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 195Supreme Court of India2008#57 most cited

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.

854

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Lovely Exports (P) Ltd. · Section 68 · share application money · bogus shareholders · creditworthiness of creditor · genuineness of transaction · addition u/s 68 · reopening assessments of shareholders · 216 CTR 195 · Supreme Court 2008

Sections most often in play

Section 68 Section 133(6)Section 143(3)Section 147 Section 131 Section 148 Section 143(2)Section 153A

Issues it is cited on

creditworthiness of the creditor source of source share capital and share premium share application money paper company retracted statement addition u/s 68 addition under section 68 genuineness of the transaction entry operator accommodation entry section 133(6)

Judgments citing CIT v. Lovely Exports (P) Ltd.

Mrs. Ranjana, Mrizapur vs. Assessing Officer, NFAC, Delhi

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

ITA 505/LKW/2025[2015-16]Status: DisposedITAT Lucknow31 Dec 2025AY 2015-16

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2015-16 Mrs Ranjana V. The Assessing Officer Village Dewapur Pachwal Nafc Post Rajapur, Aamghat Mirzapur (U.P) Tan/Pan:Aoxpr7130M (Applicant) (Respondent) Applicant By: Shri Narendra Kumar Sahu, Advocate Respondent By: Shri R.R.N. Shukla, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against The Order Dated 31.03.2025, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2015-16. 2.0 The Brief Facts Of The Case Are That The Assessee Had Not Filed Her Return Of Income For The Year Under Consideration. The Income Tax Department Was In Possession Of Information That The Assessee Had Purchased An Immovable Property Valued At Rs.60,00,000/- . The Case Of The Assessee Was Reopened Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’) After Issuing Notice To The Assessee Under Section 148 Of The Act. However, The Assessee Neither Responded To The Notice Under Section 148 Of The Act Nor Filed Any Return Of Income For The Year Under Consideration. The Assessing Officer (Ao)

For Respondent: Shri R.R.N. Shukla, D.R

Section 142(1)Section 147Section 148Section 250Section 69

…ished the source of funds. 5. The addition of ₹1,00,000/-, received from Shri Dhananjay Singh as a friendly loan, was unjustified, as the transaction was fully explained. The addition is contrary to the law laid down in CIT vs. Lovely Exports (P) Ltd. [(2008) 216 CTR 195 (SC)]. 6. The addition of ₹30,000/-, being the TDS amount, was treated as unexplained without calling for any explanation from the appellant. Relevant supporting documents were available and could have been furnished if a proper opportunity had been provided. ITA No.505/LKW/2025 Page 5 of 9 7. The assessment order passed under Section 147 read…

Nandkishore Telefilms & Media Private Limited, Mumbai vs. Circle 7(2)(2), Mumbai

In the result appeal of the revenue is dismissed

ITA 2563/MUM/2025[2013-14]Status: DisposedITAT Mumbai05 Dec 2025AY 2013-14

Bench: Ms. Padmavathy S & Shri. Raj Kumar Chauhan

Section 132(4)Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 147Section 148Section 250Section 68

…uineness because in response to notices u/s 133(6) of the Act, the said lenders did not respond which has undermined the transaction's legitimacy. Ld. DR further relied on the decision of Hon'ble Supreme Court's case of CIT vs. Lovely Exports Pvt. Ltd. (2008) 216 CTR 195 (SC) wherein it was held that the assessee must prove the genuineness of transaction beyond banking channel. Ld. DR further relied on the case of Hon'ble High Court in PCIT vs. Kanak Impex (India) Ltd. (2025) 172 taxmann.com 283 (Bombay HC), Buniyad Chemicals Ltd. Ltd. vs. ACIT (2025) 172 taxmann.com 462 (Bom HC) and A and R Buildmart Pvt. Ltd. v…

Venus Drugs and Cosmetics Ltd, Mumbai vs. ITO, Word-8(3)(1), Mumbai

In the result, the appe

ITA 5933/MUM/2025[2011-12]Status: DisposedITAT Mumbai26 Nov 2025AY 2011-12

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2011-12

For Respondent: None

Section 69C

…964] 53 ITR 108 and several others. Similarly, the appellant has primarily relied upon the case of Lovely Exports Pvt. appellant has primarily relied upon the case of Lovely Exports Pvt. appellant has primarily relied upon the case of Lovely Exports Pvt. Ltd. 216 CTR 195 and certain decisions of Ltd. 216 CTR 195 and certain decisions of various High Courts and various High Courts and various benches of ITAT. While the judgments cited by the Appellant various benches of ITAT. While the judgments cited by the Appellant various benches of ITAT. While the judgments cited by the Appellant do bear some thematic relevan…

Vijit Singh, Jaipur vs. ITO Ward 3(2) Jaipur, Jaipur

In the result, the appeal of the assessee is allowed

ITA 1246/JPR/2025[2009-10]Status: DisposedITAT Jaipur17 Nov 2025AY 2009-10

For Appellant: Shri Shrawan Kumar Gupta, AdvFor Respondent: Shri Gaurav Awasthi, JCIT

Section 147Section 234ASection 250

…. Here is also same position, as the assessee received amount from the 3-4 persons, which were deposited in bank through account payee cheque. 6.1 The above matter iscovered by the decision of Honble Supreme Court in the case of CIT v/s Lovely Exports (P) Ltd 216 CTR 195(SC), wherein it has been held that “If the share application money is received by the assessee company from alleged bogus share holders, whose names are given to the AO, then the department is free to proceed to reopen their individual assessment in accordance with law, but it cannot be regarded as undisclosed income of assessee company" Further…

Satish Sawarmal Saraf, Mumbai vs. Assistant Commissioner of Income Tax, CC-4(3), Mumbai

In the result, the appeal filed by the assessee stands

ITA 5540/MUM/2025[2018-19]Status: DisposedITAT Mumbai12 Nov 2025AY 2018-19

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

Section 133(6)Section 250Section 69A

…AO to prove otherwise that the said transaction was nothing but undisclosed income of the Assessee. 9.4 The Ld. Commissioner, even otherwise also taken into consideration the judgment of the Hon'ble Apex Court in the case of CIT vs. Lovely Exports Ltd. (2008) 216 CTR 198 wherein it was held that where the Revenue urges that the amount of share application money has been received from bogus shareholders, then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue to add the same to the assessee's…

Viva Boards Private Limited, Nizamabad vs. DCIT., Circle-8(1), Hyderabad

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

ITA 1303/HYD/2025[2017-18]Status: DisposedITAT Hyderabad07 Nov 2025AY 2017-18

Bench: SHRI G. MANJUNATHA, HON’BLE (Accountant Member), SHRI RAVISH SOOD, HON’BLE (Judicial Member)

Section 115BSection 131Section 142(1)Section 143(2)Section 68

…the assessee company. It is well established principle of law by the decisions of various Hon’ble High Courts, including the decision of the Hon’ble 18 Viva Boards Private Limited Supreme Court in the case of CIT Vs. Lovely Exports Private Limited Vs. CIT, 216 CTR 195 (SC), wherein it has been clearly held that, once the initial burden is discharged by filing relevant evidences and proved the identity of the loan creditors and genuineness of the transactions, then the Department is free to proceed on the loan creditors in accordance with law, but the sums received from the loan creditors cannot be treated as i…

Rupesh Kumar Mittal, Jaipur vs. ITO WD 7(1), 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…

Kemox Corporation, Bhiwandi vs. DCIT-CC-3, Thane

ITA 221/MUM/2025[2015-16]Status: DisposedITAT Mumbai24 Oct 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Ms. Simran Dhawan, Ld. A.RFor Respondent: Shri Ritesh Misra, Ld. D.R

Section 131Section 131(1)(d)Section 142Section 250Section 68

…filing relevant document discharged its onus casted and the Hon'ble High Court in that eventuality affirmed the decision of the Tribunal in deleting the addition by following the judgment of Hon'ble Apex Court in the case of CIT Vs. Lovely Exports Ltd. (2008) 216 CTR 195 (SC). 8.4 We further observe that Hon'ble Delhi High Court in the case of Commissioner of Income Tax Vs Dwarikadish Investement (P) Ltd. {(2010) 194 Taxman 43(Delhi} as well, has also dealt with identical situation, wherein creditors/share applicants could not be found at the address given, and therefore the Hon'ble High Court has held that it wo…

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1038/KOL/2025[2016-2017]Status: DisposedITAT Kolkata16 Oct 2025AY 2016-2017

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR

Section 131Section 143(3)Section 263Section 68

…relating to the raising of share capital is concluded in favour of the assessee by the judgment of the Hon'ble Supreme Court in the ITA No.1035 to 1038/KOL/2025 Samrat Finvestors Private Limited AYs: 2012-13, 2014-15 to 2016-17 case of Lovely Export (P) Ltd. 216 CTR 195 holding that addition on account of share capital cannot be made in the hands of the recipient company.” 05. The facts in brief are that the Assessee is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. The assessee filed its return of income on 31.03.2013 declaring a loss of Rs.3,69,798/-. The return was selected fo…

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1037/KOL/2025[2015-2016]Status: DisposedITAT Kolkata16 Oct 2025AY 2015-2016

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR

Section 131Section 143(3)Section 263Section 68

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1036/KOL/2025[2014-2015]Status: DisposedITAT Kolkata16 Oct 2025AY 2014-2015

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR

Section 131Section 143(3)Section 263Section 68

Samrat Finvestors Private Limited, Kolkata vs. ITO, Ward 5(2) (Now DCIT, Cent.Cir. 4(2)), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1035/KOL/2025[2012-2013]Status: DisposedITAT Kolkata16 Oct 2025AY 2012-2013

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR

Section 131Section 143(3)Section 263Section 68

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. Sapna Karnani, Tonk Phatak

In the result, the appeals of the revenue in ITA No

ITA 712/JPR/2025[2017-18]Status: DisposedITAT Jaipur14 Oct 2025AY 2017-18

For Appellant: Shri Deepak Sharma, CAFor Respondent: Ms. Alka Gautam, CIT, DR

Section 127Section 139(1)Section 153ASection 153CSection 68Section 69C

…n an attempt to camouflage undisclosed income. 29 ITA Nos.709/JP/2025 DCIT vs. Sapna Karnani 12.2 The importance of conducting transactions through banking channels is underscored by the Supreme Court in the landmark case CIT v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 (SC). In this ruling, the Court affirmed that transactions that are executed through formal banking channels can be regarded as genuine, provided that there is a clear record of such transactions. The judgment elucidates that the mere existence of a transaction in the books of accounts, supported by bank statements, is sufficient to establish its…

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. Sapna Karnani, Tonk Phatak

ITA 711/JPR/2025[2016-17]Status: DisposedITAT Jaipur14 Oct 2025AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Shri Deepak Sharma, CAFor Respondent: Ms. Alka Gautam, CIT, DR

Section 127Section 139(1)Section 153ASection 153CSection 68Section 69C

…ss practice rather than an attempt to camouflage undisclosed income. DCIT vs. Sapna Karnani 12.2 The importance of conducting transactions through banking channels is underscored by the Supreme Court in the landmark case CIT v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 (SC). In this ruling, the Court affirmed that transactions that are executed through formal banking channels can be regarded as genuine, provided that there is a clear record of such transactions. The judgment elucidates that the mere existence of a transaction in the books of accounts, supported by bank statements, is sufficient to establish its…

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. Sapna Karnani, Tonk Phatak

In the result, the appeals of the revenue in ITA No

ITA 710/JPR/2025[2014-15]Status: DisposedITAT Jaipur14 Oct 2025AY 2014-15

For Appellant: Shri Deepak Sharma, CAFor Respondent: Ms. Alka Gautam, CIT, DR

Section 127Section 139(1)Section 153ASection 153CSection 68Section 69C

…an attempt to camouflage undisclosed income. 29 ITA Nos.709/JP/2025 DCIT vs. Sapna Karnani 12.2 The importance of conducting transactions through banking channels is underscored by the Supreme Court in the landmark case CIT v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 (SC). In this ruling, the Court affirmed that transactions that are executed through formal banking channels can be regarded as genuine, provided that there is a clear record of such transactions. The judgment elucidates that the mere existence of a transaction in the books of accounts, supported by bank statements, is sufficient to establish its…

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. Sapna Karnani, Tonk Phatak

In the result, the appeals of the revenue in ITA No

ITA 709/JPR/2025[2013-14]Status: DisposedITAT Jaipur14 Oct 2025AY 2013-14

For Appellant: Shri Deepak Sharma, CAFor Respondent: Ms. Alka Gautam, CIT, DR

Section 127Section 139(1)Section 153ASection 153CSection 68Section 69C

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. Karnani Solvex Private Limited, Jaipur

In the result, the appeals of the revenue in ITA No

ITA 480/JPR/2025[2014-15]Status: DisposedITAT Jaipur13 Oct 2025AY 2014-15

For Appellant: Shri Deepak Sharma, CAFor Respondent: MS. Alka Gautam, CIT

Section 127Section 132(4)Section 153ASection 68

…cts a legitimate business practice rather than an attempt to camouflage undisclosed income. 10.7 The importance of conducting transactions through banking channels is underscored by the Supreme Court in the landmark case CIT v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 (SC). In this ruling, the Court affirmed that transactions that are executed through formal banking channels can be regarded as genuine, provided that there is a clear record of such transactions. The judgment elucidates that the mere existence of a transaction in the books of accounts, supported by bank statements, is sufficient to establish its…

Golden Goenka Commerce Pvt. Ltd., Kolkata vs. ACIT Circle-2(1), Jamshedpur

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

ITA 11/RAN/2024[2011-12]Status: DisposedITAT Ranchi10 Oct 2025AY 2011-12

Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahayi.T.A. No.11/Ran/2024 Assessment Year: 2011-12 Golden Goenka Commerce Pvt. Ltd. (Earlier Known As Rajgaj Traders Pvt. Ltd.)............................……….……Appellant 25A, S.P Mukherjee Road, 4Th Floor, Bhawanipore, Kol-25, [Pan: Aabcr7503F] Vs. Acit, Circle-2(1), Jamshedpur..…..….…..….........……........……...…..…..Respondent Appearances By: Shri Devesh Poddar, Ar, Appeared On Behalf Of The Appellant. Shri Kumar Pranab, Cit- Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 4, 2025 Date Of Pronouncing The Order : October 10, 2025 Order Per Sonjoy Sarma: This Appeal By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) [“Cit(A)”], Dated 21.12.2018, Arising Out Of Assessment Framed Under Section 147 Read With Section 143(3) Of The Income-Tax Act, 1961 (The “Act”) For The Assessment Year 2011–12. 2. The Assessee Has Raised Multiple Grounds, The Sum & Substance Of Which Is That The Learned Cit(A) Erred In Upholding The Addition Of ₹4,73,00,000 Made By The Assessing Officer (“Ao”) Under Section 68 Of The Act Towards Share Capital & Share Premium, Ignoring The Documentary Evidences Placed On Record & Without Conducting Any Independent Enquiry. 3. Brief Facts Of The Case Are That The Assessee Company Filed Its Return Of Income For The Assessment Year 2011–12 Declaring Total Income Of ₹16,67,088. Subsequently, The Case Of The Assessee Was Reopened

Section 131Section 143(3)Section 147Section 148Section 68

…131 by the directors of the investor companies cannot be a ground to disregard the evidences. The assessee cannot compel third parties to appear. In this respect, the AR relied on various judicial pronouncements including: a. CIT vs. Lovely Exports Pvt. Ltd. (216 CTR 195) (SC) wherein it was held that if share application money is received from identified persons whose details are furnished, then the addition cannot be made in the hands of the company. b. PCIT vs. NRA Iron & Steel (412 ITR 161) (SC) – distinguished on facts as in the present case complete evidences were filed. c. CIT vs. Orissa Corporation Pvt. L…

Hanumanthappa Pathrera Laxmana, Shivamogga vs. Income Tax Officer, Ward-(1) & Tps, Shimogga

In the result, the assessee’s appeal is partly allowed whereas the Revenue’s appeal is dismissed

ITA 247/BANG/2025[2020-21]Status: DisposedITAT Bangalore09 Oct 2025AY 2020-21

Bench: Shri Narender Kumar Chodhry & Shri Waseem Ahmedassessment Year: 2020-21

For Appellant: Shri Atul K Alur, AdvocateFor Respondent: Shri Shivanand H Kalakeri, JCIT (DR)

Section 145(3)Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BANGALORE BEFORE SHRI NARENDER KUMAR CHODHRY, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER Assessment Year: 2020-21 Hanumanthappa Pathrera Laxmana, Vs. The Income Tax Officer, Proprietor of M/s Sri Om Traders, Ward – (1) & TPS, Shop No.2, 2/1-612/1, Ward No.27, Shimogga. New Mandli, Shivamogga – 577 202. PAN – ADCPL 4413 F APPELLANT RESPONDENT Assessment Year: 2020-21 The Income Tax Officer, Vs. Hanumanthappa Pathrera Ward – (1) & TPS, Laxmana, Shimogga. Proprietor of M/s Sri Om Traders, Shop No.2, 2/1-612/1, Ward No.27, New Mandli, Shivamogga – 577 2…

Income Tax Officer, Ward-1 & Tps, Shivamogga vs. Hanumanthappa Pathrera Laxmana, Shivamogga

In the result, the assessee’s appeal is partly allowed whereas the Revenue’s appeal is dismissed

ITA 1066/BANG/2025[2020-21]Status: DisposedITAT Bangalore09 Oct 2025AY 2020-21

Bench: Shri Narender Kumar Chodhry & Shri Waseem Ahmedassessment Year: 2020-21

For Appellant: Shri Atul K Alur, AdvocateFor Respondent: Shri Shivanand H Kalakeri, JCIT (DR)

Section 145(3)Section 69C