CIT v. Peoples General Hospital Ltd.

356 ITR 65High Court2013#1231 most cited

What is CIT v. Peoples General Hospital Ltd. authority for?

If share subscriptions are received through banking channels and the assessee provides complete shareholder details, no addition can be made under Section 68 unless there is positive material to show the shareholders are benamidars or fictitious, or the share capital is the company's own undisclosed income.

92

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Peoples General Hospital Ltd. · Section 68 Income-tax Act · 1961 · share application money · share capital addition · bogus share capital · creditworthiness of creditor · genuineness of transaction · Lovely Exports principle · undisclosed income

Also reported as

35 Taxmann.com 444

Sections most often in play

Section 1961Section 133(6) of the Income-tax ActSection 142(1) of the Income-tax ActSection 143(2) of the Income-tax ActSection 143(3) of the Income-tax ActSection 36(1)(iii)Section 40(a)(ia)Section 68
Read the full judgment

Issues it is cited on

bogus share capitalcreditworthiness of the creditorretracted statementsource of sourceshare capital and share premiumaddition u/s 68section 254(2)paper companysection 132(1)addition under section 68share application moneygenuineness of the transaction

Judgments citing CIT v. Peoples General Hospital Ltd.

P.S.Construction, Mumbai vs. DCIT- CC - 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 3229/MUM/2018[2014-15]Status: DisposedITAT Mumbai03 May 2019AY 2014-15

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

P.S.Construction, Mumbai vs. DCIT-CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 3228/MUM/2018[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

P.S.Construction, Mumbai vs. DCIT- CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 3227/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

P.S.Construction, Mumbai vs. DCIT -CC -1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 3226/MUM/2018[2009-10]Status: DisposedITAT Mumbai03 May 2019AY 2009-10

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

Poonam Skyline Construction, Mumbai vs. DCIT -CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2694/MUM/2018[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

Poonam Skyline Construction, Mumbai vs. DCIT- CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2693/MUM/2018[2008-09]Status: DisposedITAT Mumbai03 May 2019AY 2008-09

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

Pabal Housing Pvt. Ltd., Mumbai vs. DCIT- CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2689/MUM/2018[2014-15]Status: DisposedITAT Mumbai03 May 2019AY 2014-15

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

Pabal Housing Pvt. Ltd., Mumbai vs. DCIT- CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2688/MUM/2018[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

Pabal Housing Pvt. Ltd., Mumbai vs. DCIT- CC - 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2687/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri G. Manjunatha & Shri Ravish Sood

…P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pabal Housing Pvt. Ltd & Ors. xiii. CIT vs. Shree Rama Multi Tech Ltd (2013) 34 Taxmann.com177 (Guj-HC) xiv. CIT vs. Nikunj Eximp Enterprises (P.) Ltd (2013) 35 Taxrnann.com384 (Bom) xv. CIT vs. Samir Bio- Tech Pvt Ltd (2010) 325 ITR 294 (Del- High Court) 10. The Ld. DR on the other hand strongly supported the order of the…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 4873 TO 4875/Del/2014 Assessment Years: 2008-09 to 2010-11 DCIT, CENTRAL CIRCLE-03, Vs. M/S MAHESH WOOD PRODUCTS ROOM NO. 355, 3RD FLOOR, (P) LTD., JHANDEWALAN EXTENSION, A-121, ASHOK VIHAR, NEW DELHI – 110 055 PHASE-1, NEW DELHI (PAN AAACM0118Q) (Appellant) (Respondent) Department by Ms. Pramita M. Biswas, CIT(DR) Assessee by Sh. S.K. Gupta, CA ORDER PER H.S. SIHU, JM These 03 appeals are filed by the Revenue against the respective Orders passed by…

ITO, New Delhi vs. M/S Blisswood Green Infrastructure and Developers Pvt. Ltd., New Delhi

In the result, the appeal is dismissed

ITA 5120/DEL/2016[2012-13]Status: DisposedITAT Delhi15 Feb 2019AY 2012-13

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2012-13

Section 133(6)Section 68

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi Before : Shri Bhavnesh Saini, Judicial Member And Shri L.P. Sahu, Accountant Member Assessment Year: 2012-13 Income-tax Officer, vs. Blisswood Green Infrastructure Ward 5(1), New Delhi. and Developers Pvt. Ltd., 289-Chhatarpur Pahari Road, New Delhi. PAN – AADCB 2384A (Appellant) (Respondent) Appellant by Sh. Amit Katoch, Sr. DR Respondent by S/Sh. D.C. Agarwal, R.N. Poonia, AR Sh. Sudesh Garg, Advocate Date of Hearing 04.02.2019 Date of Pronouncement 15.02.2019 ORDER Per L.P. Sahu, A.M.: This appeal by the Revenue is directed against the order…

Shri Pramod Kumar Sethi, Indore vs. The ACIT 3(1), Indore

In the result appeal filed by the revenue being I

ITA 392/IND/2014[2006-07]Status: DisposedITAT Indore06 Nov 2018AY 2006-07

Bench: Shri Kul Bharat & Shri Manish Borad

Section 133ASection 143(2)Section 143(3)Section 24Section 68

…uly evidenced by necessary documents which proves the identity, genuineness and creditworthiness. 11. The Ld. Counsel also placed reliance on the following judgments; 1. Mod Creations (P) Ltd V/s ITO 354 ITR 282 (Delhi) 2. CIT v/s Peoples Gen. Hospital Ltd 356 ITR 65 (M.P) 3. CIT v/s Kinetic Cop Finance 354 ITR v/s 296 (Delhi) 4. Gangeshwari Metal (P) Ltd Income-tax Act, 1961, 597/2012 order dated 21.01.2013 (High Court of Delhi) 8 Pramod Kumar Sethi I.T.A. No. 382 & 383/Ind/14 12. We have heard rival contentions and perused the records placed before us and gone through the judgments carefully. Revenue is…

The ACIT, 3(1), Indore vs. Shri Pramod Kumar Sethi, Indore

In the result appeal filed by the revenue being I

ITA 383/IND/2014[2007-08]Status: DisposedITAT Indore06 Nov 2018AY 2007-08

Bench: Shri Kul Bharat & Shri Manish Borad

Section 133ASection 143(2)Section 143(3)Section 24Section 68

…uly evidenced by necessary documents which proves the identity, genuineness and creditworthiness. 11. The Ld. Counsel also placed reliance on the following judgments; 1. Mod Creations (P) Ltd V/s ITO 354 ITR 282 (Delhi) 2. CIT v/s Peoples Gen. Hospital Ltd 356 ITR 65 (M.P) 3. CIT v/s Kinetic Cop Finance 354 ITR v/s 296 (Delhi) 4. Gangeshwari Metal (P) Ltd Income-tax Act, 1961, 597/2012 order dated 21.01.2013 (High Court of Delhi) 8 Pramod Kumar Sethi I.T.A. No. 382 & 383/Ind/14 12. We have heard rival contentions and perused the records placed before us and gone through the judgments carefully. Revenue is…

The ACIT, 3(1), Indore vs. Shri Pramod Kumar Sethi, Indore

In the result appeal filed by the revenue being I

ITA 382/IND/2014[2006-07]Status: DisposedITAT Indore06 Nov 2018AY 2006-07

Bench: Shri Kul Bharat & Shri Manish Borad

Section 133ASection 143(2)Section 143(3)Section 24Section 68

…uly evidenced by necessary documents which proves the identity, genuineness and creditworthiness. 11. The Ld. Counsel also placed reliance on the following judgments; 1. Mod Creations (P) Ltd V/s ITO 354 ITR 282 (Delhi) 2. CIT v/s Peoples Gen. Hospital Ltd 356 ITR 65 (M.P) 3. CIT v/s Kinetic Cop Finance 354 ITR v/s 296 (Delhi) 4. Gangeshwari Metal (P) Ltd Income-tax Act, 1961, 597/2012 order dated 21.01.2013 (High Court of Delhi) 8 Pramod Kumar Sethi I.T.A. No. 382 & 383/Ind/14 12. We have heard rival contentions and perused the records placed before us and gone through the judgments carefully. Revenue is…

ITO 8(2)(2), Mumbai vs. Lotus Grih Nirman P.Ltd, Mumbai

In the result, the appeal is dismissed

ITA 3998/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Oct 2018AY 2010-11

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11 Income Tax Officer 8(2)(2), M/S Lotus Grih Nirman Room No. 212/216A, 2Nd Vs. Pvt. Ltd. 419, Laxmi Floor, Aayakar Bhavan, M.K. Plaza, Laxmi Industrial Road, Mumbai-400020. Estate, Link Road, Andheri (W), Mumbai- 400059. Pan No. Aabcl0864D Appellant Respondent Revenue By : Mr. Rajesh Kumar Yadav, Dr Assessee By : Mr. Rushabh Mehta, Ar Date Of Hearing : 25/07/2018 Date Of Pronouncement : 18/10/2018

For Appellant: Mr. Rushabh Mehta, ARFor Respondent: Mr. Rajesh Kumar Yadav, DR
Section 133(6)Section 143(3)Section 68

…P) Ltd. (2007) 212 CTR (Raj) 25, CIT v. Steller Investment Ltd. (1991) 192 ITR 287 (Del), CIT v. Divine Leasing & Finance Ltd. (2007) 207 CTR (Del) 38, CIT v. Oasis Hospitalities (P) Ltd. (2011) 238 CTR (Del) 402 and CIT v. People General Hospital Ltd. (2013) 356 ITR 65 (MP), deleted the addition of Rs.2,44,50,000/- made by the AO. 5. Before us, the Ld. DR, relying on the order of the AO submits that in the instant case the share premium of the company has not been used for the purposes specified in section 78(2) of the Companies Act. Also reliance is placed by him on the decision in CIT v. Precision Finance P. L…

Anju Chawla, Delhi vs. ACIT, New Delhi

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

ITA 1322/DEL/2015[2010-11]Status: DisposedITAT Delhi12 Oct 2018AY 2010-11

Bench: Sh. R.K. Panda & Sh. Sudhanshu Srivastavaassessment Year: 2010-11

Section 131Section 132Section 133Section 133ASection 153C

…ave examined the position, we find that the shareholders are genuine parties. They are not bogus and fictitious therefore, the impugned order is set aside. ” vii. Decision of Hon’ble M.P. High Court in the case of CIT vs. Peoples General Hospital Ltd., (2013) 356 ITR 65, in which it was held as under: “Dismissing the appeals, that if the assessee had received subscriptions to the public or rights issue through banking channels and furnished complete details of the shareholders, no addition could be made under section 68 of the Income-tax Act, 1961, in the absence of any positive material or evidence to indicate t…

Rajat Exports Import (India) Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of assessee is partly allowed

ITA 5637/DEL/2013[2004-05]Status: DisposedITAT Delhi01 Oct 2018AY 2004-05

Bench: Shri Bhavnesh Saini & Shri L.P. Sahurajat Exports Import (India) Pvt. Ltd., Vs Ito A-134, Arjun Nagar, Kotla Mubarakpur, Ward 15(2), New Delhi. New Delhi Aaacr0366B Appellant Respondent

Section 68

…be sustained against the assessee. In support of our findings, we rely upon following decisions: i. CIT vs. Fair Investment Ltd. 357 ITR 146; ii. CIT vs. Kamdhenu Steel and Alloys Ltd. & Ors., 361 ITR 220 (Del.); iii. CIT vs. Peoples General Hospital Ltd. 356 ITR 65 (MP); iv. CIT vs. Dwarakadhish Capital Pvt. Ltd. 330 ITR 298 (Del.); v. CIT vs. Winstral Petrochemicals P. Ltd. 330 ITR 603; vi. CIT vs. Value Capital Services Pvt. Ltd. 307 ITR 334 (Del.). 14. Hon’ble Delhi High Court in the case of Divine Leasing & Finance Ltd. 299 ITR 268 held that “no adverse inference should be drawn, if shareholders faile…

Raj Kumar Chawla, Delhi vs. ACIT, New Delhi

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

ITA 1323/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Sept 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahuvs Raj Kumar Chawla Acit A-7, Nirman Vihar, Central Circle-Ix Delhi. New Delhi. Aalpc1209J Appellant Respondent

Section 132Section 133ASection 139Section 143(1)Section 143(3)Section 153CSection 2(22)(e)

…ave examined the position, we find that the shareholders are genuine parties. They are not bogus and fictitious therefore, the impugned order is set aside. ” vii. Decision of Hon’ble M.P. High Court in the case of CIT vs. Peoples General Hospital Ltd., (2013) 356 ITR 65, in which it was held as under: “Dismissing the appeals, that if the assessee had received subscriptions to the public or rights issue through banking channels and furnished complete details of the shareholders, no addition could be made under section 68 of 21 the Income-tax Act, 1961, in the absence of any positive material or evidence to indicat…