CIT v. Lovely Exports

216 ITR 195Supreme Court of India2008#1080 most cited

What is CIT v. Lovely Exports authority for?

An assessee company discharges its Section 68 onus for share application money by proving the identity of the shareholders. If the shareholders are later found to be bogus, the addition cannot be made in the company's hands as undisclosed income; the department must proceed against the shareholders individually.

102

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Lovely Exports · Lovely Exports Supreme Court · Section 68 cash credit · share application money · bogus share capital · onus of proof Section 68 · identity of shareholders · discharge of onus · assessee company undisclosed income · proceed against shareholders · 216 ITR 195

Also reported as

6 DTR 30814 SCC 761

Sections most often in play

Section 68Section 133(6)Section 147Section 250

Issues it is cited on

section 158bb(1)section 158bbsection 221bogus share capitalonus of proofsection 113section 142asource of sourcesection 53share application moneygoing concernreference to tpo

Judgments citing CIT v. Lovely Exports

GEETA BABU SAWANT,MUMBAI vs. ITO 22(1)(1), MUMBAI

In the result, the appeal filed by the Revenue stands

ITA 138/MUM/2026[AY 2017-18]Status: FixedITAT Mumbai12 Jan 2026

Bench: Shri Sandeep Gosain & Shri Om Prakash Kant

Section 131Section 133(6)Section 143(3)Section 147Section 250Section 292BSection 68

…/2003/IT(inv) dated 11.03.2003 has directed its offices to focus on collection of evidence on undisclosed income and not on obtaining confession of undisclosed income and to make addition. (3) We The Hon'ble Supreme Court in the case of CIT v/s Lovely Exports 6 DTR 308 it has held if there is bogus share holders and their name are appearing in books than department is free to reopen individual assessment in accordance with law but it cannot be regarded as undisclosed income of the assessee company. The Hon'ble Bombay High Court in the case of CIT v/c Creative World Telefilms Ltd.333 ITR 100 has held as under: "If…

RUPESH KUMAR MITTAL,JAIPUR vs. ITO WD 7(1), JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 971/JPR/2025[2021-22]Status: DisposedITAT Jaipur30 Oct 2025AY 2021-22

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Shailesh Mantri, C.AFor Respondent: Shri. Gautam Singh choudhary, JCIT
Section 250Section 68

…sessee u/s 68 stands discharged. Reliance can be placed on the following cases:- (i) CIT Vs Orissa Corporation Ltd 159 ITR 78 SC :- where it was held that once basic details are furnished no addition can be made merely on suspicion. (ii) CIT Vs Lovely Exports 216 ITR 195 SC: wherein the Hon’ble Supreme court held that if identity is proved, addition cannot be made in assessee’s hands. 6. It is further submitted that it is also a settled law that only on the credit in the bank account, the amount should not be considered as unexplained in the books of accounts, as the Bank statement/ pass book is not a books of a…

DAYAL COTSPIN LIMITED,AKOLA vs. ACIT, AKOLA CIRCLE, AKOLA

In the result, appeal filed by the assessee is allowed

ITA 87/NAG/2024[2012-13]Status: DisposedITAT Nagpur12 Dec 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Abhay Y. Marathe
Section 132(1)Section 142(1)Section 143Section 143(3)Section 147Section 148Section 154Section 234ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.87/Nag./2024 (Assessment Year : 2012–13) Dayal Cotspin Ltd. New Radhakishan Plots ……………. Appellant Akola 444 001 PAN – AACCD4041K v/s Asstt. Commissioner of Income Tax ……………. Respondent Akola Circle, Akola Assessee by : Shri Kishore P. Dewani Revenue by : Shri Abhay Y. Marathe Date of Hearing – 26/11/2024 Date of Order – 12/12/2024 O R D E R PER K.M. ROY, A.M. This appeal by the assessee is against the impugned order dated 04/01/2024, passed by the learned Commissio…

SAMARTH LIFESTYLE RETAILING PVT. LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 621/JPR/2024[2011-12]Status: DisposedITAT Jaipur17 Oct 2024AY 2011-12
For Appellant: Shri P. C. Parwal, CAFor Respondent: Shri Sanjay Nargas, Addl. CIT
Section 143(1)Section 143(3)Section 147Section 148Section 68

…T (2023) 202 ITD 757 87-101 9. Copy of decision of Hon'ble Bombay High Court in case of Rajshree Realtors (P) Ltd. Vs. Union of India (2023) 294 Taxman 228 102-109 10. Copy of decision of Hon'ble Supreme Court in case of CIT Vs. Lovely Exports (P) Ltd. (2008) 6 DTR 308 110 11. Copy of decision of Hon'ble Supreme Court in case of Andaman Timber Industries Vs. CCE (2015) 127 DTR 241 111-113 12. Copy of decision of Hon'ble Supreme Court in case of PCIT Vs. Adamine Construction (P) Ltd. (2019) 264 Taxman 279 114 13. Copy of decision of Hon'ble Bombay High Court in case of PCIT Vs. Ami Industries (India) Pvt. Ltd. (20…

M/S TOPLINK COMMERCE LIMITED,KOLKATA vs. ITO, WARD 10(2), KOLKATA

ITA 1413/KOL/2023[2012-13]Status: DisposedITAT Kolkata09 Sept 2024AY 2012-13

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2012-13

For Appellant: Shri Ankit Jalan, AdvocateFor Respondent: Shri Subhendu Datta, CIT, DR
Section 131Section 133(6)Section 142(1)Section 250Section 68

…s bad in law and is liable to be deleted. Reliance has been placed on the following decisions: i. Orissa Corpn. (P) ltd. 159 ITR 78 (SC) and Dy. CIT Vs. Rohini Builders [2002] 256 ITR 360 (Guj) for identity of the creditor. ii. CIT Vs. Lovely Exports (P) Ltd. 216 ITR 195 (SC) iii. CIT Vs. M/s. Gagandeep Infrastructure (P) Ltd. (I.T.A. No. 1613 of 2014 dated 20.03.2047) wherein it was held that the proviso to section 68 is effective from A.Υ. 2013-2014 and it does not have retrospective effect. iv. CIT Vs Gangeshwari Metal (P) Ltd (ITA No. 597 of 2012) dated 21.01.2012 (Delhi). 17 Toplink Commerce Ltd. AY: 2012-1…

ITO, WARD- 1)1), NAGPUR vs. AXYKNO ENTERPRISES PVT. LTD., NAGPUR

In the result, appeal filed by the Revenue is dismissed

ITA 47/NAG/2019[2012-13]Status: DisposedITAT Nagpur02 Sept 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kapil Hirani a/wFor Respondent: Shri Kailash C. Kanojiya
Section 132(4)Section 143(3)Section 263Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.47/Nag./2019 (Assessment Year : 2012–13) Income Tax Officer ……………. Appellant Ward–1(1), Nagpur v/s M/s. Axykno Enterprises Pvt. Ltd. Level–3, Leela Vista, West High Court Road ……………. Respondent Bajaj Nagar, Nagpur 440 010 PAN – AAJCA2942B Assessee by : Shri Kapil Hirani a/w Shri Mukesh Agrawal Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 05/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The Revenue has filed the captioned appeal challeng…

DECENT INDUSTRIES P. LTD.,BHOPAL vs. ITO-1(2), BHOPAL

Appeal is partly allowed

ITA 356/IND/2023[2012-13]Status: DisposedITAT Indore20 Aug 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

Section 133ASection 143(2)Section 147Section 148Section 14ASection 68

…he assessee has discharged primary onus by adducing ample evidence as noted above, the burden shifts upon AO. Reliance in this regard is placed on Orissa Corporation (P) Ltd. 159 ITR 78 (SC), Rohini Builders 127 Taxman 523 (Gujrat), Lovely Exports (P) Ltd. 216 ITR 195, Oasis Hospitalities (P) Ltd. 333 ITR 119 (Delhi) and Fair Finvest Ltd. 357 ITR 146 (Delhi). (vii) The assessee-company has issued identical shares at identical premium in preceding AY 2011-12. This point was categorically submitted to AO in Point No. (ii) of the letter dated 24.12.2019 re- produced in Para 3.1 of assessment-order. Ld. AR dre…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA RADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 49/NAG/2021[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1),NAGPUR, NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 48/NAG/2021[2012-13]Status: DisposedITAT Nagpur29 Jul 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER , NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 47/NAG/2021[2011-12]Status: DisposedITAT Nagpur29 Jul 2024AY 2011-12

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR, NAGPUR vs. M/S. SUFLAM INFRA PROJECT LTD, NAGPUR

In the result, the departmental appeal is dismissed

ITA 46/NAG/2021[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kapil Hirani, Adv &For Respondent: Shri Kailash C. Kanojiya, CTI DR
Section 143(3)Section 263Section 68

…lender may have raised bogus share capital to advance the funds to the assessee does not mean that the loan received by the assessee can be treated as unexplained income. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the Department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as under: IT…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 140/NAG/2021[2018-19]Status: DisposedITAT Nagpur29 Jul 2024AY 2018-19

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 27/NAG/2020[2015-16]Status: DisposedITAT Nagpur29 Jul 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Section 142ASection 145

…to share application money, share capital, share premium or any such amount by whatever name called. The proviso does not apply to unsecured loans as in the present case. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. 8.10 The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as unde…

SUFALAM INFRA PROJECTS LTD ,NAGPUR vs. PR. CIT (CENTRAL ), NAGPUR

In the result, the departmental appeal is dismissed

ITA 97/NAG/2019[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kapil Hirani, Adv &For Respondent: Shri Kailash C. Kanojiya, CTI DR
Section 143(3)Section 263Section 68

…lender may have raised bogus share capital to advance the funds to the assessee does not mean that the loan received by the assessee can be treated as unexplained income. The appellant has argued and placed reliance on CIT Vs. Lovely Exports Pvt. Ltd. (2008) 6 DTR 308 (SC) that in case the Department was not satisfied about the source of the funds of the Lenders, it was free to proceed against the Lenders rather than making additions in the hands of the Appellant. The appellant has rightly placed reliance on CIT Vs. Dwarkadhish Investment Pvt. Ltd. (2011) 37 (I) ITCL 456 (Del HC) wherein it has been as under: IT…

DEEPAK SWITCH GEARS PVT. LTD. ,KOLKATA vs. PCIT, ASANSOL, ASANSOL

In the result, the appeal of the assessee stands allowed

ITA 809/KOL/2023[2012-13]Status: DisposedITAT Kolkata07 May 2024AY 2012-13

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.809/Kol/2023 Assessment Year: 2012-13 Deepak Switch Gears Pvt. Ltd….…......................…...……………....Appellant 48/6, Suman Villa, 2Nd Floor, 155, Jessore Road, Kolkata-700055. [Pan: Aabcd1131H] Vs. Pcit, Asansol….....….........................................................…..…..... Respondent Appearances By: Shri A. K. Tibrewal, Ar, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : April 08, 2024 Date Of Pronouncing The Order : May 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 30.12.2022 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pr. Cit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Registry Has Pointed Out That The Appeal Is Time-Barred By 158 Days. A Separate Application Of Condonation Of Delay Has Been Filed, Wherein, It Has Been Pleaded That After Receipt Of The Impugned Order Of The Pr. Cit, The Assessee, Through Its Director, Shri Deep Kishan Saraf, Immediately Approached One Shri Pawan Kumar Agarwal, Chartered

Section 253Section 263Section 5

…ompany, in similar facts and circumstances of this case. The assessee company relies on the following judgments which inter alia include the judgments of Hon’ble Supreme Court and Jurisdictional Calcutta High Court. a) CIT vs. Lovely Products Pvt. Ltd. [2008] 216 ITR 195 (SC) b) CIT vs. Dataware Pvt. Ltd. ITAT No.263 of 2011 GA No.2856 of 2011 c) CIT vs. Roseberry Mercantile (P) Ltd. ITAT No.241 of 2010 G.A No.3296 of 2010” 6.2 However, the ld. Pr. CIT did not get satisfied with the above reply of the assessee and held that the order of the Assessing Officer passed I.T.A. No.809/Kol/2023 Assessment Year: 2012-1…

FOREVER FLOURISHING FIN. & INV. PVT. LTD. ,MUMBAI vs. DCIT (CC)-3(4), MUMBAI, MUMBAI

In the result, appeal for the assessment year 2012

ITA 6120/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…n before A.%. 20135 4 Special Leave Petition before A.%. 20135 4 the Supreme the Supreme Court came Court came to be dismissed on 11 January 2008. In CIT v. to be dismissed on 11 January 2008. In CIT v. Lovely Exports (P.) Ltd. Lovely Exports (P.) Ltd. [2008) 6 DTR 308 (SC) while [2008) 6 DTR 308 (SC) while dismissing the Special Leave Petition the Supreme Court dismissing the Special Leave Petition the Supreme Court dismissing the Special Leave Petition the Supreme Court observed that if the share application money was received observed that if the share application money was received observed that if the share…

FOREVER FLOURISHING FIN & INV. PVT LTD,MUMBAI vs. DCIT-CC-3(4), MUMBAI, MUMBAI

In the result, appeal for the assessment year 2012

ITA 6040/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jul 2023AY 2012-13

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…n before A.%. 20135 4 Special Leave Petition before A.%. 20135 4 the Supreme the Supreme Court came Court came to be dismissed on 11 January 2008. In CIT v. to be dismissed on 11 January 2008. In CIT v. Lovely Exports (P.) Ltd. Lovely Exports (P.) Ltd. [2008) 6 DTR 308 (SC) while [2008) 6 DTR 308 (SC) while dismissing the Special Leave Petition the Supreme Court dismissing the Special Leave Petition the Supreme Court dismissing the Special Leave Petition the Supreme Court observed that if the share application money was received observed that if the share application money was received observed that if the share…

DCIT CIRCLE-20(1), NEW DELHI vs. PRIYTAM PLASCHEM P.LTD, NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 6038/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Mar 2023AY 2015-16

Bench: Sh. C. N. Prasaddr. B. R. R. Kumarita No. 6038/Del/2019 : Asstt. Year : 2015-16 Dcit, Vs M/S Priyatam Plaschem Pvt. Ltd., Circle-20(1), X-53, Okhla Industrial Area, New Delhi-110002 Phase-Ii, New Delhi-110020 (Appellant) (Respondent) Pan No. Aabcp4629G Assessee By : Sh. Gautam Jain, Adv. Revenue By : Ms. Meenakshi Dohore, Addl. Cit Date Of Hearing: 03.01.2023 Date Of Pronouncement: 16.03.2023

For Appellant: Sh. Gautam Jain, AdvFor Respondent: Ms. Meenakshi Dohore, Addl. CIT
Section 131Section 133(6)Section 68Section 69C

…ncome Tax Act are identity of the investor/ creditor, its credit worthiness and genuineness of the transactions. The initial burden of discharging this is upon the assessee [Commissioner of Income Tax vs. Lovely Exports Pvt. Ltd. [(2008) 216 CTR 195] : (2010) 14 SCC 761, by which the Division Bench judgment of this Court in Commissioner of Income Tax v. Divine Leasing & Finance Ltd. (2008) 299 ITR 268 was affirmed. 4. In this case, the assessee had provided the details of the investor; a survey enquiry pursuant to Section 133(6) was carried out. That the investor M/s Mekastar Finlease Pvt. Ltd. was genuine stood…

M/S LUCKY AGENCY PVT LTD,KOLKATA vs. I.T.O,,WARD-1(4), KOLKATA

In the result, the appeal of the assessee is allowed

ITA 2501/KOL/2019[2012-13]Status: DisposedITAT Kolkata23 Feb 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 143(3)Section 68

…Pvt. Ltd. in 397 ITR 136 (Bom-HC) iv) Pr. CIT vs. Apeak Infotech in 397 ITR 148 (Bom-HC) v) Pr. CIT vs. Laxman Industrial Resources Ltd. in 397 ITR 106 (Del-HC) vi) CIT vs. Expo Globe India Ltd. in 361 ITR 147 (Del-HC) vii) CIT vs. Lovely Exports Ltd., in 216 ITR 195 (SC) viii) CIT vs. Steller Investment Ltd. in 251 ITR 263 (SC) The Ld. A.R therefore prayed that the appeal of the assessee may kindly be allowed as the assessee has discharged its onus whereas the authorities below has failed to carry on the necessary investigation and enquiry and simply relied on the non-compliance of summons u/s 131 of the A…

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