CIT v. Nipun Builders & Developers

350 ITR 407High Court2013#310 most cited

What is CIT v. Nipun Builders & Developers authority for?

For any sum credited in an assessee's books, including share application money, the assessee must prove the identity and creditworthiness of the creditor and the genuineness of the transaction. Failure to discharge this onus under Section 68 renders the amount taxable.

264

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2013 to 2025.

Also referred to as

CIT v Nipun Builders & Developers · Nipun Builders · Section 68 · share application money · unexplained credits · identity of creditor · creditworthiness of creditor · genuineness of transaction · onus on assessee · paper company · unsecured loans

Sections most often in play

Section 68Section 133(6)Section 142(1)Section 143(3)Section 131Section 148Section 1961Section 69C

Issues it is cited on

paper companyshare capital and share premiumcreditworthiness of the creditorsection 31source of sourcesection 251(2)principal officerlive linksection 251(1)(a)share application moneyentry operatoradmission of additional evidence

Judgments citing CIT v. Nipun Builders & Developers

ITO, New Delhi vs. M/S. Sohail Financials Ltd., New Delhi

ITA 4867/DEL/2011[2008-09]Status: DisposedITAT Delhi28 Sept 2018AY 2008-09

Bench: Shri Kuldip Singh & Shri Prashant Maharishiito, Vs. Sohail Financials Ltd, Ward-9(1), C-19, Kirti Nagar, New Delhi New Delhi Pan: Aabcs3643M (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri S.K. Tewari, Sr. DR
Section 131Section 132Section 143(2)Section 68

…keeping in view the aforesaid case law." Navodava Castle Pvt Ltd Vs CIT (2015-TIQL-314-SC-IT) (Copy Enclosed) SLP of assessee dismissed by Hon’ble Supreme Court Page 26 of 77 3 CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34) where Hon’ble Delhi High Court-held that where assessee failed to prove identity and capacity of subscriber companies to pay share application money, amount so received was liable to be taxed under section 68. It was held as follows: “12. A perusal of the order of the Tribunal shows that it has gone on the basis of the documents subm…

M/S. M.L. Singhi & Associates (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search

ITA 3337/DEL/2017[2008-09]Status: DisposedITAT Delhi17 Sept 2018AY 2008-09

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 3335/Del/2017 : Asstt. Year : 2006-07

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Smt. Shefali Swaroop, CIT DR
Section 153ASection 68

…C) " CIT Vs M. Ganapathi Mudaliar (1964) 53 ITR 623 (SC) " CIT Vs Steller Investment Ltd. (1991) 192 ITR 287 (Del.) " CIT Vs Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del.) " CIT Vs Nova Promoters and Finlease (P) Ltd. " Nipun Builders and Developers (2013) 350 ITR 407 (Del.) " M/s Navodaya Castles Pvt. Ltd. order dated 25.08.2014 (Del.) " CIT Vs Durga Prasad More (1971) 82 ITR 540 (SC) " CIT Vs MAF Academy P. Ltd. (2014) 206 DLT 277 (Del.) 16. The ld. CIT(A) observed that the aforesaid quoted case laws had discussed all major decisions concerning additions on account of introduction of share capital including…

M/S. M.L. Singhi & Associates (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search

ITA 3336/DEL/2017[2007-08]Status: DisposedITAT Delhi17 Sept 2018AY 2007-08

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 3335/Del/2017 : Asstt. Year : 2006-07

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Smt. Shefali Swaroop, CIT DR
Section 153ASection 68

…C) " CIT Vs M. Ganapathi Mudaliar (1964) 53 ITR 623 (SC) " CIT Vs Steller Investment Ltd. (1991) 192 ITR 287 (Del.) " CIT Vs Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del.) " CIT Vs Nova Promoters and Finlease (P) Ltd. " Nipun Builders and Developers (2013) 350 ITR 407 (Del.) " M/s Navodaya Castles Pvt. Ltd. order dated 25.08.2014 (Del.) " CIT Vs Durga Prasad More (1971) 82 ITR 540 (SC) " CIT Vs MAF Academy P. Ltd. (2014) 206 DLT 277 (Del.) 16. The ld. CIT(A) observed that the aforesaid quoted case laws had discussed all major decisions concerning additions on account of introduction of share capital including…

M/S. M.L. Singhi & Associates (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search

ITA 3335/DEL/2017[2006-07]Status: DisposedITAT Delhi17 Sept 2018AY 2006-07

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 3335/Del/2017 : Asstt. Year : 2006-07

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Smt. Shefali Swaroop, CIT DR
Section 153ASection 68

…C) " CIT Vs M. Ganapathi Mudaliar (1964) 53 ITR 623 (SC) " CIT Vs Steller Investment Ltd. (1991) 192 ITR 287 (Del.) " CIT Vs Sophia Finance Ltd. (1994) 205 ITR 98 (FB) (Del.) " CIT Vs Nova Promoters and Finlease (P) Ltd. " Nipun Builders and Developers (2013) 350 ITR 407 (Del.) " M/s Navodaya Castles Pvt. Ltd. order dated 25.08.2014 (Del.) " CIT Vs Durga Prasad More (1971) 82 ITR 540 (SC) " CIT Vs MAF Academy P. Ltd. (2014) 206 DLT 277 (Del.) 16. The ld. CIT(A) observed that the aforesaid quoted case laws had discussed all major decisions concerning additions on account of introduction of share capital including…

DCIT, New Delhi vs. M/S. Sutlej Agro Products Ltd., New Delhi

In the result, all the appeals of the Revenue are dismissed

ITA 289/DEL/2015[2006-07]Status: DisposedITAT Delhi14 Sept 2018AY 2006-07

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahu

Section 132(2)Section 143(2)Section 153CSection 68

…ITR 306 (del) (iii). Konark Structural Engineering (P) Ltd. Vs. DCIT, 90 taxmann.com 56 (Bom) (iv). DRB Exports P. Ltd. Vs. CIT, 93 taxmann.com 490 (v). Prem Castings (P) Ltd. Vs. CIT 88 taxmann.com 189(Alld) (vi). CIT v. Nipun Builders & Developers (P) Ltd. 350 ITR 407 (Del) (vii). CIT vs. Nova Promoters & Finleae (P) Ltd., 342 ITR 169 (Del) (viii). CIT vs. Ultra Modern Exports (P) Ltd., 220 Taxman 165 (Del) (ix). CIT v. Frostair (P) Ltd., 210 Taxman 221 (Del) (x). CIT v. NR Portfolio Pvt. Ltd., 263 CTR 456 (Del.) Several other decisions in support of its contention have also been relied by the ld. DR on merit…

M/S. Vishwanath Fincap Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal filed by the assessee is allowed

ITA 1528/DEL/2017[2006-07]Status: DisposedITAT Delhi31 Aug 2018AY 2006-07

Bench: Shri R. K. Pandaassessment Year : 2006-07 Vishwanath Fincap Pvt. Ltd., Dcit, Circle- 17(1), Modi Flour Mills, New Delhi. Okhla Industrial Estate, Vs. New Delhi.

For Appellant: Shri Ashok Malik, FCAFor Respondent: Shri Atiq Ahmed, Sr. DR
Section 131Section 148Section 151(2)

…application money and the genuineness of the transactions, therefore, the amount so received was liable to be taxed u/s 68 of the I.T. Act. For the above proposition, he relied on the following decisions :- (i) CIT vs. Nipun Builders & Developers (P.) Ltd., 350 ITR 407. (ii) CIT vs. Nova Promoters & Finlease (P.) Ltd., 342 ITR 169. (iii) CIT vs. N.R. Portfolio Pvt. Ltd., 29 taxmann.com 291. (iv) CIT vs. MAF Academy (P.) Ltd., 361 ITR 258. He accordingly submitted that the order of the ld. CIT(A) be upheld. 14. I have considered the rival arguments made by both the sides and perused the material available on r…

M/S Shree Bankey Bihari Educational Society (Regd), Ghaziabad vs. Addl. CIT, Ghaziabad

In the result, the appeal of the assessee is allowed

ITA 2497/DEL/2013[2007-08]Status: DisposedITAT Delhi03 Aug 2018AY 2007-08

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2497/Del/2013 : Asstt. Year : 2007-08 Shree Bankey Bihari Educational Vs Addl. Cit, Society (Regd.), Nh-24, Near Range-2, Masuri Canal, Dasna Mauri, Ghaziabad Ghaziabad-201302 (Appellant) (Respondent) Pan No. Aadts4243G Assessee By : Sh. Akhilesh Kumar, Adv. Revenue By : Sh. Kaushlendra Tiwari, Sr. Dr Date Of Hearing : 29.05.2018 Date Of Pronouncement : 03.08.2018 Order Per N. K. Saini, Am: This Is An Appeal By The Assessee Against The Order Dated 31.10.2012 Of The Ld. Cit(A), Ghaziabad.

For Appellant: Sh. Akhilesh Kumar, AdvFor Respondent: Sh. Kaushlendra Tiwari, Sr. DR
Section 143(3)

…e laws: " Navodaya Castle Pvt. Ltd. Vs CIT (2015-TIOL-314-SC-IT) " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) 20 Bankey Bihari Educational Society " CIT Vs MAF Academy (P.) Ltd. 361 ITR 258 (Del) " CIT Vs Nipun 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 N.R. Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) 20. We have considered the submis…

Sukumar Enterprises Pvt. Ltd., New Delhi vs. ITO, Ward 24(3), New Delhi

The appeals are partly allowed

ITA 6074/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Jul 2018AY 2014-15

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

Section 68

…15-TIQL-314-SC-IT) 4. Konark Structural Engineering (P.) Ltd. Vs DCIT T20181 90 taxmann.com 56 (Bombay) 5. Prem Castings (P.) Ltd. Vs CIT f20171 88 taxmann.com 189 (Allahabad) 6. CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292. 214 Taxman 429, 350 ITR 407. 256 CTR 34) 7. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207. 342 ITR 169. 252 CTR 187) 8. CIT Vs Ultra Modern Exports (P.) Ltd (40 taxmann.com 458, 220 Taxman 165) 9. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221) 10. CIT Vs N R Portfolio Pvt Ltd T2013l 29 taxmann.com 291 (Delhi)/[2013] 214 Taxman 40…

Sanskriti Tradex (P) Ltd., New Delhi vs. ITO, Ward 24(3), New Delhi

The appeals are partly allowed

ITA 6072/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Jul 2018AY 2014-15

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

Section 68

…15-TIQL-314-SC-IT) 4. Konark Structural Engineering (P.) Ltd. Vs DCIT T20181 90 taxmann.com 56 (Bombay) 5. Prem Castings (P.) Ltd. Vs CIT f20171 88 taxmann.com 189 (Allahabad) 6. CIT Vs Nipun Builders & Developers (P.) Ltd (30 taxmann.com 292. 214 Taxman 429, 350 ITR 407. 256 CTR 34) 7. CIT Vs Nova Promoters & Finlease (P) Ltd (18 taxmann.com 217, 206 Taxman 207. 342 ITR 169. 252 CTR 187) 8. CIT Vs Ultra Modern Exports (P.) Ltd (40 taxmann.com 458, 220 Taxman 165) 9. CIT Vs Frostair (P.) Ltd (26 taxmann.com 11, 210 Taxman 221) 10. CIT Vs N R Portfolio Pvt Ltd T2013l 29 taxmann.com 291 (Delhi)/[2013] 214 Taxman 40…

M/S. Dalmia Consolidated Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeal of the Assessee is allowed

ITA 2753/DEL/2017[2008-09]Status: DisposedITAT Delhi19 Jul 2018AY 2008-09

Bench: Shri H.S. Sidhu & Shri T.S. Kapoorassessment Year: 2008-09

For Appellant: Sh. Hiren Mehta, CAFor Respondent: Ms. Rachna Singh, CIT(DR)
Section 132(1)Section 142(1)Section 143(2)Section 153ASection 153CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI T.S. KAPOOR, ACCOUNTANT MEMBER Assessment Year: 2008-09 M/s Dalmia Consolidated Pvt. Ltd., vs. DCIT, Circle 7(1), (formerly known as Dalmia Infrastructure New Delhi Pvt. Ltd.) A-218, Ground Floor, Okhla Industrial Estate, Phase-I, Delhi – 110 020 (PAN : AACCD7702P) (APPELLANT) (RESPONDENT) Assessee by : Sh. Hiren Mehta, CA Department by : Ms. Rachna Singh, CIT(DR) ORDER PER H.S. SIDHU, JM The Assessee has filed the Appeal against the impugned Order dated 22.3.2017 of Ld. CIT(A)-37, New Delhi…

ITO Ward 11(3), Kolkata vs. M/S Hitesh Distributors Pvt. Ltd., Kolkata

ITA 1512/KOL/2016[2012-13]Status: DisposedITAT Kolkata13 Jul 2018AY 2012-13

Bench: Sri J. Sudhakar Reddy& Sri S.S. Viswanethra Ravi] I.T.A. No. 1512/Kol/2016 Assessment Year: 2012-13

Section 131Section 133(6)Section 143(3)Section 250Section 68

…d with the postal remarks “addressee moved”. He vehemently contended that die to non co-operation and nor furnishing of details before the Assessing Officer, reliance was rightly place by him on the decision in the case of CIT v. M/s. Nipun Builders Pvt. Ltd. 30 Taxmann.com 292 (Delhi) 2013, and addition made. 4.1. Coming to the order of the ld. CIT(A), he submitted that the amount of Rs.85,10,000/- was deleted as the amount in question was received by the assessee company during the previous year. He submitted that the allotment of shares were made during the year and hence, thought the amount was received durin…

DCIT, New Delhi vs. M/S. Suncity Projects Pvt. Ltd., New Delhi

ITA 5740/DEL/2013[2003-04]Status: DisposedITAT Delhi12 Jul 2018AY 2003-04

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. S. S. Rana, CIT DR
Section 132Section 143(1)Section 143(3)Section 147Section 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘G’ NEW DELHI Before Sh. N. K. Saini, AM And Ms. Suchitra Kamble, JM ITA No. 5740/Del/2013 : Asstt. Year: 2003-04 DCIT, Vs M/s Suncity Projects Pvt. Ltd., N-49, 1st Floor, Connaught Place, Central Circle-1, New Delhi New Delhi-110001 (APPELLANT) (RESPONDENT) PAN No. AABCS8906K Assessee by : Sh. Ved Jain, Adv. & Sh. Ashok Agarwal, CA Revenue by : Sh. S. S. Rana, CIT DR Date of Hearing : 23.04.2018 Date of Pronouncement: 12.07.2018 ORDER Per N. K. Saini, AM: This is an appeal by the department against the order dated 02.08.2013 of ld. CIT(A)-III, New Delhi. 2. F…

ITO, New Delhi vs. M/S. Nahid Finlease Pvt. Ltd., New Delhi

ITA 6246/DEL/2014[2006-07]Status: DisposedITAT Delhi22 Jun 2018AY 2006-07

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri S.K. Tulsian, AdvocateFor Respondent: Ms. Shefali Swaroop, CIT DR
Section 143(2)Section 153Section 153ASection 68

…circumstances of the case, the Ld. CIT(A) has erred in deleting the addition made u/s 68 of the Act on account of undisclosed income of Rs.4,66,00,000/- by ignoring the clear judicial pronouncements in the cases of CIT vs. Nipun Builders and Developers [2013] 350 ITR 407 (Del), CIT vs. Nova Promoters and Finlease Pvt. Ltd. [2012] 342 ITR 169 (Del), and Delhi High Court order dated 22.11.2013 in the case of CIT vs. N R Portfolio Pvt. Ltd. The appellant craves to be allowed to add any fresh grounds of appeal and/or delete or amend any of the grounds of appeal.” 2. Briefly stated the facts necessary for adjudicatio…

DCIT 9(3)(1), Mumbai vs. Fern Infrastructure P.Ltd, Mumbai

ITA 3390/MUM/2016[2010-11]Status: DisposedITAT Mumbai31 May 2018AY 2010-11
For Appellant: Shri Vijay MehtaFor Respondent: Shri Saurabh Deshpande
Section 131(1)Section 133Section 68

…as stated by it in its reply to notice u/s. 133(6). 19.6 Hence addition made in the assessment is not correct. 7. I now discuss all the cases relied upon by the AO in the assessment order as under:- i. In case of Nipun Builders & Developers Private Limited, 350 ITR 407 wherein it was held that: "if the assessee was serious enough to establish its case, it ought to have produced the principal officers of the subscribing companies before the Assessing Officer so that they could explain the sources from which the share-subscription was made. That would also have taken care of the difficulty of the assessee in prov…

M/S. Gee Ispat Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 5476/DEL/2014[2008-09]Status: DisposedITAT Delhi31 May 2018AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…

M/S. Gee Ispat Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 5475/DEL/2014[2006-07]Status: DisposedITAT Delhi31 May 2018AY 2006-07

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…

M/S. Gee Ispat Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 5425/DEL/2014[2007-08]Status: DisposedITAT Delhi31 May 2018AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…

M/S. Gee Ispat Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 5424/DEL/2014[2005-06]Status: DisposedITAT Delhi31 May 2018AY 2005-06

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

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

ITA 4259/DEL/2014[2008-09]Status: DisposedITAT Delhi31 May 2018AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

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

ITA 4258/DEL/2014[2007-08]Status: DisposedITAT Delhi31 May 2018AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…us with the seized material." 19. The reliance was placed on the following case laws: " CIT Vs Navodaya Castle Pvt. Ltd. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " 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. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366…