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.

M/S. Khatri Projects Pvt. Ltd., Delhi vs. ITO, Delhi

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

ITA 4353/DEL/2016[2007-08]Status: DisposedITAT Delhi16 Dec 2016AY 2007-08

Bench: Sh. N. K. Sainiita No. 4353/Del/2016 : Asstt. Year : 2007-08 M/S Khatri Projects Pvt. Ltd., Vs Income Tax Officer, A-2/106, Sector-16, Rohini, Ward-5(2), Delhi-110085 Delhi (Appellant) (Respondent) Pan No. Aacck7376A Assessee By : Sh. Vivek Bansal, Adv. Revenue By : Sh. Rajesh Kumar, Sr. Dr Date Of Hearing : 19.10.2016 Date Of Pronouncement : 16.12.2016 Order This Is An Appeal By The Assessee Against The Order Dated 30.05.2016 Of Ld. Cit(A)-36, New Delhi.

For Appellant: Sh. Vivek Bansal, AdvFor Respondent: Sh. Rajesh Kumar, Sr. DR
Section 139(1)Section 148Section 68

…aseless allegation that the amounts received by the Appellant from Two Companies aggregating to Rs 25 lacs were in the nature of Accommodation entries In this case reliance is placed on the Decision of Delhi High Court in CIT Vs OASIS Hospitalities Pvt. Ltd. -333 ITR 119. It was incumbent for the Revenue to establish, based on Corroborative evidence that Cash actually moved out of/emanated from the office of the Assessee which subsequently found its way back to Assessee in the Form of accommodation entries. The Assessing Officer has failed to prove that the Accommodation entries have been taken/ Provided in lieu…

M/S. M.G. Portfolio Ltd., New Delhi vs. DCIT, New Delhi

ITA 4717/DEL/2013[2000-01]Status: DisposedITAT Delhi25 Oct 2016AY 2000-01

Bench: Shri L.P. Sahu & Shri Kuldip Singh

For Appellant: Shri R.K. Kapoor, CAFor Respondent: Shri Vijay Verma, CIT DR
Section 147Section 271Section 271(1)(c)Section 68

…ause the assessee was not able to substantiate its claim with regard to the receipt of application money. 6) That the Ld. CIT (A) grossly erred in law by not following the judgment of Hon'ble Jurisdictional HC in the case of CIT Vs Oasis Hospitalities (I) Ltd 238 CTR 402, wherein on identical facts, the Hon'ble Court has held no penalty u/s 271 (1)(c) is leviable. 7) That the order passed by the AO and the CIT(A) u/s 271(1)(c) is bad in law.” 2. Briefly stated the facts of this case are : on the basis of assessment proceedings completed under section 147/144 of the Income-tax Act, 1961 (for short ‘the Act’) and…

K.B. J Jewellery P. Ltd, Mumbai vs. ITO 6(2)(1), Mumbai

ITA 6365/MUM/2011[2008-09]Status: DisposedITAT Mumbai07 Sept 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2008-09 K.B.J. Jewellery Pvt. Ltd. Income Tax Officer-6(2)(1) 66/66, Kbj Plaza, Mumbai बनाम/ Zaveri Bazar, Vs. Mumbai-400002 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacck8066F "नधा"रती क" ओर से / Assessee By Shri Hari Raheja Shri A. Ramachandran-Dr राज"व क" ओर से / Revenue By 28/07/2016 सुनवाई क" तार"ख / Date Of Hearing : 07/09/2016 आदेश क" तार"ख /Date Of Order:

Section 131Section 68

…ch had the occasion to deal with another batch of appeals touching upon this very issue, which culminated into judgment dt. 31st Jan., 2011 with lead case entitled CIT vs. Oasis Hospitalities (P) Ltd. (2011) 238 CTR (Del) 402 : (2011) 51 DTR (Del) 74 : (2011) 333 ITR 119 (Del). As catena of judgments were taken note of and the ratio culled out therein after undertaking in-depth analysis, we are of the view that our purpose can be served by borrowing liberally from the said judgment to state the legal position. Some more cases which have been decided thereafter or cited before us now, but not taken note of in the…

Kenhans Shares & Stock P.Ltd, Mumbai vs. DCIT 4(3), Mumbai

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

ITA 3940/MUM/2012[2008-09]Status: DisposedITAT Mumbai02 Sept 2016AY 2008-09

Bench: Shri B.R. Baskaran (Am)& Amit Shukla (Jm)

Section 131Section 133(6)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, New Delhi vs. M/S. Moksha Securities (P) Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 6251/DEL/2015[2005-06]Status: DisposedITAT Delhi02 Sept 2016AY 2005-06

Bench: Shri H.S. Sidhuassessment Year: 2005-06

For Appellant: Shri Gautam Jain, Adv. & Sh. P.K. KamalFor Respondent: None
Section 139Section 142(1)Section 143(2)Section 148Section 68Section 69

…t was recorded by the AO. The above events show the complete lack of enquiry from the side of the AO regarding the genuineness or otherwise of the transaction. In such cases, what would be the fate of addition, has been decided In various cases as under.- 333 ITR 119 (Del) OASIS HOSPITALITIEs P. LTD. ITA NO. 6251/Del/2015 & CO No. 74/Del/2016 7 AS far as the creditworthiness or financial strength of the creditor / subscriber is concerned, that can be proved by producing the bank statement of the creditors / subscribers showing that it had sufficient balance in its accounts to enable it 10 subscribe to the…

G.L. Constructions P.Ltd, Mumbai vs. DCIT 8(1) Or DCIT City 8, Mumbai

In the result, appeal of assessee is allowed in part, in terms indicated hereinabove

ITA 2269/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Jun 2016AY 2010-11
For Appellant: Shri N.R.Agrawal & Pavan VedFor Respondent: Ms. Anupama Shukla
Section 131Section 133ASection 133A(6)Section 143(3)

…show source of the source for loans. It is immaterial & even if creditors have shown exact amount of received on the date of advancement of loan & if after repayment exact cash is drawn. No other & no addition can be done. CIT v/s Oasis Hospitalities Pvt. Ltd 333 ITR 119 (Del) Also creditworthiness of applicant not proved balance addition was confirmed based on the fact that some shareholder are agriculturists, Identity & capacity not proved. In other cases addition deleted as Registered office, PAN, Cheque Payment, & Bank statement is sufficient proof. Substantial evidence produced by assessee to prove creditwor…

ITO, New Delhi vs. M/S. Gazipur Properties Pvt. Ltd., New Delhi

In the result appeal of the revenue is dismissed

ITA 1638/DEL/2012[2006-07]Status: DisposedITAT Delhi21 Jun 2016AY 2006-07

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiito, Gazipur Properties Pvt. Ltd., Ward-12(1), 150, Bank Enclave, Vs. New Delhi Laxmi Nagar, New Delhi Pan:Aaccg5020B (Appellant) (Respondent)

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Sh. T Vasanthan, Sr. DR
Section 68

…Page 1 of 7 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE SHRI I.C.SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITO, Gazipur Properties Pvt. Ltd., Ward-12(1), 150, Bank Enclave, Vs. New Delhi Laxmi Nagar, New Delhi PAN:AACCG5020B (Appellant) (Respondent) Revenue by : Sh. T Vasanthan, Sr. DR Assessee by: Dr. Rakesh Gupta, Adv Mr. Somil Agarwal, Adv Date of Hearing 27/04/2016 Date of pronouncement 21/06/2016 O R D E R PER PRASHANT MAHARISHI, A. M. This is appeal filed by the revenue against the order of the ld CIT (A)-VII, New 1. Delhi dated 12.01.2012 for the Assessmen…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5334/MUM/2014[2007-08]Status: DisposedITAT Mumbai08 Jun 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…332 ITR 481 (Del) CIT v/s STL Extrusion Pvt.Ltd 333 ITR 269 (M.P.) CIT v/s Arunananda Textiles Pvt. Ltd 333 ITR 116 (Karn) CIT v/s ASK Brothers Ltd 333 ITR 111 (Karn) CIT v/s Kamdhenu SHel & Alloys Ltd. 361 ITR 220 (Del) C IT v/s Oasis Hospitalities Pvt. Ltd 333 ITR 119 (Del) CIT v. Orbital Communication (P) Ltd. (Delhi) 3271TR 560 CIT v. Ambuja Ginning, Pressing and Oil Co. P. Ltd . 332 ITR 434 (Guj) CIT Kolkata III v/s Dataware Private Itd. Dated 21/9/2011 Reported in C.A. Journal April 2012 page 111 CIT v/s Dwarikadhish Investment LTD. 167 Taxman 321 (Del) S.C. dismissed special leave petition 314 ITR 3 CIT v…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5333/MUM/2014[2006-07]Status: DisposedITAT Mumbai08 Jun 2016AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…332 ITR 481 (Del) CIT v/s STL Extrusion Pvt.Ltd 333 ITR 269 (M.P.) CIT v/s Arunananda Textiles Pvt. Ltd 333 ITR 116 (Karn) CIT v/s ASK Brothers Ltd 333 ITR 111 (Karn) CIT v/s Kamdhenu SHel & Alloys Ltd. 361 ITR 220 (Del) C IT v/s Oasis Hospitalities Pvt. Ltd 333 ITR 119 (Del) CIT v. Orbital Communication (P) Ltd. (Delhi) 3271TR 560 CIT v. Ambuja Ginning, Pressing and Oil Co. P. Ltd . 332 ITR 434 (Guj) CIT Kolkata III v/s Dataware Private Itd. Dated 21/9/2011 Reported in C.A. Journal April 2012 page 111 CIT v/s Dwarikadhish Investment LTD. 167 Taxman 321 (Del) S.C. dismissed special leave petition 314 ITR 3 CIT v…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5332/MUM/2014[2005-06]Status: DisposedITAT Mumbai08 Jun 2016AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…332 ITR 481 (Del) CIT v/s STL Extrusion Pvt.Ltd 333 ITR 269 (M.P.) CIT v/s Arunananda Textiles Pvt. Ltd 333 ITR 116 (Karn) CIT v/s ASK Brothers Ltd 333 ITR 111 (Karn) CIT v/s Kamdhenu SHel & Alloys Ltd. 361 ITR 220 (Del) C IT v/s Oasis Hospitalities Pvt. Ltd 333 ITR 119 (Del) CIT v. Orbital Communication (P) Ltd. (Delhi) 3271TR 560 CIT v. Ambuja Ginning, Pressing and Oil Co. P. Ltd . 332 ITR 434 (Guj) CIT Kolkata III v/s Dataware Private Itd. Dated 21/9/2011 Reported in C.A. Journal April 2012 page 111 CIT v/s Dwarikadhish Investment LTD. 167 Taxman 321 (Del) S.C. dismissed special leave petition 314 ITR 3 CIT v…

DCIT Cen Cir 40, Mumbai vs. Gibs Computers Ltd, Mumbai

ITA 2066/MUM/2013[2007-08]Status: DisposedITAT Mumbai04 Mar 2016AY 2007-08

Bench: S/Sh. B.R. Baskaran & Sandeep Gosainआयकर अपी अपील संसंसंसं/.Ita No.2066/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year-2007-08 आयकर आयकर आयकर अपी अपी िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं/.Ita No. 2071/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year- 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-Central Circle-40 M/S.Gibs Computers Ltd. 6Th Room No.653, Floor, Radha Bhavan, 121 Nagindas Aayakar Bhavan, M.K. Road Vs Master Road Mumbai-20. Mumbai-400 023. Pan: Aabcg 0096 L (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती िनधा"रती ओर ओर सेसेसेसे/Assessee By : S/Shri Rajiv Khandelwal & Neelkanth Khandelwal राज"व क" ओर से/ Revenue By : Ms. Sasmita Misra--Cit-Dr, िनधा"रती िनधा"रती ओर ओर सुनवाई सुनवाई क" क" तारीख तारीख सुनवाई सुनवाई क" क" तारीख तारीख / Date Of Hearing : 10.02.2016 घोषणा क" तारीख / Date Of Pronouncement : 04.03.2016 Order लेखा सद"य लेखा सद"य बी बी.आर आर. बा बा"करन "करन केकेकेके अनुसार अनुसार/ Per B.R. Baskaran, Am- लेखा लेखा सद"य सद"य बी बी आर आर बा बा "करन "करन अनुसार अनुसार The Revenue Has Filed These Two Appeals Challenging The Orders Passed By Ld Cit(A)-36, Mumbai For Assessment Years 2007-08 & 2008-09. Since Issue Urged In Both The Appeals Is Identical In Nature, These Appeals Were Heard Together & Are Being Disposed Of By This Common Order, For The Sake Of Convenience. 2. The Revenue Is Aggrieved By The Decision Of Ld Cit(A) In Deleting The Additions Made By The Ao U/S 68 Of The Act.

For Appellant: S/Shri Rajiv Khandelwal and Neelkanth KhandelwalFor Respondent: Ms. Sasmita Misra--CIT-DR
Section 68

…inion of the Income-tax Officer; satisfactory, the sum so credited may be charged to income-tax as the income. of the assessee of that previous year. In a very recent decision of the Hon'ble Delhi High Court in the case of CIT Vs. Oasis Hospitalities Pvt.Ltd. 333 ITR 119 (Delhi), the Hon 'ble Delhi High Court after considering several decisions referred to by the learned D.R. in his arguments before us, summed up the approach in cases where cash credits in the books of company by way of increase in share capital is found: "The initial burden is upon the assessee to 4 ITA No.2066 & 2071/M/13-Gibs Computers expla…

M/S Emmai Pharma Ltd, Mumbai vs. The ACIT Cir 4(1) Inv, Mumbai

In the result, both appeals of the assessee are allowed

ITA 1808/MUM/2006[1995-1996]Status: DisposedITAT Mumbai06 Jan 2016AY 1995-1996

Bench: S/Shri B.R.Baskaran & Shri Sandeep Gosainआयकर अपीऱ सं./I.T.A. No.745/Mum/2003 (निर्धारण वर्ा / Assessment Year :1995-96) बिधम/ Emaai Pharma Limited, Income Tax Officer 4(1)(4), Room No.637, 6Th Floor, B/9, Bhanqwadi, Vs. Kalbadevi Road, Aayakar Bhavan, Bombay-400002 Mumbai-400020 (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.1808/Mum/2006 (निर्धारण वर्ा / Assessment Year :1995-96) Emaai Pharma Limited, बिधम/ Asst.Commissioner Of Income B/9, Bhanqwadi, Tax 4(1), Vs. Kalbadevi Road, Mumbai. Bombay-400002 (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri V K TulsianFor Respondent: Shri A K Kardam
Section 143(3)

…t to move against the share applicants in accordance with law, the impugned disallowance is liable to be deleted. The ld. AR also placed reliance on the order rendered by the Hon’ble Delhi High Court in the case of CIT Vs. Oasis Hospitalities Pvt. Ltd. (2011) 333 ITR 119. 14. Since the assessee has furnished all the details relating to the share applicant Shri Rakesh Jain and also his PAN, we are of the view that the ld. CIT(A) was not justified in confirming the addition of share application money received by the assessee. It is further noticed that the assessee has received the share application money through p…

Aditya Birla Telcom Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5128/MUM/2013[2009-10]Status: DisposedITAT Mumbai01 Jan 2016AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Pavan Singh, Jm आमकय अऩीर सं./Ita No. 5128/Mum/2013 (निर्धारण वषा / Assessment Year :2009-10) Aditya Birla Telecom Ltd., 5Th Vs. Addl. Commissioner Of Floor, Windsor, Off. Cst Road, Income Tax, Near Vidyanagari, Kalina, Range-10(1), Santacruz (E), Mumbai. Aayakar Bhavan, Church Gate, Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aafca5315A (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri J.D. Mistri & Shri Deepak Jain याजस्व की ओर से /Revenue By Shri Deepkant Prasad,Cit-Dr : सुनवाई की तायीख / Date Of Hearing : 15Th October, 2015 घोषणा की तायीख/Date Of Pronouncement : 01.01.2016 आदेश / O R D E R Per R.C.Sharma (A.M.) : This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Dated 27-06-2013, For The Assessment Year 2009-10, In The Matter Of Order Passed Under Section 143(3) Of The I.T. Act. 2. The Following Grounds Have Been Taken By The Assessee: Ground No. I: Want Of Natural Justice 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(A) Erred In Confirming The Addition Made By The Ao U/S. 68 Despite The Fact That The Remand Report Of The Ao Confirmed That The Appellant Had Satisfied All The Three Tests, Viz: Identity Of P5 Asia Holding Investment (Mauritius) Ltd., (P5 Asia), Financial Capacity Of P5 Asia & Genuineness

For Appellant: Shri J.D. Mistri &
Section 143(3)Section 68

…FT & TR-II CBDT, New Delhi for verification and investigation as per prescribed Rules. AO has empowered to investigate and verify in view of following cases i.e. CIT vs. Sophia Finance Ltd. (1994) 205 ITR 98 (Delhi), CIT vs. Oasis Hospitalities (P) Ltd (2011) 333 ITR 119 (Delhi), CIT vs. Divine Leasing & Finance Ltd. 299 ITR 268 (Del) (HC) and CIT vs. Stellar Investment Ltd. (2001) 251 ITR 263 (SC). As the documents furnished by appellant are under investigation and verification which was stated in remand report of AO. Under these circumstances, I uphold the order of AO. These grounds of appeal are dismissed”. 8.…

DCIT, New Delhi vs. M/S. Hi- Tech Residency Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4707/DEL/2012[2009-10]Status: DisposedITAT Delhi18 Dec 2015AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. C.S. Anand, CAFor Respondent: Sh. T.Vasanthan, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 50C(1)Section 68

…efore, on this ground alone the entire addition deserves to be deleted and may kindly be held so. 5.12 The above view of mine also gets support from the decision of Hon'ble High Court of Delhi at New Delhi in the case of CIT Vs. Oasis Hospitalities Pvt. Ltd [333 ITR 119]. The Hon'ble Court held as under:- The initial burden is upon the assessee to explain the nature and source of Share Application money received by it, in order to discharge this burden, the assessee is required to prove (i) the identity of shareholder; (ii) the genuineness of shareholder ; and (iii) the creditworthiness of shareholder. If the c…

ITO, New Delhi vs. M/S Mayur Resorts Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Revenue stands dismissed

ITA 1160/DEL/2013[2007-08]Status: DisposedITAT Delhi18 Nov 2015AY 2007-08

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

For Appellant: Sh. Ved Jain, AdvFor Respondent: Sh. P. Dam Kanunjna, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 68

…furnished to the department along with the copies of share application form ets., it would constitute acceptable proof or acceptable explanation by the assessee." 5. Commissioner of Income Tax vs. Oasis Hospitalities (P) Ltd. (2011) 238 CTR (Del) 402: (2011) 333 ITR 119 7 6. Commissioner of Income Tax vs. Dwarkadhish Investment(P) Ltd. (211) 239 CTR (Del) 478: (2011) 330 ITR 298.” 7.2 From the above, we find that the Ld. CIT(A) has deleted the addition in dispute on the basis of the aforesaid documentary evidences as well as the decisions renderred by the Hon’ble Jurisidctional High Court. We further find tha…

M/S. Ghaziabad Ispat Udyog Ltd., Ghaziabad vs. DCIT, Ghaziabad

In the result, the appeal of the assessee is allowed

ITA 2436/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Oct 2015AY 2010-11

Bench: Shri I.C. Sudhirshri L.P. Sahu

For Appellant: Shri Rakesh Gupta, AdvFor Respondent: Shri P. Dam Kanunjna, Sr. DR
Section 143(3)Section 234BSection 68

…s not justified in doubting the claimed investments without examining the documents filed by the assessee in support of the claim. He placed reliance on the following decisions: 1. CIT Vs. Fairinvest Ltd 83 CCH 265 [DHC] 2. CIT Vs. Oasis Hospitalities P. Ltd 333 ITR 119 [Del] 3. CIT Vs. Value Capital Services P. Ltd 307 ITR 334 4. CIT Vs. Winstral Petro Chemicals (P) Ltd 330 ITR 603 [DHC] 5. CIT Vs. Expo Auto [P] Ltd 361 ITR 155 [DHC] 6. CIT Vs. Expo Globe India Ltd 361 ITR 477 [DHC] 7. CIT Vs. Gangeshwari Metal (P) Ltd 330 ITR 603 [DHC] 8. Goel Sons Golden Estate Pvt. Ltd ITA No. 212/2012 [Del] 15. The ld. D.R…

The Commissioner of Income Tax-II vs. M/S Jansampark Advertising and Marketing (P) Ltd

In the result, the questions of law stand answered in favour of the

ITA/525/2014HC Delhi11 Mar 2015
Section 147Section 148Section 260Section 68

…ilarly placed assessees giving rise to common questions concerning application of Section 68 of Income Tax Act were dismissed by another Division Bench of this court by judgment rendered on 31.01.2011 reported as CIT v. Oasis Hospitalities Pvt. Ltd. (2011) 333 ITR 119 (Del.). 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 assessee should prove (…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

ITA-341/2012HC Delhi28 Nov 2013
Section 143(1)Section 148Section 260A(1)Section 68

…Page 60 of 67 Auto (P) Ltd. dated 30.04.2013 in ITA 225 of 2013 (Del)., CIT vs. Gangeshwari Metals Pvt. Ltd., 2013 (2) AD (Delhi) 378, CIT vs. Fair Finvest Ltd., ITA No.232 of 2012 dated 22-11-2012, CIT vs. Oasis Hospitalities Pvt. Ltd., (2011) 333 ITR 119 (Del.), CIT vs. Dwarkadish Investment Pvt. Ltd. (2011) 330 ITR 298 (Del), CIT vs. Kamdhenu Steel & Alloys Ltd. & Ors, (2012) 248 CTR 33 (Del)., CIT vs. Gourdin Herbals India Ltd., ITA No.665 of 2009 dated 17.09.2009 (Del.), CIT vs. Victor Electrodes Ltd., (2010) 329 ITR 271 (Del), CIT vs. Value Capital Services Pvt. Ltd., (2008) 307 ITR 33…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

ITA/341/2012HC Delhi28 Nov 2013
Section 143(1)Section 148Section 260A(1)Section 68

…Page 60 of 67 Auto (P) Ltd. dated 30.04.2013 in ITA 225 of 2013 (Del)., CIT vs. Gangeshwari Metals Pvt. Ltd., 2013 (2) AD (Delhi) 378, CIT vs. Fair Finvest Ltd., ITA No.232 of 2012 dated 22-11-2012, CIT vs. Oasis Hospitalities Pvt. Ltd., (2011) 333 ITR 119 (Del.), CIT vs. Dwarkadish Investment Pvt. Ltd. (2011) 330 ITR 298 (Del), CIT vs. Kamdhenu Steel & Alloys Ltd. & Ors, (2012) 248 CTR 33 (Del)., CIT vs. Gourdin Herbals India Ltd., ITA No.665 of 2009 dated 17.09.2009 (Del.), CIT vs. Victor Electrodes Ltd., (2010) 329 ITR 271 (Del), CIT vs. Value Capital Services Pvt. Ltd., (2008) 307 ITR 33…

CIT vs. Titan Securities Ltd

ITA/263/2012HC Delhi28 Feb 2013

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 142(1)Section 143(1)Section 143(3)Section 148Section 151Section 260ASection 68

…assessee in a collusive arrangement with persons who are selfconfessed "accommodation entry providers". Reference was also made on behalf of the assessee to the recent judgment of a Division Bench of this court in CIT v. Oasis Hospitalities P. Ltd. [2011] 333 ITR 119 (Delhi). We have given utmost consideration to the judgment. It disposes of several appeals in the case of different assessees. Except the case of CIT v. Oasis Hospitalities P. Ltd. (I. T. A. Nos. 2093 and 2095 of 2010) since reported in [2011] 333 ITR 119 (Delhi), the other cases fall under the category of Orissa Corporation [1986] 15…