CIT v. Orissa Corporation Pvt. Ltd.

ACIT, New Delhi vs. M/S Worldlink Telecom Ltd., New Delhi

In the result, the appeal of the revenue for assessment year 2004-05 is dismissed and appeal for assessment year 2006-07 is partly allowed

Bench: Shri M. Balaganesh & Shri Vimal Kumar

…e lender company could not be produced by the assessee, no adverse inference could be drawn on the assessee. Reliance in this regard placed by the ld AR on the decision of the Hon’ble Supreme Court in the case of CIT Vs. Orissa Corporation (P) Ltd reported in 159 ITR 78 (SC) is well founded. The assessee having furnished all the relevant documents by providing the nature and source of credit within the meaning of Section 68 of the Act had duly discharged its onus and had shifted the burden to the ld AO. It is for the ld AO to make further enquiries, if he so desires, in the manner known to law. Hence, we hold tha…

ACIT, New Delhi vs. M/S Worldlink Telecom Ltd., New Delhi

In the result, the appeal of the revenue for assessment year 2004-05 is dismissed and appeal for assessment year 2006-07 is partly allowed

Bench: Shri M. Balaganesh & Shri Vimal Kumar

…e lender company could not be produced by the assessee, no adverse inference could be drawn on the assessee. Reliance in this regard placed by the ld AR on the decision of the Hon’ble Supreme Court in the case of CIT Vs. Orissa Corporation (P) Ltd reported in 159 ITR 78 (SC) is well founded. The assessee having furnished all the relevant documents by providing the nature and source of credit within the meaning of Section 68 of the Act had duly discharged its onus and had shifted the burden to the ld AO. It is for the ld AO to make further enquiries, if he so desires, in the manner known to law. Hence, we hold tha…

Deputy Commissioner of Income Tax, Delhi vs. M/S. Shrish Enterprises Private Limited, Delhi

Bench: Ms. Madhumita Roy & Shri Naveen Chandradcit, Room No. 225E, Cr Vs. M/S Shrish Enterprise Building, 2Nd Floor, Private Limited, Hall No. Ip Estate, 3 & 4, M-27/2, Badli New Delhi - 110002 Industrial Estate, Badli, Delhi – 110042 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aafcs0684N Appellant .. Respondent

…the amount is received. However, once the assessee furnishes reasonable explanation, the onus, rt is trite law, shifts to the Revenue. Reference, in this regard, may be made to the decision of the Supreme Court in the case of Orissa Corporation (P) Limited: 159 ITR 78, wherein in the context of requirement of the assessee to discharge primary onus under section 68 of the Act, the Court observed that the assessee having given the names and addresses of the creditor who were income-tax assessees, the mere fact that P a g e | 11 DCIT Vs. M/s Shrish Enterprise Pvt. Ltd. (AY: 2018-19) such creditors did not respond…

Income Tax Officer, Delhi vs. Akash Deep Sethi, Delhi

In the result, the appeal filed by the Revenue is dismissed and at the same time, the cross objections filed by the assessee are also dismissed

Bench: Shri Challa Nagendra Prasad & Shri S. Rifaur Rahmanincome Tax Officer, Vs. Akash Deep Sethi, Delhi. B-236, Derawal Nagar, Model Town, Delhi – 110 009. (Pan : Abyps8933P) Co No.26/Del/2025 (In Ita No.4973/Del/2024) (Assessment Year: 2021-22) Akash Deep Sethi, Vs. Income Tax Officer, B-236, Derawal Nagar, Delhi. Model Town, Delhi – 110 009. (Pan : Abyps8933P) (Appellant) (Respondent) Assessee By : Shri Ved Jain, Advocate Shri Aman Garg, Ca Ms. Kirti, Ca Revenue By : Shri Ajay Kumar Arora, Sr. Dr Date Of Hearing : 27.05.2025 Date Of Order : 16.07.2025 O R D E R Per S.Rifaur Rahman: 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)/National Faceless Appeal Centre (Nfac), Delhi

…ast upon the assessee under general principles of taxation stands discharged. • In support of the above facts and contentions, assessee placed reliance on the judgement of HON’BLE SUPREME COURT PASSED IN THE CASE OF ORISSA CORPORATION PVT. LTD. V. CIT, (1986) 159 ITR 78 (SC)wherein hon’ble Apex Court held that when the assessee furnishes complete particulars of the transactions and makes payments through proper banking channels, the failure of the recipients to respond to departmental notices cannot be a valid ground to treat the transaction as bogus. Relevant findings are extracted as under: In Sreelekha Banerje…

Sanjay Taneja, New Delhi vs. ACIT, Central Circle-18, New Delhi

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

Bench: Shri Anubhav Sharma & Shri Manish Agarwal[Assessment Year : 2010-11] Shri Sanjay Taneja, Vs Acit, 198/1, Ramesh Market, Central Circle-18, East Of Kailash, Delhi New Delhi-110065. Pan-Aaept8805A Appellant Respondent Appellant By S/Shri Mohit Chaudhary, Ca, Harish, Ca, Neetu Jain, Ca & Mitika Chaudhary, Adv. Respondent By Shri Mahesh Kumar, Cit Dr Date Of Hearing 03.06.2025 Date Of Pronouncement 04.07.2025 Order

…despite having power to issue summons u/s 131 or 133(6) of the Act, choose not to issue the same and insisted the assessee to produce all these persons before him for examination. The Hon’ble Supreme court in the case of Orrisa Corporation reported in [1986] 159 ITR 78 (SC) held that when the assessee furnishes names and addresses of the alleged creditors and the GIR numbers, the burden shifts to the Department to establish the Revenue's case and in order to sustain the addition the Revenue has to pursue the enquiry and to establish the lack of creditworthiness and mere non-compliance of summons issued by the As…