What is CIT v. MAF Academy (P) Ltd. authority for?

Amounts received from bogus share transactions, where a private limited company sells shares to unrelated parties at a huge premium and then repurchases them at a loss shortly after, are taxable as unexplained cash credits under Section 68. The onus to prove identity, creditworthiness, and genuineness of such transactions lies solely on the assessee.

How many judgments cite CIT v. MAF Academy (P) Ltd.?

132 judgments on BharatTax cite CIT v. MAF Academy (P) Ltd. (361 ITR 258), spanning 2016 to 2026.

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

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

CIT v. MAF Academy (P) Ltd. (361 ITR 258)

M/S. Behl Promoters & Realtors Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal stands allowed for statistical purposes

ITA 3407/DEL/2014[2009-10]Status: DisposedITAT Delhi30 Oct 2017AY 2009-10

Bench: Shri R. K. Panda & Shri Sudhanshu Srivastavaassessment Year : 2009-10 Behl Promoters & Realtors Pvt. Ltd., Acit, Central Circle- 21, B-29, Pamposh Enclave, New Delhi. Vs. New Delhi.

For Appellant: Shri Kapil Goel, AdvFor Respondent: Shri R. C. Danday, Sr.DR

Section 143(3)

…ufficient for assessee to merely disclose address and identities of shareholders; it has to show genuineness of such individuals or entities. 24. Referring to the decision of Hon’ble Delhi High Court in the case of CIT vs. MAF Academy (P.) Ltd. reported in 361 ITR 258, ld. DR submitted that the Hon'ble High Court in the said decision 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…

M/S. Galgotia Books & Departmental Store Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 7017/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…td. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT Vs. MAF Academy Pvt. Ltd. (361 ITR 258). (viii). CIT Vs. Focus Exports Pvt. Ltd. (51 taxmann.com 46 (Delhi)/[2015] 228 Taxman 88). (ix). N K Proteins Ltd Vs. CIT (2017-TOIL-23-SC-IT). 9. In rejoinder, the learned AR submitted in all these case laws referred by the Learned DR are distinguishable on their facts situation, inasmuch as the learned AO in those cases had carried out extens…

M/S. Galgotia Infotech Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 6583/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…td. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT Vs. MAF Academy Pvt. Ltd. (361 ITR 258). (viii). CIT Vs. Focus Exports Pvt. Ltd. (51 taxmann.com 46 (Delhi)/[2015] 228 Taxman 88). (ix). N K Proteins Ltd Vs. CIT (2017-TOIL-23-SC-IT). 9. In rejoinder, the learned AR submitted in all these case laws referred by the Learned DR are distinguishable on their facts situation, inasmuch as the learned AO in those cases had carried out extens…

M/S. Galgotia Software Pvt. Ltd., New Delhi vs. ACIT, Noida

ITA 6579/DEL/2014[2008-09]Status: DisposedITAT Delhi25 Sept 2017AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 142(1)Section 153A

…td. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/ (2013) 214 Taxman 408 (delhi)/[2013] 263 CTR 456 (Delhi). (vi). CIT Vs. Empire Builtech Pvt. Ltd. (366 ITR 110). (vii). CIT Vs. MAF Academy Pvt. Ltd. (361 ITR 258). (viii). CIT Vs. Focus Exports Pvt. Ltd. (51 taxmann.com 46 (Delhi)/[2015] 228 Taxman 88). (ix). N K Proteins Ltd Vs. CIT (2017-TOIL-23-SC-IT). 9. In rejoinder, the learned AR submitted in all these case laws referred by the Learned DR are distinguishable on their facts situation, inasmuch as the learned AO in those cases had carried out extens…

ITO, New Delhi vs. M/S I.P. India, New Delhi

Appeal of the Revenue is allowed

ITA 1450/DEL/2010[2005-06]Status: DisposedITAT Delhi16 Jun 2017AY 2005-06

Bench: Shri N. K. Saini & Ms Suchitra Kamble

Section 131Section 133Section 133(6)Section 68

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A .No.1450/DEL/2010 (ASSESSMENT YEAR-2005-06) ITO Vs I.P. India P. Ltd. Ward 11 (4), Room No. 324 A-3/3A, Green Apartments C. R. Building, Paschim Vihar, New Delhi New Delhi (APPELLANT) AAACS1792C (RESPONDENT) Appellant by Sh. Amrit Lal, Sr. DR Respondent by Sh. K. Sampath & V. Raja Kumar, Advs. Date of Hearing 09.05.2017 Date of Pronouncement 16.06.2017 ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the Revenue against the order dated 03/03/2…