What is CIT v. Lovely Export authority for?

When an assessee receives share capital or share premium, it only needs to prove the identity of the shareholders and that the money came from them. The assessee is not required to prove how the share applicants obtained the funds, unless there is adverse evidence on record.

How many judgments cite CIT v. Lovely Export?

14 judgments on BharatTax cite CIT v. Lovely Export (216 ITR 198), spanning 2012 to 2023.

CIT v. Lovely Export (216 ITR 198)

Income Tax Officer, Ward 2(1), Raipur vs. Mesers Aryan Builders and Developers Private Limited, Raipur

In the result, both appeal of the revenue and cross objection of the assessee stand dismissed in terms of our observations

ITA 201/RPR/2018[2012-13]Status: DisposedITAT Raipur06 Sept 2023AY 2012-13

Bench: SHRI RAVISH SOOD (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

For Appellant: Shri Ramesh Kumar Singhania, CA, &For Respondent: Shri S.K.Meena, CIT-DR

Section 143(2)Section 250(4)Section 68

…1 आयकर अपील"य अ"धकरण, रायपुर "यायपीठ, रायपुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR "ी र"वश सूद, "या"यक सद"य एवं "ी अ"ण खोड़"पया, लेखा सद"य के सम" । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अपील सं./ITA No.201/RPR/2018 (Assessment Year: 2012-2013) The Income Tax Officer-2(1), Vs M/s.Aryan Builders and- Raipur Developers Pvt. Ltd., Near Shitla Mandir, Machhi Talab, Gudiyari, Raipur PAN No. : AAJCA 3942 M AND Cross Objection No.09/RPR/2022) (Arising out of ITA No.201/RPR/2018) (Assessment Year: 2012-2013) M/s.Aryan Builders and – Vs ITO-2(1), Raipur Developers Pvt. Ltd., Near…

Assistant Commissioner of Income Tax, Circle 1(1), Raipur vs. M/S R.R. Industrial Corporation (India) Private Limited, Raipur

ITA 144/RPR/2018[2013-14]Status: DisposedITAT Raipur11 Jul 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 144/Rpr/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. R.R. Industrial Corporation (India) Pvt. Ltd., Station Road, Telghani Naka, Raipur (C.G.) Pan : Aaecr4291B ……""यथ" / Respondent

For Appellant: Shri Amit M. Jain, AdvocateFor Respondent: Smt. Ila M. Parmar, CIT-DR

Section 143(2)Section 143(3)Section 250(4)Section 68

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No. 144/RPR/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/s. M/s. R.R. Industrial Corporation (India) Pvt. Ltd., Station Road, Telghani Naka, Raipur (C.G.) PAN : AAECR4291B ……""यथ" / Respondent Assessee by :Shri Amit M. Jain, Advocate, Revenue by :Smt. Ila M. Parmar, CIT-DR सुनवाई क" तार"ख / Date of Hearing :12.04.2023 घो…

Assistant Commissioner of Income Tax, Circle- 1(1), Raipur vs. Mesers Vandana Ispat Limited, Raipur

In the result, the appeal of revenue is dismissed

ITA 183/RPR/2019[2013-14]Status: DisposedITAT Raipur31 Oct 2022AY 2013-14

For Appellant: Shri R.B.Doshi, CAFor Respondent: Shri G.N.Singh, Sr. DR

Section 68

…आयकर अपील"य अ"धकरण, रायपुर "यायपीठ, रायपुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR "ी र"वश सूद, "या"यक सद"य एवं "ी अ"ण खोड़"पया, लेखा सद"य के सम" । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अपील सं./ITA No.183/RPR/2019 ("नधा"रण वष" / Assessment Year :2013-2014) ACIT, Circle-1(1), Raipur Vs M/s Vandana Ispat Ltd., Vandana Building, M.G.Road, Raipur-492001 PAN No. : AABCV 1344 A (अपीलाथ" /Appellant) .. (""यथ" / Respondent) राज"व क" ओर से /Revenue by : Shri G.N.Singh, Sr. DR "नधा"रती क" ओर से /Assessee by : Shri R.B.Doshi, CA सुनवाई क" तार"ख / Date of Hearing : 28/07/2022 घोषणा क" तार…

Joint Commissioner of Income Tax (OSD) Circle-1(1), Bilaspur vs. M/S Omax Minerals Pvt. Ltd. Gadumaria, Raigarh

In the result appeal ITA No

ITA 94/RPR/2018[2014-15]Status: DisposedITAT Raipur17 Oct 2022AY 2014-15

For Appellant: Shri G.S.Agrawal & Shri N.C.Gupta, ARsFor Respondent: Shri Sanjay Kumar, Sr.DR

Section 131(1)Section 68

…sessing them to tax. It did not entitle the department to add the . money received to the assessee's income as unexplained cash credit. 7. ITO v. NeelkanthFinbuild Ltd. (2015) 70 SOT 0368 (Delhi) "Hon'ble Supreme Court of India in case of CIT v. Lovely Export 299 ITR 261 (SC) which has confirmed the order of Hon'ble Delhi High Court has held that once the identity of the shareholder have been established, even if there is a case of bogus share capital, it cannot be added in the hands of company in less any adverse evidence is not on record." 8. CIT v. Divine Leasing and Finance Ltd.(2008) 299 ITR 268 (Delhi) "Hel…

ACIT, Circle-19(2), New Delhi vs. P & R Infraprojects Ltd, New Delhi

In the result, the appeal filed by the Revenue is dismissed

ITA 4944/DEL/2018[2009-10]Status: DisposedITAT Delhi07 Jan 2022AY 2009-10

For Appellant: Shri V.K. Agarwal, ARFor Respondent: Shri Parikshit Singh, Sr. DR

Section 133ASection 143(2)Section 143(3)Section 147Section 148Section 68

…nt is received by A/c Payee cheque indicating cheque no, date, amount, saving bank account no. as well as name and address of the bank. Copy of the bank statements were also filed before the Ld. AO by relying on the following case laws:- CIT vs. Lovely Export 299 ITR 261 (SC) 2008-TIOL-238-SC-IT 4 CIT vs. Gangeshwari Metals Pvt. Ltd., 2013-TIOL-96-HC CIT vs. Kamdhenu Steel & Alloys Ltd., 2032, TIOL-236-HC-DEL-IT CIT vs. Oasis Hospitalities Pvt. Ltd., 2011-TTOL-69-HC-DEL-IT CJT vs. Pratham Projects &Finlease Ltd., 1TA 638/2010, Delhi High Court, CIT' vs. Winslral Petrochemicals Pvt. Ltd., (2010) 41 DTR 139 (DeL) I…

ITO, WD-5(2), Kolkata vs. M/S Purbasa Commercial Pvt. Ltd., Kolkata

ITA 1179/KOL/2015[2008-2009]Status: DisposedITAT Kolkata25 Jan 2019AY 2008-2009

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2008-09 Income Tax Officer, V/S. M/S Purbasa Commercial Pvt. Ltd. 5/5 Clive Row, 4Th Ward-5(2), P-7, Chowringhee Square, Floor, Room No.26, 8Th Floor, Room No.6, Kolkata-700001 Kolkata-700 069 [Pan No.Aaecp 1267B] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Saurabh Kumar, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwal, Advocate ""यथ" क" ओर से/By Respondent 15-01-2019 सुनवाई क" तार"ख/Date Of Hearing 25-01-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2008-09 Arises Against The Commissioner Of Income Tax (Appeals)-2, Kolkata’S Order Dated 29.06.2015, Passed In Case No.1575/Cit(A)-2/2015-16, In Proceedings U/S. 144 R.W.S 263 R.W.S. 143(3) R.W.S 147 Of The Income Tax Act, 1961; In Short ‘The Act’. Case File Perused. 2. The Revenue’S Sole Substantive Ground Raised In The Instant Appeal Seeks To Revere The Cit(A)’S Action Deleting Unexplained Cash Credits Addition Of ₹3.14 Lac Made In The Course Of Assessment Framed On 19.03.2015. The Assessee’S Case Before Assessing Officer Was That This Sum Represented Its Share Application / Premium Raised During The Course Of Relevant Previous Year. The Assessing Officer Held In The Course Of Assessment That Assessee Had Failed To Prove Identity, Genuineness & Creditworthiness Of The Investors

Section 144Section 68

…w that Ld. First Appellate Authority has deleted the addition in dispute on the basis of various documentary evidence filed by the assessee before the Assessing Officer as well as before him. Hon'ble Supreme Court of India in the case of CIT VS. Lovely Export 299 ITR 261 (SC) which has confirmed the order of Hon'ble Delhi High Court has held that once the identity of the share holder have been established, even if there is a case of bogus share capital, it cannot be added in the hands of company unless any adverse evidence is not on record. Ld. First Appellate Authority has examined the documentary evidence filed…