CIT v. MAF Academy (P) Ltd.

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, Ghaziabad

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

M/S Globus Real Infra Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ACIT, New Delhi vs. M/S. Star Light Consumer Electronics Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ACIT, New Delhi vs. M/S. Superstar Agency Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ACIT, New Delhi vs. M/S. Sur Buildcon Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S. Sukhna Real Estate Pvt. Ltd., Ghaziabad

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S. Sukhna Steel Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S. Sunlight Tour and Travels Pvt. Ltd., Sahibabad

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S. Sintex Consumers Electronics Pvt. Ltd., Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S. Supreme Placement Services Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ITO, New Delhi vs. M/S Angel Cement Pvt. Ltd., Ghaziabad

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…duty ITAT Ahmedabad Bench of assessee to explain source [Relying Upon N. Tarika of source to authenticate Properties Investment claim and purpose of making (2014) 51 taxmann.com advances, assessee failed to 387 (SC), Empire Biotech P discharge its onus to Ltd 361 ITR 258 (Del)] establish source of source • Nova Promoters and (Page – 13 – Ao’s order). Finlease Pvt Ltd 342 ITR Summons issued U/s 131 169 (Del. HC) remained un-complied (Page 13 – AO’s Order)  Investors have common practice like paper companies who raise loan from companies who in turn have no income generating capacity or established source (Page –…

ACIT, New Delhi vs. M/S. Supreme Placement Services (P) Ltd., New Delhi

Bench: Shri Bhavnesh Saini & Shri B.R.R Kumar

…rs Pvt. Ltd., [2019] 410 ITR 379 [Del.] [HC]. 2. Order of ITAT, Delhi in the case of ITO vs., Synergy Finlease Pvt. Ltd., in ITA.No.4778/Del./2013. 3. Prem Castings (P.) Ltd., vs., CIT [2017] 88 taxmann.com 189 [Alld.] [HC]. 4. CIT vs., MAF Academy (P.) Ltd., 361 ITR 258 [Del.] [HC]. 5. CIT vs., Navodaya Castle Pvt. Ltd., [2014] 367 ITR 306 [Del.] [HC]. 14 ITA.No.5259/Del./2013 M/s. Supreme Placement Services (P) Ltd., New Delhi. 6. Konark Structural Engineering (P.) Ltd., vs., DCIT [2018] 96 taxmann.com 255 [SC]. 7. Pratham Telecom India Pvt. Ltd., vs., DCIT [2018-TIOL- 1983-HC-MUM-IT]. 8. JJ Development Pvt. L…

DCIT, New Delhi vs. M/S. Technico Industries Pvt. Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2011-12 Dcit, Vs Technico Industries Pvt. Ltd., Circle-25(1), 103, Pratap Bhawan, Cr Building, Ip Estate, Bahadur Shah Zafar Marg, New Delhi. Near Indian Express Building, New Delhi. Pan: Aaact4445P (Appellant) (Respondent) Assessee By : Shri Aditya Kumar, Ca & Shri Ashwani Kumar, Ca Revenue By : Mrs Aashna Paul, Cit-Dr Date Of Hearing : 17.12.2020 Date Of Pronouncement : 09.03.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against Order Dated 31St March, 2015 Of The Cit(A)-9, New Delhi Relating To Assessment Year 2011-12. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Manufacturing Of Sheet Metal Components & Tools & Dies. It Filed Its Return Of Income On 29Th September, 2011 Declaring ‘Nil’ Income. The Said Return Was Revised On 14Th September, 2012 Declaring A Loss Of Rs.3,61,68,075/-. During The Course Of Assessment Proceedings, The Ao, On Perusal Of The Balance Sheet Filed By The Assessee, Noted That The Assessee Company Has Issued 14,72,000 Equity Shares At A Premium Of Rs.115. From The Various Details Furnished By The Assessee, The Ao Noted That The Assessee Has Issued Shares To The Following Persons/Parties:-

…ROMOTERS PVT LTD (2019-TIQL-172-HC-DEL-IT) 3. ITO Vs Synergy Finlease Pvt. Ltd (ITA No.4778/Del/2013) 4. Prem Castings (P.) Ltd. Vs CIT [2017] 88 taxmann.com 189 (Allahabad) 4A.Prem Castings (P.) Ltd. Vs C1T 2018-TIQL-274-SC-IT 5. CIT Vs MAF Academy (P.) Ltd (361 ITR 258) 6. CIT Vs Navodava Castle Pvt Ltd [2014] 367 ITR 306 (Del) 7. Konark Structural Engineering (P.) Ltd. Vs DCIT [2018] 96 taxmann.com 255 (SC) 7A.Konark Structural Engineering (P.) Ltd. Vs DCIT [2018] 90 taxmann.com 56 (Bombay) 8. Pratham Telecom India Pvt Ltd Vs DCIT (2018-T1OL-1983-HC-MUM-IT) 9. J J Development Pvt Ltd Vs CIT (2018-TIQL-395-SC-I…

ACIT, Central Circle-15, New Delhi vs. Sunstar Infra Developers Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…failed to prove all the three ingredients required as per the provisions of section 68 of the Act. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 30. Referring to the decision in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, she submitted that the Hon'ble Delhi High Court in the said case has held that where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount rec…

ACIT, Central Circle- 15, New Delhi vs. Competent Infoways Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…failed to prove all the three ingredients required as per the provisions of section 68 of the Act. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 30. Referring to the decision in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, she submitted that the Hon'ble Delhi High Court in the said case has held that where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount rec…

ACIT, Central Circle- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…failed to prove all the three ingredients required as per the provisions of section 68 of the Act. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 30. Referring to the decision in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, she submitted that the Hon'ble Delhi High Court in the said case has held that where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount rec…

ACIT, Central Circle- 15, New Delhi vs. Hindustan Aqua Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…failed to prove all the three ingredients required as per the provisions of section 68 of the Act. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 30. Referring to the decision in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, she submitted that the Hon'ble Delhi High Court in the said case has held that where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount rec…

ACIT, Central Circle- 15, New Delhi vs. Fortune Industrial Resources Ltd., Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…failed to prove all the three ingredients required as per the provisions of section 68 of the Act. CO Nos.73 to 76, 86 & 87, 79 to 82, 88, 90, 71, 72 & 70, 84 &85/Del/2018 30. Referring to the decision in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, she submitted that the Hon'ble Delhi High Court in the said case has held that where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount rec…