What is CIT v. Kundan Investment Ltd. authority for?

An assessee must prove the identity of the subscribers to share capital, their creditworthiness, and the genuineness of the transaction for cash credits under section 68. Establishing identity alone is insufficient, and the Income Tax Officer can lift the corporate veil to ascertain the reality of the transaction.

How many judgments cite CIT v. Kundan Investment Ltd.?

62 judgments on BharatTax cite CIT v. Kundan Investment Ltd. (263 ITR 626), spanning 2010 to 2023.

CIT v. Kundan Investment Ltd. (263 ITR 626)

KALUBHAI DULABHAI GOLAVIYA,SURAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, , SURAT

In the result, ground raised by the assessee is allowed

ITA 619/SRT/2018[2014-15]Status: DisposedITAT Surat30 Mar 2023AY 2014-15

Bench: Shri Pawan Singh, Jm &Dr. A.L.Saini, Am आयकर अपीलसं./It(Ss)A No.15 & Ita No.619/Srt/2018 (िनधा"रणवष" / Assessment Years: (2011-12 &2014-15) (Virtual Court Hearing) Shri Kalubhai Dulabhai Golaviya Deputy Commissioner Of Income-Tax, B/1-2, Jalaram Society, B/H. Central Circle-2, Aaykar Bhavan, Vs. Gurunagar Society, Varachha Majura Gate, Surat-395001 Road, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ablpp 5116 A (अपीलाथ" /Appellant) (""थ" /Respondent)

For Appellant: Shri Ashwin K Parekh, C.AFor Respondent: Shri Ashok B.Koli, CIT-DR &

Section 132Section 143(2)Section 143(3)Section 153ASection 45(3)Section 54F

…Kalubhai D Golaviya discharged. It is so held in several judgments such as CIT v. Dwarkadhish Investment (P.) Ltd. [2010] 194 Taxman 43 (Delhi), CIT v. Sophia Finance Ltd. [1994] 205 ITR 98 /[1993] 70 Taxman 69 (Delhi), CIT v. Kundari Investment Ltd. [2003] 263 ITR 626/130 Taxman 689 (Cal.) and CIT v. Rathi Finiease Ltd. [2008] 215 CTR 429 (M.P.). The Creditworthiness or financial strength of the creditor can be proved by producing the bank statement of the creditor showing that it had sufficient balance in its accounts to enable it to advance money to the assessee. The genuineness of the transaction is to be d…

ASSISTANT COMMISSIONER OF INCOME TAX, CIR.2(1)(1), SURAT vs. M/S GALAXI FILAMENTS, SURAT

In the result, the appeal of the Revenue is dismissed

ITA 35/SRT/2022[2017-18]Status: DisposedITAT Surat30 Jan 2023AY 2017-18

Bench: Shri Pawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.35/Srt/2022 (िनधा"रणवष" / Assessment Year: (2017-18) (Physical Court Hearing) Assistant Commissioner Of M/S Galaxy Filaments Income-Tax, Circle-2(1)(1), Room 13-14, Sanskruti Industrial Vs. 6Th No.612, Floor, Aayakar Estate, Nr. Diamond Rose Bhavan, Nr. Majura Gate, Surat- Nursery, Laskana, Surat-395013 395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aapfg 6252 M (Assessee ) (Respondent)

For Appellant: Shri Rasesh Shah, C.AFor Respondent: Shri Vinod Kuamr, Sr-D.R

Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA No.35/SRT/2022 (िनधा"रणवष" / Assessment Year: (2017-18) (Physical Court Hearing) Assistant Commissioner of M/s Galaxy Filaments Income-tax, Circle-2(1)(1), Room 13-14, Sanskruti Industrial Vs. 6th No.612, Floor, Aayakar Estate, Nr. Diamond Rose Bhavan, Nr. Majura Gate, Surat- Nursery, Laskana, Surat-395013 395001 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAPFG 6252 M (Assessee ) (Respondent) "नधा"रती क" ओर से /Assessee by : Shri Rasesh Shah, C.A राज"व क" ओर से /Respondent by : Shri Vinod Kuamr, Sr-D.…

AMIGO FINSTOCK PVT. LTD.,,AHMEDABAD vs. THE ITO, WARD-1(1)(1),, AHMEDABAD

The appeal of the assessee is dismissed

ITA 1037/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad31 Oct 2022AY 2009-10

Bench: Ms. Suchitra Kamble

For Appellant: Shri Bhavik Nagori, A.RFor Respondent: Shri Rakesh Jha, Sr. DR

Section 133ASection 139(1)Section 144ASection 148

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No.1037/Ahd/2018 (Assessment Year: 2009-10) Amigo Finstock Pvt. Ltd. Vs. ITO P-2, City Centre, Near Swastik Ward-1(1)(1), Char Rasta, C. G. Road, Ahmedabad Ahmedabad-380009 [PAN No.AABCA9978R] (Appellant) .. (Respondent) Appellant by : Shri Bhavik Nagori, A.R. Respondent by: Shri Rakesh Jha, Sr. DR Date of Hearing 13.09.2022 Date of Pronouncement 31.10.2022 O R D E R This appeal is filed by the assessee against the order dated 27.02.2018 passed by the Ld. CIT(Appeals)-1, Ahmedabad for A.Y. 2009-10. 2.…

NISHAT ARA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 65/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…this finding of I.T.A. No.61 to 65/Lkw/2021 Assessment year:2012-13 19 the Tribunal is perverse, we answer it in the negative, i.e., in favour of the assessee and against the Revenue.” E) The Calcutta High Court in the case of CIT vs. Kundan Investment Ltd. 263 ITR 626 the Court held: “We may deal with the loss in share transaction first. The grounds disallowing share loss by the AO affirmed by the Commissioner of Income Tax(Appeals) were those that out of the four blocks of shares delivery of three blocks were received after five months and the price was also paid after five months, but were immediately sold…

ZAIN ALAM,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 64/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…this finding of I.T.A. No.61 to 65/Lkw/2021 Assessment year:2012-13 19 the Tribunal is perverse, we answer it in the negative, i.e., in favour of the assessee and against the Revenue.” E) The Calcutta High Court in the case of CIT vs. Kundan Investment Ltd. 263 ITR 626 the Court held: “We may deal with the loss in share transaction first. The grounds disallowing share loss by the AO affirmed by the Commissioner of Income Tax(Appeals) were those that out of the four blocks of shares delivery of three blocks were received after five months and the price was also paid after five months, but were immediately sold…

NAUSHEEN FARAH,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 63/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…this finding of I.T.A. No.61 to 65/Lkw/2021 Assessment year:2012-13 19 the Tribunal is perverse, we answer it in the negative, i.e., in favour of the assessee and against the Revenue.” E) The Calcutta High Court in the case of CIT vs. Kundan Investment Ltd. 263 ITR 626 the Court held: “We may deal with the loss in share transaction first. The grounds disallowing share loss by the AO affirmed by the Commissioner of Income Tax(Appeals) were those that out of the four blocks of shares delivery of three blocks were received after five months and the price was also paid after five months, but were immediately sold…

SHAHEEN RABIA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 62/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…this finding of I.T.A. No.61 to 65/Lkw/2021 Assessment year:2012-13 19 the Tribunal is perverse, we answer it in the negative, i.e., in favour of the assessee and against the Revenue.” E) The Calcutta High Court in the case of CIT vs. Kundan Investment Ltd. 263 ITR 626 the Court held: “We may deal with the loss in share transaction first. The grounds disallowing share loss by the AO affirmed by the Commissioner of Income Tax(Appeals) were those that out of the four blocks of shares delivery of three blocks were received after five months and the price was also paid after five months, but were immediately sold…

MARGHOOB ALAM,KANPUR vs. DCUT, CC-II, KANPUR, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 61/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…this finding of I.T.A. No.61 to 65/Lkw/2021 Assessment year:2012-13 19 the Tribunal is perverse, we answer it in the negative, i.e., in favour of the assessee and against the Revenue.” E) The Calcutta High Court in the case of CIT vs. Kundan Investment Ltd. 263 ITR 626 the Court held: “We may deal with the loss in share transaction first. The grounds disallowing share loss by the AO affirmed by the Commissioner of Income Tax(Appeals) were those that out of the four blocks of shares delivery of three blocks were received after five months and the price was also paid after five months, but were immediately sold…

ITO, NEW DELHI vs. M/S MAGICAL INFOTECH (P) LTD.,, DELHI

In the result, the appeal of the Revenue is allowed for statistical purpose

ITA 1189/DEL/2017[2012-13]Status: DisposedITAT Delhi12 Apr 2022AY 2012-13

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No.1189/Del/2017 : Asstt. Year: 2012-13 Income Tax Officer, Vs M/S Magical Infotech (P) Ltd. Ward-21(1), [Now Readystream Infotech (P) Ltd.] New Delhi T-336/B, Gali No.8, Near Ojha Dharamshala, Gautampuri, Delhi-110053 (Appellant) (Respondent) Pan No. Aahcm6581C

For Appellant: NoneFor Respondent: Ms. Sarita Kumari, CIT-DR

Section 68

…, that would be sufficient to shift the onus. What is meant is, that in the first instance, the party on whom the onus lies must prove his case sufficiently to justify a judgment in his favour if there is no other evidence”. In Kundan Investment Ltd., (2003) 263 ITR 626, the Calcutta High Court held that even if the identity is established, the creditworthiness is required to the proved. Establishment of identity is not sufficient even if the subscriber confirms the subscription u/s 68, the ITRO is empowered to lift the veil and find out whether the apparent is real. 22 M/s Magical Infotech (P.) Ltd. In Nivedam…

ACIT, CENTRAL CIRCLE-19, NEW DELHI vs. M/S K.R. PULP & PAPERS LTD,, NEW DELHI

In the result, the appeal of the Revenue is

ITA 5064/DEL/2017[2009-10]Status: DisposedITAT Delhi31 Mar 2022AY 2009-10

Bench: Shri R.K. Panda & Shri N.K. Choudhry

For Appellant: Ms. Monika Aggarwal, AdvocateFor Respondent: Smt. Sunita Singh, CIT-DR

Section 132Section 143(3)Section 147Section 80I

…ecurities & Finance Pvt Ltd 224 TAXMAN 237 (Delhi) 8. Empire Buittech Pvt. Ltd 366ITR 110 (Delhi) 9. ONASSIS AXLES PRIVATE LIMITED 364 ITR 53 (Delhi) 10. FOCUS EXPORTS PVT. LTD. 111 DTR 0012 (Del) 11. RathiFinlease Ltd 215 CTR 429 MP 12. Kundan Investment Ltd 263 ITR 626 (Cat) 13. Korlay Trading Co. Ltd 232 ITR 820 (Cat) 14. SumatiDayai 214 ITR 801 (SC) 15. Power Drugs Ltd. 245 CTR 623 P & H 16. Nova Promoters &Finiease (P) Ltd 342 ITR 169 (Del.) 17. AZEEM INVESTMENT PVT LTD 252 CTR 0217 Del.) 18. MAJOR METALS LTD 359 ITR 0450 (Bom) 19. INDEPENDENT MEDIA PVT. LTD. 25 taxmann.com 276 (Delhi) 20. NEELKANTHISPAT UDH…