Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.

342 ITR 169High Court2012#87 most cited

What is Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. authority for?

To make an addition under Section 68 for unexplained cash credits, the Assessing Officer must conduct proper inquiry into the identity, genuineness, and creditworthiness of the creditor, especially concerning share application money. The assessee's initial discharge of burden by providing necessary details shifts the onus back to the AO for further investigation, including the source of source.

658

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Nova Promoters and Finlease · 342 ITR 169 · Section 68 · cash credit · share application money · identity genuineness creditworthiness · onus of proof · Assessing Officer inquiry · source of source · paper company · accommodation entry · Section 131

Also reported as

18 Taxmann.com 217

Sections most often in play

Section 68Section 5(2)Section 147Section 143(3)Section 9Section 148Section 6Section 131

Issues it is cited on

paper companyshare capital and share premiumsource of sourcecreditworthiness of the creditorshare application moneyentry operatorlive linkaddition u/s 68addition under section 68accommodation entrysection 131genuineness of the transaction

Judgments citing Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.

NAMAH SHIVAYA MARKETING PRIVATE LIMITED,DELHI vs. INCOME TAX OFFICER, WARD 18(1), DELHI, DELHI

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

ITA 6011/DEL/2025[2008-09]Status: DisposedITAT Delhi13 Mar 2026AY 2008-09

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumarnamah Shivaya Marketing Income Tax Officer, Private Limited, Ward-18 (1), 206, Hans Bhawan, 1 Bahadur Vs. Delhi-110002. Shah Zafar Marg, Delhi-110002 . Pan-Aabcn7435Q (Appellant) (Respondent) Assessee By Shri Suresh Kumar Gupta, Ca Department By Shri Manish Gupta, Sr. Dr Date Of Hearing 09.03.2026 Date Of Pronouncement 13.03.2026 O R D E R Per Vimal Kumar, Jm: The Appeal Filed By The Assessee Is Against Order Dated 07.08.2025 Of The Learned Commissioner Of Income Tax (Appeals)-Delhi [Hereinafter Referred To As ‘The Ld. Cit(A)’] Passed U/S 250 Of The Income Tax Act, 1961, [Hereinafter Referred To As ‘The Act’] Arising Out Of Assessment Order Dated 28.11.2019 Of The Ld. Assessing Officer, Ward No.18(1), New Delhi [Hereinafter Referred As ‘The Ao’] U/S 143(3)/263 Of The Act For Assessment Year 2008-09. 2. Brief Facts Of The Case Are That Assessee Filed Return Declaring Total Income Of Rs.7,070/- On 09.07.2008. Assessment Order Dated 21.03.2016 Was Passed. Hon’Ble

Section 142(1)Section 143(3)Section 147Section 153CSection 250Section 68

…gs on the report, which cannot be considered as primary material. The assessee had discharged the onus initially cast upon it by providing the basic details which were not suitably enquired into by the AO." 8.2 In the case of Nova Promoters & Finlease (P) Ltd 342 ITR 169 (Del.) following observations made are relevant: "These quoted observations clearly distinguish the present case from CIT v Oasis Hospitalities P. Ltd. (supra). Except for discussing the modus operandi of the entry operators generally, the Assessing Officer in that case had not shown whether any link between them and the assessee existed. No enqu…

ITO, NEW DELHI vs. M/S. WISDOM EXPORT PVT. LTD., DELHI

In the result, the appeal of the Revenue is dismissed

ITA 2172/DEL/2017[2007-08]Status: DisposedITAT Delhi11 Mar 2026AY 2007-08

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2007-08]

Section 143(3)Section 68

…he addition u/s 68 of the I TAct by not appreciating the proposition that relief can be allowed only after completing the fact finding process as held by the Hon'ble Delhi High Court in the following cases: (a) CIT Vs Nova Promotors & finlease Pvt. Ltd. (2012)342 ITR 169 (b) CIT Vs Youth Construction Pvt. Itd. (2014) 44 Taxman 364 (c) CIT Vs Navodaya Castles Pvt. Itd. (2014) 50 Taxman 364 (d) CIT Vs MAT Academy Pvt. Ltd. (2014) 361 ITR 258 (ii) On the fact and circumstances of the case the Ld. CIT Appeal was erred in deleting the addition of Rs. 3 Crore made on account addition u/s 68 of the IT Act without apprec…

DY. COMMISSIONER OF INCOME TAX EXEMPTION CIRCLE NAGPUR, NAGPUR vs. VIDHARBHA BAHUUDESHIYA SHIKSHAN SANSTHA, NAGPUR, NAGPUR

In the result, the appeal filed by the Revenue is dismissed

ITA 789/NAG/2025[2017-18]Status: DisposedITAT Nagpur19 Feb 2026AY 2017-18

Bench: Shri R. K. Pandaassessment Year : 2017-18

For Appellant: Shri Abhishek Kumar, AdvFor Respondent: Shri Surjit Kumar Saha Sr.DR
Section 12ASection 131Section 132Section 142(1)Section 143(2)Section 148Section 148ASection 68Section 69C

…t sufficient to establish that the unsecured loan transaction are genuine where lender is an established paper company with no business activity. The reliance is placed on the Hon'ble Delhi High Court decision in CIT v. Nova Promoter Finlease Pvt. Ltd. (2012) 342 ITR 169 (Del). iii) On the facts and in circumstance of the case & in law, the Ld. CIT(A), failed to appreciate the fact that no interest has been paid against this alleged unsecured loan making the transaction non-genuine as held in Real Innerspring Technologies Pvt. Ltd. Vs. ACIT in ITAT Delhi's decision in ITA No. 647/Del/2023 dated 27-03-2025. iv) On…

DEPUTY COMMISSIONER OF INCOME, CENTRAL CIRCLE, MEERUT, MEERUT vs. DR. JAGAT NARAIN SUBHARATI CHARITABLE TRUST, DEHRADUN

ITA 2553/DEL/2024[2013-14]Status: DisposedITAT Delhi30 Jan 2026AY 2013-14

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

For Appellant: Sh. Kalrav Mehrotra, AdvFor Respondent: Sh. Rajesh Kumar Dhanesta, Sr
Section 143(3)Section 148Section 68

…P a g e | 1 ITA Nos. 2552 & 2553/Del/2024 Dr. JagatNarainSubharti Charitable Trust (AYs: 2012-13 & 2013-14) IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER ITA Nos. 2552 & 2553/Del/2024 (Assessment Years: 2012-13 & 2013-14) DCIT, Central Circle Vs. Dr. Jagat Narain Subharti Aaykar Bhawan, Near Charitable Trust Bhainsali Ground, Nand Ki Chowki, Meerut, UP – 250001 AamWala Road, Kotra Santaur, Prem Nagar, Dehradun, Uttarakhand – 248007 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAFTS4572G Appellant .. Respondent Appellant b…

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, MEERUT , INCOME TAX OFFICE, MEERUT vs. DR. JAGAR NARAIN SUBHARTI CHARITABLE TRUST, DEHRADUN

ITA 2552/DEL/2024[2012-13]Status: DisposedITAT Delhi30 Jan 2026AY 2012-13

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

For Appellant: Sh. Kalrav Mehrotra, AdvFor Respondent: Sh. Rajesh Kumar Dhanesta, Sr
Section 143(3)Section 148Section 68

…P a g e | 1 ITA Nos. 2552 & 2553/Del/2024 Dr. JagatNarainSubharti Charitable Trust (AYs: 2012-13 & 2013-14) IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER ITA Nos. 2552 & 2553/Del/2024 (Assessment Years: 2012-13 & 2013-14) DCIT, Central Circle Vs. Dr. Jagat Narain Subharti Aaykar Bhawan, Near Charitable Trust Bhainsali Ground, Nand Ki Chowki, Meerut, UP – 250001 AamWala Road, Kotra Santaur, Prem Nagar, Dehradun, Uttarakhand – 248007 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAFTS4572G Appellant .. Respondent Appellant b…

KDJP STEELS PRIVATE LIMITED,DELHI vs. NATIONAL FACELESS APPEAL CENTRE, DELHI

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

ITA 5900/DEL/2024[2017-18]Status: DisposedITAT Delhi23 Dec 2025AY 2017-18

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumarassessment Year : 2017-18 Kdjp Steels Private Limited, Vs. National Faceless Appeal Centre, Plot No.50, Flat No.A-201, Delhi. Parshav Vihar, Patpar Ganj, Delhi – 110 092. Pan: Aacck6905F (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Sr. Advocate; Shri R.P. Mall, Advocate; Shri Shailesh Gupta, Ca & Shri Madhur Agarwal, Advocate Revenue By : Shri Om Parkash, Sr. Dr Date Of Hearing : 27.10.2025 Date Of Pronouncement : 23.12.2025

For Appellant: Shri Salil Agarwal, Sr. AdvocateFor Respondent: Shri Om Parkash, Sr. DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 250

…esources to conduct enquiries. Reliance is placed on following case laws- A) CIT vs. FCS International Marketing reported in 203 CTR 601 (P&H) B) Pr. CIT vs. Krishna Devi reported in 431 ITR 361 (Del) C) CIT vs. Nova Promoter and Finlease (P) Ltd. reported in 342 ITR 169 (Del) 5.8 The appellant is also placing on record the extract from the stock register from 01.11.2016 to 08.11.2016 to establish that GC/GP Sheets which were of standard weight and were sold in numbers as Annexure ‘A’. The stock register shows that, assessee had sold JC/JP sheets only and since such sheet were sold in numbers, since they are of…

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S ROYAL TOUCH FABLON PRIVATE LIMITED

The appeal is dismissed

ITAT/132/2025HC Calcutta03 Dec 2025

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

Section 143(2)Section 147Section 148Section 68

…cognizance of ? d) WHETHER in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law by not following the judicial principles laid down in the case of CIT Vs. Nova Promoters and Finlease (P) Ltd., (2012) 342 ITR 169 (Del.) ? e) WHETHER in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in not following the judicial principles laid down in the matter of Pr. CIT2, Kolkata (C)-2, Kolkata Vs. M/s. BST Infratech Ltd. in (2024) 161 taxmann.com 688 (Calcutta) dated April 23, 2024, which is an earlier d…

BRIJ GOPAL CONSTRUCTION COMPANY (P) LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE-3, DELHI

In the result, assessee’s appeal is allowed

ITA 4800/DEL/2025[2017-18]Status: DisposedITAT Delhi28 Nov 2025AY 2017-18

Bench: Shri M Balaganesh & Ms. Madhumita Royassessment Year: 2017-18

Section 1Section 143Section 143(3)Section 270ASection 270A(2)(a)

…gard appellant company seeks to place reliance on following judgments: ⅰ) 361 ITR 10 (Del) CIT v. Gangeshwari Metal (P) Ltd. ii) 357 ITR 146 (Del) CIT vs. Fair Finvest Ltd iii) ITA No. 212/2012 dated 11.4.2012 (Del) CIT v. Goel Sons Golden Estate (P) Ltd. iv) 342 ITR 169 (Del) Nova Promoters & Finlease (P) Ltd v) ITA No. 645/2012 dated 13.1.2015 (Del) Funnay Time Finvest Ltd vi) 361 ITR 220 (Del) CIT vs. M's Kamdhenu Steel and Alloys Ltd.) vii) ITA No. 71/2015 dated 12.8.2015 (Del) CIT v. Vrindavan Farms (P) Ltd. viii) ITA No. 3342/D/2013 ITO v. XO Infotech Ltd. ix) 163 Taxman 482 (Del) CIT vs. Genesis Commet (P)…

SHRI SWATANTRA KUMAR SHUKLA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX-3, KANPUR

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 575/LKW/2019[2015-16]Status: DisposedITAT Lucknow24 Nov 2025AY 2015-16

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2015-16 Swatantra Kumar Shukla, Vs. Dy. Cit-3, Kanpur 61/139, Sita Ram Mohal, Kanpur- 208001 (U.P.) Pan: Acaps5484N (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 03.09.2025 Date Of Pronouncement: 24.11.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A)- 1, Kanpur, Passed On 29.07.2019 Wherein The Appeal Of The Assessee Against The Orders Passed By The Assessing Officer Under Section 143(3) Of The Act For The A.Y. 2015-16 On 29.12.2017 Has Been Dismissed. The Grounds Of Appeal Are As Under: - “1. That The Ld Cit(A) Was Wrong In Confirming The Addition Of Rs. 1,39,81,850- Made By The Ao Without Any Valid Reason. 2. That The Revenue Was Wrong In Disallowing The Claim Of Long Term Capital Gains U/S 10(38) Of The Act & The Same Is Against Facts & Law. 3. That The Various Case Law Cited By The Revenue In Rejecting The Claim Is Wrong In As Much As The Facts Of The Appellant'S Case Are Distinguishable From The Cited Case Law. 4. That The Revenue Was Wrong In Invoking Section 68 Of The Act & The Same Is Not Justified & Unwarranted. 5. That It Was Wrong On The Part Of Revenue To Invoke Section 68 Of The Act In As Much As Initial Onus On The Assessee To Establish Identity, Credit Capacity Of The Creditor & Genuineness Of The Transaction Was Discharged. 6. That The Finding Of The Ld Ao That 'Long Term Capital Gains Of Rs.1 39,81,850/ Claimed By The Assessee Is Held To Have Been Arranged By The Assessee Through

For Appellant: Sh. P.K. Kapoor, C.AFor Respondent: Sh. R.R.N. Shukla, Addl CIT DR
Section 10(38)Section 143(3)Section 68

…ters Pvt., Ltd. vs. PCIT (ITA No. 49/2018 dated 17.01.2019) ii. PCIT (Central-1), vs. NRA Iron Steel Pvt., Ltd., SLP (Civil) No. 29855 of 2018 dated 5.03.2019 5 Shri Swatantra Kumar Shukla A.Y. 2015-16 iii. CIT vs. Nova Promoters & Finlease (P) Ltd. [2013] 342 ITR 169 (Delhi) iv. CIT vs. D.K. Garg [2017] 84 taxman.com 257 (Delhi) v. Mrs. Vidhya Reddy vs. ITO [2018] ITA No. 2016/chny/2017 dated 15.05.2018 vi. ITO vs. Shamim M. Bharwani ITA No.4906/MUM/2011 dated 27.03.2015 He also rejected the plea of the assessee for cross examination by citing the decisions of the Hon’ble Supreme Court in the case of Dhakeshw…

DCIT,CENTRAL CIRCLE-1, GUWAHATI vs. SATISH JALAN, SHILLONG

Appeal of the Revenue is allowed for statistical purposes

ITA 62/GTY/2025[2017-18]Status: DisposedITAT Guwahati17 Nov 2025AY 2017-18

Bench: Hon'Ble Itat. 3. There Are Currently More Than 300 Time Barred Assessment & 200 Penalty Cases Are Pending In This Office. Due To Shortage Of Manpower It Was Delayed In The Filing Of Appeal Before Hon'Ble Itat.

Section 131Section 250Section 68

…tatements of the lender. Source of funds, Proof of repayment terms during assessment. Hence, additions u/s.68 are justified when the lender's creditworthiness is unproven In this regard, reliance is placed on -(CIT v. Nova Promoters & Finlease (P) Ltd. (2012) 342 ITR 169 (Del)) The Ld. CIT(A) wrongly relied on the AY. 2016-17 order where the loan was accepted Material differences exist in AY 2017-18 Fresh evidence of non- compliance by the lender, No response to statutory notices, Pending proceedings against the lender. In this regard, reliance is placed on Judicial precedent, past acceptance does not validate su…

PRINCIPAL COMMISSIONER OF INCOME TAX-4 DELHI vs. KRBL INFRASTRUCTURE LTD

ITA/494/2024HC Delhi13 Nov 2025

Bench: HON'BLE MR. JUSTICE V. KAMESWAR RAO,HON'BLE MR. JUSTICE VINOD KUMAR

For Appellant: Mr. Abhishek Maratha, SSC, Mr. ApoorvFor Respondent: Mr. Sachit Jolly, Senior Advocate with Ms
Section 132Section 143Section 143(1)Section 143(2)Section 153ASection 260A

…g the search proceedings, statements of the directors of KRBL Ltd. were recorded on oath, in which they categorically denied any knowledge of these lenders. 14. He has referred to the judgment of this Court in CIT v. Nova Prompters and Finlease (P) Ltd., 342 ITR 169 (Del) to contend that as per Section 68 of the Act, where any sum is found credited in the books of the assessee, and the assessee offers no explanation about the nature and source of the same or the explanation offered by him is not found to be satisfactory in the opinion of the AO, the sum credited may be charged to tax as the income of th…

LSL TOOLS (P) LTD.,GURGAON vs. ACIT, CC-1, FARIDABAD

In the result, both the appeals are allowed

ITA 5644/DEL/2024[2021-22]Status: DisposedITAT Delhi30 Oct 2025AY 2021-22

Bench: Shri S. Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha S. Gupt, CIT DR
Section 127Section 132Section 143(2)Section 143(3)Section 145(3)Section 153DSection 234CSection 40A(2)(b)

…is unaccounted cash. Reliance is placed upon the following judgments: 361 ITR 10 (Del) CIT v. Gangeshwari Metal (P) Ltd. i) ii) 357 ITR 146 (Del) CIT vs. Fair Finvest Ltd iii) ITA No. 212/2012 dated 11.4.2012 (Del) CIT v. Goel Sons Golden Estate (P) Ltd. iv) 342 ITR 169 (Del) Nova Promoters &Finlease (P) Ltd v) ITA No. 645/2012 dated 13.1.2015 (Del) Funnay Time Finvest Ltd vi) 361 ITR 220 (Del) CIT vs. MisKamdhenu Steel and Alloys Ltd. vii) ITA No. 71/2015 dated 12.8.2015 (Del) CIT v. Vrindavan Farms (P) Ltd. viii) ITA No. 3342/D/20 13 ITO v. XO Infotech Ltd. 21. He further submitted that even otherwise in Whats…

LSL TOOLS (P) LTD,GURUGRAM vs. ACIT , CENTRAL CIRCLE-1, FARIDABAD

In the result, both the appeals are allowed

ITA 5643/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Oct 2025AY 2020-21

Bench: Shri S. Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha S. Gupt, CIT DR
Section 127Section 132Section 143(2)Section 143(3)Section 145(3)Section 153DSection 234CSection 40A(2)(b)

…is unaccounted cash. Reliance is placed upon the following judgments: 361 ITR 10 (Del) CIT v. Gangeshwari Metal (P) Ltd. i) ii) 357 ITR 146 (Del) CIT vs. Fair Finvest Ltd iii) ITA No. 212/2012 dated 11.4.2012 (Del) CIT v. Goel Sons Golden Estate (P) Ltd. iv) 342 ITR 169 (Del) Nova Promoters &Finlease (P) Ltd v) ITA No. 645/2012 dated 13.1.2015 (Del) Funnay Time Finvest Ltd vi) 361 ITR 220 (Del) CIT vs. MisKamdhenu Steel and Alloys Ltd. vii) ITA No. 71/2015 dated 12.8.2015 (Del) CIT v. Vrindavan Farms (P) Ltd. viii) ITA No. 3342/D/20 13 ITO v. XO Infotech Ltd. 21. He further submitted that even otherwise in Whats…

KEMOX CORPORATION,BHIWANDI vs. DCIT-CC-3, THANE, THANE

ITA 221/MUM/2025[2015-16]Status: DisposedITAT Mumbai24 Oct 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Ms. Simran Dhawan, Ld. A.RFor Respondent: Shri Ritesh Misra, Ld. D.R
Section 131Section 131(1)(d)Section 142Section 250Section 68

…sment proceedings. In this connection, it may be mentioned that the issue of make-believe documentation in the case of accommodation entries has been discussed by the Hon'ble Delhi High Court in the case of CIT v. Nova Promoters and Fin lease (P.) Ltd. [2012] 342 ITR 169 (Delhi), wherein the Hon'ble High Court observed as under: “The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, Income-tax file numbers. their creditworthiness, share ap…

ITO, NEW DELHI vs. M/S. CHARAN RENEWABLE ENERGY PVT. LTD., NEW DELHI

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

ITA 4522/DEL/2016[2012-13]Status: DisposedITAT Delhi15 Oct 2025AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal[Assessment Year : 2012-13] Ito, Vs M/S. Charan Renewable Ward-6(1),C.R. Building, Pvt.Ltd., A-24, New Krishna New Delhi Park, Near Viaks Puri, New Delhi-110018. Pan-Aaect0790K Appellant Respondent Revenue By Ms. Harpreet Kaur Hansra, Sr.Dr Assessee By None Date Of Hearing 17.07.2025 Date Of Pronouncement 15.10.2025 Order

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

…ITA No.4522/Del/2016 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “F” BENCH: NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER [Assessment Year : 2012-13] ITO, vs M/s. Charan Renewable Ward-6(1),C.R. Building, Pvt.Ltd., A-24, New Krishna New Delhi Park, Near Viaks Puri, New Delhi-110018. PAN-AAECT0790K APPELLANT RESPONDENT Revenue by Ms. Harpreet Kaur Hansra, Sr.DR Assessee by None Date of Hearing 17.07.2025 Date of Pronouncement 15.10.2025 ORDER PER MANISH AGARWAL, AM : The present appeal is filed by Revenue against the order dated 31.05.2016 passed by Ld. Com…

DCIT- 27(2), MUMBAI, VASHI, NAVI MUMBAI vs. NAYAN BUILDERS, GHATKOPAR EAST, MUMBAI

In the result, the appeal filed by the revenue is dismissed in above\nterms

ITA 4039/MUM/2023[201819]Status: DisposedITAT Mumbai14 Oct 2025
Section 250Section 68

…by Hon'ble\nSupreme Court in its recent decision titled as NRA Iron & Steel (P.) Ltd.'s case\n(supra).\n6.7 The Ld. DR has cited the decision of Hon'ble Delhi High Court\nin CIT v. Νova Promoters & Finlease (P.) Ltd. [2012] 18 taxmann.com 217/206\nTaxman 207/342 ITR 169 which is factually distinguishable since in that case,\nthe investors made an admission that they were accommodation entry\nproviders. No such admission has been made by the investors in the present\ncase. The case law of Hon'ble High Court of Bombay in Royal Rich Developers\n(P.) Ltd. v. Pr. CIT [2019] 108 taxmann.com 382/265 Taxman 99 (Mag.) is…

M/S ANKUR DEVELOPERS & REALTORS ,MUMBAI vs. DCIT CC-3(4), MUMBAI

In the result, the appeal of the assessee is rejected

ITA 428/MUM/2020[2014-15]Status: DisposedITAT Mumbai14 Oct 2025AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15

For Appellant: NoneFor Respondent: Mr. Surendra Mohan, Sr. DR
Section 131Section 132Section 68

…from search and investigation, and the failure of the assessee to prove identity, creditworthiness and genuineness in terms of section 68. Reliance was placed on the judgment of the Hon’ble Delhi High Court in CIT v. Nova Promoters & Finlease (P) Ltd. (2012) 342 ITR 169 (Del.), wherein it was held that if the AO demonstrates that the parties were part of an accommodation entry network, then mere furnishing of PAN, bank statements and confirmations cannot absolve the assessee of its M/s Ankur Developers & Realtors 20 burden under section 68. The DR submitted that this principle squarely applies in the present cas…

SUMAN LATA,NOIDA vs. ITO,WARD-3(2), NOIDA

In the result, the case remanded back to CIT(A)

ITA 4919/DEL/2024[2012-13]Status: DisposedITAT Delhi30 Sept 2025AY 2012-13

Bench: Shri Anubhav Sharma & Shri Krinwant Sahayasstt. Yr: 2012-13

Section 68

…reditor; capacity of the creditor to advance money and genuineness of the transaction. In this regard, reliance is further placed on the decisions of CIT vs. Nipun Builders and Developers P. Ltd.-350 ITR 407(Del); CIT vs. Nova Promoters and Finlease (P) Ltd. -342 ITR 169 (Del.); CIT vs. Oasis Hospitalities Pvt. Ltd. -333 ITR 119 (Del.): Rajmandir Estates Private Limited vs. PCIT-386 ITR 162 (Cal)]. Further, reliance is placed on the decision of Hon'ble Supreme Court in the case of Principal Commissioner of Income-tax (Central)-1 vs. NRA Iron & Steel (P) Ltd. reported in [2019] 103 taxmann.com 48/262 Taxman 74/412…

ITO 5(2)(1), MUMBAI vs. MOTIWALA AND SONS GOLD AND DIAMONDS PVT. LTD., BYCULLA

In the result, the appeal filed by the revenue is allowed for statistical purposes

ITA 1896/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Aug 2025AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

Section 133(6)Section 142(1)Section 250Section 69C

…to negate the claim of genuineness of the transaction and to doubt the varicity of the transactions, the affidavit alone need not be accepted as reliable as has been held by Hon’ble Delhi High Court in the case of Nova Promotors and finlease Pvt Ltd., [2012] 342 ITR 169 (Delhi). 6. Admittedly no documentary evidences were filed by the assessee before the AO during the assessment proceedings to justify the genuineness and creditworthiness of the suppliers / creditors appearing in its books and balance sheet. 7. Be that as it may, without going into the merits of the issues raised by the parties and considering…

JAWAHARLAL GULABRAI TULSIANI,DELHI vs. ACIT, INT. TAX CIRCLE 4(2)(1), MUMBAI

In the result, all appeals filed by the respective assesses are allowed

ITA 538/MUM/2025[2007-08]Status: DisposedITAT Mumbai29 Jul 2025AY 2007-08

Bench: Shri Amit Shukla & Shri Vikram Singh Yadav

For Appellant: Shri Ashok Khandelwal &For Respondent: Shri Krishna Kumar, Sr.DR
Section 147Section 149(1)(c)Section 234ASection 254

…72 aiso, it needs to be held at this stage that the information/details not furnished were unfavourable to the assessee and that the source of the money deposited in the HSBC account is undisclosed and sourced from India In Nova Promoters and Finlease (P)Ltd. 342 ITR 169(Del), highlighting the legal effect of section 68 of the Act, the Division Bench has observed in paral 32 that “The Tribunal also erred in law 15 Pratab Gulabrai Tulsiani and group in holding Assessing Officer ought to have proved that the monies emanated from the coffers of the assessee company and came back as share capital Section 68 per unit…

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