CIT v. Lovely Export Pvt. Ltd.

319 ITR 5Supreme Court of India2009#1529 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 366,470 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.

M/S.Abhijavala Developers Private Limited, Mumbai vs. Income Tax Officer 9(1)(1), Mumbai

In the result, the appeal stands partly allowed in terms of our above order

ITA 952/MUM/2019[2012-13]Status: DisposedITAT Mumbai03 Dec 2020AY 2012-13

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode)

For Appellant: Shri Gaurav Bansal- Ld. ARFor Respondent: Shri Brajendra Kumar - Ld.Sr.DR
Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - 3 M/s. Abhijavala Developers Private Limited Assessment Year: 2012-13 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the a…

ACIT, Central Circle-15, New Delhi vs. Sunstar Infra Developers Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 816/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Nov 2020AY 2012-13

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Competent Infoways Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 128/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 124/DEL/2018[2010-11]Status: DisposedITAT Delhi27 Nov 2020AY 2010-11

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Hindustan Aqua Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 122/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Fortune Industrial Resources Ltd., Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 119/DEL/2018[2011-12]Status: DisposedITAT Delhi27 Nov 2020AY 2011-12

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Moon Beverages Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 115/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 111/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…d on record the entire evidence and material to discharge the burden which lay upon it u/s 68 of the Act. For the above proposition, the ld. Counsel relied on the following decisions:- “BURDEN OF ASSESSEE STOOD DISCHARGED AS ENTIRE EVIDENCE STOOD FURNISHED i) 319 ITR 5 (St.) CIT v Lovely Exports (P) Ltd reported in ii) Civil Appeal no. 618 of 2010 dated 30.07.2010 (pages 1-2 of JPB-I) in case of Earthmetal Electrical (P) Ltd. reversing the decision of Mumbai Tribunal reported in 4 SOT 484 and Hon’ble High Court in ITA No. 590/2005 dated 15.10.2008 iii) ITA No. 2525/D/2015 M/s Prabhatam Investment (P) Ltd. v. ACIT…

Income Tax Officer, Bundi vs. M/S Aravali Prime Consultants Pvt. Ltd., Bundi

In the result, the appeal filed by the Revenue is dismissed with no order as to cost

ITA 801/JPR/2019[2009-10]Status: DisposedITAT Jaipur14 Sept 2020AY 2009-10

Bench: The Ld. Cit(A) Who After Considering The Case Of Both The Parties

For Appellant: Shri S.L.Poddar, AdvocateFor Respondent: Smt. Runi Paul , Addl. CIT -. DR &
Section 143(3)Section 68

…ies are explained, (vi) there is no evidence that money of the assessee- company is routed through investing company for making investment into assessee-company, then the principles laid down by the Hon'ble Apex Court in CIT v. Lovely Exports (P.) Ltd. [2009] 319 ITR 5 cannot be ignored. He has neither analysed the tax status, credibility or persons involved in the subscription or premium, nor has be brought on record the fact that out of 16 investors, 14 were based in Bundi and were all being assessed by him only. He could have carried out meaningful and in depth enquiries by even going into the source of source…

ITO 14(3)(4), Mumbai vs. Nextgen Constructions P.Tld (Changed to M/S Aetius Construction P. Ltd Which Is Further Amalgamated With M/S Supergold Properties Pvt. Ltd), Mumbai

ITA 3593/MUM/2019[2011-12]Status: DisposedITAT Mumbai25 Jun 2020AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Dr.P.Daniel-Ld.ARFor Respondent: Shri Rahul Raman-CIT- DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given…

Bold Beauty Vinimay Private Limited, Hyd, Hyderabad vs. DCIT, Central Circle-1(3), Hyderabad

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

ITA 645/HYD/2015[2010-11]Status: DisposedITAT Hyderabad11 Jun 2020AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamonyassessment Year: 2010-11 Bold Beauty Vinimay Vs. Dcit, Private Limited, Central Circle-5, Hyderabad. Hyderabad. Pan: Aadcb 5978 J (Appellant) (Respondent) Assessee By: Sri M.V. Anil Kumar Revenue By: Sri Y.V.S.T. Sai, Cit-Dr Date Of Hearing: 28/01/2020 Date Of Pronouncement: 11/06/2020 Order Per A. Mohan Alankamony, Am.:

For Appellant: Sri M.V. Anil KumarFor Respondent: Sri Y.V.S.T. Sai, CIT-DR
Section 132Section 143(3)Section 153ASection 1aSection 250(6)Section 68

…1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER Assessment Year: 2010-11 Bold Beauty Vinimay Vs. DCIT, Private Limited, Central Circle-5, Hyderabad. Hyderabad. PAN: AADCB 5978 J (Appellant) (Respondent) Assessee by: Sri M.V. Anil Kumar Revenue by: Sri Y.V.S.T. Sai, CIT-DR Date of hearing: 28/01/2020 Date of pronouncement: 11/06/2020 ORDER PER A. MOHAN ALANKAMONY, AM.: This appeal is filed by the assessee against the order of the Ld. CIT(A)-XI, Hyderabad in appeal No.0504 to 0506/CC-6/CIT(A)-XI/13-…

M/S Bini Builders Pvt. Ltd., Mumbai vs. DCIT Central Range 7(3), Mumbai

The appeal stands partly allowed in terms of our above order

ITA 631/MUM/2019[2011-12]Status: DisposedITAT Mumbai12 Mar 2020AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Mr. Vimal Punmiya- Ld. ARFor Respondent: Ms. Kavita P. Kaushik-Ld. DR
Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - M/s. Bini Builders Pvt. Ltd. Assessment Years :2011-12 & 2012-13 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assesse…

M/S. Blue Lotus Designers Pvt. Ltd., Kolkata vs. ITO, Ward-7(4), Kolkata

Accordingly, the grounds raised by the Revenue are dismissed

ITA 941/KOL/2017[2012-13]Status: DisposedITAT Kolkata08 Jan 2020AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S Blue Lotus Designers V/S. Income Tax Officer, Pvt. Ltd., 6/1C, Pranath Ward-7(4), Aayakar Chowdhury Lane, Bhawan, P-7, Kolkata-700 002 Chowringhee Square, [Pan No.Aaecb 9302 R] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D. Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, Jcit, Sr-Dr ""यथ" क" ओर से/By Respondent 07-11-2019 सुनवाई क" तार"ख/Date Of Hearing 08-01-2020 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-16 Kolkata’S Order Dated 27.02.2017 Passed In Case No.755/Cit(A)-16/Kol/2015-16/W-7(4) Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

Section 131Section 143(3)Section 68

…the decision of CIT Vs Novo Promoters &Finlease (P) Ltd (342 ITR 169) was not applicable to the facts of the case. Instead it was held that the issue in hands was on the lines of the decision of the Supreme Court in the case of CIT Vs Lovely Exports Pvt Ltd (319 ITR 5). Accordingly, the addition made under Section 68 on account of share application was deleted. The relevant extracts of the judgment is as follows:- “As can be seen from the above extract, two types of cases have been indicated. One in which the Assessing Officer carries out the exercise which is required in law and the other in which the Assessing…

M/S. King Entertainment Private Limited, Nawanshahr vs. The Deputy Commissioner of Income Tax, Central Circle - II, Jalandhar

In the result, the appeal of the assessee is partly allowed

ITA 523/ASR/2017[2005-06]Status: DisposedITAT Amritsar19 Dec 2019AY 2005-06

Bench: Sh. N. K. Choudhry & Sh. O. P. Meenai.T.A. No. 523/Asr/2017 Assessment Year: 2005-06

For Appellant: Written SubmissionsFor Respondent: Sh. Alok Kumar CIT-DR
Section 2Section 2(24)Section 271(1)(c)Section 35DSection 56Section 68

…pplication money paid by Prem Pal Gandhi. The AO made the addition because creditworthiness of Sh. Prem Pal Gandhi was not established. The Ld. counsel in his written submissions stated that as per the decision in the case of CIT v. Lovely Exports Ltd. [2009] 319 ITR 5 (ST) (SC), share application money cannot be put to test of section 68 of the Income Tax Act and added to the total income of the assessee. First proviso to section 68 was inserted by Finance Act, 2012, w.e.f. 01.04.2013. Even according to clause (xvi) of section 2(24) of the Act, this consideration received for issue of shares as exceeds the fare…

ITO 9 (1)(4), Mumbai vs. Ashiana Homes Marts Pvt. Ltd., Mumbai

The appeal stand dismissed

ITA 5736/MUM/2018[2009-10]Status: DisposedITAT Mumbai05 Dec 2019AY 2009-10

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri S. Michael Jerald- Ld. DRFor Respondent: Shri Satish Mody–Ld. AR
Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged 3 Ashiana Home Marts Private Limited Asse…

DCIT 12(1)(1), Mumbai vs. Adhunik Trnasport Organisation Ltd, Mumbai

ITA 3725/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Aug 2019AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.3725/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) Dcit-12(1)(1) M/S. Adhunik Transport Organisation Ltd. Room No.223, 2Nd Floor, बनाम/ 115, Udyog Bhavan Sonawat Road, Goregaon (E) Aaykar Bhavan, M.K. Road Vs. Mumbai-400 063. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaca-4457-G (अपीलाथ"/Appellant) (""थ" / Respondent) : Revenue By : Ms. R. Kavitha-Ld. Dr Assessee By : Shri D.V. Lakhani-Ld. Ar सुनवाई की तारीख/ : 01/08/2019 Date Of Hearing घोषणा की तारीख / : 22/08/2019 Date Of Pronouncement आदेश / O R D E R

For Appellant: Shri D.V. Lakhani-Ld. ARFor Respondent: Ms. R. Kavitha-Ld. DR
Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given…

Income Tax Officer-8(3)(3), Mumbai vs. Amrise Infra-Creators Private Limited(Formerly Known As M/S.Tirtha Industries Private Limited), Mumbai

ITA 5366/MUM/2017[2010-11]Status: DisposedITAT Mumbai22 Aug 2019AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Dharmesh Shah – Ld. ARFor Respondent: Shri Satish Chandra Rajore – Ld. DR
Section 68

…onus would shift upon revenue to dislodge the assessee’s claim by bringing on record material evidences and unless this onus is discharged by the revenue, no addition could be sustained u/s 68. The Hon’ble Supreme Court in the case of Lovely Exports P. Ltd. [319 ITR 5], dismissing revenue’s appeal, observed as under: - 2. Can the amount of share money be regarded as undisclosed income under section 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given…

ITO 16(1)(5), Mumbai vs. Realstone Entertainment P.Ltd, Mumbai

ITA 1271/MUM/2017[2009-10]Status: DisposedITAT Mumbai24 Jul 2019AY 2009-10

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 Income Tax Officer- M/S Realstone 16(1)(5), Room No. Vs. Entertainment Pvt. Ltd. A- 439, 4Th Floor, Aayakar 601, Crystal Palace, Link Bhavan M.K. Road, Road, Malad (W), Mumbai- Mumbai-400020. 400064. Pan No. Aaccr8558F Appellant Respondent C.O. No. 201/Mum/2018 (Ita No. 1271/Mum/2017) Assessment Year: 2009-10 M/S Realstone Income Tax Officer- Entertainment Pvt. Ltd. C/O Vs. 16(1)(5), Room No. 439, Ajay Daga& Co. Cas, 401-A, 4Th Floor, Aayakarbhavan Pearl Arcade, Opp P K M.K. Road, Mumbai- Jewellers, Dawoodbaug 400020. Lane, Off J P Road, Andheri (W), Mumbai-400058. Pan No. Aaccr8558F Appellant Respondent Revenue By : Mr. Chaitanya Anjaria & Mr. Sachidanand Debe, Drs Assessee By : Mr. R.C. Jain, Ar Last Date Of Hearing : 03/05/2019 Date Of Pronouncement : 24/07/2019

For Appellant: Mr. R.C. Jain, ARFor Respondent: Mr. Chaitanya Anjaria &
Section 143(1)Section 143(3)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI PAWAN SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 Income Tax Officer- M/s Realstone 16(1)(5), Room No. Vs. Entertainment Pvt. Ltd. A- 439, 4th floor, Aayakar 601, Crystal Palace, Link Bhavan M.K. Road, Road, Malad (W), Mumbai- Mumbai-400020. 400064. PAN No. AACCR8558F Appellant Respondent C.O. No. 201/MUM/2018 (ITA No. 1271/MUM/2017) Assessment Year: 2009-10 M/s Realstone Income Tax Officer- Entertainment Pvt. Ltd. C/o Vs. 16(1)(5), Room No. 439, Ajay Daga& Co. CAs, 401-A, 4th floor, AayakarBh…

M/S.Geetanjali Space Private Limited, Mumbai vs. Dy. CIT CC-1(1), Mumbai

In the result, the appeal of the assessee is allowed and that of the Revenue is dismissed

ITA 782/MUM/2019[2010-11]Status: DisposedITAT Mumbai31 May 2019AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Dilip Lakhani, A.RFor Respondent: Shri Rahul Raman, D.R
Section 143(3)Section 153ASection 68

…ss and creditworthiness of the shareholder if the assessee has given names and addresses of the shareholder to the AO. The assessee relied upon the following decisions in defense of his arguments:- “1. SLP rejected by Supreme Court on Lovely Exports Pvt. Ltd. 319 ITR 5 299 ITR 268 2. SLP rejected by Supreme Court on Chain House International (P) Ltd. 103 taxmann.com 435 & 98 taxmann.com 47 3. Principal Commissioner of Income Tax, Panji v/s Paradise Inland Shipping (P.) Ltd 84 Taxmann.com 58 4. Commr. Of Income tax v/s Creative World Telefilms Ltd. 333 ITR 100 48 ITA No.782/M/2019 & ITA No.1969/M/2019 M/s. Geetan…

DCIT 4(3)(1), Mumbai vs. Patodia Filaments P. Ltd, Mumbai

ITA 5684/MUM/2017[2010-11]Status: DisposedITAT Mumbai26 Mar 2019AY 2010-11

Bench: Shri Rajesh Kumar & Shri Amarjeet Singhassessment Year: 2010-11

For Appellant: Shri Mani Jain, A.RFor Respondent: Shri Abi Rama Kartikeyan, D.R
Section 115JSection 148Section 68

…World Telefilms Ltd repotted in 333 ITR 100. Hon'ble Bombay High Court decided that: " ...the Tribunal was pleased to follow the judgment of the apex Court in the case of CIT vs. Lovely Exports (P) Ltd. (2008) 216 CTR (SC) 195: (2008) 6 DTR (SC) 308: (2009) 319 ITR 5 (St.) wherein the apex Court observed that if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the AO, then the Department can always proceed against them and if necessary reopen their individual assessments. In the case in hand, it is not disputed that the assessee had given…