CIT v. GP International Ltd.

325 ITR 25High Court2010#2565 most cited

What is CIT v. GP International Ltd. authority for?

An addition under Section 68 for cash credits or unexplained share capital cannot be sustained if the assessee substantiates identity and genuineness of transactions, even with partial confirmations from Section 133(6) enquiries. Further, Section 41(1) applies only when a trading liability ceases or is written off, not merely due to lack of creditor confirmation while the liability remains in the books.

45

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. GP International Ltd. · 325 ITR 25 · Section 68 cash credits · unexplained share capital · Section 133(6) enquiry · genuineness of transaction · creditworthiness proof · Section 41(1) cessation of liability · liability written off · confirmation not filed

Sections most often in play

Section 133(6)Section 143(3)Section 147Section 37(1)Section 132(4)Section 69ASection 68Section 131

Issues it is cited on

gaarsection 239section 65(b)section 181section 80ia(4)(iii)section 194qsection 293section 8oremission or cessation of liabilitysection 193section 65b(4)section 36(l)(iii)

Judgments citing CIT v. GP International Ltd.

ITO -13(3)(3), Mumbai vs. Vishwa Vyapar Trading Pvt. Ltd., Mumbai

ITA 2888/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Apr 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Blei.T.O. – 13(3)(3) V. M/S. Viswa Vyapar Trading Pvt. Ltd., 607, 6Th Floor, Central Plaza Room No. 227, 2Nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 Pan: Aadcv 9568 L (Appellant) (Respondent) Assessee By : Shri Neelkanth Khandelwal Department By : Shri Rajeev Gubgotra

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Rajeev Gubgotra
Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI O.P. MEENA, HON'BLE ACCOUNTANT MEMBER I.T.O. – 13(3)(3) v. M/s. Viswa Vyapar Trading Pvt. Ltd., 607, 6th Floor, Central Plaza Room No. 227, 2nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 PAN: AADCV 9568 L (Appellant) (Respondent) Assessee by : Shri Neelkanth Khandelwal Department by : Shri Rajeev Gubgotra Date of Hearing : 13.02.2019 Date of Pronouncement : 05.04.2019 O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed by the Rev…

DCIT, Circle-1(1), Kolkata vs. M/S Mcnally Bharat Engineering Company Limited, Kolkata

Appeal is dismissed

ITA 1968/KOL/2016[2005-06]Status: DisposedITAT Kolkata31 Aug 2018AY 2005-06

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2005-06 Dcit, Circle-1(1), V/S. M/S Mcnally Bharat P-7, Chowringhee Engineering Co. Ltd., 4, Square, R. No.20, 7Th Mangoe Lane, 7Th Floor, Floor, Kolkata-69 Kolkata-001 [Pan No.Abcm 9443 R] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri P. Mukherjee Addl Cit-Dr अपीलाथ" क" ओर से/By Appellant Mrs. Trishna Sharma & ""यथ" क" ओर से/By Respondent Mr. P.K. Rai, Aca 14-08-2018 सुनवाई क" तार"ख/Date Of Hearing 31-08-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2005-06 Arises Against The Commissioner Of Income Tax (Appeals)-1,Kolkata’S Order Dated 29.07.2016, Passed In Case No.549/Cit(A)-1/Ward-1(2)/2008-09, Reversing The Assessing Officer’S Action Disallowing / Adding Assessee’S Claim Of Pf / Esi On Account Of Delayed Payment, Discrepancy In Various Transactions Leading To Section 69C Addition Of Unexplained Investment Pertaining To Sub-Contractor Payments, Expenditure Of Payment To Sub-Contractors Involving Corresponding Figure Of ₹20,06,017, 16,52,726/- & 46,04,963/-; Respectively, In Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. We Come To First Issue Of Correctness Of Section 36(1)(Va) R.W. 2(24)X_ Disallowance / Addition Of Assessee’S Employees’ Contribution Towards Pf /

Section 133(6)Section 143(3)Section 36(1)(va)Section 69C

…eable ITA No.1968/Kol/2016 A.Y.2005-06 DCIT, Cir-1(1), Kol. Vs. M/s Mcnally Bharat Engineering Co. Ltd. Page 6 at addresses given by the assessee. Thus the order of the CIT(Appeals) was quashed. Further, in the case of CIT – vs. GP International Ltd. ((2010) 325 ITR 25 (P&H) it was held that the AO having not doubted the identity of the persons from whom the assessee company has shown receipt of share application money, impugned transactions cannot be treated as non-genuine merely because some of the applicants did not respond to the Notice issued by the AO u/s 133(6) and, therefore, addition was not sustainable…

ITO, New Delhi vs. M/S. Xo Infotech Ltd., Ahmedabad

In the result, Appeal of the Department is

ITA 3342/DEL/2013[2009-10]Status: DisposedITAT Delhi09 Jul 2018AY 2009-10

Bench: Sh.Bhavnesh Saini & Sh. L.P.Sahu[Assessment Year: 2009-10] Xo Infotech Ltd., The Income Tax Officer, (Now Known As M/S. Saral Mining Ltd.), 304, Saffron Vs. Ward-7(3), Room No.306, Building, Panchvati To Ambawadi Road, Ambawadi C.R.Building, New Delhi. Ellisbeidge,Ahmedabad- 380006.Pan-Aaaxx0059K (Appellant) (Respondent) By Revenue : Shri Vijay Varma, Cit-D.R. By Assessee : Shri S.R. Wadhwa, Advocate Date Of Hearing : 07.06.2018 Date Of Pronouncement : 09.07.2018

For Appellant: Shri S.R. Wadhwa, AdvocateFor Respondent: Shri Vijay Varma, CIT-D.R
Section 133(6)Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”, NEW DELHI BEFORE SH.BHAVNESH SAINI, JUDICIAL MEMBER AND SH. L.P.SAHU, ACCOUNTANT MEMBER [Assessment Year: 2009-10] XO Infotech Ltd., The Income Tax Officer, (Now known as M/s. Saral Mining Ltd.), 304, Saffron vs. Ward-7(3), Room No.306, Building, Panchvati to Ambawadi Road, Ambawadi C.R.Building, New Delhi. Ellisbeidge,Ahmedabad- 380006.PAN-AAAXX0059K (Appellant) (Respondent) By Revenue : Shri Vijay Varma, CIT-D.R. By Assessee : Shri S.R. Wadhwa, Advocate Date of Hearing : 07.06.2018 Date of Pronouncement : 09.07.2018 ORDER PER BHAVNESH SAINI, J.M. This appe…

ACIT-21(1), Mumbai vs. Karan Builders & Associated, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1432/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 Dec 2016AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Acit- 21(1), Mumbai Vs. M/S. Karan Builders & Associates, 31, Jaihind Cottage, Shahji Raje Marg, Vile Parle – E, Mumbai - 57 Pan/Gir No. Aaffk5037N Appellant) .. Respondent)

Section 133(6)Section 145(3)

…s purchases was held to be not valid. Merely because some of the persons did not respond to the notice issued by the Assessing Officer under section 133(6}, of the Act, it could not be taken that the transaction was not genuine as held in GP International Ltd 325 ITR 25 (P & H) when the summons could not be served on the parties, it was 'been held that the assessee could not be faulted and it cannot be made the sole basis for addition. Anis Ahmad 291 ITR 441(SC). Even when the addresses could not be provided but when the payment of commission was established, the same was allowed as deduction in case of Goodlas n…

ITO, New Delhi vs. M/S. R.L. Traders, Delhi

The appeal of the revenue is dismissed

ITA 6227/DEL/2013[2009-10]Status: DisposedITAT Delhi04 Nov 2015AY 2009-10

Bench: Shri Inturi Rama Rao & Smt Suchitra Kamblei.T.A .No.-6227/Del/2013 (Assessment Year-2009-10)

…our assessment years.” As regards the addition of Rs. 10,59,721/- on account of interest, the CIT(A) has deleted the same on the ground of the judicial pronouncements in case of CIT v. Sugauli Sugar Works 236 ITR 518 as well as CIT v. G.P. International Ltd. 325 ITR 25. In respect of addition of Rs. 8,00,990/- on account of brokerage expenses, the CIT(A) held that the assessee furnished full details of brokerage and commission along with the confirmation from the parties therefore, there is no basis for sustaining the disallowance and deleted the said addition made by the Assessing Officer. 6. The DR relied upo…