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)

Sahakar Global Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle-4(1), Mumbai

Appeal stand partly allowed

ITA 5127/MUM/2017[2011-12]Status: DisposedITAT Mumbai26 Mar 2021AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No 5125/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील िं./ I.T.A. No 5126/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील िं./ I.T.A. No 5127/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील िं./ I.T.A. No 5128/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Sahakar Global Ltd. Dcit-Cc-4(1) B-10, 1St Floor, Kanakia Space, Room No.1916,19Th Floor बिाम/ Western Edge Ii Air India Building Vs. W.E.Highway, Boriwali(East) Nariman Point Mumbai-400 066 Mumbai-400 021 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 5. आयकरअपील िं./ I.T.A. No 5340/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 6. आयकरअपील िं./ I.T.A. No 5968/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 7. आयकरअपील िं./ I.T.A. No 5341/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Dcit-Cc-4(1) Sahakar Global Ltd. Room No.1916,19Th Floor B-10, 1St Floor, Kanakia बिाम/ Air India Building Space, Western Edge Ii Vs. Nariman Point W.E.Highway, Boriwali(East) Mumbai-400 021 Mumbai-400 066 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R

For Appellant: Shri Prakash Jhujhunwala-Ld.ARFor Respondent: Shri Hemant Kumar Leuva-Ld. CIT-DR

Section 68

…do so would justify the deletion of addition. Similar was the view of Hon‟ble Delhi High court in CIT V/s Vrindavan Farms (P) Ltd. (ITA No. 71/2015 dated 12/8/2015). Further, in terms of decision of Hon‟ble Apex Court in CIT V/s Lovely Exports (P) Ltd. (2008 216 CTR 195), the department could not proceed against the assessee but it could proceed against the alleged doubted subscribers. 4.9 In the above background, it was submitted that since the assessee produced sufficient documentation to discharge initial onus of showing the genuineness and creditworthiness of the share applicants, it was obligatory for Ld. A…

Sahakar Global Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle-4(1), Mumbai

Appeal stand partly allowed

ITA 5126/MUM/2017[2010-11]Status: DisposedITAT Mumbai26 Mar 2021AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No 5125/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील िं./ I.T.A. No 5126/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील िं./ I.T.A. No 5127/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील िं./ I.T.A. No 5128/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Sahakar Global Ltd. Dcit-Cc-4(1) B-10, 1St Floor, Kanakia Space, Room No.1916,19Th Floor बिाम/ Western Edge Ii Air India Building Vs. W.E.Highway, Boriwali(East) Nariman Point Mumbai-400 066 Mumbai-400 021 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 5. आयकरअपील िं./ I.T.A. No 5340/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 6. आयकरअपील िं./ I.T.A. No 5968/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 7. आयकरअपील िं./ I.T.A. No 5341/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Dcit-Cc-4(1) Sahakar Global Ltd. Room No.1916,19Th Floor B-10, 1St Floor, Kanakia बिाम/ Air India Building Space, Western Edge Ii Vs. Nariman Point W.E.Highway, Boriwali(East) Mumbai-400 021 Mumbai-400 066 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R

For Appellant: Shri Prakash Jhujhunwala-Ld.ARFor Respondent: Shri Hemant Kumar Leuva-Ld. CIT-DR

Section 68

…do so would justify the deletion of addition. Similar was the view of Hon‟ble Delhi High court in CIT V/s Vrindavan Farms (P) Ltd. (ITA No. 71/2015 dated 12/8/2015). Further, in terms of decision of Hon‟ble Apex Court in CIT V/s Lovely Exports (P) Ltd. (2008 216 CTR 195), the department could not proceed against the assessee but it could proceed against the alleged doubted subscribers. 4.9 In the above background, it was submitted that since the assessee produced sufficient documentation to discharge initial onus of showing the genuineness and creditworthiness of the share applicants, it was obligatory for Ld. A…

Sahakar Global Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle-4(1), Mumbai

Appeal stand partly allowed

ITA 5125/MUM/2017[2009-10]Status: DisposedITAT Mumbai26 Mar 2021AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No 5125/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील िं./ I.T.A. No 5126/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील िं./ I.T.A. No 5127/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील िं./ I.T.A. No 5128/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Sahakar Global Ltd. Dcit-Cc-4(1) B-10, 1St Floor, Kanakia Space, Room No.1916,19Th Floor बिाम/ Western Edge Ii Air India Building Vs. W.E.Highway, Boriwali(East) Nariman Point Mumbai-400 066 Mumbai-400 021 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 5. आयकरअपील िं./ I.T.A. No 5340/Mum/2017 (धििाारण वर्ा / Assessment Year: 2010-11) & 6. आयकरअपील िं./ I.T.A. No 5968/Mum/2017 (धििाारण वर्ा / Assessment Year: 2011-12) & 7. आयकरअपील िं./ I.T.A. No 5341/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13) Dcit-Cc-4(1) Sahakar Global Ltd. Room No.1916,19Th Floor B-10, 1St Floor, Kanakia बिाम/ Air India Building Space, Western Edge Ii Vs. Nariman Point W.E.Highway, Boriwali(East) Mumbai-400 021 Mumbai-400 066 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaecs-3575-R

For Appellant: Shri Prakash Jhujhunwala-Ld.ARFor Respondent: Shri Hemant Kumar Leuva-Ld. CIT-DR

Section 68

…do so would justify the deletion of addition. Similar was the view of Hon‟ble Delhi High court in CIT V/s Vrindavan Farms (P) Ltd. (ITA No. 71/2015 dated 12/8/2015). Further, in terms of decision of Hon‟ble Apex Court in CIT V/s Lovely Exports (P) Ltd. (2008 216 CTR 195), the department could not proceed against the assessee but it could proceed against the alleged doubted subscribers. 4.9 In the above background, it was submitted that since the assessee produced sufficient documentation to discharge initial onus of showing the genuineness and creditworthiness of the share applicants, it was obligatory for Ld. A…

ITO, New Delhi vs. M/S. Elative Building Solutions Pvt. Ltd., New Delhi

In the result, appeal of assessee is allowed

ITA 2498/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Mar 2021AY 2012-13

For Appellant: Shri Sudesh Garg, AdvocateFor Respondent: Shri Jagdish Singh, Sr. DR

…favour of the assessee and against the Revenue by the judgment of the Division Bench of this Court in Electro Polychem Ltd., (supra) and Steller Investment Ltd., (supra). 26. This case is distinguishable from the case of CIT v. Lovely Export (P.) Ltd. [2008] 216 CTR 195 (SC) in that the transactions were only book transactions, and there was no cash receipt. The decisions in (i) CIT v. Focus Exports (P.) Ltd. [2014] 51 taxmann.com 46/228 Taxman 88 (Delhi) (Mag.); (ii) CIT v. Globus Securities & Finance Pvt. Ltd. [2014] 41 taxmann.com 465/224 Taxman 237 (Delhi); (iii) Onassis Axles (P.) Ltd. v. CIT [2014] 364 ITR…