CIT v. Maithan International

375 ITR 123High Court2015#894 most cited

What is CIT v. Maithan International authority for?

An assessment order becomes erroneous and prejudicial to the revenue, allowing revision under Section 263, if the Assessing Officer fails to conduct a proper and adequate inquiry into the genuineness, identity, and creditworthiness of share application money or other cash credits under Section 68.

119

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Maithan International · Section 263 Income Tax Act 1961 · Section 68 Income Tax Act 1961 · inadequate inquiry by AO · erroneous and prejudicial to revenue · revisionary power of CIT · share application money · unexplained cash credit · genuineness and creditworthiness · lack of inquiry · Malabar Industrial · accommodation entry

Also reported as

56 Taxmann.com 283231 Taxmann 381277 CTR 65

Sections most often in play

Section 143(3)Section 1961Section 143(2)Section 263Section 68Section 133ASection 142(1)Section 147

Issues it is cited on

inadequate enquirylack of enquirymalabar industrialerroneous and prejudicialentry operatorshare application moneygenuineness of the transactionsection 263unexplained cash creditincome-tax officersection 26accommodation entry

Judgments citing CIT v. Maithan International

M/S. Diwansons Jewellers Pvt. Ltd., Kolkata vs. Principal CIT (Central) - 2, Kolkata

In the result, both the appeals of the assessee are dismissed

ITA 692/KOL/2018[2008-09]Status: DisposedITAT Kolkata11 Mar 2022AY 2008-09

Bench: Shri A. T. Varkey, Jm & Shri Girish Agrawal, Am]

Section 143(3)Section 147Section 263

…1 ITA No.692 & 693/Kol/2018 M/s. Diwansons Jewellers Pvt. Ltd., AY: 2008-09 & 2013-14 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA [Before Shri A. T. Varkey, JM & Shri Girish Agrawal, AM] I.T.A. No. 692 & 693/Kol/2018 Assessment Years: 2008-09 & 2013-14 M/s. Diwansons Jewellers Pvt. Ltd. Vs. Principal Commissioner of Income- (PAN: AABCD2060P) tax (Central)-2, Kolkata. Appellant Respondent Date of Hearing (virtual) 25.02.2022 Date of Pronouncement 11.03.2022 For the Appellant None For the Respondent Md. Ghayas Uddin, CIT DR ORDER Per Bench: These are two appeals preferred by the assessee against th…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 929/DEL/2021[2014-15]Status: DisposedITAT Delhi12 Jan 2022AY 2014-15

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 928/DEL/2021[2013-14]Status: DisposedITAT Delhi12 Jan 2022AY 2013-14

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 927/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 926/DEL/2021[2011-12]Status: DisposedITAT Delhi12 Jan 2022AY 2011-12

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 925/DEL/2021[2010-11]Status: DisposedITAT Delhi12 Jan 2022AY 2010-11

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Bipin Agarwal, New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 924/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Nimbus Multicommodity Brokers Pvt. Ltd.(Formerly Nimbus Multicommodity Brokers Ltd.), New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 923/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…925 to 929/Del/2021 Nimbus Project Ltd. in the bank account on the same dates, the creditworthiness of the lender cannot be considered as genuine. The ld. CIT(A) has relied on the judgments of various Courts which are as under:  CIT Vs Maithan International 375 ITR 123 (Cal.)  B.R. Petrochem (P.) Ltd. Vs. ITO 81 taxmann.com 424 (Madras)  Rick Lunsford Trade & Investment Ltd Vs. CIT 2016-TIOL- 207-SC-IT  Navodava Castle Pvt. Ltd. Vs. CIT 230 Taxman 268 (SC)  PCIT Vs. Vikram Singh (2017) 85 taxmann.com 104 (Del.)  CIT Vs. N.R. Portfolio Pvt. Ltd. in ITA No. 1018, 1019/2100 (Del.)  Pragati Financial Manageme…

Abhinav Agarwal HUF, Delhi vs. ITO, Ward- 1(1), Meerut

In the result, the appeal of the assessee is dismissed

ITA 3641/DEL/2018[2014-15]Status: DisposedITAT Delhi04 Jan 2022AY 2014-15

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 3640/Del/2018 : Asstt. Year : 2014-15 Abhinav Agarwal, Vs Dcit, C/O Kapil Goel, Adv. Circle-1, F-26/124, Sector-7, Rohini, Meerut New Delhi-110085 (Appellant) (Respondent) Pan No. Afzpa5664E

For Appellant: Sh. Kapil Goel, AdvFor Respondent: Smt. Kirti Sankratyayan, Sr. DR
Section 132(4)Section 133ASection 143(2)Section 68

…nd CIT Vs Precision finance P. Ltd. 208 ITR 495 had observed and held that mere filing of confirmation and transaction through the banking channel is not enough to prove the genuineness. 37. The Hon’ble High Court in the case of CIT Vs. Maithan International 375 ITR 123 (Cal) has held that “Assessing Officer could not accept genuineness merely on the basis of bank statement. 38. Further, the Hon’ble Delhi High Court in the case of CIT Vs. Vikram Singh 85 Taxmann 104 observed that even if the transaction is made through cheque it cannot be presumed to be genuine. These observations are more so valid when weighed…

Abhinav Agarwal, Delhi vs. DCIT, Circle- 1, Meerut

In the result, the appeal of the assessee is dismissed

ITA 3640/DEL/2018[2014-15]Status: DisposedITAT Delhi04 Jan 2022AY 2014-15

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 3640/Del/2018 : Asstt. Year : 2014-15 Abhinav Agarwal, Vs Dcit, C/O Kapil Goel, Adv. Circle-1, F-26/124, Sector-7, Rohini, Meerut New Delhi-110085 (Appellant) (Respondent) Pan No. Afzpa5664E

For Appellant: Sh. Kapil Goel, AdvFor Respondent: Smt. Kirti Sankratyayan, Sr. DR
Section 132(4)Section 133ASection 143(2)Section 68

…nd CIT Vs Precision finance P. Ltd. 208 ITR 495 had observed and held that mere filing of confirmation and transaction through the banking channel is not enough to prove the genuineness. 37. The Hon’ble High Court in the case of CIT Vs. Maithan International 375 ITR 123 (Cal) has held that “Assessing Officer could not accept genuineness merely on the basis of bank statement. 38. Further, the Hon’ble Delhi High Court in the case of CIT Vs. Vikram Singh 85 Taxmann 104 observed that even if the transaction is made through cheque it cannot be presumed to be genuine. These observations are more so valid when weighed…

Vikas Oil Products, Dausa vs. PCIT-1, Jaipur

In the result, this appeal of the assessee stands dismissed

ITA 28/JPR/2021[2011-12]Status: DisposedITAT Jaipur23 Nov 2021AY 2011-12

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am

For Appellant: Shri Rajiv Sogani (CA)For Respondent: Shri B.K. Gupta (Pr.CIT-DR)
Section 147Section 148Section 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES “B”, JAIPUR Jh lanhi x®lkÃa] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 26/JP/2021 Assessment Year: 2011-12 JR Industries, cuke P.C.I.T-1 Vs. H-36-37-38, RIICO Industrial Area, Jaipur. Dausa, (Rajasthan) PAN No.: AAEFJ 4186 G vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 27/JP/2021 Assessment Year: 2011-12 OM Industries, cuke P.C.I.T-1 Vs. E-6A, Dausa, RIICO Industrial Area, Jaipur. Agra Road, Dausa, (Rajas…

Om Industries, Dausa vs. PCIT-1, Jaipur, Jiapur

In the result, this appeal of the assessee stands dismissed

ITA 27/JPR/2021[2011-12]Status: DisposedITAT Jaipur23 Nov 2021AY 2011-12

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am

For Appellant: Shri Rajiv Sogani (CA)For Respondent: Shri B.K. Gupta (Pr.CIT-DR)
Section 147Section 148Section 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES “B”, JAIPUR Jh lanhi x®lkÃa] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 26/JP/2021 Assessment Year: 2011-12 JR Industries, cuke P.C.I.T-1 Vs. H-36-37-38, RIICO Industrial Area, Jaipur. Dausa, (Rajasthan) PAN No.: AAEFJ 4186 G vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 27/JP/2021 Assessment Year: 2011-12 OM Industries, cuke P.C.I.T-1 Vs. E-6A, Dausa, RIICO Industrial Area, Jaipur. Agra Road, Dausa, (Rajas…

Jr Industries, Dausa vs. PCIT-1, Jaipur

In the result, this appeal of the assessee stands dismissed

ITA 26/JPR/2021[2011-12]Status: DisposedITAT Jaipur23 Nov 2021AY 2011-12

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am

For Appellant: Shri Rajiv Sogani (CA)For Respondent: Shri B.K. Gupta (Pr.CIT-DR)
Section 147Section 148Section 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES “B”, JAIPUR Jh lanhi x®lkÃa] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 26/JP/2021 Assessment Year: 2011-12 JR Industries, cuke P.C.I.T-1 Vs. H-36-37-38, RIICO Industrial Area, Jaipur. Dausa, (Rajasthan) PAN No.: AAEFJ 4186 G vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 27/JP/2021 Assessment Year: 2011-12 OM Industries, cuke P.C.I.T-1 Vs. E-6A, Dausa, RIICO Industrial Area, Jaipur. Agra Road, Dausa, (Rajas…

Arm Infra & Utilities Private Limited, Mumbai vs. Pr.Commissioner of Income Tax Range-6, Mumbai

In the result, assessee’s appeal is allowed

ITA 2212/MUM/2019[2014-15]Status: DisposedITAT Mumbai12 Nov 2021AY 2014-15

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

For Appellant: Shri P.J. Pardiwala a/wFor Respondent: Shri Rajiv Harit
Section 143(2)Section 143(3)Section 263Section 56(2)(viib)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA no.2212/Mum./2019 (Assessment Year : 2014–15) ARM Infra & Utilities Pvt. Ltd. 18th Floor, A–Wing, Marathon Futurex ……………. Appellant N.M. Joshi Marg, Lower Parel Mumbai 400 013 PAN – AALCA8247K v/s Pr. Commissioner of Income Tax ……………. Respondent Range-6, Mumbai Assessee by : Shri P.J. Pardiwala a/w Shri Jay Bhansali and Shri Jeet Kamdar Revenue by : Shri Rajiv Harit Date of Hearing – 24.09.2021 Date of Order –12/11/2021 O R D E R PER S. RIFAUR RAHMAN, A.M. The prese…

A.C.I.T., Circle-49(1), Kolkata vs. M/S Viswakarma Residency, Kolkata

Appeal is dismissed

ITA 255/KOL/2020[2016-17]Status: DisposedITAT Kolkata26 Oct 2021AY 2016-17

Bench: Shri Sanjay Garg & Dr. M.L.Meenaआयकर अपील सं.य/ Assessment Years:2016-17 बनाम / Acit, Cir-49(1), Kolkata M/S. Viswakarma Residency Uttarpan Complex, Ds-Iv, V/S. 2Nd Fl., Manicktala Civick Centre, Block-2 & 3, 2Nd Fl., Kolkata-700 054. Pan: Aaifv3279Q अपीलाथ" /Appellant ""यथ" /Respondent .. Hearing Through Video Conferencing अपीलाथ" क" ओर से/By Appellant Shri Manish Kanojia, Cit, Dr ""यथ" क" ओर से/By Respondent Shri S.M Surana, Advocate, Ar सुनवाई क" तार"ख/Date Of Hearing 04-08-2021 घोषणा क" तार"ख/Date Of Pronouncement 26-10-2021

Section 131Section 133(6)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH “B” KOLKATA Before Shri Sanjay Garg, Judicial Member and Dr. M.L.Meena, Accountant Member आयकर अपील सं.य/ Assessment Years:2016-17 बनाम / ACIT, Cir-49(1), Kolkata M/s. Viswakarma Residency Uttarpan Complex, DS-IV, V/s. 2nd Fl., Manicktala Civick Centre, Block-2 & 3, 2nd Fl., Kolkata-700 054. PAN: AAIFV3279Q अपीलाथ" /Appellant ""यथ" /Respondent .. Hearing through video Conferencing अपीलाथ" क" ओर से/By Appellant Shri Manish Kanojia, CIT, DR ""यथ" क" ओर से/By Respondent Shri S.M Surana, Advocate, AR सुनवाई क" तार"ख/Date of Hearing 04-08-2021 घोषणा क" तार"ख/Date of Pronounc…

M/S. Kanha Capital Services Ltd., Delhi vs. Pr. CIT- 5, New Delhi

ITA 2916/DEL/2017[2010-11]Status: DisposedITAT Delhi12 Oct 2021AY 2010-11

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: N o n eFor Respondent: Ms. Sunita Singh[CIT] – D.R
Section 143Section 143(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH :“C” NEW DELHI ] BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA. No. 2916/Del/2017 (Assessment Year:2010-11) M/s. Kanha Capital Pr. CIT – 5, Services Limited, Vs. C/o. Kapil Goel, Advocate, New Delhi. F–26/124, Sector : 7, Rohini, Delhi – 110 085. PAN: AAACK2720J (Appellant) (Respondent) Assessee by : N o n e; Departmentby: Ms. Sunita Singh[CIT] – D.R. Date of Hearing : 15/07/2021 Date of pronouncement : 12/10/2021 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by…

Amra Ram Kumawat, Jodhpur vs. CIT, Range-1, Jodhpur

In the result, this appeal of the assessee is allowed

ITA 44/JODH/2019[2014-15]Status: DisposedITAT Jodhpur02 Sept 2021AY 2014-15

Bench: Shri Sandeep Gosain & Shri Vikram Singh Yadavassessment Year: 2014-15 Amra Ram Kumawat, Vs. Cit, B-107, Shastri Nagar, Range-1, Jodhpur. Jodhpur. Pan No. Aavpk 9064 B

Section 143(3)Section 263Section 56(2)(vii)

…t his contention that where no enquiry is being made, the order can be said to erroneous. Similar 3 ITA 44/Jodh/2019 Amra Ram Kumwat Vs CIT reliance was also place on the decision of Calcutta High Court in the cae of CIT vs. Maithan International reported in 375 ITR 123(Cal). In these facts the ld. PCIT set aside the order passed by the AO to pass a fresh order in accordance with law. 4. The contention of the assessee had been that since he is carrying on business as a dealer and investor in real estate, the amount paid represents actual consideration paid in normal course of trade and cannot be regarded as gif…

M/S. Sunshine Tracon Pvt. Ltd., Howrah vs. Pr.CIT-5, Kolkata

In the result, the appeal of the assessee is dismissed

ITA 1220/KOL/2019[2014-15]Status: DisposedITAT Kolkata14 Jul 2021AY 2014-15

Bench: Shri P.M. Jagtap, Hon’Ble(Kz) & Shri A. T. Varkey, Hon’Ble] [Through Virtual Court] I.T.A. No. 1220/Kol/2019 Assessment Year: 2014-15 M/S. Sunshine Tracon Pvt. Ltd..........................................................................................Appellant C/O. Vinod Kumar Bindal & Co., Chartered Accountants, 503, Dalamal Chambers, 29, New Marine Lines, Mumbai – 400 020. [Pan: Aagcs 8868 M] Vs Pr. Commissioner Of Income Tax, Central – 5, Kolkata...................………………Respondent Appearances By: Shri Subash Agarwal, Fca Appearing On Behalf Of The Assessee. Shri Dinesh Aibor Jayal Sawkuie, Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : July 08, 2021 Date Of Pronouncing The Order : July 14, 2021 Order Per P.M. Jagtap, Vice-(Kz)

Section 143(3)Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNALKOLKATA BENCH ‘(A)’, KOLKATA [BEFORE SHRI P.M. JAGTAP, HON’BLE VICE PRESIDENT (KZ) & SHRI A. T. VARKEY, HON’BLE JUDICIAL MEMBER] [Through Virtual Court] I.T.A. No. 1220/Kol/2019 Assessment Year: 2014-15 M/s. Sunshine Tracon Pvt. Ltd..........................................................................................Appellant C/o. Vinod Kumar Bindal & Co., Chartered Accountants, 503, Dalamal Chambers, 29, New Marine Lines, Mumbai – 400 020. [PAN: AAGCS 8868 M] Vs Pr. Commissioner of Income Tax, Central – 5, Kolkata...................………………Respondent Appearances by: Shri S…

Budge Budge Refineries Ltd., Kolkata vs. Pr. CIT-I, Kolkata

In the result, the appeal of the assessee is dismissed

ITA 402/KOL/2020[2015-16]Status: DisposedITAT Kolkata09 Jul 2021AY 2015-16

Bench: Shri P.M. Jagtap, Hon’Ble(Kz) & Shri A. T. Varkey, Hon’Ble] [Through Virtual Court] I.T.A. No. 402/Kol/2020 Assessment Year: 2015-16 M/S. Budge Budge Refineries Ltd....................................................................................Appellant P-336, 2Nd Floor, Cit Scheme No. Vim, Phool Bagan, Kolkata – 700 054. [Pan: Aabcb 2880 M] Vs Pr. Commissioner Of Income Tax, Central – 1, Kolkata...................………………Respondent Appearances By: Shri A.K. Tibrewal, Fca Appearing On Behalf Of The Assessee. Shri Manish Kanojia, Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : July 06, 2021 Date Of Pronouncing The Order : July 09 , 2021 Order Per P.M. Jagtap, Vice-(Kz)

Section 115JSection 143(3)Section 154Section 263

…IN THE INCOME TAX APPELLATE TRIBUNALKOLKATA BENCH ‘(A)’, KOLKATA [BEFORE SHRI P.M. JAGTAP, HON’BLE VICE PRESIDENT (KZ) & SHRI A. T. VARKEY, HON’BLE JUDICIAL MEMBER] [Through Virtual Court] I.T.A. No. 402/Kol/2020 Assessment Year: 2015-16 M/s. Budge Budge Refineries Ltd....................................................................................Appellant P-336, 2nd Floor, CIT Scheme No. VIM, Phool Bagan, Kolkata – 700 054. [PAN: AABCB 2880 M] Vs Pr. Commissioner of Income Tax, Central – 1, Kolkata...................………………Respondent Appearances by: Shri A.K. Tibrewal, FCA appearing on behalf of the Assesse…

Shree Cement Limited, Beawar vs. Pr.CIT, Udaipur

In the result, the appeal of the assessee is allowed

ITA 4/JPR/2021[2014-15]Status: DisposedITAT Jaipur23 Jun 2021AY 2014-15

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 04/Jp/2021 Assessment Year: 2014-15 Shree Cement Limited, Cuke Pr.Cit, Vs. Bangur Nagar, Post Box No. 33, Udaipur. Beawar. Pan No.: Aaccs 8796 G Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri Dilip Desai (Ca) Shri Vijay Shah (Ca) Shri Mohit Choudhary (Ca) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 01/04/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 23/06/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. The Present Appeal Has Been Filed By The Assessee Against The Order Of Ld. Pcit, Udaipur Dated 03.02.2021 Passed U/S 263 Of The Income Tax Act, 1961 (In Short The Act) For The Assessment Year 2014-15. The Grounds Of Appeal Taken By The Assessee Are As Under: “1. That On The Facts & In The Circumstances Of The Case, The Learned Principal Commissioner Of Income Tax – Udaipur, (Here- In- After Referred To As Ld. Pr. Cit) Was Not Justified In Initiating Proceedings U/S 263 Of The Income Tax Act, 1961 Since The Order Passed By The Assessing Officer (A.O.) Was Neither Erroneous Nor Prejudicial To The Interest Of The Revenue.

For Appellant: Shri Dilip Desai (CA)For Respondent: Shri B.K. Gupta (CIT-DR)
Section 115JSection 142(1)Section 143(2)Section 143(3)Section 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES “B”, JAIPUR Jh lanhi x®lkÃa] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 04/JP/2021 Assessment Year: 2014-15 Shree Cement Limited, cuke Pr.CIT, Vs. Bangur Nagar, Post Box No. 33, Udaipur. Beawar. PAN No.: AACCS 8796 G vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by: Shri Dilip Desai (CA) Shri Vijay Shah (CA) Shri Mohit Choudhary (CA) jktLo dh vksj ls@ Revenue by : Shri B.K. Gupta (CIT-DR) lquokbZ d…