CIT v. Nova

230 ITR 820High Court1998#4392 most cited

What is CIT v. Nova authority for?

The mere filing of income tax file numbers of creditors is insufficient to establish the genuineness of credits. The assessee must prove both the genuineness of the transactions and the creditworthiness of the creditors.

27

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v. Nova · section 133(6) · section 143(3) · section 68 · share capital and share premium · source of source · creditworthiness of the creditor · share application money · addition u/s 68 · genuineness of credit

Also reported as

18 Taxmann.com 2017

Sections most often in play

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

Issues it is cited on

section 31paper companysection 251(2)share capital and share premiumsource of sourcecreditworthiness of the creditorsection 251(1)(a)live linkadmission of additional evidenceentry operatorshare application moneyaddition u/s 68

Judgments citing CIT v. Nova

ACIT, Circle 25(1), Delhi vs. Vinod Rice Meal Pvt. Ltd., Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2048/DEL/2021[2012-13]Status: DisposedITAT Delhi04 Apr 2024AY 2012-13

Bench: Dr. B. R. R. Kumarms. Astha Chandra

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Amit Katoch, Sr. DR
Section 133(6)Section 68

…receipts are of an assessable nature.” v) Nizam Wool Agency Vs. CIT (1992) 193 ITR 318 (Ail):- “That mere payment by an account payee cheques is not sacrosanct nor can it make a non genuine transaction genuine.” vi) CIT Vs. Korlay Trading Co. Limited [1998] 230 ITR 820 (Cal.):- “That mere filing of income tax file numbers of the creditors is not enough to prove the genuineness of the credits.” vii) a) Bharati Private Limited vs. CIT [1978] 111 ITR 951 (Cal.) and b) CIT Vs. United Commercial & Industrial Co. Private Limited [1991] 187 ITR 596 (Cal.):- “That mere tiling of confirmatory letters does not discharge…

Kasper Information Technology Pvt. Ltd., New Delhi vs. ITO Ward-14(2), New Delhi

ITA 9357/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO Ward - 14(2), New Delhi vs. Kasper Information Technology Pvt Ltd, New Delhi

ITA 9287/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO Ward - 13(3), New Delhi vs. Jingle Bells Aluminium Pvt. Ltd., New Delhi

ITA 5527/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

Jingle Bells Aluminium, New Delhi vs. ITO Ward - 13(3), New Delhi

ITA 5397/DEL/2019[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

Kasper Information Technology P.Ltd, New Delhi vs. ITO, Ward-14(2), New Delhi

ITA 510/DEL/2019[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

Landsky Real Estates P.Ltd, New Delhi vs. ITO, Ward-15(1), New Delhi

ITA 509/DEL/2019[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, Ghaziabad

ITA 6401/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Mar 2021AY 2014-15

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, New Delhi

ITA 5974/DEL/2017[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

M/S Globus Real Infra Pvt. Ltd., New Delhi vs. DCIT, New Delhi

ITA 2920/DEL/2017[2013-14]Status: DisposedITAT Delhi18 Mar 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ACIT, New Delhi vs. M/S. Star Light Consumer Electronics Pvt. Ltd., New Delhi

ITA 6070/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ACIT, New Delhi vs. M/S. Superstar Agency Pvt. Ltd., New Delhi

ITA 5832/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ACIT, New Delhi vs. M/S. Sur Buildcon Pvt. Ltd., New Delhi

ITA 5831/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

ITA 5744/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S. Sukhna Real Estate Pvt. Ltd., Ghaziabad

ITA 5742/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S. Sukhna Steel Pvt. Ltd., New Delhi

ITA 5741/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S. Sunlight Tour and Travels Pvt. Ltd., Sahibabad

ITA 5740/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S. Sintex Consumers Electronics Pvt. Ltd., Delhi

ITA 5736/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S. Supreme Placement Services Pvt. Ltd., New Delhi

ITA 5650/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

ITO, New Delhi vs. M/S Angel Cement Pvt. Ltd., Ghaziabad

ITA 4691/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…vs. Lovely Exports Co. Ltd V ACIT [1998] 62 Pvt. Ltd. 299 ITR 268 TTJ 710 (Del.) • CIT vs. Kamdhenu • A GovindarajuluMudaliar Steel and Alloys Ltd. V CIT [1958] 34 ITR 807 206 Taxman 254 (SC) • CIT vs. Nova • CIT V Korlay Trading Co. Promoters and Ltd. [1998] 230 ITR 820 Finlease (P) Ltd. (Cal.) • (Delhi HC) CIT V Precision Finance Ltd. (1994) 208 ITR 465 (cal.)  The assessee company has  In a detailed discussion in 7. Kaspers 2013-14 Section 68 Information Share not discharged its onus to assessment order AO has Technology capital/ prove genuineness and correctly held that amount Pvt Ltd share creditworthiness…

CIT v. Nova (230 ITR 820) — Cited in 27 Judgments | BharatTax