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 366,314 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 68Section 143(3)Section 1961Section 133(6)Section 147Section 142(1)Section 132Section 69C
Read the full judgment

Issues it is cited on

paper companycreditworthiness of the creditorshare capital and share premiumsource of sourcesection 31section 251(2)share application moneyentry operatorsection 251(1)(a)addition u/s 68live linkadmission of additional evidence

Judgments citing CIT v. Oasis Hospitalities P. Ltd.

ACIT 4(3)(1), Nagpur vs. Kenhans Shares & Stocks P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5157/MUM/2015[2008-09]Status: DisposedITAT Mumbai04 Jul 2018AY 2008-09

Bench: Shri G.S. Pannu & Shri Pawan Singhacit-4(3)(1), M/S Kenhans Shares & Stocks Pvt. Room No. 649, 6Th Floor, Ltd., 302A Poonam Chambers, 3Rd Floor, Dr. Annie Besant Road, Aayakar Bhavan, Vs. Mumbai-20 Mumbai-400018. Pan: Aadck1171C Appellant Respondent Appellant By : Shri M.C. Omi Ningshen(Dr) Respondent By : None Date Of Hearing : 04.07.2018 Date Of Pronouncement : 04.07.2018 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh;

For Appellant: Shri M.C. Omi Ningshen(DR)For Respondent: None
Section 254(1)Section 271(1)(c)Section 68

…of facts, the Hon’ble Delhi High Court upheld the addition made by the AO u/s 68 of the Act. 11. Before the Hon’ble Delhi High Court, the assessee relied upon another decision rendered by the very same High Court in the case of CIT Vs. Hospitalities (P) Ltd (333 ITR 119). We notice that the facts prevailing in the present case is somewhat similar to the facts prevailing in the case of Hospitalities (P) Ltd (supra). The relevant discussions made by Hon’ble Delhi High Court in the case of Nova Promoters & Finlease (P) Ltd (supra) are extracted below:- “40. Reference was also made oil of the assessee to the recent…

ITO 12(2)(2), Mumbai vs. Elegant Creations P . Ltd, Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 5632/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Jun 2018AY 2012-13

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2012-13 Income Tax Officer M/S Elegant Creations Pvt. Ltd. 12(2)(2), Room No. 146A, 701, Meenaxi Apt. Gokuldham, Vs. 1St Floor, Aayakar Bhavan, Goregaon (E), Mumbai-400063, M.K. Road, Mumbai-400020. Pan No. Aaace5295L Appellant Respondent Revenue By : Ms. S. Padmaja, Dr Assessee By : Mr. Vipul J. Shah, Ar Date Of Hearing : 17/04/2018 Date Of Pronouncement: 28/06/2018

For Appellant: Mr. Vipul J. Shah, ARFor Respondent: Ms. S. Padmaja, DR
Section 133(6)Section 143(3)Section 68

…king channel. There is no cash transaction which could compel oneself to assume that the transactions were not genuine.” Drawing the above conclusion by relying on decision in CIT v. Lovely Exports (P) Ltd. 216 CTR 295 (SC), Oasis Hospitalities P. Ltd. (2011) 333 ITR 119 (Del), Sophia Finance Ltd. 205 ITR 98 (Del) (FB), CIT v. Creative World Telefilms Ltd. (2011) 333 ITR 100, CIT v. Mohanakala (2007) 291 ITR 278 (SC), CIT v. Stellar Investment Ltd. (1991) 192 ITR 287 (Del), CIT v. Gangeshwari Metal Pvt. Ltd. 361 ITR 10 (Del), the Ld. M/s Elegant Creations Pvt. Ltd. 5 CIT(A) deleted the addition of Rs.3,85,00,000…

Shri Chandra Mohan Sachdeva, Bhopal vs. The ACIT 1(2), Bhopal

In the result, the appeals in I

ITA 858/IND/2016[2006-07]Status: DisposedITAT Indore07 May 2018AY 2006-07

Bench: Shri Kul Bharat & Shri Manish Boradआ.अ.सं /.I.T.A. Nos.857 & 858/Ind/2016 "नधा"रणवष" / Assessment Years: 2005-06 & 2006-07 Shri Chandra Mohan Assistant Commissioner Sachdeva, Of Income-Tax, E-5/59, Arera Colony, Vs. 1(2), Bhopal Bhopal

Section 133ASection 143(3)Section 68

…20 Labh Chand Bohra v. ITO 219 CTR 571 (Raj) Para 8 3 Para 5 & 6 4 CIT vs. Glocom Impex P Ltd 299 ITR 571 (Del) 5 CIT vs. Dwarkadish Investment 330 ITR 298 (Del) Para 12 6 CIT vs People General Hospital Ltd 356 ITR 65 [MP] 7 CIT v.Oasis Hospitalities (P) Ltd. 333 ITR 119 (Del) 8 Pr. CIT vs. Mahakaushal Sugar & 30 ITJ 316 (MP) 9. After considering the submissions of the parties and the material available on record, more particularly, when the Ld. CIT(A) has himself recorded in his impugned orders for both the assessment years that no one remained present to argue the cases, we deem it proper that the assessee…

Shri Chandra Mohan Sachdeva, Bhopal vs. The ACIT 1(2), Bhopal

In the result, the appeals in I

ITA 857/IND/2016[2005-06]Status: DisposedITAT Indore07 May 2018AY 2005-06

Bench: Shri Kul Bharat & Shri Manish Boradआ.अ.सं /.I.T.A. Nos.857 & 858/Ind/2016 "नधा"रणवष" / Assessment Years: 2005-06 & 2006-07 Shri Chandra Mohan Assistant Commissioner Sachdeva, Of Income-Tax, E-5/59, Arera Colony, Vs. 1(2), Bhopal Bhopal

Section 133ASection 143(3)Section 68

…20 Labh Chand Bohra v. ITO 219 CTR 571 (Raj) Para 8 3 Para 5 & 6 4 CIT vs. Glocom Impex P Ltd 299 ITR 571 (Del) 5 CIT vs. Dwarkadish Investment 330 ITR 298 (Del) Para 12 6 CIT vs People General Hospital Ltd 356 ITR 65 [MP] 7 CIT v.Oasis Hospitalities (P) Ltd. 333 ITR 119 (Del) 8 Pr. CIT vs. Mahakaushal Sugar & 30 ITJ 316 (MP) 9. After considering the submissions of the parties and the material available on record, more particularly, when the Ld. CIT(A) has himself recorded in his impugned orders for both the assessment years that no one remained present to argue the cases, we deem it proper that the assessee…

Sh. Abhimanyu Soin, Ludhiana vs. ACIT, Ludhiana

In the result, appeal of the Assessee is dismissed

ITA 951/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh18 Apr 2018AY 2011-12

Bench: Shri. Sanjay Garg, Judicial, Member & Dr. B.R.R. Kumarassessment Year: 2011-12

For Appellant: Sh. Kuldip SinghFor Respondent: Smt. C. Chandrakanta
Section 10(38)Section 131Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES ‘A’ CHANDIGARH BEFORE SHRI. SANJAY GARG, JUDICIAL, MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 2011-12 Shri. Abhimanyu Soin Vs. The Asst. CIT 31, Garden Enclave Circle- VII, Ludhiana South City, Ludhiana PAN No. BVKPS1586B (Appellant) (Respondent) Assessee By : Sh. Kuldip Singh Department By : Smt. C. Chandrakanta Date of hearing : 22/01/2018 Date of Pronouncement : 18/04/2018 ORDER PER DR. B.R.R.KUMAR, AM The present appeal has been filed by the assessee against the order of the Ld. CIT(A)-3, Ludhiana dt. 07/06/2016. 2. The asse…

M/S Bassi Steels Ltd., Mohali vs. DCIT, Mohali

ITA 96/CHANDI/2016[2004-05]Status: DisposedITAT Chandigarh27 Mar 2018AY 2004-05

Bench: Shri. Sanjay Garg, Judicial, Member & Dr. B.R.R. Kumarassessment Year: 2005-06

For Appellant: Sh. Ashok GoelFor Respondent: Smt. C. Chandrakanta
Section 148Section 68

…nk accounts. No substantial question of law arose." 7.5 The Hon'ble Delhi High Court in the case of Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. [2012] 342 ITR 0169- has distinguished the case of CIT v. Oasis Hospitalities P. Ltd. [2011] 333 ITR 119 (Delhi) and has held as under: "Even where a reference of a question of law is made to the High Court in its advisory jurisdiction, and not the appellate jurisdiction, where normally the findings of fact recorded by the Tribunal are binding on the High Court, the findings are not binding on the High Court if they are perverse or if the findings…

DCIT, New Delhi vs. M/S. M.N. Securities Pvt. Ltd., New Delhi

In the result, the appeals of the department are dismissed

ITA 3833/DEL/2014[2006-07]Status: DisposedITAT Delhi27 Feb 2018AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 3832/Del/2014 : Asstt. Year : 2005-06 Ita No. 3833/Del/2014 : Asstt. Year : 2006-07 Asstt. Commissioner Of Income Vs M/S M. N. Securities Pvt. Ltd., 8Th Floor, Statesman House, Tax, Central Circle-19, New Delhi Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aadcm0102D Assessee By : Sh. Shashi Tulsiyan, Adv. Revenue By : Smt. Shefali Swroop, Cit Dr Date Of Hearing : 06.02.2018 Date Of Pronouncement : 27.02.2018 Order Per N. K. Saini, Am: These Two Appeals By The Department Are Directed Against The Separate Orders Each Dated 25.04.2014 Of Ld. Cit(A)-Xii, New Delhi.

For Appellant: Sh. Shashi Tulsiyan, AdvFor Respondent: Smt. Shefali Swroop, CIT DR
Section 132Section 142(1)Section 143(3)Section 153CSection 68

…d Kothari 264 ITR 254 (Gau) 11. It was further submitted that the decision of the Hon’ble Supreme Court in the case of Lovely Exports (supra) have been followed by the Hon’ble Delhi High Court in the following case laws: " CIT Vs Oasis Hospitalities (P.) Ltd. 333 ITR 119 " CIT Vs Winstral Petrochemicals (P) Ltd. 330 ITR 603 " CIT Vs Kamdhenu Steel and Alloys Ltd. 248 CTR 33 " CIT Vs Sikka Overseas (P) Ltd. 328 ITR 641 " CIT Vs Jagat Diagnositc (P) Ltd. in ITA 267/2010 (Dated 10.9.2010) " CIT Vs Raghvi Finance in ITA 1264/2010 (Dated 31.8.2010) " Ultratech Finance & Co. Ltd. in ITA 1122/2010 (Dated 12.8.2010) " CI…

DCIT, New Delhi vs. M/S. M.N. Securities Pvt. Ltd., New Delhi

In the result, the appeals of the department are dismissed

ITA 3832/DEL/2014[2005-06]Status: DisposedITAT Delhi27 Feb 2018AY 2005-06

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 3832/Del/2014 : Asstt. Year : 2005-06 Ita No. 3833/Del/2014 : Asstt. Year : 2006-07 Asstt. Commissioner Of Income Vs M/S M. N. Securities Pvt. Ltd., 8Th Floor, Statesman House, Tax, Central Circle-19, New Delhi Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aadcm0102D Assessee By : Sh. Shashi Tulsiyan, Adv. Revenue By : Smt. Shefali Swroop, Cit Dr Date Of Hearing : 06.02.2018 Date Of Pronouncement : 27.02.2018 Order Per N. K. Saini, Am: These Two Appeals By The Department Are Directed Against The Separate Orders Each Dated 25.04.2014 Of Ld. Cit(A)-Xii, New Delhi.

For Appellant: Sh. Shashi Tulsiyan, AdvFor Respondent: Smt. Shefali Swroop, CIT DR
Section 132Section 142(1)Section 143(3)Section 153CSection 68

…d Kothari 264 ITR 254 (Gau) 11. It was further submitted that the decision of the Hon’ble Supreme Court in the case of Lovely Exports (supra) have been followed by the Hon’ble Delhi High Court in the following case laws: " CIT Vs Oasis Hospitalities (P.) Ltd. 333 ITR 119 " CIT Vs Winstral Petrochemicals (P) Ltd. 330 ITR 603 " CIT Vs Kamdhenu Steel and Alloys Ltd. 248 CTR 33 " CIT Vs Sikka Overseas (P) Ltd. 328 ITR 641 " CIT Vs Jagat Diagnositc (P) Ltd. in ITA 267/2010 (Dated 10.9.2010) " CIT Vs Raghvi Finance in ITA 1264/2010 (Dated 31.8.2010) " Ultratech Finance & Co. Ltd. in ITA 1122/2010 (Dated 12.8.2010) " CI…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 242/BIL/2014[2012-13]Status: DisposedITAT Raipur19 Jan 2018AY 2012-13
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…rading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2012) dated 28.11.2013; (xi) Oasis Hospitalities (P.) Ltd. (333 ITR 119/ 198); ( ( xii) VijayKumarTalwar v. CIT [2011] 330 ITR 1/196 (S.C) xiii) Agrawal Coal Corp. Pvt. Ltd. (135 LTD 270); 10. It was further held that inquiries conducted by the A.O. cement the findings that the identity and creditworthiness of the creditors were not established, they were found to have no capacity and purpose to invest by way of sh…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 238/BIL/2014[2008-09]Status: DisposedITAT Raipur19 Jan 2018AY 2008-09
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…rading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2012) dated 28.11.2013; (xi) Oasis Hospitalities (P.) Ltd. (333 ITR 119/ 198); ( ( xii) VijayKumarTalwar v. CIT [2011] 330 ITR 1/196 (S.C) xiii) Agrawal Coal Corp. Pvt. Ltd. (135 LTD 270); 10. It was further held that inquiries conducted by the A.O. cement the findings that the identity and creditworthiness of the creditors were not established, they were found to have no capacity and purpose to invest by way of sh…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 237/BIL/2014[2007-08]Status: DisposedITAT Raipur19 Jan 2018AY 2007-08
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…rading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2012) dated 28.11.2013; (xi) Oasis Hospitalities (P.) Ltd. (333 ITR 119/ 198); ( ( xii) VijayKumarTalwar v. CIT [2011] 330 ITR 1/196 (S.C) xiii) Agrawal Coal Corp. Pvt. Ltd. (135 LTD 270); 10. It was further held that inquiries conducted by the A.O. cement the findings that the identity and creditworthiness of the creditors were not established, they were found to have no capacity and purpose to invest by way of sh…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 236/BIL/2014[2006-07]Status: DisposedITAT Raipur19 Jan 2018AY 2006-07
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…rading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2012) dated 28.11.2013; (xi) Oasis Hospitalities (P.) Ltd. (333 ITR 119/ 198); ( ( xii) VijayKumarTalwar v. CIT [2011] 330 ITR 1/196 (S.C) xiii) Agrawal Coal Corp. Pvt. Ltd. (135 LTD 270); 10. It was further held that inquiries conducted by the A.O. cement the findings that the identity and creditworthiness of the creditors were not established, they were found to have no capacity and purpose to invest by way of sh…

Income Tax Officer, Ward- Bhiwadi vs. Shri Satish Kumar, Alwar

In the result, appeal of the revenue is partly allowed for statistical

ITA 637/JPR/2017[2012-13]Status: DisposedITAT Jaipur22 Nov 2017AY 2012-13

Bench: The Ld. Cit(A). The Ld. Cit(A)

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri Rajendra Jha fu/kZkfjrh dh vksj ls@
Section 143(3)Section 68Section 80C

…s also discussed the parameters set by the Hon’ble Supreme Court in the case of CIT Vs Lovely exports Ltd. It has observed as under; Division Bench of Delhi high Court by judgment rendered on 31.01.2011 reported as CIT v. Oasis Hospitalities Pvt. Ltd. (2011) 333 ITR 119 (Del.) = 2011-TIQL-69- HC-DEL-IT. Taking note of the jurisprudential development on the subject as culminating in judgment of Supreme Court in CIT v. Lovely Exports Pvt. Ltd.(supra), it was held that the initial burden is upon the assessee to explain the nature and source of the share application money and in order to discharge this onus, the ass…

ACIT, Meerut vs. M/S. Anand Tissues Ltd., Meerut

Appeal is dismissed

ITA 3897/DEL/2013[2009-10]Status: DisposedITAT Delhi31 Jul 2017AY 2009-10

Bench: Shri I. C. Sudhir & Shri L. P. Sahui. T. Appeal No. 3897/Del/2013 Assessment Year : 2009-10. Asstt. Commissioner M/S. Anand Tissues Ltd., Of Income Tax, Vs. 16 Km., Meerut Mawana Road, Circle : 1, Meerut. Vill. Fitkari, Meerut. M E E R U T. Pan : Aabca 1790 R (Appellant) (Respondent)

For Appellant: Shri Sanjiv Sapra, F.C.A.; &For Respondent: Shri S. K. Jain, Sr. D. R
Section 133(6)Section 41

…editors. The assessee would be treated as having discharged the burden and such a conclusion could not be said to be unreasonable, perverse or based on no evidence. References also made to the decision of the Delhi High Court in the case of Oasis Hospitalies (333 ITR 119) which held that when money is received by check and is transmitted through banking or other indisputable channels, the genuineness of the transaction would be proved. In view of the above, the Assessing Officer is directed to delete the addition of Rs.1,57,45,043. ” 6.3 We find that the ld. CIT (Appeals) has given relief considering the remand…

Om Logistics Ltd., New Delhi vs. ACIT, New Delhi

ITA 4304/DEL/2014[2001-02]Status: DisposedITAT Delhi31 May 2017AY 2001-02

Bench: Sh. N. K. Saini & Smt. Beena A. Pillaiom Logistics Ltd. Acit 130, Transport Nagar, Circle-21 Ring Road, Punjabi Bagh Vs. New Delhi New Delhi Pan : Aaaco4716C (Appellant) (Respondent)

For Appellant: Sh. Ashish Goel, CAFor Respondent: Smt. Rachna Singh, CIT(DR)
Section 142(1)Section 143(2)Section 143(3)Section 147Section 68

…ng decisions which has been filed before us at the time of hearing: • decision of Hon’ble Delhi High Court CIT vs SMC share Brokers Ltd., Reported in (2007) 288 ITR 345 8 • CIT vs Oasis Hospitalities Pvt.Ltd., is and UP Bone Mills India Ltd reported in (2011 333 ITR 119; • Shivank Udyog Ltd vs ITO reported in (2011) (10) TMI 667; • ITO vs Tubecon India Ltd reported in 2015 (11) TMI 292 • IT versus Neelkanth Finbuild Pvt.Ltd., in ITA No. 1932/del/2009 wide order dated 01.04.2015 14. The sum and substance of the above decisions, relied upon by assessee are that, if assessee produced sufficient documentation disch…

Chaitanya Industries Pvt. Ltd., Jajpur vs. ACIT, Circle-1(1), Cuttack

ITA 328/CTK/2014[2009-10]Status: DisposedITAT Cuttack29 May 2017AY 2009-10

Bench: Shri N.S. Saini & Shri Kuldip Singhm/S. Chaitanya Industries Pvt. Ltd., Vs. Acit, Circle 1 (1), Chorda, Jajpur Road, Cuttack. Distt. Jajpur – 755 019. (Pan : Aaccc7061L)

For Appellant: Shri G. Nayak, ARFor Respondent: Shri A. Tigga, DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL (CUTTACK BENCH, CUTTACK) BEFORE SHRI N.S. SAINI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER M/s. Chaitanya Industries Pvt. Ltd., vs. ACIT, Circle 1 (1), Chorda, Jajpur Road, Cuttack. Distt. Jajpur – 755 019. (PAN : AACCC7061L) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri G. Nayak, AR REVENUE BY : Shri A. Tigga, DR Date of Hearing : 26.04.2017 Date of Pronouncement : 29 .05.2017 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : The Appellant, M/s. Chaitanya Industries Pvt. Ltd. (hereinafter referred to as ‘the assessee’) by filing the aforesaid appeal sought t…

M/S. Aps Containers Pvt. Ltd., Kolkata vs. DCIT, CC-Xviii, Kolkata

In the result, assessee’s appeal is allowed

ITA 2154/KOL/2014[2009-2010]Status: DisposedITAT Kolkata03 May 2017AY 2009-2010

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 131Section 133ASection 147

…the appellant company. Hence, the addition of Rs.18 lakhs made by the AO is confirmed. In support the reliance is placed on the decision in the case of CIT vs. Neva Promoters & Finlease Pvt. Ltd., 342 ITR 169 (Delhi) and CIT vs. Oasis Hospitalities Pvt. Ltd., 333 ITR 119 (Delhi). The ground no. 2, 3, and 4 are dismissed.” Being aggrieved by this order of Ld. CIT(A) assessee came in second appeal before us on the following ground:- “2a) That the Ld. CIT(Appeals) erred in having upheld the addition of Rs.18,00,000/- 8u/s 68 of Act being the equity share application money received by the assessee in spite of the fa…

Disha N . Lalwani, Mumbai vs. ITO WD 23(2)(2), Mumbai

The appeal of the assessee is dismissed

ITA 6398/MUM/2012[2003-04]Status: DisposedITAT Mumbai22 Mar 2017AY 2003-04

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2003-04 Disha N. Lalwani, Income Tax Officer- J-301, Vardhaman Nagar 23(2)(2), बनाम/ Jn. Of R.P. Rd. & M.G. Rd. C-10-Pratyakshkar Vs. Mulund (W), Bhavan, 02Nd Floor, Mumbai-400080 Bandra Kurla Complex, Bandra, Mumbai-400007 ("नधा"रती/Assessee) (राज"व /Revenue) P.A. No. Aaapl6056H

Section 143(1)Section 143(3)Section 147Section 148

…he case of CIT vs Nova Promoters and Finlease Pvt. Ltd. (2012) 324 ITR 0169 (Del.) supports our view. It is also noted that the Hon'ble Delhi High Court while coming to a particular disapproved the decision taken in CIT vs Oasis Hospitalities Pvt. Ltd. (2011) 333 ITR 119 and also considered the decision in DIT vs Bharat Diamond Bourse (2003) 259 ITR 280 (SC) and Lovely Exports Pvt. Ltd. (2008) 299 ITR 268 46 Disha N. Lalwani (SC). The relevant finding from the aforesaid order dated 15/02/2012 (Nova Promotors and Finlease Pvt. Ltd.) is reproduced hereunder:- “The assessee seems to have sent the Assessing Office…

Blue Diamond Infrastructure & Realty P.Ltd, Navi Mumbai vs. ACIT RG 10(3), Mumbai

In the result, both the appeals are allowed for statistical purposes

ITA 6176/MUM/2011[2008-09]Status: DisposedITAT Mumbai11 Jan 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09

Section 143(3)

…see submits PAN, Bank statements, confirmations, etc of the parties, addition u/s 68 cannot be made 1. CIT vs. Lovely Exports (F) ltd. (21 6 ITR 195) (SC) 2. CIT vs. Creative World Telefilms Ltd. (ITA No. 2182 of 2009) 3. CIT vs. Oasis Hospitalities Pvt. Ltd. 333 ITR 119 (Del.) 4. CIT vs. Dolphin Canpack ltd. (283 ITR 190) (Del) 5. CIT vs. Dwarkadhish Investment (P.) ltd (194 Taxman 43) (Del. HC) 6. CIT Vs. Jay Dee Securities & Finance ltd. 350 lTR 220 (All. HC) 7. Madhuri Investments Pvt. Ltd. vs. ACIT (ITA No. 110 of 2004) (Kar. HC) 8. CIT vs. Arunananda Textiles Pvt. I td (2011) 333 ITR II 6 (Kar. HC) 9. CIT v…

Asst CIT 10(3), Mumbai vs. Blue Diamond Infrastructure & Reality P. Ltd, Navi Mumbai

In the result, both the appeals are allowed for statistical purposes

ITA 6119/MUM/2011[2008-09]Status: DisposedITAT Mumbai11 Jan 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09

Section 143(3)

…see submits PAN, Bank statements, confirmations, etc of the parties, addition u/s 68 cannot be made 1. CIT vs. Lovely Exports (F) ltd. (21 6 ITR 195) (SC) 2. CIT vs. Creative World Telefilms Ltd. (ITA No. 2182 of 2009) 3. CIT vs. Oasis Hospitalities Pvt. Ltd. 333 ITR 119 (Del.) 4. CIT vs. Dolphin Canpack ltd. (283 ITR 190) (Del) 5. CIT vs. Dwarkadhish Investment (P.) ltd (194 Taxman 43) (Del. HC) 6. CIT Vs. Jay Dee Securities & Finance ltd. 350 lTR 220 (All. HC) 7. Madhuri Investments Pvt. Ltd. vs. ACIT (ITA No. 110 of 2004) (Kar. HC) 8. CIT vs. Arunananda Textiles Pvt. I td (2011) 333 ITR II 6 (Kar. HC) 9. CIT v…