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

Issues it is cited on

creditworthiness of the creditorsource of sourceshare capital and share premiumshare application moneypaper companyretracted statementaddition u/s 68addition under section 68genuineness of the transactionentry operatoraccommodation entrysection 133(6)

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

ACIT, New Delhi vs. Filatex India Limited, Delhi

ITA 5000/DEL/2024[2015-16]Status: DisposedITAT Delhi30 Jun 2025AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

…14 ITA Nos.4635, 5000, 2060, 4999, 4648, 3988, 2061, 1455, 2062 & 1456/Del/2024 & C.O.Nos.11, 32, 33, 34/Del/2025 & 89, 90 & 91/Del/2024 Decisions relied: Hon'ble Supreme Court of India in case of Commissioner of Income-tax v. Lovely Exports (P.) Ltd. [2008] 216 CTR 195 (SC) held: ".. 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 to the AO, then the Department is…

ACIT, New Delhi vs. Filatax Inida Limited, Delhi

In the result, appeal of the assessee is partly allowed

ITA 4635/DEL/2024[2013-14]Status: DisposedITAT Delhi30 Jun 2025AY 2013-14

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

…4 ITA Nos.4635, 5000, 2060, 4999, 4648, 3988, 2061, 1455, 2062 & 1456/Del/2024 & C.O.Nos.11, 32, 33, 34/Del/2025 & 89, 90 & 91/Del/2024 Decisions relied: Hon'ble Supreme Court of India in case of Commissioner of Income-tax v. Lovely Exports (P.) Ltd. [2008] 216 CTR 195 (SC) held: "., 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 to the AO, then the Department is…

Dy. Commissioner of Income Tax, Delhi vs. Filatex India Limited, Delhi

ITA 2060/DEL/2024[2016-17]Status: DisposedITAT Delhi30 Jun 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

…ITA Nos.4635, 5000, 2060, 4999, 4648, 3988, 2061, 1455, 2062 & 1456/Del/2024 & C.O.Nos.11, 32, 33, 34/Del/2025 & 89, 90 & 91/Del/2024 Decisions relied: Hon'ble Supreme Court of India in case of Commissioner of Income-tax v. Lovely Exports (P.) Ltd. [2008] 216 CTR 195 (SC) held: ".. 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 to the AO, then the Department i…

Ambey Laboratories Limited, Delhi vs. Assistant Commissioner of Income Tax, Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 2334/DEL/2024[2017-18]Status: DisposedITAT Delhi27 Jun 2025AY 2017-18

Bench: Shri Vikas Awasthy & Shri S.Rifaur Rahmanambey Laboratories Limited, Vs. Acit, Circle 2(2), Ground Floor, Property No.555, Delhi. Tarla Mohalla Ghitorni, Delhi – 110 030. (Pan : Aaaca4317R) (Appellant) (Respondent) Assessee By : Ms. Apoorva Bhardwaj, Ca Revenue By : Shri Ashish Tripathi, Sr. Dr Date Of Hearing : 24.04.2025 Date Of Order : 27.06.2025 O R D E R Per S.Rifaur Rahman: 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)/National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As ‘Ld. Cit (A)] Dated 31.01.2024 For Assessment Year 2017-18. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income On 04.11.2017 Declaring Loss Of Rs.15,30,39,,439/-. The Case Was Selected For Scrutiny Under Cass & Notices Under Section 143(2) & 142(1) Of The Income-Tax

For Appellant: Ms. Apoorva Bhardwaj, CAFor Respondent: Shri Ashish Tripathi, Sr. DR
Section 143(2)Section 36(1)(vii)Section 36(2)Section 68

…ing routed through legitimate banking channels, where payment was made through account payee cheques in such a case there is no reason to doubt the genuineness of the transaction. The Hon'ble Supreme Court in the case of CIT vs Lovely Exports Pvt. Ltd. (2008) 216 CTR 195 (SC) has observed that, even if the share capital money is received by the assessee from alleged bogus shareholders, 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 the assessee company. 5. Once the Lender confi…

M/S Pato Builders Pvt. Ltd., Jamshedpur vs. ACIT, Circle-2, Jamshedpur

In the result, the Assessing Officer is directed to restrict the disallowance of the large expenses to 2

ITA 108/RAN/2019[2012-13]Status: DisposedITAT Ranchi11 Jun 2025AY 2012-13

Bench: Shri George Mathan & Shri Ratnesh Nandan Sahaym/S Pato Builders Pvt. Ltd., A.C.I.T., Ashok Path, Adityapur, Jamshedpur. Circle-2, Vs. Pan No. Aabcp 7453 N Jamshedpur. Appellant/ Assessee Respondent/ Revenue

…has received the share application money from the said four persons. Once the basic information has been provided by the assessee then in view of the decision of the Hon'ble Supreme Court in the case of CIT Vs M/s. Lovely Exports Pvt. Ltd. reported in (2008) 216 CTR 195 (SC), the Assessing Officer is at liberty to call for the details in the assessment of such persons who have made share application money. This being so, the addition made in respect of the share application money in respect of the said four persons being M/s Pato Infrastructure Ltd., Shri Mukesh Kumar, Director of the assessee company, Smt. Cham…

Nature Commercial Pvt Ltd, Delhi vs. ITO, Ward-2(1), Kolkata

In the result, appeal of the assessee stands allowed

ITA 853/KOL/2024[2008-09]Status: DisposedITAT Kolkata22 May 2025AY 2008-09

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

Section 131Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 250Section 263Section 68

…he submission of the revenue that such large amount of share capital and share premium can raise the suspicion of genunieness of the shareholder as they are bogus. The Hon'ble court pointed out that the Hon'ble Apex Court in CIT vs. Lovely Exports Ltd. (2008) 216 CTR 195 (SC) in the context of pre-amended sec. 68 of the Act has held in the context of revenue prayers that the amount of share application money has been received from bogus shareholders then it is for the income tax to proceed by reopening the assessment of other shareholders and assessing them in accordance to law. It does not entitle the revenue to…

Aakash Universal Limited ( Merged Entity Rajkiran Textiles Pvt Ltd), Mumbai vs. Income Tax Officer Ward 13(3)(1), Mumbai

In the result the appeal filed by the assessee stands

ITA 1197/MUM/2025[2010-11]Status: DisposedITAT Mumbai13 May 2025AY 2010-11

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 250Section 68

…nu Steel &Aloys Ltd. &Ors. (2012) 80 CCH 027 Del HC CIT vs. EMPIRE BUILTECH PVT LTD (2014) 88 CCH 033 Del. HC ACIT vs. Sankalp Corporate Pvt. Ltd., ITA NO. 118/Mum/2016 ITO vs. Lisha Trading P. Ltd., ITA No. 5845/Mum/2016 CIT vs. Lovely Exports P. Ltd. (2008) 216 CTR 195 (SC) Jasamrit Constructions Pvt. Ltd. vs. ITO, ITA No. 1091/Mum/2016 CIT vs. Alcon Biosciences P. Ltd., ITA No. 1946/Mит/2016 CIT vs. Orchid Industries Pvt. Ltd., I.T. Appeal No. 1433 of 2014 (Bom HC) ACIT-30(3) vs. Shreedham Builders ITO ITA No. 5589/MUM/2017 ITO 7(1)(4) vs. Lisha Trading Pvt. Ltd. v/s ITO ITA No. 5845/MUM/2016 Ito 2 (1)(2) vs.…

Samoo Designers & Engineers India Private Limited, New Delhi vs. ACIT, Circle-22(2), New Delhi

In the result, appeal of the Revenue is dismissed

ITA 2396/DEL/2022[2018-19]Status: DisposedITAT Delhi01 May 2025AY 2018-19

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A No. 2396/Del/2024 िनधा"रणवष"/Assessment Year: 2018-19 बनाम Income Tax Officer, Shivom Trexim Private Ltd., Ward-1, Room No.203, Vs. Plot No.26, Sector-25, Aayakar Bhawan, Sector-6, Huda Part-Ii, Panipat, Panipat, Haryana. Haryana. Pan No.Aapcs8392H अपीलाथ" Appellant ""यथ"/Respondent

Section 133(6)Section 142(1)Section 68

…ITANo.2396/Del/2024 SHIVOM TREXIM PVT. LTD. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI M BALAGANESH, ACCOUNTANT MEMBER आ.अ.सं/.I.T.A No. 2396/Del/2024 िनधा"रणवष"/Assessment Year: 2018-19 बनाम INCOME TAX OFFICER, SHIVOM TREXIM PRIVATE LTD., Ward-1, Room No.203, Vs. Plot No.26, Sector-25, Aayakar Bhawan, Sector-6, HUDA PART-II, Panipat, Panipat, Haryana. Haryana. PAN No.AAPCS8392H अपीलाथ" Appellant ""यथ"/Respondent Assessee by Shri Sanjay Gupta, CA Revenue by Shri Manish Gupta, Sr. DR सुनवाईक"तारीख/ Date of hearing: 18.08.2025 26.09…

Gopal Extrusions Pvt Ltd, Jalgaon vs. Income-Tax Officer, Ward - 1(2), Jalgaon

ITA 1633/PUN/2017[2008-09]Status: DisposedITAT Pune29 Apr 2025AY 2008-09

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita. No.1633/Pun/2017 Assessment Year : 2008-09

For Appellant: Smt. Deepa KhareFor Respondent: Shri Ramnath Murkunde
Section 143(3)

…he tax department was free to proceed to reopen their individual assessments in accordance with law and the same in their individual hands but the amount of share money could not be regarded as undisclosed income of the company u/s 68.Lovely Exports decision [216 CTR 295(SC). [Also CIT vs. Orissa Corpn. Pvt. Ltd. (159 ITR 78 (SC)). Nemi Chand Kothari vs. CIT [264 ITR 254 (Gau) and Pr.CIT v.Paradise Inland Shipping (P.) Ltd. [2017] 400 ITR 439 (Bombay)). 9. The hon'ble Delhi High Court in its judgment in the case of MOD Creations (P) Ltd. v. ITO (354 ITR 282 (Del)], has addressed this important question very aptl…

Dy. Commmissioner of Income Tax, Mumbai vs. Prasad Shetty, Sion, Mumbai

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

ITA 6256/MUM/2024[2017-18]Status: DisposedITAT Mumbai28 Apr 2025AY 2017-18

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT. RENU JAUHRI (Accountant Member)

Section 144BSection 147Section 148Section 148ASection 149(1)(a)Section 151ASection 56(2)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT. RENU JAUHRI, ACCOUNTANT MEMBER Dy. Commissioner of Vs. Prasad Shetty Income Tax Plot No.8, Sarvodaya, Mumbai Near Sion Railway Station Mumbai- 400 022 PAN/GIR No.AAZPS9377D (Appellant) .. (Respondent) CO No.3/Mum/2025 (Arising out of ITA No.6256/Mum/2024) (Assessment Year :2017-18) Prasad Shetty Vs. Dy. Commissioner of Plot No.8, Sarvodaya, Income Tax Near Sion Railway Mumbai Station Mumbai- 400 022 PAN/GIR No.AAZPS9377D (Appellant) .. (Respondent) Assessee by Shri Dharmesh Shah / Ms. Jigna Shah Revenue by S…

ACIT Central Circle 2 (2), Chennai vs. M/S Midas Golden Distilleries Private Limited, Kanchipuram

In the result, the appeal filed by the Revenue is partly allowed

ITA 2562/CHNY/2017[2004-05]Status: DisposedITAT Chennai25 Apr 2025AY 2004-05

Bench: Shri Ss Viswanethra Ravi & Shri Jagadishआयकर अपील सं./Ita No.2562/Chny/2017 िनधा:रण वष: /Assessment Year: 2004-05

For Appellant: Shri T. Vasudevan, AdvocateFor Respondent: Shri A. Sasi Kumar, CIT
Section 143(3)

…peal, the Ld. CIT(A) has deleted the addition relying on the assessee’s case in A.Y 2003-04, wherein the Tribunal in ITA No.180/Mds/2008 dated 30.06.2009 after relying on the decision of Hon’ble Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd. 216 CTR 195 (SC) has deleted the addition. 4.3 The Ld. DR before us has submitted that the assessee-company was authorized by the Memorandum of Association to have authorised share capital of Rs. 7 Crores divided into 70,00,000 equity shares of Rs. 10 each. However, for the AY 2004-05, the assessee has admitted share application money of Rs. 15.15 crores.…

Ajay Bakliwal, Kota vs. ACIT, Central Circle, Kota

In the result, the appeal of the assessee is allowed

ITA 1279/JPR/2024[2017-18]Status: DisposedITAT Jaipur11 Apr 2025AY 2017-18

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

For Appellant: Sh. Rajendra Sisodia, AdvFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 132(1)Section 139Section 143(3)Section 153ASection 154Section 270A

…declaration of 23,87,72,404/- was based on hypothetical income is unsupported by any documentary evidence or explanation. • Hypothetical or non-existent income cannot form the basis of a revised return, as reiterated in CIT v. Lovely Exports (P) Ltd. [(2008) 216 CTR 195 (SC)]. 3.5. Legal Provisions and Precedents 1. Applicability of Section 153A: • Section 153A requires a return to be filed in response to a notice issued under the provision. • The revised return filed on 21.11.2019 does not align with the timelines or conditions specified under Section 139(5) and is therefore invalid. • The Hon'ble Madras High C…

J N J Machines Private Limited, Surat vs. Income Tax Officer - Ward 1(1)(3), Surat

In the result, appeal of the assessee is allowed

ITA 371/SRT/2024[2012-13]Status: DisposedITAT Surat04 Apr 2025AY 2012-13

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.371/Srt/2024 Assessment Year: (2012-13) (Physical Hearing) J N.J. Machines Pvt. Ltd. Income Tax Officer, 762, G.I.D.C. Icchapore, Vs. Ward-1(1)(3), Hazira-394 510 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaccj 4034 G (अपीलाथ"/Appellant) (""थ" /Respondent)

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

…[Civil appeal No.6181/2010 of SLP No.217073/2009 (SC) (ii) Earthmetal Electrical Pvt. Ltd. vs. ITO [IA 590 of 2005 (Bom], (iii) Earthmetal Electrical Pvt. Ltd. vs. ITO ITA No.239/Mum/2005 of 2005 dated 28.06.2005, (iv) CIUT vs. Lovely Exports Pvt. Ltd. (2008) 216 CTR 195 (SC), (v) CIT vs. Steller Investment (2001) 251 ITR 263 (SC), (vi) CIT vs. Ujala Dyeing & Printing Mills Pvt. Ltd. [SLP CC No.4635/2009 (SC)], (vii) CIT vs. Ujala Dyeing & Printing Mills Pvt. Ltd. [328 ITR 437 (Guj], (viii) CIT vs. Himastu Bimet Ltd. ITA No.371/SRT/2024/AY.12-13 JNJ Machines Pvt. Ltd. (2011) 12 taxman.com 87 (Guj) and (ix) Hin…

Income Tax Officer, Income Tax vs. Rachana Suresh Chokhani, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5986/MUM/2024[2016]Status: DisposedITAT Mumbai28 Mar 2025

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawalassessment Year: 2016-17

For Appellant: NoneFor Respondent: Shri R.R. Makwana, Addl. CIT
Section 147Section 55Section 68

…rting evidence, demonstrating the source of funds, the genuineness of the transactions, and the payment of taxes. Therefore, the conditions for invoking Section 68 are not met. Moreover, as held by the Hon'ble Supreme Court in CIT v. Lovely Exports (P.) Ltd. [216 CTR 195 (SC)], if an assessee provides a satisfactory explanation for the source and nature of a credit, the onus shifts to the revenue to prove that it is unexplained. The revenue has failed to discharge this burden in the present case, and the addition under Section 68 is unsustainable. The AO's reliance on investigation reports and generic information…

Hermon Educational Society, Visakhapatnam vs. Income Tax Officer (Exemption Ward), Visakhapatnam

In the result, appeal of the assessee is partly allowed

ITA 347/VIZ/2024[2017-18]Status: DisposedITAT Visakhapatnam19 Mar 2025AY 2017-18

Bench: Shri G. Manjunatha & Shri K. Narasimha Chary

For Appellant: Shri C. Subrahmanyam, CAFor Respondent: Dr. Aparna Villuri, Sr. AR
Section 10Section 68

…nsidered view, once the initial onus was discharged by the assessee, then, the onus shifted to Assessing Officer to prove otherwise and this principle is supported by the decision of Hon’ble Supreme Court in the case of CIT vs., Lovely Exports Private Limited 216 CTR 195 (SC) wherein it has been clearly held that, “if share capital is received from alleged bogus shareholders and their names and addresses are provided to the Assessing Officer, then the department is free to reopen the assessment in accordance with law, but, sum received from creditors cannot be regarded as undisclosed income of the assessee”. Ther…

Asstt. Commissioner of Income Tax, Lucknow vs. M/S Anubhav Vyapaar Pvt. Ltd

In the result, the appeal of Revenue stands dismissed

ITA 224/LKW/2015[2007-08]Status: DisposedITAT Lucknow12 Mar 2025AY 2007-08

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2007-08 Acit, Central Circle-1 V. M/S Anubhav Vyapaar Pvt Ltd 27/2, P.K. Complex Raja Ram 34-A, Ratu Sarkar Lane, Kolkata- Mohan Rai Marg, Lucknow- 700073. 226001. Pan:Aafca4742D (Appellant) (Respondent) Appellant By: Shri Samrat Chandra, C.A. Respondent By: Smt Namita S. Pandey, Cit(Dr) O R D E R

For Appellant: Shri Samrat Chandra, C.AFor Respondent: Smt Namita S. Pandey, CIT(DR)
Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Assessment Year: 2007-08 ACIT, Central Circle-1 v. M/s Anubhav Vyapaar Pvt Ltd 27/2, P.K. Complex Raja Ram 34-A, Ratu Sarkar Lane, Kolkata- Mohan Rai Marg, Lucknow- 700073. 226001. PAN:AAFCA4742D (Appellant) (Respondent) Appellant by: Shri Samrat Chandra, C.A. Respondent by: Smt Namita S. Pandey, CIT(DR) O R D E R PER ANADEE NATH MISSHRA, A.M.: The present appeal has been filed by the Revenue against the impugned appellate order dated 31.12.2014 passed…

Income Tax Officer, Jaipur vs. Kedia Builders and Colonizers Private Limited, Jaipur

In the result, all appeals of the revenue are stands dismissed

ITA 901/JPR/2024[2014-15]Status: DisposedITAT Jaipur11 Mar 2025AY 2014-15

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Sidharth RankaFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 143(3)Section 147

…ssion of Old Assessment Orders of Loan Providers: a. The assessee submitted old assessment orders of loan providers but failed to demonstrate their current financial standing after the Banka Group search. b. As held in CIT v. Lovely Exports Pvt. Ltd. [(2008) 216 CTR 195 (SC)], filing old assessment orders or financial records is insufficient unless the identity, creditworthiness, and genuineness of the loan providers are independently established. c. The CIT(A) erroneously accepted these old records without considering their lack of relevance to the current proceedings. d. Old assessment order are 143(1)(a) inti…

ITO, Ward-25(2), New Delhi vs. Telplay Packaging Solutions P.Ltd, New Delhi

The appeal of the Revenue is dismissed

ITA 5892/DEL/2017[2012-13]Status: DisposedITAT Delhi07 Mar 2025AY 2012-13

Bench: SHRI ANUBHAV SHARMA (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)

Section 143(3)Section 14ASection 234BSection 68

…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…

Nu Pharmalogics Private Limited, Secunderabad vs. Income Tax Officer, Ward-16(2), Hyderabad

In the result, both the appeals in ITA

ITA 1165/HYD/2019[2011-12]Status: DisposedITAT Hyderabad28 Feb 2025AY 2011-12

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Madhusudan Sawdiaआ.अपी.सं /Ita Nos.1165/Hyd/2019 & 302/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2011-12 & 2012-13) Nu Pharmalogics (P) Ltd Vs. Income Tax Officer Hyderabad Ward-16(2) Pan:Aaccn2913J Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Spg Mudaliar, Dr सुनवाई की तारीख/Date Of Hearing: 23/12/2024 घोषणा की तारीख/Pronouncement: 28/02/2025

For Appellant: Shri P Murali Mohan Rao, CAFor Respondent: : Shri SPG Mudaliar, DR
Section 143(2)

…nfirmation as well as extracts of their financial statements showing these transactions, duly recorded in their books of account. In support of his contention, he has relied upon the decision of the Hon'ble Supreme Court in the case of Lovely Exports Pvt Ltd (216 CTR 195) as well as the judgments in the cases of Vaishnodevi Refoils & Solvex (96 Taxmann.com 469), Page 14 of 24 ITA Nos 1165 and 302 NU Pharmalogics P Ltd Orchird Industries (116 Taxmann.com 113) and Chain House International (P) Ltd (103 Taxmann.com 435). 17. On the other hand, the learned DR has submitted that once the Assessing Officer has rece…

Nu Pharmalogics Private Limited, Hyderabad vs. ITO, Ward-16(1), Hyderabad

In the result, both the appeals in ITA

ITA 302/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Feb 2025AY 2012-13

Bench: Shri Vijay Pal Rao, Vice- & Shri Madhusudan Sawdia

For Appellant: Shri P Murali Mohan Rao, CA
Section 143(3)Section 147Section 148

…irmation as well as extracts of their financial statements showing these transactions, duly recorded in their books of account. In support of his contention, he has relied upon the decision of the Hon'ble Supreme Court in the case of Lovely Exports Pvt Ltd (216 CTR 195) as well as the judgments in the cases of Vaishnodevi Refoils & Solvex (96 Taxmann.com 469), Page 14 of 24 ITA Nos 1165 and 302 NU Pharmalogics P Ltd Orchird Industries (116 Taxmann.com 113) and Chain House International (P) Ltd (103 Taxmann.com 435). 17. On the other hand, the learned DR has submitted that once the Assessing Officer has re…