What is CIT v. Lovely Exports (P) Ltd. authority for?

If an assessee company receives share application money from alleged bogus shareholders and provides their details to the Assessing Officer, no addition can be made under Section 68 in the company's hands; the Department must proceed against the shareholders by reopening their individual assessments.

How many judgments cite CIT v. Lovely Exports (P) Ltd.?

854 judgments on BharatTax cite CIT v. Lovely Exports (P) Ltd. (216 CTR 195), spanning 2008 to 2026.

Which sections of the Income Tax Act does CIT v. Lovely Exports (P) Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 133(6), Section 143(3), Section 147, Section 131, Section 148.

CIT v. Lovely Exports (P) Ltd. (216 CTR 195)

Dy. Commissioner of Income Tax, Central Circle-2, Surat vs. Betex India Limited, Surat

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

ITA 174/SRT/2021[2008-9]Status: DisposedITAT Surat23 Dec 2022

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

For Appellant: Shri Rasesh Shah, CAFor Respondent: Sr. DR

Section 143(3)

…ions. The ld CIT(A) also relied on the judgments of jurisdictional High Court of Gujarat in the case of CIT vs. Ranchhod Jivabhai Nakhava [2012] 21 taxmann.com 1591 and DCIT Vs Rohini Builders. The ld CIT(A) also relied on the case of Lovely Exports (P) Ltd. [216 CTR 195]. 34. We have heard both the parties and perused the material available on record, we note that according to section 68 of the Income Tax Act, where any ITA Nos.52/SRT/2022 & 171, 174/SRT/2021/IT(SS)A 69, 70, 75 & 76/SRT/2021 Betex India Ltd. & Dhanpriya Prints Pvt. Ltd. sum is found credited in the books of an assessee maintained for any previ…

Betex India Limited, Surat vs. Dy. Commissioner of Income Tax, Central Circle-2, Surat

In the result, Ground No. 4 to 6 raised by the Revenue in ITA

ITA 171/SRT/2021[2008-09]Status: DisposedITAT Surat23 Dec 2022AY 2008-09

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble Accountnat Member (Physical Court Hearing) Sl.

For Appellant: Shri Rasesh Shah, CAFor Respondent: Sr. DR

Section 143(3)

…ions. The ld CIT(A) also relied on the judgments of jurisdictional High Court of Gujarat in the case of CIT vs. Ranchhod Jivabhai Nakhava [2012] 21 taxmann.com 1591 and DCIT Vs Rohini Builders. The ld CIT(A) also relied on the case of Lovely Exports (P) Ltd. [216 CTR 195]. 34. We have heard both the parties and perused the material available on record, we note that according to section 68 of the Income Tax Act, where any ITA Nos.52/SRT/2022 & 171, 174/SRT/2021/IT(SS)A 69, 70, 75 & 76/SRT/2021 Betex India Ltd. & Dhanpriya Prints Pvt. Ltd. sum is found credited in the books of an assessee maintained for any previ…

Balaji Janakiraman, Chennai vs. ACIT, CC-2, Chennai

In the result, appeal filed by the assessee is allowed

ITA 2931/CHNY/2019[2013-14]Status: DisposedITAT Chennai21 Dec 2022AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2931/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 Mr.Balaji Janakiraman, V. The Asst. Commissioner- Plot No.3, Door No.5, Of Income Tax (Osd), Thilagar Street, Corporate Range-2, Chennai. Kamakoti Nagar, Annex, Kamakshi Nagar Main Road, Valasaravakkam, Chennai-600 087. [Pan: Aeppj 7090 A] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.R.S.Balaji, AdvFor Respondent: Mr. AR.V.Sreenivasan

Section 131

…8 :: has filed all evidences to prove identity of the creditors. It is a well settled principle of law by the decision of various courts, including the decision of the Hon’ble Supreme Court in the case of CIT v. Lovely Exports Pvt. Ltd., reported in [2008] 216 CTR 195 (SC) that once name and address of creditors are furnished to the AO, then, it for the AO to proceed in accordance with law to re-open the assessment of creditors, but sum received from creditors cannot be regarded as unexplained credit/ income of the assessee. In this case, the assessee has furnished all evidences to prove the identity of cred…

Pine Tree Consultants P.Ltd., Mumbai vs. Dy CIT Circle - 3(2)(2), Mumbai

In the result, the three appeals filed by the assessee are allowed

ITA 1695/MUM/2020[2014-15]Status: DisposedITAT Mumbai21 Dec 2022AY 2014-15

Bench: Shri Baskaran Br & Shri Pavan Kumar Gadaleita No.1696/Mum/2020 (A.Y: 2013-14) Pine Tree Consultants Vs. Dcit, Circle – 3(2)(2) Pvt Ltd, No.104, Raheja Aayakar Bhavan, Centre, 1St Floor, Mk Road, Free Press Journal Mumbai -400020. Marg, Nariman Point, Mumbai -400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcp8816F Appellant .. Respondent Appellant By : Mr.Neelkanth Khandelwal.Ar Respondent By : Ms.Deepika Arora.Dr Date Of Hearing 23.11.2022 Date Of Pronouncement 22.12.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Are The Three Appeals Filed By The Assessee Against The Separate Orders Of The Commissioner Of Income Tax(Cit(A))-8 Mumbai Passed Under Sec250 Of The Act

For Appellant: Mr.Neelkanth Khandelwal.ARFor Respondent: Ms.Deepika Arora.DR

Section 133(6)Section 143(2)Section 148Section 68

…has discharged the burden of proof in filling the documents. Whereas the A.O and the CIT(A) has taken a different view and over looked the explanations of the assessee. The judicial decisions relied by the Ld.AR are as under: 1. CIT Vs. Lovely Exports P Ltd, 216 ITR 196 (SC) 2. CIT Vs. Divine Leasing and Finance Ltd, 158 Taxman 440 (Del) 3. Hindustan Inks & Resin Ltd Vs. DCIT, 60 DTR/8 (Guj) Jagruti Hitesh Mehta ITA Nos. 64 to 67/Mum/2022 15 4. DCIT Vs. GP International Ltd 325 ITR 25 (P&H) 5. PCIT Vs. Adamine Construction Pvt ltd (2018) 99 taxmann.com 44 (Del) 6. PCIT Vs. Hitech Residency P Ltd, (2018), 96 Taxm…

Asst CIT CC 1 (3), Mumbai vs. M/S Poonam Skyline Construction, Mumbai

In the result, all the revenue appeals are dismissed and the appeal of the assessee is allowed

ITA 752/MUM/2020[2012-13]Status: DisposedITAT Mumbai05 Dec 2022AY 2012-13

Section 132(1)Section 133A

…by Shri Bhanwarlal Jain u/s 68 of the Act. 14. Coming to the cases relied upon by the assessee, the assessee has relied upon various judicial precedence including the decision of the Hon’ble Supreme Court in the case of CIT vs Lovely Export Pvt. Ltd. (2008) 216 CTR 195. The case laws relied upon by the assessee has been dealt as under:- CIT vs. Goa Sponge and Power Ltd (13/02/2012) Tax Appeal No. 16 of 2012 (High Court-Bombay) "Once the authorities have got all the details, including the name and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investor…

Asst CIT CC 1 (3), Mumbai vs. M/S Poonam Shanti Developers, Mumbai

In the result, all the revenue appeals are dismissed and the appeal of the assessee is allowed

ITA 751/MUM/2020[2013-14]Status: DisposedITAT Mumbai05 Dec 2022AY 2013-14

Section 132(1)Section 133A

…by Shri Bhanwarlal Jain u/s 68 of the Act. 14. Coming to the cases relied upon by the assessee, the assessee has relied upon various judicial precedence including the decision of the Hon’ble Supreme Court in the case of CIT vs Lovely Export Pvt. Ltd. (2008) 216 CTR 195. The case laws relied upon by the assessee has been dealt as under:- CIT vs. Goa Sponge and Power Ltd (13/02/2012) Tax Appeal No. 16 of 2012 (High Court-Bombay) "Once the authorities have got all the details, including the name and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investor…

Asst CIT CC 1 (3), Mumbai vs. M/S Poonam Realty, Mumbai

In the result, all the revenue appeals are dismissed and the appeal of the assessee is allowed

ITA 750/MUM/2020[2014-15]Status: DisposedITAT Mumbai05 Dec 2022AY 2014-15

Section 132(1)Section 133A

…by Shri Bhanwarlal Jain u/s 68 of the Act. 14. Coming to the cases relied upon by the assessee, the assessee has relied upon various judicial precedence including the decision of the Hon’ble Supreme Court in the case of CIT vs Lovely Export Pvt. Ltd. (2008) 216 CTR 195. The case laws relied upon by the assessee has been dealt as under:- CIT vs. Goa Sponge and Power Ltd (13/02/2012) Tax Appeal No. 16 of 2012 (High Court-Bombay) "Once the authorities have got all the details, including the name and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investor…

Asst CIT CC 1 (3), Mumbai vs. M/S Poonam Mega Developers, Mumbai

In the result, all the revenue appeals are dismissed and the appeal of the assessee is allowed

ITA 749/MUM/2020[2012-13]Status: DisposedITAT Mumbai05 Dec 2022AY 2012-13

Section 132(1)Section 133A

…by Shri Bhanwarlal Jain u/s 68 of the Act. 14. Coming to the cases relied upon by the assessee, the assessee has relied upon various judicial precedence including the decision of the Hon’ble Supreme Court in the case of CIT vs Lovely Export Pvt. Ltd. (2008) 216 CTR 195. The case laws relied upon by the assessee has been dealt as under:- CIT vs. Goa Sponge and Power Ltd (13/02/2012) Tax Appeal No. 16 of 2012 (High Court-Bombay) "Once the authorities have got all the details, including the name and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investor…

Asst CIT CC 1 (3), Mumbai vs. M/S Poonam Mega Developers, Mumbai

In the result, all the revenue appeals are dismissed and the appeal of the assessee is allowed

ITA 748/MUM/2020[2011-12]Status: DisposedITAT Mumbai05 Dec 2022AY 2011-12

Section 132(1)Section 133A

…by Shri Bhanwarlal Jain u/s 68 of the Act. 14. Coming to the cases relied upon by the assessee, the assessee has relied upon various judicial precedence including the decision of the Hon’ble Supreme Court in the case of CIT vs Lovely Export Pvt. Ltd. (2008) 216 CTR 195. The case laws relied upon by the assessee has been dealt as under:- CIT vs. Goa Sponge and Power Ltd (13/02/2012) Tax Appeal No. 16 of 2012 (High Court-Bombay) "Once the authorities have got all the details, including the name and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investor…

M/S Silvertoss Realtors Pvt. Ltd., Kolkata vs. I.T.O., Ward-9(4), Kolkata

In the result, the appeal filed by the assessee is allowed

ITA 2282/KOL/2019[2012-13]Status: DisposedITAT Kolkata28 Nov 2022AY 2012-13

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 131Section 133(6)Section 143(2)Section 143(3)Section 250Section 68

…TO 9(2) in I.T.A No: 1494/kol/2017 2. DCIT vs Maa Amba Towers in I.T.A No: 1381/kol/2015 3. CP Re-Rollers Vs. DCIT in I.T.A No: 1811/kol/2017 Page 5 of 19 I.T.A. No.: 2282/Kol/2019 Assessment Year: 2012-13 M/s. Silvertoss Realtors Pvt. Ltd. 4. Lovely Exports 216 CTR 195 5. CIT vs. Down Town Hospitals Pvt. Ltd. 267 ITR 439 (Gauhati) 6. CIT vs. Gagandeep Infrastructure (P) Ltd. 80 taxmann.com 272 (Bombay) 7. Crystal Networks (P.) Ltd. vs. CIT [2013] 353 ITR 171 (Calcutta) 8. CIT vs. Orissa Corporation (P) Ltd. 159 ITR 78” 8. On the other hand, ld. D/R vehemently argued supporting the order of ld. CIT(A). 9. We hav…