CIT v. Pranav Foundations Ltd.

229 Taxmann 58High Court2015#3831 most cited

What is CIT v. Pranav Foundations Ltd. authority for?

When an assessee proves the identity, creditworthiness, and genuineness of transactions for share premium or share application money, and establishes the source of funds, additions under Section 68 are not justified, especially before the Finance Act, 2012's amendment.

31

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2025.

Also referred to as

CIT v Pranav Foundations Ltd · Section 68 · share premium · share application money · identity · creditworthiness · genuineness · source of funds · explanation of nature and source · section 68 before amendment

Also reported as

51 Taxmann.com 198

Sections most often in play

Section 68Section 133(6)Section 143(3)Section 147Section 131Section 142(1)Section 148Section 139(1)

Issues it is cited on

section 148bsection 106section 149(1)(a)bogus share capitalshare capital and share premiumsource of sourcesection 56(2)(viib)creditworthiness of the creditorsection 149(1)share application moneymere change of opinionsection 30

Judgments citing CIT v. Pranav Foundations Ltd.

Manju Credit Pvt. Ltd., Howrah vs. I.T.O., Ward-13(3), Kolkata

In the result, appeal of the assessee is allowed

ITA 351/KOL/2019[2012-13]Status: DisposedITAT Kolkata13 Jan 2023AY 2012-13

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2012-13

For Appellant: Shri Anil Kochar, AdvocateFor Respondent: Smt. Ranu Biswas, Addl. CIT, DR
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA BEFORE SHRI SONJOY SARMA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2012-13 Manju Credit Pvt. Ltd. Income Tax Officer 48/1, Ved Apartment, 4th Ward-13(3) Vs. Floor, Flat No. 405, Rose Kolkata Mary Lane, Howrah-711101 (PAN: AACCM0947K) (Appellant) (Respondent) Present for: Appellant by : Shri Anil Kochar, Advocate Respondent by : Smt. Ranu Biswas, Addl. CIT, DR Date of Hearing : 02.11.2022 Date of Pronouncement : 13.01.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the orde…

ITO, WD.-9(1), Kolkata vs. M/S Mainak Suppliers Pvt. Ltd, Kolkata

In the result, appeal of the revenue is dismissed

ITA 38/KOL/2021[2009-10]Status: DisposedITAT Kolkata28 Dec 2022AY 2009-10

Bench: Shri Sonjoysarma & Shri Girish Agrawalassessment Year: 2009-10

For Appellant: Shri HukumaSema, CITFor Respondent: Shri Miraj D. Shah, AR
Section 131Section 131(1)Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 263Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA आयकर अपीलीय अधीकरण, "यायपीठ “C” कोलकाता, BEFORE SHRI SONJOYSARMA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2009-10 Income Tax Officer Mainak Suppliers Pvt. Ltd. Ward-9(1) Vs. 178, M. G. Road Kolkata Kolkata-700007 (PAN: AAFCM6497F) (Appellant) (Respondent) Present for: Appellant by : Shri HukumaSema, CIT Respondent by : Shri Miraj D. Shah, AR Date of Hearing : 02.11.2022 Date of Pronouncement : 28.12.2022 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the revenue is against the order of CIT(A)-7, K…

ACIT Non Corporate Circle-12(1), Chennai vs. M.Sumathy, Chennai

The appeal stand dismissed in terms of our above order

ITA 414/CHNY/2020[2014-15]Status: DisposedITAT Chennai19 Apr 2022AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri P. Sajit Kumar (JCIT) – Ld. DRFor Respondent: Shri D. Anand (Advocate)-Ld. AR
Section 131Section 133(6)Section 143(3)Section 68

…ch has been rendered after considering the principles laid down by Hon’ble Supreme Court in its decision titled as Pr.CIT Vs. NRA Iron & Steel Pvt. Ltd. [412 ITR 161]. Similar is the decision of Hon’ble High Court of Madras in CIT V/s Pranav Foundations Ltd. (51 Taxmann.com 198) which has dismissed revenue’s appeal by observing that the provisions of Sec.68 contemplates that the assessee has to give satisfactory explanation about the "nature and source" of any sum found credited in the books of account. In terms of the decision of Hon’ble Supreme Court in Lovely Exports Pvt. Ltd. (216 CTR 195), when the assessee…

Sejal Jewellers Pvt. Ltd., Surat vs. The Income Tax Officer, Ward-2(1)(2), Surat

In the result, appeal of the assessee is allowed

ITA 435/AHD/2017[2012-13]Status: DisposedITAT Surat28 Feb 2022AY 2012-13

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.435/Ahd/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V Ug-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, S. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaqcs 8686 P (Appellant ) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H.P. Meena– CIT-DR
Section 131Section 131(1)(d)Section 133(6)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRIPAWAN SINGH, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA No.435/AHD/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V UG-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, s. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAQCS 8686 P (Appellant ) (Respondent) Assessee by :Shri Rasesh Shah, CA Respondent by :Shri H.P. Meena– CIT-DR सुनवाईकीतारीख/ Date of Hearing : 21/01/2022 घोषणाकीतारीख/Date of Pronouncement : 28/02/2022 आदेश / O R D E R PER DR…

Rasal Builders & Developers Pvt. Ltd., Jaipur vs. ITO, Jaipur

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

ITA 287/JPR/2017[2005-06]Status: DisposedITAT Jaipur02 Mar 2021AY 2005-06

Bench: Us. 2 M/S Rasal Builders & Developers Pvt. Ltd. Vs. Ito

For Appellant: Shri Dilip Shivpuri (Adv.)For Respondent: Smt. Monisha Choudhari (Addl.CIT) a
Section 143(3)Section 271(1)Section 271(1)(c)Section 40A(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 287/JP/2017 fu/kZkj.k o"kZ@Assessment Years : 2005-06 cuke M/s Rasal Builders & Developers Pvt. The ITO, Vs. Ltd., Ward-3(1), 114, Joshi Marg, Santi Nagar, Jaipur. Kalwar Road, Jhotwara, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AACCR 6981 Q vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Dilip Shivpuri (Adv.) jkt…

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

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI G.S. PANNU, VICE-PRESIDENT AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITO-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, JUDICIAL MEMBER; 1. This appeal by revenue under section…

M/S. Tara Mercantile Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 1572/DEL/2017[2011-12]Status: DisposedITAT Delhi12 Jul 2019AY 2011-12

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumar

For Appellant: Sh. Gautam Jain, AdvFor Respondent: Sh. S.S. Rana, CIT(DR)
Section 142(1)Section 143(2)Section 143(3)Section 56(2)(viib)Section 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 I.T.A. No. 1572/DEL/2017 A.Y. : 2011-12 M/S TARA MERCANTILE PVT. LTD. VS. DCIT, CIRCLE 16(1), 314-315, PP TOWER, NEW DELHI NETAJI SUBHASH PLACE, PITAMPURA, NEW DELHI – 34 (PAN: AAACT2680C) (APPELLANT) (RESPONDENT) Assessee By : Sh. Gautam Jain, Adv. Department By : Sh. S.S. Rana, CIT(DR) ORDER PER H.S. SIDHU : JM This appeal by the Assessee is directed against the impugned order dated 19.1.2017 passed by the Ld. CIT(A)-9, New Delhi on the following grounds:- 1. The…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER Assessment Year: 2010-11 M/s. Geetanjali Space Dy. CIT CC-1(1), Pvt. Ltd., Room No.903, B-47, Shakti Dhara 9th Floor, Society, Vs. Pratishtha Bhavan, Colony Road, M.K. Road, Bapu Nagar, Ahmedabad, Mumbai - 400020 Gujarat – 382 350 PAN: AADCG2733L (Appellant) (Respondent) Assessment Year: 2010-11 Dy. CIT, M/s. Geetanjali Space Central Circle -1(1), Pvt. Ltd., Room No.903, 9th Floor, B-47, Shakti Dhara Pratishtha Bhavan, Vs. Society, Old C.G.O. Bldg. (Annexe) Colony R…

Vijay Aggarwal, Delhi vs. ITO, Ward- 48(5), New Delhi

In the result, all the appeals of different assessees are partly allowed

ITA 1077/DEL/2019[2010-11]Status: DisposedITAT Delhi30 May 2019AY 2010-11

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2010-11

Section 147Section 148Section 56(2)(vii)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: 2010-11 Shri Vijay Agarwal, C-169, vs. Income-tax Officer, Pushpanjali enclave, Pritampura, Ward 48(5), New Delhi Delhi (PAN- AFSPA8080P) (Appellant) (Respondent) Assessment Year: 2010-11 Shri Raj Gupta, C-169, Pushpanjali vs. Income-tax Officer, enclave, Pritampura, Delhi Ward 48(5), New Delhi (PAN- AGSOG2661F) (Appellant) (Respondent) Assessment Year: 2010-11 Smt. Sheela Devi, 1756, Nai Basti vs. Income-tax Officer, Naya Bazar, Delhi Ward 47…

ITO 6(1)(2), Mumbai vs. Amirashmi Finstock P.Ltd, Mumbai

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

ITA 3164/MUM/2017[2012-13]Status: DisposedITAT Mumbai30 Jan 2019AY 2012-13

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2012-13 Income Tax Officer M/S Amirashmi Finstock 6(1)(2), R. No. 508, 5Th Pvt. Ltd. 205, Kailash Vs. Floor, Aayakar Bhavan, Plaza, V B Lane, M.K. Road, Mumbai- Ghatkopar (E), Mumbai- 400020. 400077. Pan No. Aaica2050R Appellant Respondent C.O. No. 279/Mum/2018 (Ita No. 3164/Mum/2017) Assessment Year: 2012-13 M/S Amirashmi Finstock Income Tax Officer Pvt. Ltd. 205, Kailash 6(1)(2), R. No. 508, 5Th Vs. Plaza, V B Lane, Floor, Aayakar Bhavan, Ghatkopar (E), Mumbai- M.K. Road, Mumbai- 400077. 400020. Pan No. Aaica2050R Appellant Respondent Revenue By : Mr. Satish Chandra Rajore, Dr Assessee By : Mr. Atin S. Mehta, Ar Date Of Hearing : 08/01/2019 Date Of Pronouncement : 30/01/2019

For Appellant: Mr. Atin S. Mehta, ARFor Respondent: Mr. Satish Chandra Rajore, DR
Section 132(4)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI JOGINDER SINGH (VICE PRESIDENT) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 Income Tax Officer M/s Amirashmi Finstock 6(1)(2), R. No. 508, 5th Pvt. Ltd. 205, Kailash Vs. floor, Aayakar Bhavan, Plaza, V B Lane, M.K. Road, Mumbai- Ghatkopar (E), Mumbai- 400020. 400077. PAN No. AAICA2050R Appellant Respondent C.O. No. 279/MUM/2018 (ITA No. 3164/MUM/2017) Assessment Year: 2012-13 M/s Amirashmi Finstock Income Tax Officer Pvt. Ltd. 205, Kailash 6(1)(2), R. No. 508, 5th Vs. Plaza, V B Lane, floor, Aayakar Bhavan, Ghatkopar…

DCIT, Cir-10(1), Kolkata vs. M/S Maa Amba Towers Ltd., Kolkata

Appeal is dismissed

ITA 1381/KOL/2015[2012-13]Status: DisposedITAT Kolkata12 Oct 2018AY 2012-13

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2012-13

Section 131Section 143(3)Section 68

…आयकर अपील"य अधीकरण, "यायपीठ – “A” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri S.S.Godara, Judicial Member and Shri, M. Balaganesh, Accountant Member Assessment Year :2012-13 DCIT, Circle-10(1) V/s. M/s Maa Amba Towers Ltd. B-401, 4th Floor, City Aayakar Bhawan, P-7, Chowringhee Square, Centre, Salt Lake, 3rd Floor, Kolkata-69 Kolkata-64 [PAN No.AAFCM 0147 A] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Rabin Choudhury, Addl. CIT-SR-DR अपीलाथ" क" ओर से/By Appellant Shri Dilip S Damle, FCA ""यथ" क" ओर से/By Respondent 04-10-2018 सुनवाई क" तार"ख/Date of Hearing 12-10-2018 घो…