CIT v. N.R. Portfolio (P.) Ltd.

42 Taxmann.com 339High Court2014#340 most cited

What is CIT v. N.R. Portfolio (P.) Ltd. authority for?

For cash credit additions under Section 68, establishing the 'identity' of a creditor requires more than just producing PAN or assessment particulars; it necessitates demonstrating their actual business operations, place of work, staff, and public recognition. This rigorous standard ensures the assessee proves the identity, creditworthiness, and genuineness of the transaction.

252

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. N.R. Portfolio (P.) Ltd. · Section 68 identity of creditor · cash credits proof · onus of proof Section 68 · share application money genuineness · paper company identity · PAN particulars insufficient identity · creditworthiness of creditor · genuineness of transaction · business operations identity proof · Delhi High Court Section 68 · 42 Taxmann.com 339

Also reported as

222 Taxmann 1572 ITR-OL 68

Sections most often in play

Section 68 Section 143(3)Section 133(6)Section 142(1)Section 131 Section 1961 Section 143(2)Section 147

Issues it is cited on

paper company share capital and share premium source of source creditworthiness of the creditor section 31 onus of proof section 251(2)live link entry operator section 251(1)(a)share application money addition u/s 68

Judgments citing CIT v. N.R. Portfolio (P.) Ltd.

ITO, New Delhi vs. Mr. Joginder Pal Singh, New Delhi

Appeal stands dismissed

ITA 1942/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Apr 2017AY 2009-10

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

Section 133Section 143Section 68

…I.T.A. No. 1942/Del/2014 Assessment year 2009-10 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER I.T.A .No. 1942/DEL/2014 ASSESSMENT YEAR-2009-10 ITO, Mr. Joginder Pal Singh, Ward 6(4), 4912, New Delux Carriers New Delhi. vs Phoota Road, Sadar Bazar, Delhi-110006 (PAN: AEFPS4746A) (APPELLANT) (RESPONDENT) Appellant by Shri Umesh Chand Dubey, Sr. DR Respondent by S/Shri Sachin Jain, Rajnish Sharma CA ORDER PER SUDHANSHU SRIVASTAVA, JM This appeal has been preferred by the Department against order date…

ACIT, New Delhi vs. M/S. Victory Township Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6235/DEL/2014[2008-09]Status: DisposedITAT Delhi24 Mar 2017AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

ACIT, New Delhi vs. M/S. Victory Dwellings Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6230/DEL/2014[2009-10]Status: DisposedITAT Delhi24 Mar 2017AY 2009-10

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

ACIT, New Delhi vs. M/S. Victory Dwellings Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6228/DEL/2014[2007-08]Status: DisposedITAT Delhi24 Mar 2017AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

ACIT, New Delhi vs. M/S. Victory Structures Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6225/DEL/2014[2008-09]Status: DisposedITAT Delhi24 Mar 2017AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

Victory Township Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6215/DEL/2014[2010-11]Status: DisposedITAT Delhi24 Mar 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

Victory Dwellings Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and that of the department are dismissed

ITA 6208/DEL/2014[2009-10]Status: DisposedITAT Delhi24 Mar 2017AY 2009-10

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 6208 & 6209/Del/2014 : Asstt. Years : 2009-10 & 2010-11 Victory Dwellings Pvt. Ltd., Vs Acit, 208, Gupta Tower, Azadpur Central Circle-09, Commercial Complex, Azadpur, New Delhi New Delhi-110033 (Appellant) (Respondent)

…n Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) " CIT Vs Nova Promoters & Finlease P. Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports P. Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair P. Ltd. 210 Taxman 221 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech P. Ltd.366 ITR 110 (Del.) " CIT Vs MAF Academy P. Ltd. 361 ITR 258 (Del.) " CIT Vs Focus Exports (P.) Ltd. 228 Taxman 88 (Del.) It was further submitted that the ld. CIT(A) was not justified in deleting the addition made by the AO. ITA Nos. 6208 to 6213 /Del/2014 Townsip & Accommodations Pvt. Ltd. 14. We h…

ACIT, Alwar vs. M/S Prime Chem Oil Ltd., Alwar

ITA 9/JPR/2012[1999-00]Status: DisposedITAT Jaipur10 Mar 2017AY 1999-00

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Prithaviraj Meena(Addl. CIT)

Section 143(1)Section 143(3)Section 147Section 148Section 68Section 69

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh dqy Hkkjr] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 09/JP/2012 fu/kZkj.k o"kZ@Assessment Year :1999-2000 cuke The ACIT-1, Alwar M/s Prime Chem Oil Ltd. Vs. 123, MIA, Alwar LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCP 2384 G vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 10/JP/2012 fu/kZkj.k o"kZ@Assessment Year :2000-2001 cuke The ACIT-1, Alwar M/s Prime Chem Oil Ltd. Vs. 123, MIA, Alwar LFkk;h…

Swastik Realtors, Mumbai vs. Asst CIT 15(3), Mumbai

ITA 800/MUM/2012[2007-08]Status: DisposedITAT Mumbai27 Oct 2016AY 2007-08

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner Of Income V. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, Lbs Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./Pan : Abafs2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Sanjeev Kashyap

Section 133ASection 143(2)Section 143(3)

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner of Income v. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, LBS Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./PAN : ABAFS2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent…

Swastik Realtors, Mumbai vs. A.C.I.T.15(3), Mumbai

ITA 6314/MUM/2012[2008-09]Status: DisposedITAT Mumbai27 Oct 2016AY 2008-09

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner Of Income V. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, Lbs Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./Pan : Abafs2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Sanjeev Kashyap

Section 133ASection 143(2)Section 143(3)

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner of Income v. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, LBS Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./PAN : ABAFS2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent…

Shri Bikram Singh, New Delhi vs. DCIT, New Delhi

ITA 5609/DEL/2015[2011-12]Status: DisposedITAT Delhi19 Jul 2016AY 2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘D’: NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2011-12 Sh. Bikram Singh, 8/34, Mehram Vs. Deputy Commissioner of Income Nagar, New Delhi Tax, Circle-15(1), New Delhi GIR/PAN : ABKPS5232P (Appellant) (Respondent) Appellant by S/sh. C.S. Agarwal & Ravi Mall, Advocates Respondent by Ms. Richa Rastogi, Sr.DR Date of hearing 28.04.2016 Date of pronouncement 19.07.2016 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against order dated 07/09/2015 of the learned Commissioner of Income-tax (A…

M/S. Alpna Packaging Pvt. Ltd., Delhi vs. ITO, New Delhi

In the result the appeal is dismissed

ITA 1415/DEL/2015[2005-06]Status: DisposedITAT Delhi22 Jan 2016AY 2005-06

Bench: Shri Vijay Pal Raoalpna Packaging Pvt. Ltd, Ito, Alpna Cinema Building, Ward-1(3), Vs. Model Town, New Delhi Delhi Pan:Aacca9729K (Appellant) (Respondent)

For Appellant: Sh. K. Sampath, AdvFor Respondent: Dr. Anjula Jain, Sr. DR

Section 143(1)Section 271Section 271(1)(c)

…TR 204. 5. On the other hand the ld DR relied upon the decision of Hon’ble Jurisdictional High Court in the Case of CIT Vs. Nova Promoters and Finlease Pvt. Ltd. reported on 342 ITR 0169, as well as the decision in the case of CIT Vs. N. P. Portfolio (P) Ltd. 264 CTR 258 (Del) and submitted that mere giving the PAN No. of the party itself would not prove the creditworthiness and genuineness of the transaction. She has also relied upon the judgment of the Hon’ble Supreme Court in the case of MAK Data Pvt. Ltd. Vs. CIT 358 ITR 593. The ld DR has also relied on the order of the authorities below. 6. I have considere…