CIT v. Nivedan Vanijya Niyojan Ltd.

263 ITR 623High Court2003#3348 most cited

What is CIT v. Nivedan Vanijya Niyojan Ltd. authority for?

An assessee must establish the identity, creditworthiness, and genuineness of subscribers to share capital. Furnishing income tax file numbers alone is insufficient to discharge this burden.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2013 to 2026.

Also referred to as

CIT v. Nivedan Vanijya Niyojan Ltd. · 263 ITR 623 · section 68 · share application money · identity of subscribers · creditworthiness · genuineness of transaction · unexplained cash credit · paper company · shell company · addition u/s 68 · accommodation entry

Also reported as

130 Taxmann 153

Sections most often in play

Section 133(6)Section 1961

Issues it is cited on

paper companyshell companysource of sourceshare application moneyaddition u/s 68section 133genuineness of the transactionsection 131accommodation entryunexplained cash creditsection 133(6)undisclosed income

Judgments citing CIT v. Nivedan Vanijya Niyojan Ltd.

MD SHAHBAZ ALAM,SIMDEGA vs. ITO WARD 3(3), BOKARO, BOKARO

In the result, grounds of appeal raised by the assessee are partly allowed

ITA 95/RAN/2025[2017-18]Status: DisposedITAT Ranchi05 Jan 2026AY 2017-18

Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahay(Virtual Hearing) Md. Shahbaz Alam, I.T.O., H. No. 2382, Idgah Mohalla, Simdega, Ward-3(3), Vs. Simdega-835223 (Jharkhand) Bokaro. Pan No. Avqpa 7708 N Appellant/ Assessee Respondent/ Revenue

Section 133(6)

…ler of eggs and the profit margin in the said business is very less. It can be analyzed with the trend of profit percentages shown by the assessee in subsequent years which has been duly accepted by the department. Relying on the relevant and similar Case law 263 ITR 623 Cal and ITAT Ranchi of Mr. Nagendra Mahto, the Honorable Income Tax Appellate Tribunal has passed the order that profit shall be calculated at the rate of 2%. The Md. Shahbaz Alam Vs ITO assessee was also an egg trader. This can be verified from point no. 11 of the order passed by the Honorable Income Tax Appellate Tribunal. Copy of the order is…

M/S SWIFT VINTRADE PVT. LTD.,KOLKATA vs. CIT, KOLKATA-1I, KOLKATA

In the result, the appeal of the assessee is dismissed

ITA 1032/KOL/2014[2009-2010]Status: DisposedITAT Kolkata21 Nov 2024AY 2009-2010

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2009-10

For Appellant: N o n eFor Respondent: Shri A. Kundu, CIT, DR
Section 143Section 148Section 263

…09-10 ii) Tara Devi Agarwal Vs. CIT 88 ITR 323 (SC), iii) Gee Vee Enterprises Vs. Addl. CIT 99 ITR 375, 386 (Del.), iv) CIT Vs. Sophia finance Ltd. 205 ITR 98 (Del), v) CIT Vs. Active Traders P. Ltd. 214 ITR 583 (Cal), vi) CIT Vs. Nivedan Vanijya Niyojan Ltd. 263 ITR 623 (Cal), vii) CIT V. Bhagwati Jewels Ltd. 201 ITR 461 (Del.). 2.4. He was of the view that the Ld. AO has power to investigate the identity of the shareholders to satisfy that they exist. The genuineness of the investment has to be examined to the extent that the shareholders have invested the money and the corporate veil can be lifted and the argu…

KALINDEE ESTATES PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER , JAIPUR

ITA 770/JPR/2024[2010-2011]Status: DisposedITAT Jaipur21 Oct 2024AY 2010-2011
For Appellant: Sh. Tarun Mittal, CAFor Respondent: Sh. Anup Singh, Addl. CIT
Section 143(3)Section 147Section 68

…uiry as to the true nature and source thereof even if the sum is credited as share application money. In this regard reliance is placed over the following judgments:- CIT Vs Sophia Finance Limited (Del-FB) 205 ITR 98 CIT Vs Nivedan Vanijyya Niyojan Ltd. (Cal) 263 ITR 623 CIT Vs Rathi Finlease Ltd. (MP) 215 CTR 429] As regards the contention that the case of M/s Satyatej Vyapar Pvt. Ltd. has been completed by ITO, Ward 5(1), Kolkata under section 147/143(3) wherein bank entries of M/s Satyatej Vyapaar Pvt. Ltd. has been considered and no adverse inference has been drawn by the Ld. AO. However, on going through the…

M/S TOPLINK COMMERCE LIMITED,KOLKATA vs. ITO, WARD 10(2), KOLKATA

ITA 1413/KOL/2023[2012-13]Status: DisposedITAT Kolkata09 Sept 2024AY 2012-13

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2012-13

For Appellant: Shri Ankit Jalan, AdvocateFor Respondent: Shri Subhendu Datta, CIT, DR
Section 131Section 133(6)Section 142(1)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2012-13 M/s. Toplink Commerce Income Tax Officer, Ward- Limited 10(2), Kolkata Vs Jatragachi, New Town, P.O. Ghuni, Kolkata-700060. (PAN: AADCT9277C) (Appellant) (Respondent) Present for: Appellant by : Shri Ankit Jalan, Advocate Respondent by : Shri Subhendu Datta, CIT, DR Date of Hearing : 10.06.2024 Date of Pronouncement : 09.09.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of the Ld. Commission…

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

ITA 11/RPR/2020[2014-15]Status: DisposedITAT Raipur30 Mar 2023AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Sumit Nema & Gagan Tiwari, AdvsFor Respondent: Shri Debashish Lahiri, CIT-DR
Section 153A(1)Section 68

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA Nos.10 & 11/RPR/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs ACIT, Central Circle-II, Raipur 1st Floor, V.R.Plaza, Bilaspur PAN No. :AAFCA 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : Shri Sumit Nema & Gagan Tiwari, Advs. & Shri Bikram Jain, CA राजस्व की ओर से /Revenue by :…

AGRAWAL INFRABUILD PRIVATE LIMITED ,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, RAIPUR

In the result, both appeals of the assessee are allowed

ITA 10/RPR/2020[2013-14]Status: DisposedITAT Raipur30 Mar 2023AY 2013-14

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.10 & 11/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs Acit, Central Circle-Ii, Raipur 1St Floor, V.R.Plaza, Bilaspur Pan No. :Aafca 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Sumit Nema & Gagan Tiwari, AdvsFor Respondent: Shri Debashish Lahiri, CIT-DR
Section 153A(1)Section 68

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA Nos.10 & 11/RPR/2020 (ननधाारण वषा / Assessment Year :2013-2014 & 2014-2015) Agrawal Infrabuild Private Limited, Vs ACIT, Central Circle-II, Raipur 1st Floor, V.R.Plaza, Bilaspur PAN No. :AAFCA 6636 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : Shri Sumit Nema & Gagan Tiwari, Advs. & Shri Bikram Jain, CA राजस्व की ओर से /Revenue by :…

INCOME TAX OFFICER, WARD-1, KADAPA vs. PRITHAM & PRATHIK HOSPITALS PRIVATE LIMITED , KADAPA

In the result, the appeal of Revenue is partly allowed for statistical purposes

ITA 97/HYD/2019[2014-15]Status: DisposedITAT Hyderabad29 Nov 2022AY 2014-15

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 Income Tax Officer, Vs. M/S. Pritham & Prathik Ward – 1, Hospitals Pvt. Limited, Kadapa. Kadapa – 516002. Pan : Aahcp6013E. (Appellant) (Respondent) C.O.No.10/Hyd/2019 (In Ita 97/Hyd/2019) M/S. Pritham & Prathik Vs. Income Tax Officer, Hospitals Pvt. Limited, Ward – 1, Kadapa – 516002. Kadapa. Pan : Aahcp6013E. (Cross Objector / (Respondent) Appellant) Assessee By: Ms. S. Sandhya, Advocate. Revenue By: Ms. Swapna. Date Of Hearing: 24.11.2022 Date Of Pronouncement: 29.11.2022 Per Laliet Kumar, J.M. This Appeal By The Revenue & Cross-Objection By The Assessee Are Directed Against The Order Of Commissioner Of Income Tax (Appeals), Kurnool Dated 29.11.2018 For The Assessment Year 2014-15. 2. The Revenue Has Raised The Following Grounds :

For Appellant: Ms. S. Sandhya, AdvocateFor Respondent: Ms. Swapna
Section 133ASection 142(1)Section 143(3)Section 68Section 69

…ng the decisions of different courts in CIT v. Sophia Finance Ltd. (1994) 205 ITR 98, Hindustan Tea Trading Co. Ltd. v. CIT (2003) 263 ITR 289 (Cal), CIT v. Ruby Traders 86 Exporters Ltd. (2003) 263 ITR 300 (Cal) and CIT v. Nivedan Vanijya Niyojan Ltd. (2003) 263 ITR 623 (Cal) etc, the law is now absolutely clear that unless the assessee is able to establish the identity of the subscribers, their creditworthiness as well as genuineness of the transaction will be regarded as non-genuine for the purposes of Section 68 of the Income Tax Act, 1961. There are plethora of decisions consequent to the decision of Lovely…

D. J. STOCK BROKING PRIVATE LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(1)(4),, AHMEDABAD

In the result, ground number 1 of the assessee’s appeal is allowed

ITA 1570/AHD/2019[2011-12]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2011-12
For Appellant: Shri P.D. Shah, A.RFor Respondent: Shri Atul Pandey, Sr. D.R
Section 147Section 14ASection 68

…. Ltd. (Cal.) 208 ITR 465 iii) CIT Vs. United Commercial & Industrial Co. (P) Ltd., Cal. 187 ITR 596 and iv) KCN Chandrasekhar Vs. ACIT (ITAT Bang.) 66 TTJ 355. v) CIT Vs. Sophia Finance Ltd. (Del.FB) 205 ITR 98 vi) CIT Vs. Nivedan Vanijya Niyojan Ltd. (Cal.) 263 ITR 623. vii) CIT Vs. Rathi Finlease Ltd. (MP) 215 CTR 429. viii) Dingra Global Credence P. Ltd. Vs. ITO (ITAT) Del. ix) Agarwal Coal Corporation (P) Ltd. Vs. Addl.CIT (ITAT, Indore) 135 ITD 270. In view of the above facts and circumstances of the case, judicial pronouncements and also the facts as elaborately discussed in the assessment order and appel…

ITO, NEW DELHI vs. M/S MAGICAL INFOTECH (P) LTD.,, DELHI

In the result, the appeal of the Revenue is allowed for statistical purpose

ITA 1189/DEL/2017[2012-13]Status: DisposedITAT Delhi12 Apr 2022AY 2012-13

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No.1189/Del/2017 : Asstt. Year: 2012-13 Income Tax Officer, Vs M/S Magical Infotech (P) Ltd. Ward-21(1), [Now Readystream Infotech (P) Ltd.] New Delhi T-336/B, Gali No.8, Near Ojha Dharamshala, Gautampuri, Delhi-110053 (Appellant) (Respondent) Pan No. Aahcm6581C

For Appellant: NoneFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 68

…. Establishment of identity is not sufficient even if the subscriber confirms the subscription u/s 68, the ITRO is empowered to lift the veil and find out whether the apparent is real. 22 M/s Magical Infotech (P.) Ltd. In Nivedam Vanija Niyojan Ltd., (2003), 263 ITR 623, the Calcutta High Court held that the assessee has to establish the identity of the subscribers to share capital and prove their creditworthiness and genuineness of the transaction; furnishing of income tax file numbers may not be sufficient to discharge the burden. The ITO had asked the assessee to prove the subscribers and establish its case.…

INTELLECTUAL SECURITES PVT. LTD.,DELHI vs. DCIT, CC, NOIDA

In the result, the appeal of the assessee is allowed

ITA 1031/DEL/2021[2010-11]Status: DisposedITAT Delhi12 Jan 2022AY 2010-11

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing)

For Appellant: Sh. Rajiv Khandelwal, CA &For Respondent: Ms. Deepshikha Sharma, CIT DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 250(6)Section 263

…s. CIT 88 ITR 323 (SC) iii) Gee Vee Enterprises vs. Addl.CIT 99 ITR 375,386 (Del) iv) CIT vs. Sophia Finance Ltd. 205 ITR 98 (Del) 6 Intellectual Securities Pvt. Ltd. v) CIT vs. Active Traders P Ltd. 214 ITR 583 (Cal) vi) CIT vs. Nivedan Vanijya Niyojan Ltd. 263 ITR 623 (Cal) vii) CIT vs. Bhagwafi Jewels Ltd. 201 ITR 461 (Del) The broad principles emerging out of the above cases can be summed up as under: 1. The Assessing Officer has the powers to investigate the identity of the share holders to satisfy that they exist. 2. The genuineness of the investment has to be examined to the extent that the shareholders h…

THE DCIT1(1), INDORE vs. M/S. AVILABLE FINANCE LTD., INDORE

ITA 895/IND/2019[2014-15]Status: DisposedITAT Indore14 Oct 2020AY 2014-15

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2010-11

Section 143(3)Section 147Section 153C

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON’BLE KUL BHARAT, JUDICIAL MEMBER AND HON’BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2010-11 Deputy Commissioner of Income Tax 1(1), Indore : Revenue V/s M/s. Agrawal Transport Corporation Pvt. Ltd, Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant C.O.No.35/Ind/2019 Assessment Year 2010-11 M/s. Agrawal Transport Corporation Pvt. Ltd , Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant V/s Deputy Commissioner of Income Tax 1(1), Indore : Revenue Agrawal Transport Corporation…

DY. CIT -1(1), INDORE vs. M/S. AGRAWAL TRANSPORT CORPORATION (P) LTD., INDORE

ITA 651/IND/2019[2010-11]Status: DisposedITAT Indore14 Oct 2020AY 2010-11

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2010-11

Section 143(3)Section 147Section 153C

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON’BLE KUL BHARAT, JUDICIAL MEMBER AND HON’BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2010-11 Deputy Commissioner of Income Tax 1(1), Indore : Revenue V/s M/s. Agrawal Transport Corporation Pvt. Ltd, Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant C.O.No.35/Ind/2019 Assessment Year 2010-11 M/s. Agrawal Transport Corporation Pvt. Ltd , Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant V/s Deputy Commissioner of Income Tax 1(1), Indore : Revenue Agrawal Transport Corporation…

M/S AD-MANUM FINANCE LTD.,INDORE vs. THEDCIT 1(1) , INDORE, INDORE

ITA 331/IND/2018[2009-10]Status: DisposedITAT Indore14 Oct 2020AY 2009-10

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2010-11

Section 143(3)Section 147Section 153C

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON’BLE KUL BHARAT, JUDICIAL MEMBER AND HON’BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2010-11 Deputy Commissioner of Income Tax 1(1), Indore : Revenue V/s M/s. Agrawal Transport Corporation Pvt. Ltd, Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant C.O.No.35/Ind/2019 Assessment Year 2010-11 M/s. Agrawal Transport Corporation Pvt. Ltd , Yashwant Niwas Road, Indore PAN : AAECA1502C : Appellant V/s Deputy Commissioner of Income Tax 1(1), Indore : Revenue Agrawal Transport Corporation…

M/S MANISH FINLEASE (P) LTD,PATNA vs. ITO, WARD-2(1), PATNA

ITA 25/PAT/2019[2010-11]Status: DisposedITAT Patna09 Aug 2019AY 2010-11

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. Ito, Ward 2(1), Patna Chandi House Exhibition Road, Patna Pan/Gir No.Aaccm 6252 B (Appellant) .. ( Respondent) Assessee By : Shri A.K.Rastogi & Rakesh Kumar, Ars Revenue By : Shri Indrajeet Singh, Dr Date Of Hearing : 20/06/ 2019 Date Of Pronouncement : 09/08/ 2019 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Cit(A)-1, Patna Dated 27.9.2018 For The Assessment Year 2010-2011. 2. The Appeal Filed By The Assessee Is Delayed By 51 Days. The Assessee Has Filed Application For Condonation Of Delay Stating The Reasons For Not Filing The Appeal In Time Before The Tribunal. After Hearing The Submissions Of The Parties, We Are Satisfied That The Assessee Had A Bonafide Reason For Not Filing The Appeal In Time. Therefore, We Condone The Delay & Proceed To Decide The Appeal Of The Assessee On Merits.

For Appellant: Shri A.K.Rastogi & Rakesh Kumar, ARsFor Respondent: Shri Indrajeet Singh, DR
Section 133(6)Section 143(2)Section 143(3)Section 147Section 148(1)Section 68

…` IN THE INCOME TAX APPELLATE TRIBUNAL, PATNA BENCH, PATNA BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. ITO, Ward 2(1), Patna Chandi House Exhibition Road, Patna PAN/GIR No.AACCM 6252 B (Appellant) .. ( Respondent) Assessee by : Shri A.K.Rastogi & Rakesh Kumar, ARs Revenue by : Shri Indrajeet Singh, DR Date of Hearing : 20/06/ 2019 Date of Pronouncement : 09/08/ 2019 O R D E R Per Bench This is an appeal filed by the assessee against the order of the CIT(A)-1, Patna dated 27.9.2018 for the assessment year 2010-2…

KANCHAN PLYWOOD PRODUCTS PVT. LTD., ,JALPAIGURI vs. ITO, WARD - 1(2), JALPAIGURI, JALPAIGURI

ITA 2411/KOL/2017[2012-13]Status: DisposedITAT Kolkata01 May 2019AY 2012-13

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini Am]

Section 133(6)Section 68

…Y- 2012-13 DR, the share capital with high premium introduced with the capital of the assessee is only a façade for conversion of unaccounted money and thereafter, relied on the Hon’ble Jurisdictional High Court decision in CIT vs Nivedan Vanijya Niyojan Ltd. 263 ITR 623 (Calcutta) and also the decision of Tribunal M/s. Subhalaxmi Vanijya Pvt. Ltd. as well as the decision of the Tribunal in M/s. Bishakha Sales Pvt. Ltd. vs CIT. The Learned DR also relied on the judgement of the Hon’ble Calcutta High Court in the case of CIT vs Precision Finance Pvt. Ltd. 208 ITR 465 and also relied on the decision of the Hon’ble…

ITO, WARD-10(4), KOLKATA, KOLKATA vs. M/S GATEWAY ENCLAVE PVT.LTD., KOLKATA

In the result, appeal of Revenue is dismissed

ITA 2269/KOL/2016[2012-13]Status: DisposedITAT Kolkata01 May 2019AY 2012-13

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 68

…and if the source cannot be explained properly the ITO may assess the sum as income of the company from undisclosed source." 4 M/s. Gateway Enclave Pvt. Ltd., AY 2012-13 7. The Hon'ble Jurisdictional High Court in CIT vs Nivedan Vanijya Niyojan Ltd. (2003) 263 ITR 623 (Cal) has held that where the assessee company did not produce the subscribers of its share capital when required to do so, it failed to establish the identity of the subscribers, prove their creditworthiness and the genuineness of the transaction and therefore addition u/s.68 was justified. In the said decision the Hon'ble Court has placed its r…

PRAKASH JHA,MUMBAI vs. ACIT , CIRCLE 16(1), MUMBAI

ITA 5051/MUM/2017[2012-13]Status: DisposedITAT Mumbai19 Mar 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Chetan Karia, ARFor Respondent: Shri Abirama Karthikeyan, DR
Section 143(3)

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री मनोज कुमार अग्रवाल के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITA No. 323/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2011-12) Aayakr ApIla saM./ ITA No. 5051/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2012-13) Prakash Jha The Jt. Commissioner of 201/ABCD, Abhishek, New Income Tax, Range 11(1), Link Road, Andheri (West), Mumbai, Room No. 432, Vs. Mumbai-400 053 Aayakar Bhavan, New Marine Lines, Mumbai-400 020 .. (p`%yaqaaI…

PRAKASH JHA,MUMBAI vs. ACIT 16(1), MUMBAI

ITA 323/MUM/2016[2011-12]Status: DisposedITAT Mumbai19 Mar 2019AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Chetan Karia, ARFor Respondent: Shri Abirama Karthikeyan, DR
Section 143(3)

…आयकर अपीलीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री मनोज कुमार अग्रवाल के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM Aayakr ApIla saM./ ITA No. 323/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2011-12) Aayakr ApIla saM./ ITA No. 5051/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2012-13) Prakash Jha The Jt. Commissioner of 201/ABCD, Abhishek, New Income Tax, Range 11(1), Link Road, Andheri (West), Mumbai, Room No. 432, Vs. Mumbai-400 053 Aayakar Bhavan, New Marine Lines, Mumbai-400 020 .. (p`%yaqaaI…

ITO, WD-10(2), KOLKATA, KOLKATA vs. M/S SANSKRITA PROPERTIES PVT. LIMITED, KOLKATA

ITA 694/KOL/2017[2012-13]Status: DisposedITAT Kolkata20 Feb 2019AY 2012-13

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 131Section 133(6)Section 68

…1 Sanskrita Properties P. Ltd., AY 2012-13 आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA (सम") "ी ऐ. ट". वक", "यायीक सद"य एवं डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, JM & Dr. A. L. Saini, AM] I.T.A. No. 694/Kol/2017 Assessment Year: 2012-13 Income-tax Officer, Ward-10(2), Vs. M/s. Sanskrita Properties P. Ltd. Kolkata (PAN: AAQCS5128J) Appellant Respondent For the Appellant Shri Robin Choudhury, Addl. CIT For the Respondent Shri Anil Kochar, Advocate Date of Hearing 12.12.2018 Date of Pronouncement 20.02.2019 ORDER Per Shri A.T.Varkey, J…

ITO, WD-5(2), KOLKATA, KOLKATA vs. M/S PURBASA COMMERCIAL PVT. LTD., KOLKATA

ITA 1179/KOL/2015[2008-2009]Status: DisposedITAT Kolkata25 Jan 2019AY 2008-2009

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2008-09 Income Tax Officer, V/S. M/S Purbasa Commercial Pvt. Ltd. 5/5 Clive Row, 4Th Ward-5(2), P-7, Chowringhee Square, Floor, Room No.26, 8Th Floor, Room No.6, Kolkata-700001 Kolkata-700 069 [Pan No.Aaecp 1267B] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Saurabh Kumar, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwal, Advocate ""यथ" क" ओर से/By Respondent 15-01-2019 सुनवाई क" तार"ख/Date Of Hearing 25-01-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2008-09 Arises Against The Commissioner Of Income Tax (Appeals)-2, Kolkata’S Order Dated 29.06.2015, Passed In Case No.1575/Cit(A)-2/2015-16, In Proceedings U/S. 144 R.W.S 263 R.W.S. 143(3) R.W.S 147 Of The Income Tax Act, 1961; In Short ‘The Act’. Case File Perused. 2. The Revenue’S Sole Substantive Ground Raised In The Instant Appeal Seeks To Revere The Cit(A)’S Action Deleting Unexplained Cash Credits Addition Of ₹3.14 Lac Made In The Course Of Assessment Framed On 19.03.2015. The Assessee’S Case Before Assessing Officer Was That This Sum Represented Its Share Application / Premium Raised During The Course Of Relevant Previous Year. The Assessing Officer Held In The Course Of Assessment That Assessee Had Failed To Prove Identity, Genuineness & Creditworthiness Of The Investors

Section 144Section 68

…IT 99 ITR 375, 386 (Del) iv) CIT vs Sophia Finance Ltd. 205 ITR 98 (Del) v) CIT vs Active Traders P. Ltd. 214 ITR 583 (Cal) ITA No.1179/Kol/2015 A.Y. 2008-09 ITO Wd-5(2), Kol. Vs. M/s Purbasa Commercial Pvt. Ltd. Page 5 vi) CIT vs NivedanVanijya Niyojan Ltd. 263 ITR 623 (Cal) vii) CIT vs Bhagwati Jewels Ltd. 201 ITR 461 (Del) 10. However, the fact of the above case are distinguishable as observed herein above that though the assessee submitted all the details pertaining to it's shareholdings such as Name and address of the share holders, PAN No., Bank A/c and detailed transactions the A. O. could not bring any i…

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