How many judgments cite CIT v. Oasis Hospitalities P. Ltd.?

292 judgments on BharatTax cite CIT v. Oasis Hospitalities P. Ltd. (333 ITR 119), spanning 2011 to 2026.

Which sections of the Income Tax Act does CIT v. Oasis Hospitalities P. Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 1961, Section 133(6), Section 147, Section 142(1).

CIT v. Oasis Hospitalities P. Ltd.

333 ITR 119High Court2011#268 most cited

What is CIT v. Oasis Hospitalities P. Ltd. authority for?

When explaining cash credits under Section 68, the assessee must establish the identity of the creditor, their creditworthiness or financial capacity, and the genuineness of the transaction. Merely proving identity does not discharge this initial onus, which shifts to the Assessing Officer once these three elements are prima facie proven.

292

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Oasis Hospitalities P. Ltd. · Section 68 · Income Tax Act 1961 · cash credits · onus of proof · identity creditworthiness genuineness · share application money · paper company · shifting onus

Also reported as

198 Taxmann 247238 CTR 4029 Taxmann.com 1792011 SCC OnLine DEL 506

Sections most often in play

Section 68 Section 143(3)Section 1961 Section 133(6)Section 147 Section 142(1)Section 132 Section 69C

Read the full judgment

Issues it is cited on

paper company creditworthiness of the creditor share capital and share premium source of source section 31 section 251(2)share application money entry operator section 251(1)(a)addition u/s 68 live link admission of additional evidence

Judgments citing CIT v. Oasis Hospitalities P. Ltd.

R.N. Khemka Enterprises (P) Ltd., Delhi vs. ITO, New Delhi

ITA 3299/DEL/2017[2006-07]Status: DisposedITAT Delhi09 Aug 2019AY 2006-07

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2007-08

For Appellant: Shri S.K. Gupta, CAFor Respondent: Shri Surender Pal. Sr. DR

Section 143(1)Section 143(3)Section 147Section 271(1)(c)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2007-08 ITO, Ward-20(3) RMP Holding (P) Ltd. New Delhi. 138C, Block B, Group -4, Dilshad Garden, New Delhi – 110 095 Vs. PAN AAACR5533N (Appellant) (Respondent) Asstt. Year 2010-11 RMP Holding (P) Ltd. ITO, Ward 20(3) 138C, Block B, Group-4, Vs. New Delhi. Dilshad Garden, New Delhi -110 095 PAN AAACR5533N (Appellant) (Respondent) Asstt. Year 2006-07 M/s. R.N. Khemka Enterprises ITO, (P) Ltd, G-137, Gali No.6, Ward-15(1) Shiv Mandir Road, New Delhi. Vs. Swaroop Naga…

R.N. Khemka Enterprises (P) Ltd., Delhi vs. ITO, Ward- 20(3), New Delhi

ITA 1029/DEL/2019[2008-09]Status: DisposedITAT Delhi09 Aug 2019AY 2008-09

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2007-08

For Appellant: Shri S.K. Gupta, CAFor Respondent: Shri Surender Pal. Sr. DR

Section 143(1)Section 143(3)Section 147Section 271(1)(c)Section 68

R.N. Khemka Enterprises (P) Ltd., Delhi vs. ITO, Ward- 20(3), New Delhi

ITA 585/DEL/2018[2008-09]Status: DisposedITAT Delhi09 Aug 2019AY 2008-09

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2007-08

For Appellant: Shri S.K. Gupta, CAFor Respondent: Shri Surender Pal. Sr. DR

Section 143(1)Section 143(3)Section 147Section 271(1)(c)Section 68

Deputy Commissioner of Income Tax 12(2)(1), Mumbai vs. M/S.D.N.H.Spinners Private Limited, Mumbai

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

ITA 6315/MUM/2017[2013-14]Status: DisposedITAT Mumbai08 Aug 2019AY 2013-14

Bench: Shri C.N. Prasad & Shri Rajesh Kumar

For Appellant: Shri Rakesh Joshi, A.RFor Respondent: Shri D.G. Pansari, D.R

Section 132(4)Section 133ASection 68

…ailable on record do not justify the sum found credited -in the books being treated as a receipt of income nature. M/s. D.N.H. Spinners Pvt. Ltd. 5.9 It is clear from the decision of the Hon'ble Delhi High Court in the case of Oasis Hospitalities P Ltd. 2011 333 ITR 119 (Del.), that once the assessee filed copy of PAN, Acknowledgement copy of the return of income of the investing company, their bank accounts statements for the relevant period; then even if the parties were not produced in spite of the specific directions of the Assessing Officer, the addition could not be sustained as the primary onus was discha…

Income Tax Officer 12(1)(4), Mumbai vs. Cymbal Mercantile Private Limited, Mumbai

In the result, appeal of the revenue is dismissed

ITA 5367/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 Jul 2019AY 2012-13

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhito-12(1)(4) M/S Cymbal Mercantile Pvt. Ltd. Room No. 145A, B-204, Kesar Baug, L.T. Road, Aayakar Bhavan, M.K. Borivali (East), Road, Church Gate, Mumbai-400092. Vs. Mumbai-400020. Pan: Aaecc7675C Appellant Respondent Appellant By : Shri Pramod Nikalje (Dr) Respondent By : Shri V. Chandrasekhar (Ar) Date Of Hearing : 23.04.2019 Date Of Pronouncement : 17.07.2019 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Revenue Under Section 253 Of Income-Tax Act (‘Act’) Is Directed Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-

For Appellant: Shri Pramod Nikalje (DR)For Respondent: Shri V. Chandrasekhar (AR)

Section 253Section 254(1)Section 56(2)(viib)Section 68

…uineness of transaction. The learned CIT(A) 16 ITA No. M/s Cymbal Mercantile Pvt. Ltd. referred various case laws of different high courts to strengthen his conclusion including the decision of Delhi High Court in case of Oasis Hospitalities Private Ltd (333 ITR 119 Delhi), Sofia finance Ltd (205 ITR 98 Delhi), CIT Versus Stellar Investment Ltd (192 ITR 287 Delhi), CIT versus Gangeshwari Metal Private Ltd (361 ITR 10), Bombay High Court in case of CIT Versus Creative World Telefilms (ITA No. 2182 of 2009) decided on 12th October 2009 (333 ITR 100). 14. We have seen that the ld CIT(A) has given categorical…

DCIT, New Delhi vs. M/S. Bhaijee Commodities Pvt. Ltd., New Delhi

In the result, the Appeal of the Revenue stands dismissed

ITA 5323/DEL/2015[2012-13]Status: DisposedITAT Delhi13 Jun 2019AY 2012-13

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumaray 2012-13

For Appellant: Sh. R.S. Singhvi, Adv. &For Respondent: Sh. N.K. Bansal, Sr. DR

Section 131Section 133(6)Section 142(1)Section 143(2)Section 143(3)Section 14ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER AY 2012-13 DCIT, CIRCLE 4(2), VS. BHAIJEE COMMODITIES PVT. LTD. NEW DELHI AG-402, SHALIMAR BAGH, NEW DELHI (PAN: AAACB8905G) (APPELLANT) (RESPONDENT) Department by : Sh. N.K. Bansal, Sr. DR. Assessee by : Sh. R.S. Singhvi, Adv. & Sh. Satyajeet Goyal, Adv. ORDER PER H.S. SIDHU, JM The Revenue has filed this appeal against the order dated 29.5.2015 of the Ld. CIT(A)-2, New Delhi in respect of assessment year 2012-13 on the following grounds:- 1. On the facts and i…

M/S.Geetanjali Space Private Limited, Mumbai vs. Dy. CIT CC-1(1), Mumbai

In the result, the appeal of the assessee is allowed and that of the Revenue is dismissed

ITA 782/MUM/2019[2010-11]Status: DisposedITAT Mumbai31 May 2019AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Dilip Lakhani, A.RFor Respondent: Shri Rahul Raman, D.R

Section 143(3)Section 153ASection 68

…aradise Inland Shipping (P.) Ltd 84 Taxmann.com 58 4. Commr. Of Income tax v/s Creative World Telefilms Ltd. 333 ITR 100 48 ITA No.782/M/2019 & ITA No.1969/M/2019 M/s. Geetanjali Space Pvt. Ltd. 5. Commr. Of Income tax v/s Oasis Hospitalities Private Limited 333 ITR 119 6. Commr. Of Income tax v/s Gangour Investment Ltd. 335 ITR 359 7. Commr. Of Income tax v/s Siri Ram Syal Hydro Power Private Limited 196Taxman 441 8. Comrnr. Of Income tax v/s HLT Finance Pvt. Ltd. 12 Taxmann.com 247 9. Commr, Of Income Tax, Central-Ill Vs Anshika Consultants (P) Ltd. 62 Taxmann.com 192 10.Commr. of Income tax v/s STL Extrusion…

ITO 12(3)(3), Mumbai vs. Lucas Meyer Industries, Mumbai

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

ITA 3645/MUM/2017[2008-09]Status: DisposedITAT Mumbai24 May 2019AY 2008-09

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Ito-12(3)(3), Mumbai Vs M/S Lucas Meyer Industries Pvt Ltd 205/D, Veena Nagar, Chincholi Road Malad W), Mumbai 400 064 Pan : Aaacl6818N Appellant Respondednt

Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…sh deposit; but through account payee cheques. Therefore, all these documentary evidence are considered there appears not much basis addition. It is seen that in the latest decision, the Hon'ble Delhi High Court in the case of Oasis Hospitalities P Ltd (2011) 333 ITR 119 Del, after considering all the relevant decisions on the issue including the decision of the Hon'ble Supreme Court in the case of Lovely Exports P Ltd (supra), decision of the Full Bench of the Hon'ble Delhi High Court in the case of Sophia Finance Ltd reported in 205 ITR 98 (Del)(FB) and the decision in the case of Divine Leasing & Finance Ltd (…

Titan Engineering Co. Pvt. Ltd., Durgapur vs. DCIT, Circle - 1(2), Kolkata

Appeal is partly allowed in above terms

ITA 2250/KOL/2018[2012-13]Status: DisposedITAT Kolkata17 May 2019AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 Titan Engineering Co. Pvt. V/S. Dcit, Circle-1(2), Ltd., Sanjibi Sarani, Aayakar Bhawan, P-7, 7Th Floor, Chowringhee Durgapur-713210 [Pan No.Aabct 4321 K] Square, Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri H.V. Bhardwaj, Fca अपीलाथ" क" ओर से/By Appellant Shrishankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 07-05-2019 सुनवाई क" तार"ख/Date Of Hearing 17-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-1, Kolkata’S Order Dated 05.09.2018 Passed In Case No.18161/Cit(A)-1/Kol./Cir.-1(2)/2015-16, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. Learned Counsel Representing Assessee Does Not Press For First Substantive Ground Raised In The Instant Appeal Challenging Liquidated Damage Disallowance Of ₹85,099/- Made In Both The Lower Proceedings Keeping In Mind Smallness Of The Amount. 3. This First Substantive Ground Is Rejected As Not Pressed. 4. Next Comes The Estimated Ad Hoc Disallowance Of Site Expense Amounting To ₹4,74,241/- In Both The Lower Proceedings. The Cit(A)’S Detailed Discussion To This Effect Reads As Follows:-

Section 143(3)

…आयकर अपील"य अधीकरण, "यायपीठ – “D” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “D” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2012-13 Titan Engineering Co. Pvt. V/s. DCIT, Circle-1(2), Ltd., Sanjibi Sarani, Aayakar Bhawan, P-7, 7th Floor, Chowringhee Durgapur-713210 [PAN No.AABCT 4321 K] Square, Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri H.V. Bhardwaj, FCA अपीलाथ" क" ओर से/By Appellant ShriShankar Halder, JCIT-SR-DR ""यथ" क" ओर से/By Respondent 07-05-2019 सुनवाई क" तार"ख/Date of Hearing 17-05-2019 घोषणा क" तार"ख/Date of Pronou…

ITO 12(1)(4), Mumbai vs. Consultshah Financial Services P.Ltd, Mumbai

ITA 6893/MUM/2016[2011-12]Status: DisposedITAT Mumbai16 May 2019AY 2011-12

Bench: Shri Sandeed Gosain () & Shri N.K. Pradhan () Assessment Year: 2011-12 Income Tax Officer- M/S Consultshah 12(1)(4), Room No. 145A, Vs. Financial Services Pvt. Aayakar Bhavan, M.K. Ltd., 426, 4Th Floor, Road, Churchgate, Sujata Niketan, Rani Sati Mumbai-400020. Road, Malad East, Mumbai-400097. Pan No. Aadcc3362K Appellant Respondent Revenue By : Mr. Abi Rama Kartikiyen, Dr Assessee By : Dr. Prayag Jha & Mr. Prateek Jha, Ars Date Of Hearing : 21/02/2019 Date Of Pronouncement: 16/05/2019

For Appellant: Dr. Prayag Jha & Mr. Prateek Jha, ARsFor Respondent: Mr. Abi Rama Kartikiyen, DR

Section 143(3)Section 68

…ants before the AO, but the assessee failed to produce the share applicants before the AO. In view of the above observations, the Ld. CIT(A) relying specifically on the decision in CIT v. Lovely Exports (P) Ltd. 216 CTR 295, Oasis Hospitalities P. Ltd. (2011) 333 ITR 119 (Delhi), CIT v. Creative World Telefilms Ltd. (In ITA No. 2182 of 2009 decided on October 12, 2009) [2011] 333 ITR 100, CIT v. V.P. Mohanakala [2017] 291 ITR 278, CIT v. Stellar Investment Ltd. [1991] 192 ITR 287 (Delhi), concluded that when requisite documents such as PAN, bank accounts, balance sheet etc. were available with the AO to establish…

ITO -13(3)(3), Mumbai vs. Vishwa Vyapar Trading Pvt. Ltd., Mumbai

ITA 2888/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Apr 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Blei.T.O. – 13(3)(3) V. M/S. Viswa Vyapar Trading Pvt. Ltd., 607, 6Th Floor, Central Plaza Room No. 227, 2Nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 Pan: Aadcv 9568 L (Appellant) (Respondent) Assessee By : Shri Neelkanth Khandelwal Department By : Shri Rajeev Gubgotra

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Rajeev Gubgotra

Section 133(6)Section 68

…d (2007) 294 ITR 661 (Mad). iv. Hon'ble Rajasthan High Court in case of Commissioner of Income Tax v/s. AKJ Granites P.Ltd. (2008) 301 ITR 298 (Raj.) v. Hon'ble Delhi High Court in case of Commissioner of Income Tax v/s. Oasis Hospitalities (Pvt.) Ltd. (2011) 51 DTR 74 (Delhi). Sec. 69 places the burden of proof on the tax payer to explain the nature and source of any credit found in the books. But, when assessee proves or submit the basic information like identification, genuineness of transactions and creditworthiness of the creditors, onus is discharged by him and if Assessing Officer disbelieve the genuinenes…

Principal Commissioner of Income Tax(Central) 1 vs. Nra Iron and Steel Pvt. Ltd. Through Director

C.A. No.-002463-002463 - 2019Supreme Court05 Mar 2019

Bench: HON'BLE THE CHIEF JUSTICE

Section 148Section 68

…t was rightly held to be the assessee’s own undisclosed income. 8.4. Reliance was also placed on the decision of CIT v. Kamdhenu Steel & Alloys Limited and Other7 wherein the Court that : 5 333 ITR 119 (Delhi)(2011) 6 [1985] 23 TTJ (Cal.) 7 (2012) 206 Taxaman 254 (Delhi) 18 “38. Even in that instant case, it is projected by the Revenue that the Directorate of Income Tax (Investigation) had purportedly found such a racket of floating bogus companies with sole purpose of lending entries. But, it is unfortunate that all this exercis…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4875/DEL/2014[2010-11]Status: DisposedITAT Delhi21 Feb 2019AY 2010-11

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

Section 132Section 132(4)Section 143(2)Section 153A

…trong, cannot take place of proof and there can be no addition on the basis of mere suspicion. Reference, in this regard, may be made to the following decisions:- (1) Lalchand Bhagat Ambica Ram v CIT (1959) 37ITR 288 (SC); (2) CIT v. Paras Cotton Co (2007) 288 ITR 211 (Raj.) (3) Faqir Chand Chaman Lai v. ACIT (2004) 1 SOT 914 (Asr.) [Department's appeal dismissed by P&H High Court in 262 ITR 295 and also by SC in 268 ITR 215 (St); (4) ITO vs Shreedham Construction P Ltd in ITA No. 3754- 3756/Mum/2017 Dt: 14.11.2017 (PB 41 -60) 4.1.8 It was further submitted that Ld. CIT(A) has taken objection to the premium…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4874/DEL/2014[2009-10]Status: DisposedITAT Delhi21 Feb 2019AY 2009-10

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

Section 132Section 132(4)Section 143(2)Section 153A

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4873/DEL/2014[2008-09]Status: DisposedITAT Delhi21 Feb 2019AY 2008-09

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

Section 132Section 132(4)Section 143(2)Section 153A

ACIT, New Delhi vs. M/S. Montage Enterprises Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is partly allowed

ITA 4014/DEL/2011[2007-08]Status: DisposedITAT Delhi14 Jan 2019AY 2007-08

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Shri K. Narasimha Chary Shri K. Narasimha Charyshri K. Narasimha Chary Shri K. Narasimha Chary

For Appellant: Ms. Paramita M. Biswas, CIT-DRFor Respondent: Shri M.P. Rastogi, Advocate

…h certificate & distinctive no. of shares. (xii) Certificateof resolution passed by Board of Directors for allotment of shares to Adhyay Equi Pref Pvt.Ltd.” 19. That Hon'ble Jurisdictional High Court in the case of CIT Vs. Oasis Hospitalities P.Ltd. – [2011] 333 ITR 119 (Delhi) has laid down the guidelines for examining the cash credit in any assessee’s books of account. They have laid down that the burden is upon the assessee to explain the nature and source of share application money and, to discharge such burden, the assessee has to prove the identity of the shareholder, genuineness of the transaction and cre…

Jitinder Singh Chadha, New Delhi vs. Prcit-18, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2732/DEL/2018[2013-14]Status: DisposedITAT Delhi31 Dec 2018AY 2013-14

Bench: Sh. N. K. Saini, Hon’Ble & Smt. Beena A. Pillaiita No. 2732/Del/2018 : Asstt. Year : 2013-14 Mr. Jitindar Singh Chadha, Vs Pr. Cit-18, C-266, Defence Colony, New Delhi-110002 New Delhi-110024 (Appellant) (Respondent) Pan No. Aabpc6181D Assessee By : Sh. R. S. Ahuja, Ca Revenue By : Sh. Kumar Hrishikesh, Cit Dr Date Of Hearing : 04.12.2018 Date Of Pronouncement : 31.12.2018 Order Per N. K. Saini: This Is An Appeal By The Assessee Against The Order Dated 31.03.2018 Of Ld. Pr. Cit-18, New Delhi.

For Appellant: Sh. R. S. Ahuja, CAFor Respondent: Sh. Kumar Hrishikesh, CIT DR

Section 143(3)Section 263Section 55A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI Before Sh. N. K. Saini, Hon’ble Vice President and Smt. Beena A. Pillai, Judicial Member ITA No. 2732/Del/2018 : Asstt. Year : 2013-14 Mr. Jitindar Singh Chadha, Vs Pr. CIT-18, C-266, Defence Colony, New Delhi-110002 New Delhi-110024 (APPELLANT) (RESPONDENT) PAN No. AABPC6181D Assessee by : Sh. R. S. Ahuja, CA Revenue by : Sh. Kumar Hrishikesh, CIT DR Date of Hearing : 04.12.2018 Date of Pronouncement : 31.12.2018 ORDER Per N. K. Saini, Vice President: This is an appeal by the assessee against the order dated 31.03.2018 of ld. Pr. CIT-18, New De…

Shri Arun Goel, Bijnor vs. ACIT, Bijnor

In the result, appeal of the assessee is allowed

ITA 2404/DEL/2016[2007-08]Status: DisposedITAT Delhi31 Oct 2018AY 2007-08

For Appellant: Shri P.C. Yadav, AdvocateFor Respondent: Ms Ashmia Neb, Sr. DR

Section 143(3)Section 24Section 271Section 271(1)(c)Section 56Section 69C

…nability to prove the source of gifts but not a case of concealment of income or furnishing of inaccurate particulars thereof. He placed reliance on the decision of the jurisdictional High Court of Delhi in the case o CIT vs Oasis Hospitalities P. Ltd. (2011) 333 ITR 119 in support of this contention. 8. In respect of the alleged unexplained expenditure to earn the agricultural income, it is the submission of the learned AR that the learned AO had estimated had estimated the same at 20% whereas according to the learned CIT(A), such an estimate would be at Rs.2.25 lacs. Learned AR, therefore, submits that in a cas…

ITO 12(2)(3), Mumbai vs. Greeksoft Institute of Financial Market Pvt. Ltd., Mumbai

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

ITA 3969/MUM/2017[2012-13]Status: DisposedITAT Mumbai24 Oct 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Shri Ravish Sood(Jm)

Section 133(6)Section 68

…Ld CIT(A) noticed that the assessee has proved the three ingredients, viz., the identity, creditworthiness and genuineness of transactions. The Ld CIT(A) also took support of the following decisions to support his order:- (a) Oasis Hospitalities P Ltd (2011)(333 ITR 119)(Delhi) (b) CIT vs. Creative World Telefilms Ltd (ITA No.2182 of 2009 dated October 12, 2009 – 333 ITR 100) (c) CIT vs. P Mohanakala (2007)(291 ITR 278)(SC) (d) CIT vs. Stellar Investment Ltd (1991)(192 ITR 287)(Delhi) (e) CIT vs. Gangeshwari Metal P Ltd (2014)(361 ITR 10)(Delhi) Accordingly, the Ld CIT(A) deleted the addition of Rs.370 lakhs ma…

Stryton Exim India P.Ltd, New Delhi vs. ITO, Ward-24(2), New Delhi

In the result appeal filed by the assessee is allowed for statistical purposes

ITA 5982/DEL/2018[2014-15]Status: DisposedITAT Delhi23 Oct 2018AY 2014-15

Bench: Shri Kuldip Singh & Shri Prashant Maharishisa No. 665/Del/2018 (In Ita No. 5982/Del/2018) (Assessment Year: 2014-15) Stryton Exim India Pvt Ltd, Vs. Ito, C/O. R Khare & Associates, Ward-24(2), 7/6, Sarvapriya Vihar, New Delhi New Delhi Pan: Aaics0797B (Appellant) (Respondent) Stryton Exim India Pvt Ltd, Vs. Ito, C/O. R Khare & Associates, Ward-24(2), 7/6, Sarvapriya Vihar, New Delhi New Delhi Pan: Aaics0797B (Appellant) (Respondent)

For Appellant: Shri Rahul Khare, AdvFor Respondent: Shri K Tewari, Sr. DR

Section 56(2)(viib)Section 68

…ants), which has not been done by him. Under the facts and circumstances of the case stated above, it is held that the addition of Rs. 70,00,000/- cannot be sustained and accordingly, the same is directed to be deleted CIT vs OASIS HOSPITALITIES (PVT.) LTD., 333 ITR 119 DHC In a batch of cases, the Court had to consider whether the addition made by the AO u/s 68 on account of unexplained share application money was justified. After a comprehensive review of all the important cases on s. 68, the following principles were laid down: (i) S. 68 provides that if the assessee is not able to give satisfactory explanat…