CIT v. Lovely Export Pvt. Ltd.

319 ITR 5Supreme Court of India2009#1534 most cited

What is CIT v. Lovely Export Pvt. Ltd. authority for?

When an assessee company receives share application money or unsecured loans and provides the identity of the shareholders or creditors to the Assessing Officer, the amount cannot be treated as the assessee's undisclosed income under Section 68. The Income Tax Department must instead proceed against the alleged bogus shareholders or creditors individually.

74

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Lovely Export Pvt. Ltd. · Lovely Export · Section 68 · Income Tax Act 1961 · share application money · bogus shareholders · undisclosed income · cash credit · identity creditworthiness genuineness · assessee company burden · reopening individual assessment · source of source

Sections most often in play

Section 1961Section 1962Section 68Section 142(1) of the Income Tax ActSection 143(1)Section 143(1) of the Income Tax ActSection 143(3)Section 251(1) of the Income Tax Act

Issues it is cited on

nav methodsection 52(2)dcf methodstrategic investmentsection 56(2)(viib)commercial rightsvaluation of sharessection 60bogus share capitalsection 56(2)(vii)section 52section 251(1)

Judgments citing CIT v. Lovely Export Pvt. Ltd.

MURAD KHETANI,HYDERABAD vs. DCIT., CIRCLE-10(1), HYDERABAD

In the result, the appeal of the assessee is allowed

ITA 1376/HYD/2025[2016-17]Status: DisposedITAT Hyderabad11 Mar 2026AY 2016-17

Bench: SHRI VIJAY PAL RAO, HON’BLE (Vice President), SHRI MANJUNATHA G, HON'BLE (Accountant Member)

Section 131Section 142(1)Section 68

…w, the A.O. ought not to have made addition towards unsecured loans received from M/s. Infinite Media Holdings, as unexplained cash credit under Section 68 of the Act, as held by the Hon'ble Supreme Court in the case of CIT vs. Lovely Exports (P) Ltd., (2009) 319 ITR 5 (SC) wherein it has been clearly held that, once the identity of the loan creditor has been proved by filing relevant evidences, then the Department is free to reopen the case of the loan creditor, but the sum received from the loan creditor cannot be regarded as undisclosed income of the assessee. Therefore, we direct the A.O. to delete the additi…

DCIT- 27(2), MUMBAI, VASHI, NAVI MUMBAI vs. NAYAN BUILDERS, GHATKOPAR EAST, MUMBAI

In the result, the appeal filed by the revenue is dismissed in above\nterms

ITA 4039/MUM/2023[201819]Status: DisposedITAT Mumbai14 Oct 2025
Section 250Section 68

…owers (P.)\nLtd. [2018] 403 ITR 415 (Bom.). Therefore, the assessee was not even\notherwise obligated to prove the source of source of share application money\nin this year.\n6.6 The Hon'ble Supreme Court in the case of CIT v. Lovely Exports (P.)\nLtd. [2009] 319 ITR 5, dismissing revenue's appeal, observed as under :\n\"2. Can the amount of share money be regarded as undisclosed income under\nsection 68 of IT Act, 1961? We find no merit in this Special Leave Petition for\nthe simple reason that if the share application money is received by the\nassessee company from alleged bogus shareholders, whose names are gi…

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)

…आयकर अपीलीय अिधकरण, ‘डी’ "ायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI "ी यस यस िव"ने" रिव, "ाियक सद एवं "ी जगदीश, लेखा सद के सम( BEFORE SHRI SS VISWANETHRA RAVI, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2562/Chny/2017 िनधा:रण वष: /Assessment Year: 2004-05 The Asst. Commissioner of M/s. Midas Golden Distilleries Pvt. Income Tax, Ltd., Central Circle-2(2), Vs. 2/207, Padappai Pushpagiri Road, Chennai. Srimathur Village, Sriperumbudur Taluk, Kanchipuram District – 601 301. [PAN: AADCM 9073D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथG की ओर से/ Assessee…

K.S. CITY PVT. LTD.,INDORE vs. A.C.I.T., CIRCLE-2, GWALIOR

The appeal stand allowed

ITA 17/AGR/2015[2010-11]Status: DisposedITAT Agra22 Apr 2025AY 2010-11

Bench: Hon’Ble Shri Satbeer Singh Godara, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं. / Ita No. 17/Agr/2015 (िनधा"रणवष" / Assessment Year:2010-11) K.S. City Pvt. Ltd. Acit, Circle-2, बनाम/ 301, Silver Arc Plaza, 20/1, Gwalior Vs. New Palasia, Indore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacck-8217-C (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Sanjay Kumar, Ca – Ld. Ar " थ"कीओरसे/Respondent By : Dr. Arun Kumar Yadav – Ld. Cit-Dr सुनवाईकीतारीख/Date Of Hearing : 19-02-2025 घोषणाकीतारीख /Date Of Pronouncement : 22.04.2025 आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Assessee For Assessment Year (Ay) 2010-11 Arises Out Of An Order Passed By Ld. Commissioner Of Income Tax (Appeals), Gwalior [Cit(A)] On 23-12-2014 In The Matter Of An Assessment Framed By Ld. Ao U/S 143(3) Of The Act On 22-11-2011. The Sole Grievance Of The Assessee Is Confirmation Of Addition U/S 68 For Rs.25 Lacs. Having Heard Rival Submissions, The Appeal Is Disposed-Off As Under. 2. Pursuant To Search Action On Assessee Group On 11-03-2010, Ld. Ao, During The Course Of Assessment Proceedings, Noted That The Assessee Issued Share Capital Of Rs.25 Lacs (Including Share Premium Of Rs.24.95 Lacs) To Smt. Alka Bansal. The Ld. Ao Added The Same U/S 68 For Want Of Sufficient Documentary Evidences.

For Appellant: Sh. Sanjay Kumar, CA – Ld. ARFor Respondent: Dr. Arun Kumar Yadav – Ld. CIT-DR
Section 143(3)Section 68

…the fact that the shareholder was regularly assessed to tax and the assessee furnished PAN of the shareholder. The assessee also furnished financial statement of the shareholder and referred to the decision of Hon’ble Apex Court in the case of Lovely Exports (319 ITR 5) to assail the impugned addition. The assessee also drew attention the fact that the assessment of shareholder was completed by same Ld. AO wherein no such addition were made. Another pertinent fact brought to the notice was that Shri Ramesh Chand of assessee-group, owned up the bank transactions of the shareholders which ultimately stood settled b…

PEOPLE CARE HOSPITALS PRIVATE LIMITED,FARIDABAD vs. ITO, WARD 2(1), FARIDABAD

In the result, the appeals of the assesses are allowed

ITA 100/DEL/2021[2016-17]Status: DisposedITAT Delhi08 Nov 2024AY 2016-17

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2016-17 People Care Hospitals Private Vs Ito Limited, Plot No.1066, Baba Ward- 2 (1) Nagar, Near Janta Barat Ghar, Faridabad Old Faridabad, Haryana 121002 Pan No.Aagcp8745G (Appellant) (Respondent) Assessment Year: 2016-17 Geranium Barkers Pvt. Ltd. Vs Ito 103/B, Near Shyamji Mandir Ward-1 (3) Malerna Road, Adarsh Nagar, Faridabad Ballabgarh Haryana -122004 Pan No.Aafcg3396P (Appellant) (Respondent) Assessment Year: 2016-17 Riven Health Club Pvt. Ltd. Vs Ito Ff-9, Vishnu Place Near Ward- 2 (2) Neelam Flyover Sector-20B Faridabad Faridabad Haryana121001 Pan No. Aagcr1343A (Appellant) (Respondent) Appellants By Sh. Rajeev Saxena, Advocate Ms. Sumangla Saxena, Advocate Sh. Dishant Sethi, Advocate

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

RIVEN HEALTH CLUB PVT. LTD.,FARIDABAD vs. ITO WARD-2(2), FARIDABAD

In the result, the appeals of the assesses are allowed

ITA 103/DEL/2021[2016-17]Status: DisposedITAT Delhi06 Nov 2024AY 2016-17

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2016-17 People Care Hospitals Private Vs Ito Limited, Plot No.1066, Baba Ward- 2 (1) Nagar, Near Janta Barat Ghar, Faridabad Old Faridabad, Haryana 121002 Pan No.Aagcp8745G (Appellant) (Respondent) Assessment Year: 2016-17 Geranium Barkers Pvt. Ltd. Vs Ito 103/B, Near Shyamji Mandir Ward-1 (3) Malerna Road, Adarsh Nagar, Faridabad Ballabgarh Haryana -122004 Pan No.Aafcg3396P (Appellant) (Respondent) Assessment Year: 2016-17 Riven Health Club Pvt. Ltd. Vs Ito Ff-9, Vishnu Place Near Ward- 2 (2) Neelam Flyover Sector-20B Faridabad Faridabad Haryana121001 Pan No. Aagcr1343A (Appellant) (Respondent) Appellants By Sh. Rajeev Saxena, Advocate Ms. Sumangla Saxena, Advocate Sh. Dishant Sethi, Advocate

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

GERANIUM BAKERS PRIVATE LMITED,BALLABHGARH vs. ITO WARD-1(3), FARIDABAD

In the result, the appeals of the assesses are allowed

ITA 102/DEL/2021[2016-17]Status: DisposedITAT Delhi06 Nov 2024AY 2016-17

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2016-17 People Care Hospitals Private Vs Ito Limited, Plot No.1066, Baba Ward- 2 (1) Nagar, Near Janta Barat Ghar, Faridabad Old Faridabad, Haryana 121002 Pan No.Aagcp8745G (Appellant) (Respondent) Assessment Year: 2016-17 Geranium Barkers Pvt. Ltd. Vs Ito 103/B, Near Shyamji Mandir Ward-1 (3) Malerna Road, Adarsh Nagar, Faridabad Ballabgarh Haryana -122004 Pan No.Aafcg3396P (Appellant) (Respondent) Assessment Year: 2016-17 Riven Health Club Pvt. Ltd. Vs Ito Ff-9, Vishnu Place Near Ward- 2 (2) Neelam Flyover Sector-20B Faridabad Faridabad Haryana121001 Pan No. Aagcr1343A (Appellant) (Respondent) Appellants By Sh. Rajeev Saxena, Advocate Ms. Sumangla Saxena, Advocate Sh. Dishant Sethi, Advocate

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

SATYANARAYAN HOLDINGS PVT. LTD.,KOLKATA vs. ITO, WARD-5(2), KOLKATA

ITA 444/KOL/2024[2012-13]Status: DisposedITAT Kolkata26 Sept 2024AY 2012-13

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.444/Kol/2024 Assessment Year: 2012-13

Section 143(1)Section 249Section 250Section 253Section 3Section 5

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA Before Shri Sanjay Garg, Judicial Member & Dr. Manish Borad, Accountant Member I.T.A. No.444/Kol/2024 Assessment Year: 2012-13 Satyanarayan Holdings Pvt. Ltd. …… Appellant 18, R. N. Mukherjee Road, Mission Road, Kolkata-700001. (PAN: AAHCS6407R) Vs. ITO, Ward-5(2), Kolkata. …… Respondent Appearances by: Shri Siddharth Agarwal, Advocate appeared for Appellant Shri Bonnine Debbarma, Addl. CIT, DR appeared for Respondent Date of concluding the hearing : 12.08.2024 Date of pronouncing the order : 26.09.2024 ORDER Per Dr. Manish Borad, Accountant Member: This…

SPARSH BEAUTY CARE PVT. LTD.,HARYANA vs. ITO WARD-2(4), HARYANA

In the result, the appeals of the assesses are allowed

ITA 86/DEL/2021[2016-17]Status: DisposedITAT Delhi05 Sept 2024AY 2016-17

Bench: Dr. B. R.R. Kumar & Sh. Sudhir Kumarassessment Year: 2016-17 M/S. Punyah Building Vs Ito Materials Pvt. Ltd. Ward-2 (1) House No.1002, Near Talab Faridabad Shiv Colony, Old Faridabad Haryana Ballahgarh Haryana 122002 Pan No.Aagcp8742B (Appellant) (Respondent) Assessment Year: 2016-17 Sparsh Beauty Care Pvt. Ltd. Vs Ito Plot No.1066, Near Janta Barat Ward-2 (4) Ghar Baba Nagar, Faridabad Faridabad Haryana 121002 Haryana Pan No.Aascs2575D (Appellant) (Respondent) Assessment Year: 2016-17 Speedy Courier Services Pvt. Vs Ito Ltd. Ward- 2 (4) Plot No.1022, Near Talab Shiv Faridabad Colony, Faridabad Haryana Pan No.Aascs2579R (Appellant) (Respondent)

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substan…

PUNYAH BUILDING MATERIALS PVT LTD,FARIDABAD vs. ITO WARD - 2(1), FARIDABAD

In the result, the appeals of the assesses are allowed

ITA 81/DEL/2021[2016-17]Status: DisposedITAT Delhi05 Sept 2024AY 2016-17

Bench: Dr. B. R.R. Kumar & Sh. Sudhir Kumarassessment Year: 2016-17 M/S. Punyah Building Vs Ito Materials Pvt. Ltd. Ward-2 (1) House No.1002, Near Talab Faridabad Shiv Colony, Old Faridabad Haryana Ballahgarh Haryana 122002 Pan No.Aagcp8742B (Appellant) (Respondent) Assessment Year: 2016-17 Sparsh Beauty Care Pvt. Ltd. Vs Ito Plot No.1066, Near Janta Barat Ward-2 (4) Ghar Baba Nagar, Faridabad Faridabad Haryana 121002 Haryana Pan No.Aascs2575D (Appellant) (Respondent) Assessment Year: 2016-17 Speedy Courier Services Pvt. Vs Ito Ltd. Ward- 2 (4) Plot No.1022, Near Talab Shiv Faridabad Colony, Faridabad Haryana Pan No.Aascs2579R (Appellant) (Respondent)

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substan…

SPEEDY COURIER SERVICES PVT LTD,FARIDABAD vs. ITO WARD - 2(4), FARIDABAD

In the result, the appeals of the assesses are allowed

ITA 80/DEL/2021[2016-17]Status: DisposedITAT Delhi05 Sept 2024AY 2016-17

Bench: Dr. B. R.R. Kumar & Sh. Sudhir Kumarassessment Year: 2016-17 M/S. Punyah Building Vs Ito Materials Pvt. Ltd. Ward-2 (1) House No.1002, Near Talab Faridabad Shiv Colony, Old Faridabad Haryana Ballahgarh Haryana 122002 Pan No.Aagcp8742B (Appellant) (Respondent) Assessment Year: 2016-17 Sparsh Beauty Care Pvt. Ltd. Vs Ito Plot No.1066, Near Janta Barat Ward-2 (4) Ghar Baba Nagar, Faridabad Faridabad Haryana 121002 Haryana Pan No.Aascs2575D (Appellant) (Respondent) Assessment Year: 2016-17 Speedy Courier Services Pvt. Vs Ito Ltd. Ward- 2 (4) Plot No.1022, Near Talab Shiv Faridabad Colony, Faridabad Haryana Pan No.Aascs2579R (Appellant) (Respondent)

Section 131oSection 142(1)Section 143Section 143(2)Section 143(3)Section 251(1)Section 271(1)(c)Section 56(2)(viib)Section 68

…o prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substan…

ENN VEE HOLDINGS PVT LTD,NEW DELHI vs. DCIT CENTRAL CIRCLE 31, NEW DELHI

In the result, the addition made u/s 68 and u/s 56(2)(viib) in the case of M/s Realtime Marketing Pvt

ITA 1195/DEL/2023[2016-17]Status: DisposedITAT Delhi05 Jul 2024AY 2016-17

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

For Appellant: Sh. Neeraj Jain, Adv. &For Respondent: Ms. Sapna Bhatia, CIT-DR
Section 132Section 132(4)Section 143(1)Section 143(2)Section 153ASection 68

…prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

DCIT, CC-31, NEW DELHI vs. REALTIME MARKETING PVT. LTD., DELHI

In the result, the addition made u/s 68 and u/s 56(2)(viib) in the case of M/s Realtime Marketing Pvt

ITA 1839/DEL/2021[2015-16]Status: DisposedITAT Delhi05 Jul 2024AY 2015-16

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

For Appellant: Sh. Neeraj Jain, Adv. &For Respondent: Ms. Sapna Bhatia, CIT-DR
Section 132Section 132(4)Section 143(1)Section 143(2)Section 153ASection 68

…prove the identity, creditworthiness and genuineness of the transaction. The same cannot be denied in the absence of material contrary brought by the Assessing Officer. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

BESTLINE PROPERTIES PVT. LTD,MUMBAI vs. ITO-12(1)(3), MUMBAI

In the result, the appeal filed by the assessee is

ITA 3500/MUM/2023[2009-10]Status: DisposedITAT Mumbai31 May 2024AY 2009-10

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

Section 148Section 68

…13) 357 ITR 146 (Del.) - CIT vs. Goel Sons Golden Estate P Ltd. ITA No. 212/2012 dated 11.4.2012. - CIT vs. Gangeshwari Metal (P) Ltd. (2014) 361 ITR 10 (Delhi) (HC) - Pr. CIT vs. Rakam Money Matters P Ltd. (Delhi HC) - CIT vs. Lovely Exports Pvt. Ltd. (2009) 319 ITR 5 (SC). Ground 9 The assessment is concluded without granting the opportunity of cross examination of the persons whose statements are relied upon by the learned assessing officer. Appellant Submission: The Ld. A.O. has ignored the directions of Delhi High Court in W. P. No. 1357/2016 in case of Sabh Infrastructure Ltd. Vs. Asst. Com. of Income Tax),…

PINGASH MARKETING PRIVATE LIMITED,BALLABHGARH vs. ITO WARD-2(1), FARIDABAD

In the result, Appeals in ITA No

ITA 99/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Apr 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.Ita No.84/Del/2021, A.Y.2016-17)

Section 143(1)Section 251(1)Section 271(1)(c)Section 52(2)Section 56(2)(viib)Section 68

…e cannot be denied in the absence of material contrary brought by the Assessing Officer. Page 19 of 42 ITA No.84, 87, 88, 89 & 99Del/2021 M/s Shanta Blankets and Ors. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

GOPESH FABRICS PVT. LTD.,BALLABHGARH vs. ITO WARD-1(3) , FARIDABAD

In the result, Appeals in ITA No

ITA 98/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Apr 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.Ita No.84/Del/2021, A.Y.2016-17)

Section 143(1)Section 251(1)Section 271(1)(c)Section 52(2)Section 56(2)(viib)Section 68

…e cannot be denied in the absence of material contrary brought by the Assessing Officer. Page 19 of 42 ITA No.84, 87, 88, 89 & 99Del/2021 M/s Shanta Blankets and Ors. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

VIDHI CINEMAS PVT.LTD.,HARYANA vs. ITO WARD-2(5), FARIDABAD

In the result, Appeals in ITA No

ITA 88/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Apr 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.Ita No.84/Del/2021, A.Y.2016-17)

Section 143(1)Section 251(1)Section 271(1)(c)Section 52(2)Section 56(2)(viib)Section 68

…e cannot be denied in the absence of material contrary brought by the Assessing Officer. Page 19 of 42 ITA No.84, 87, 88, 89 & 99Del/2021 M/s Shanta Blankets and Ors. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

ZHILMIL ELECTRONICS PVT. LTD.,HARYANA vs. ITO WARD-2(5), FARIDABAD

In the result, Appeals in ITA No

ITA 87/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Apr 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.Ita No.84/Del/2021, A.Y.2016-17)

Section 143(1)Section 251(1)Section 271(1)(c)Section 52(2)Section 56(2)(viib)Section 68

…e cannot be denied in the absence of material contrary brought by the Assessing Officer. Page 19 of 42 ITA No.84, 87, 88, 89 & 99Del/2021 M/s Shanta Blankets and Ors. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

SHANTA BLANKETS PVT. LTD.,HARYANA vs. ITO WARD-2(3) , FARIDABAD

In the result, Appeals in ITA No

ITA 84/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Apr 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.Ita No.84/Del/2021, A.Y.2016-17)

Section 143(1)Section 251(1)Section 271(1)(c)Section 52(2)Section 56(2)(viib)Section 68

…e cannot be denied in the absence of material contrary brought by the Assessing Officer. Page 19 of 42 ITA No.84, 87, 88, 89 & 99Del/2021 M/s Shanta Blankets and Ors. 14. The Hon'ble Supreme Court in the case of CIT Vs. Lovely Export Pvt. Ltd. reported in 319 ITR 5 (ST) observed that even if the share capital money is received by the assessee from alleged bogus share holders, whose names are given to the A.O. The Department is free to proceed to reopen their individual assessment in accordance with law. But cannot regarded undisclosed income of the assessee Company. The present case, the assessee has substant…

SNR ELECTRONICS LTD,NEW DELHI vs. ITO WARD - 24(1), NEW DELHI

In the result, the appeal of the assessee is dismissed

ITA 937/DEL/2020[2009-10]Status: DisposedITAT Delhi28 Feb 2024AY 2009-10

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: NoneFor Respondent: Ms. Deepti Chandola, Sr. DR
Section 143Section 147Section 148Section 151Section 292CSection 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. Kul Bharat, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 937/Del/2020 : Asstt. Year: 2009-10 M/s SNR Electronics Ltd., Vs Income Tax Officer, F-109, First Floor, Aditya Arcade, Preet Ward-24(1), Vihar, New Delhi-110092 New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AALCS2855D Assessee by : None Revenue by : Ms. Deepti Chandola, Sr. DR Date of Hearing: 26.02.2024 Date of Pronouncement: 28.02.2024 ORDER Per Dr. B. R. R. Kumar, Accountant Member: This appeal has been filed by the assessee against the order of ld. CIT(A)-…

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