL CIRCLE- 05, DELHI

ACIT CENTRAL CIRCLE 2 (2), CHENNAI vs. M/S MIDAS GOLDEN DISTILLERIES PRIVATE LIMITED, KANCHIPURAM

MANTRI COSMOS II OWNERS WELFARE ASSOCIATION,HYDERABAD vs. ACIT., CIRCLE-6(1), HYDERABAD

MANTRI COSMOS II OWNERS WELFARE ASSOCIATION,HYDERABAD vs. ACIT., CIRCLE-6(1), HYDERABAD

LOVELY PROMOTERS PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE, AJMER, AJMER

D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA, KOLKATA vs. M/S. WISE INVESTMENT PVT. LTD., KOLKATA

M/S DAVALAGIRI PROPERTY DEVELOPERS PRIVATE LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(2), BANGALORE

M/S UNIQUE BUILDERS AND DEVELOPERS (AJIT),JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR

UMA SINGAL,NEW DELHI vs. ACIT, CENTRL CIRCLE-3, NEW DELHI

RITU SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

INCOME TAX OFFICER, JAIPUR vs. M/S MARATHON INDIA LTD., JAIPUR

ASST CIT 25(2), MUMBAI vs. PRATIKSHA SHAH, MUMBAI

ACIT 25(2), MUMBAI vs. PRATIKSHA B SHAH, MUMBAI