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

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

…olely based on the statement of Mr. Tarun Goyal recorded by the AO on 21st February, 2013. The learned DR relied upon the following judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/…

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

…olely based on the statement of Mr. Tarun Goyal recorded by the AO on 21st February, 2013. The learned DR relied upon the following judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/…

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

…olely based on the statement of Mr. Tarun Goyal recorded by the AO on 21st February, 2013. The learned DR relied upon the following judgments in support of this contention: (i). CIT Vs. Nipun Builder & Developers Pvt. Ltd (30 taxmann.com 292, 214 Taxman 429, 350 ITR 407, 256 CTR 34). (ii). CIT Vs. Nova Promoters &Finlease Pvt. Ltd. (18 taxmann.com 217, 206 Taxman 207, 342 ITR 169, 252 CTR 187). (iii). CIT Vs. Ultra Modern Exports Pvt. Ltd. (40 taxmann.com 458, 220 Taxman 165). (iv). CIT Vs. Frostair Pvt. Ltd. (26 taxmann.com 11, 210 Taxman 221). (v). CITVs N R Portfolio Pvt Ltd [2013] 29 taxmann.com 291 (Delhi)/…

Smt. Shalini Goyal, New Delhi vs. ACIT, New Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 466/DEL/2014[2010-11]Status: DisposedITAT Delhi19 May 2017AY 2010-11

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: NoneFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 132Section 142(1)Section 143(2)Section 153A

…d in holding that amount of loan received by assessee was unexplained income u/s 68 in as much as identity, genuineness, creditworthiness of the transaction is not proved. 5. 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. 6. CIT Vs N R Portfolio Pvt Ltd (29 taxmann.com 291) where Hon'ble Delhi High Court held that if AO doubts the documents…

Smt. Shalini Goyal, New Delhi vs. ACIT, New Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 465/DEL/2014[2009-10]Status: DisposedITAT Delhi19 May 2017AY 2009-10

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: NoneFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 132Section 142(1)Section 143(2)Section 153A

…d in holding that amount of loan received by assessee was unexplained income u/s 68 in as much as identity, genuineness, creditworthiness of the transaction is not proved. 5. 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. 6. CIT Vs N R Portfolio Pvt Ltd (29 taxmann.com 291) where Hon'ble Delhi High Court held that if AO doubts the documents…

DCIT, New Delhi vs. Smt. Shalini Goyal, Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 399/DEL/2014[2010-11]Status: DisposedITAT Delhi19 May 2017AY 2010-11

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: NoneFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 132Section 142(1)Section 143(2)Section 153A

…d in holding that amount of loan received by assessee was unexplained income u/s 68 in as much as identity, genuineness, creditworthiness of the transaction is not proved. 5. 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. 6. CIT Vs N R Portfolio Pvt Ltd (29 taxmann.com 291) where Hon'ble Delhi High Court held that if AO doubts the documents…

DCIT, New Delhi vs. Smt. Shalini Goyal, Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 398/DEL/2014[2009-10]Status: DisposedITAT Delhi19 May 2017AY 2009-10

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: NoneFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 132Section 142(1)Section 143(2)Section 153A

…d in holding that amount of loan received by assessee was unexplained income u/s 68 in as much as identity, genuineness, creditworthiness of the transaction is not proved. 5. 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. 6. CIT Vs N R Portfolio Pvt Ltd (29 taxmann.com 291) where Hon'ble Delhi High Court held that if AO doubts the documents…

Shriprakash V. Sardesai, Mumbai vs. DCIT Cen Cxir 47, Mumbai

ITA 484/MUM/2011[2007-08]Status: DisposedITAT Mumbai18 Apr 2017AY 2007-08

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 484/Mum/2011 (निर्धारणवर्ा / Assessment Year: 2007-08)

For Appellant: Shri Vijay MehtaFor Respondent: Ms. S. Padmaja
Section 143Section 271(1)Section 68

…Ld. DR during the course of hearing in support of the additions made by the AO, titled M/s N. Tarika Property Investment P. Ltd. v CIT [ITA 2080/2010 Order dated 8.11.2013 of Delhi High Court - 40 taxmann.com 525], CIT v. Nipun Builders and Developers [2013] 350 ITR 407 (Del)/30 tax man n .292] and CIT v N. R. Portfolio P. Ltd. [ITA no. 1018/2011, 1019/2011 Order dated 22.11.2013 of Delhi High Court - 42 taxmann.339]. After analyzing the judgments mentioned above and relied upon by Ld. DR, we find that the same are distinguishable on the facts and in all the above decisions, there were incriminating material bef…

M/S. Prabhatam Investment Pvt. Ltd., Delhi vs. ACIT, New Delhi

ITA 2525/DEL/2015[2011-12]Status: DisposedITAT Delhi17 Apr 2017AY 2011-12

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

Section 132Section 139(1)Section 153A

…the notice u/s 133(6) as well as did not appear before the AO. They were having low income, therefore, additions on merit have been correctly made. Ld. DR relied upon the decision of Delhi High Court in the case of CIT vs Nipun Builders & Developers P.Ltd. 350 ITR 407; CIT vs Nova Promoters & Finleases P.Ltd. 342 ITR 169; CIT vs Ultra Modern Exports Pvt.Ltd. 40 taxmann.com 458; CIT vs N.R. Portfolio Pvt.ltd. 29 taxmann.com 291; and CIT vs Empire Builtech P.ltd. 366 ITR 110. Ld. DR, therefore, submitted that the appeal of the assessee has no merit, the same dismissed. 15. The Counsel of the assessee in the…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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)

Section 68

…income. The reliance was placed on the following case laws: " SSP Aviation Ltd. Vs DCIT 20 Taxman.com 214 (Del.) " CIT Vs Classic Enterprises 358 ITR 465 (All.) " Savesh Kumar Aggarwal Vs U.O.I 353 ITR 26 (All.) " 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 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…

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

…v. N.R. Portfolio (P.) Ltd. [2014] 222 Taxman 157, CIT v. Sophia Finance Ltd. [1994] 205 ITR 98(Delhi) (FB), CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268, CIT v. Durga Prasad More [1971] 82 ITR 540 (SC) and CIT v. Nipun Builders & Developers [2013] 350 ITR 407 and has held as under: “12. The main submission of the learned counsel for the assessee is that once the assessee had been able to show that the shareholder companies were duly incorporated by the…

M/S Kesar Biotech Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal filed by the assessee stands allowed for statistical purposes

ITA 3608/DEL/2016[2007-08]Status: DisposedITAT Delhi20 Jan 2017AY 2007-08

Bench: Shri H. S. Sidhu

For Appellant: Sh. S. Krishnan, CAFor Respondent: Sh. Anil Sharma, Sr. DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘SMC-II’ NEW DELHI BEFORE SHRI H. S. SIDHU, JUDICIAL MEMBER I.T.A. No. 3608/Del/2016 Assessment Year: 2007-08 M/S KESAR BIOTECH PVT. LTD. vs. INCOME TAX OFFICER 41, SAMRAT ENCLAVE, PITAMPURA, WARD 14(3), DELHI – 110034 NEW DELHI (PAN: AACCK6954E) (ASSESSEE) (RESPONDENT) Assessee by: Sh. S. Krishnan, CA Revenue by: Sh. Anil Sharma, Sr. DR ORDER This appeal is filed by assessee against the order dated 31.3.2016 passed by the Ld. CIT(A)-5, Delhi relating to Assessment Year 2007-08 on the following grounds:- On the facts and in the circumstances of the case…

M/S. Khatri Projects Pvt. Ltd., Delhi vs. ITO, Delhi

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

ITA 4353/DEL/2016[2007-08]Status: DisposedITAT Delhi16 Dec 2016AY 2007-08

Bench: Sh. N. K. Sainiita No. 4353/Del/2016 : Asstt. Year : 2007-08 M/S Khatri Projects Pvt. Ltd., Vs Income Tax Officer, A-2/106, Sector-16, Rohini, Ward-5(2), Delhi-110085 Delhi (Appellant) (Respondent) Pan No. Aacck7376A Assessee By : Sh. Vivek Bansal, Adv. Revenue By : Sh. Rajesh Kumar, Sr. Dr Date Of Hearing : 19.10.2016 Date Of Pronouncement : 16.12.2016 Order This Is An Appeal By The Assessee Against The Order Dated 30.05.2016 Of Ld. Cit(A)-36, New Delhi.

For Appellant: Sh. Vivek Bansal, AdvFor Respondent: Sh. Rajesh Kumar, Sr. DR
Section 139(1)Section 148Section 68

…ppellate authorities to examine all the facts surrounding the impugned transaction and the explanation rendered by the assessee. The Reliance was placed on the following judgment of the Hon’ble Jurisdictional High Court: " Nipun Builders & Developers (P) Ltd. 350 ITR 407 " Jansampark Advertising & Marketing (P) Ltd. 375 ITR 373 10. The ld. CIT(A) also referred to her decision in the case of Lam Holdings Pvt. Ltd. in Appeal No. Del/CIT(A)-5/0133/2013-14 and observed that the assessee had never sought an opportunity to cross examine the persons on whom the survey had been conducted and who had admitted to carry out…

A.C.I.T. Circle 3, Thane vs. Shree Rajlaxmi Textile Park Pvt. Ltd., Thane

ITA 4607/MUM/2012[2008-09]Status: DisposedITAT Mumbai20 Jul 2016AY 2008-09

Bench: Shri Rajendra, Hon’Ble & Shri C.N. Prasad, Hon’Bleacit, Circle-3, Vs. Shree Rajlaxmi Textile Park Pvt. Ltd., Thane. 502-503, Abhiman-Ii, Lbs Marg, Near Damani Estate, Thane (W). Pan No. Aakcs 5236 M (Appellant) (Respondent)

For Appellant: Shri Reepal Tralshawala – CAFor Respondent: Shri Manjunatha Swamy – CIT DR
Section 143(3)Section 68

…eagre amounts and there are no much activities in the companies which show that the companies are paper companies to provide accommodation entries. The Departmental Representative placed reliance on the decision of CIT Vs. Nipun Builders and Developers (2013) 350 ITR 407 (Del) and CIT Vs. N.R. Portfolio Pvt. Ltd. (2014) 206 DLT 97 (DB). 6. The Authorized Representative of the assessee submitted that all the observations made by the Assessing Officer in the assessment order are all negated in the remand report. All the evidences in the assessment order are not correct. The Authorized Representative of the 4 Asses…

M.K. Cycle Industries Pvt. Ltd., New Delhi vs. ITO, New Delhi

ITA 6161/DEL/2014[2003-04]Status: DisposedITAT Delhi10 Jun 2016AY 2003-04

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2003-04 M/S. M.K. Cycle Industries Pvt. Ltd. Vs. Ito, Ward – 6(1), New Delhi G-76, Sant Nagar Extn., Tilak Nagar, New Delhi (Pan: Aaecs3075L) (Appellant) (Respondent)

Section 142(1)Section 143(1)Section 143(3)Section 147Section 148Section 250Section 271Section 31Section 68

…vestors who just provided share capital to the appellant and thereafter just disappeared. The Hon'ble High Court in the case of CIT v. M/s N.R. Portfolio Pvt. Ltd. Li 16 & 1019 of 2011 has observed as under: "29. In CIT v. Nipun Builders and Developers [2013] 350 ITR 407 (Del), this principle has been reiterated holding that the and the Assessing Officer have to adopt a reasonable approach and when the initial onus on the assessee would stand discharged depends upon facts and circumstances of each case. In case of private limited companies, generally persons known to directors or shareholders, directly or indirec…