CIT v. Precision Finance (P.) Ltd.

82 Taxmann 31High Court1995#1775 most cited

What is CIT v. Precision Finance (P.) Ltd. authority for?

To prove cash credits under Section 68, the assessee must establish the identity, creditworthiness of the creditor, and genuineness of the transaction; mere furnishing of particulars or payment by account payee cheque is insufficient.

64

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Precision Finance (P.) Ltd. · Section 68 · onus of proof · cash credits · identity of creditors · creditworthiness of creditors · genuineness of transaction · account payee cheque · share application money · accommodation entry · Section 133(6)

Also reported as

121 CTR 20

Sections most often in play

Section 143(3)Section 68Section 142(1)Section 133(6)Section 143(2)Section 115BBESection 147Section 1961

Issues it is cited on

onus of proofvaluation of sharessource of sourceshare capital and share premiumpermanent account numberaddition u/s 68creditworthiness of the creditorshare application moneygenuineness of the transactionaccommodation entryrejection of books of accountborrowed satisfaction

Judgments citing CIT v. Precision Finance (P.) Ltd.

Kalpsaru Diamonds, Mumbai vs. ACIT 23(2), Mumbai

In the result, the grounds raised by the assessee as well as In the result, the grounds raised by the assessee as well as Revenue are allowed for statistical purposes

ITA 3223/MUM/2023[2012-13]Status: DisposedITAT Mumbai28 Mar 2024AY 2012-13

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Years: 2012-13 Kalpsaru Diamonds, Acit 23(2), Jw 8040/250, Bharat Diamond Piramal Chambers, Vs. Bourse, Bkc, Bandra East, Mumbai-400013. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent Assessment Years: 2012-13 Dy. Cit-23(1), Kalpsaru Diamonds, Room No. 511, Fifth Floor, Jw 8040/250, Bharat Diamond Piramal Chambers, Parel, Vs. Bourse, Bkc, Bandra East, Lalbaugh-400012. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent

For Respondent: Mr. Ajay Singh
Section 143(3)Section 148Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAHUL CHAUDHARY (JUDICIAL MEMBER) Assessment Years: 2012-13 Kalpsaru Diamonds, ACIT 23(2), JW 8040/250, Bharat Diamond Piramal Chambers, Vs. Bourse, BKC, Bandra East, Mumbai-400013. Mumbai-400051. PAN NO. AAAFK 6960 H Appellant Respondent Assessment Years: 2012-13 Dy. CIT-23(1), Kalpsaru Diamonds, Room No. 511, Fifth floor, JW 8040/250, Bharat Diamond Piramal Chambers, Parel, Vs. Bourse, BKC, Bandra East, Lalbaugh-400012. Mumbai-400051. PAN NO. AAAFK 6960 H Appellant Respondent : Mr. Ajay Singh A…

Shri Khandelwal Diamonds Private Limited, Jaipur vs. ACIT, Circle 1, Jaipur

In the result, appeal of the assessee is partly allowed

ITA 375/JPR/2023[2012-13]Status: DisposedITAT Jaipur30 Oct 2023AY 2012-13

Bench: Him On The Reason Of Issuing Notice U/S 148 On Borrowed Satisfaction Of Another Wing Of The Department.

For Appellant: Sh. Mukesh Khandelwal (CA)For Respondent: Sh. Anup Singh (Addl. CIT) a
Section 143(3)Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 375/JP/2023 fu/kZkj.k o"kZ@Assessment Years : 2012-13 cuke Shri Khandelwal Diamonds Private ACIT, Limited, Vs. Circle-01, Jaipur 205-206, C. K. House, IInd Floor, Bichun Market, Kishanpole Bazar, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAPCS 6518 P vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh…

M/S. Delta Dealers Pvt. Ltd., Kolkata vs. ITO, Ward-8(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1842/KOL/2017[2009-10]Status: DisposedITAT Kolkata26 Oct 2023AY 2009-10

Bench: Shri Sonjoy Sarma & Shri Girish Agrawal]

Section 131Section 133(6)Section 142(1)Section 143(3)Section 147Section 263Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’, KOLKATA [Before Shri Sonjoy Sarma, Judicial Member & Shri Girish Agrawal, Accountant Member] I.T.A. No. 1842/Kol/2017 Assessment Year : 2009-10 M/s. Delta Dealers Private Limited Vs. ITO, Ward-8(2), Kolkata PAN: AACCD 9633 P Appellant Respondent Date of Hearing 05.09.2023 Date of Pronouncement 26.10.2023 For the Assessee Shri Akshy Ringasia, CA and Shri Taraknath Jaiswal, Advocate For the Revenue Shri Rakesh Kumar Das, CIT, DR ORDER Per Sonjoy Sarma, JM: This appeal of the assessee for the assessment year 2009-10 is directed against the order dated 07.0…

Spring Home Pvt Ltd., Kolkata vs. ITO, Ward-9(1), Kolkata.

In the result, appeal of the assessee is allowed

ITA 652/KOL/2023[2012-13]Status: DisposedITAT Kolkata16 Oct 2023AY 2012-13
For Appellant: Shri Sunil Surana, A/RFor Respondent: Shri B.K. Singh, JCIT, Sr. D/R
Section 131Section 133(6)Section 143(2)Section 250Section 68

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER & SHRI SANJAY GARG, HON’BLE JUDICIAL MEMBER I.T.A. No. 652/Kol/2023 Assessment Year: 2012-13 Spring Home Pvt. Ltd. Income Tax Officer, Ward – 9(1), 1st Floor, 134/1, M.G. Road Vs Kolkata Burrabazar Kolkata - 700007 [PAN : AAKCS7477E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Sunil Surana, A/R Revenue by : Shri B.K. Singh, JCIT, Sr. D/R सुनवाई क" तारीख/Date of Hearing : 05/09/2023 घोषणा क" तारीख /Date of Pronouncement: 16/10/2023 आदेश/O R D E R PER…

Aman Exports International, Jaipur vs. DCIT Circle 1, Jaipur

In the result, appeal of the assessee is partly allowed

ITA 147/JPR/2023[2012-13]Status: DisposedITAT Jaipur24 Aug 2023AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Manish Tatiwal (CA)For Respondent: Smt. Runi Pal (Addl. CIT) &
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 148Section 40A(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh jkBkSM+ deys'k t;arHkkbZ] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 147/JP/2023 fu/kZkj.k o"kZ@Assessment Years : 2012-13 cuke Aman Exports International DCIT, Vs. G-93 Epip Sitapura, Industrial Area Circle-01, Sitapura, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAQFA 6304 F vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Manish Tatiwal (CA) jktLo dh vksj…

D.C.I.T., Circle-1(4), Kolkata vs. Edmond Finvest Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue is dismissed

ITA 96/KOL/2021[2015-16]Status: DisposedITAT Kolkata16 May 2023AY 2015-16

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 131Section 143(2)Section 143(3)Section 14ASection 250Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'बी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA श्री संजय गगग, न्याधयक सदस्य एवं डॉ. मनीष बोरड, लेखा सदस्य के समक्ष Before SRI SANJAY GARG, JUDICIAL MEMBER & DR. MANISH BORAD, ACCOUNTANT MEMBER I.T.A. No.: 96/KOL/2021 Assessment Year: 2015-16 DCIT, CC-1(4), Kolkata.............................................Appellant Vs. M/s. Edmond Finvest Pvt. Ltd....….........................Respondent (Earlier known as Edmond Textiles Pvt. Ltd.) [PAN: AAACE 6908 L] Appearances by: Sh. P.P. Barman, Addl. CIT, appeared on behalf of the Revenue. Sh. Akkal Dudhwewa…

Deputy Commissioner of Income Tax, Circle- 3, Guwahati vs. M/S. Satyam Ispat (North East) Limited, Banderdewa

In the result, the appeals filed by the Revenue for AY 2011-

ITA 87/GTY/2017[2012-13]Status: DisposedITAT Guwahati03 Mar 2023AY 2012-13

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 132Section 133(6)Section 139Section 143(2)Section 153CSection 250Section 68Section 80I

…आयकर अपीलीय अधिकरण गुवाहाटी पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL GUWAHATI BENCH AT KOLKATA [वर्ुअल कोटु] [Virtual Court] श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं डॉ. मनीष बोरड, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE PRESIDENT (KZ) & DR. MANISH BORAD, ACCOUNTANT MEMBER I.T.A. Nos.: 86 & 87/GTY/2017 Assessment Years: 2011-12 & 2012-13 DCIT, Circle-3, Guwahati.........................................Appellant Vs. M/s. Satyam Ispat (North East) Limited…………......Respondent [PAN: AAICS 9640 K] Appearances by: Sh. N.T. Sherpa, JCIT, appeared on behalf of the Revenue. Sh. J.P. Gupta o…

Deputy Commissioner of Income Tax, Circle- 3, Guwahati vs. M/S. Satyam Ispat (North East) Limited, Banderdewa

In the result, the appeals filed by the Revenue for AY 2011-

ITA 86/GTY/2017[2011-12]Status: DisposedITAT Guwahati03 Mar 2023AY 2011-12

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 132Section 133(6)Section 139Section 143(2)Section 153CSection 250Section 68Section 80I

…आयकर अपीलीय अधिकरण गुवाहाटी पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL GUWAHATI BENCH AT KOLKATA [वर्ुअल कोटु] [Virtual Court] श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं डॉ. मनीष बोरड, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE PRESIDENT (KZ) & DR. MANISH BORAD, ACCOUNTANT MEMBER I.T.A. Nos.: 86 & 87/GTY/2017 Assessment Years: 2011-12 & 2012-13 DCIT, Circle-3, Guwahati.........................................Appellant Vs. M/s. Satyam Ispat (North East) Limited…………......Respondent [PAN: AAICS 9640 K] Appearances by: Sh. N.T. Sherpa, JCIT, appeared on behalf of the Revenue. Sh. J.P. Gupta o…

M/S. Dwarka Goods Pvt. Ltd., Kolkata vs. I.T.O., Ward-1(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 524/KOL/2022[2016-2017]Status: DisposedITAT Kolkata07 Feb 2023AY 2016-2017

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 133(6)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘SMC’, KOLKATA [Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 524/Kol/2022 Assessment Year : 2016-17 M/s. Dwarka Goods Private Limited vs ITO, Ward-1(1), Kolkata PAN: AADCD 1402 B Appellant Respondent Date of Hearing 08.12.2022 Date of Pronouncement 07.02.2023 For the Assessee Shri Sunil Surana, AR For the Revenue Shri P.P. Barman, Addl. CIT ORDER Per Sonjoy Sarma, JM: The present appeal has been preferred by the assessee against the order dated 29.07.2022 of the National Faceless Appeal Centre [hereinafter referr…

M/S Starland Vinimay Pvt. Ltd, Kolkata vs. ITO, Ward-2(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 574/KOL/2020[2012-13]Status: DisposedITAT Kolkata24 Jan 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 143(2)Section 143(3)Section 250Section 56(2)(viib)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘B’, KOLKATA [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 574/Kol/2020 Assessment Year : 2012-13 M/s. Starland Vinimay Private Vs. ITO, Ward-2(1), Kolkata Limited (PAN: AAQCS 6066 H) Appellant Respondent Date of Hearing 30.11.2022 Date of Pronouncement 24.01.2023 For the Assessee Shri Anil Kochar, Advocate & Shri S.L. Kochar, Advocate For the Revenue Smt. Ranu Biswas, Addl. CIT/DR ORDER Per Shri Sonjoy Sarma, JM: This appeal by the assessee pertaining to assessment year 2012-13 is directed against the order p…

Navroop Commercial Pvt. Ltd., Kolkata vs. I.T.O., Ward-13(3), Kolkata

In the result, both the appeals of the assessee are allowed

ITA 613/KOL/2019[2013-14]Status: DisposedITAT Kolkata11 Jan 2023AY 2013-14

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 133(6)Section 68

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘‘बी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA "ी राजेश कुमार, लेखा सद"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. Nos. 151 & 613/Kol/2019 Assessment Years: 2012-13 & 2013-14 Navroop Commercial Pvt. Ltd. Vs. ITO, Ward-13(3), Kolkata (PAN: AADCN 8151 F) Appellant / (अपीलाथ") Respondent / ( !यथ") 01.12.2022 Date of Hearing / सुनवाई क$ "त&थ Date of Pronouncement/ 11.01.2023 आदेश उ)घोषणा क$ "त&थ For the Appellant/ Shri A.K. Tibriwal, FCA Shri Amit Agarwal, Advocate "नधा"/रती क…

Navroop Commercial Pvt. Ltd., Kolkata vs. I.T.O., Ward-13(3), Kolkata

In the result, both the appeals of the assessee are allowed

ITA 151/KOL/2019[2012-13]Status: DisposedITAT Kolkata11 Jan 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 133(6)Section 68

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘‘बी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA "ी राजेश कुमार, लेखा सद"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. Nos. 151 & 613/Kol/2019 Assessment Years: 2012-13 & 2013-14 Navroop Commercial Pvt. Ltd. Vs. ITO, Ward-13(3), Kolkata (PAN: AADCN 8151 F) Appellant / (अपीलाथ") Respondent / ( !यथ") 01.12.2022 Date of Hearing / सुनवाई क$ "त&थ Date of Pronouncement/ 11.01.2023 आदेश उ)घोषणा क$ "त&थ For the Appellant/ Shri A.K. Tibriwal, FCA Shri Amit Agarwal, Advocate "नधा"/रती क…

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…

Toplink Developers Consultancy Pvt. Ltd., Kolkata vs. I.T.O., Ward-3(3), Kolkata

In the result, the appeal of the assessee is allowed

ITA 710/KOL/2019[2012-13]Status: DisposedITAT Kolkata20 Dec 2022AY 2012-13

Bench: Dr. Manish Borad & Sonjoy Sarma

Section 143(2)Section 143(3)Section 250Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'बी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA डॉ. मनीष बोरड, लेखा सदस्य एवं श्री संजय शमाा, न्याधयक सदस्य के समक्ष Before DR. MANISH BORAD, ACCOUNTANT MEMBER & SONJOY SARMA, JUDICIAL MEMBER I.T.A. No.: 710/Kol/2019 Assessment Year: 2012-13 Toplink Developers Consultancy Pvt. Ltd......………Appellant [PAN: AADCT 5284 F] Vs. ITO, Ward-3(3), Kolkata........................................Respondent Appearances by: Sh. Siddharth Agarwal, Adv., appeared on behalf of the Assessee. Sh. P.P. Barman, Addl. CIT, appeared on behalf of the Revenue. Date of concl…

M/S Silvertoss Realtors Pvt. Ltd., Kolkata vs. I.T.O., Ward-9(4), Kolkata

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

ITA 2282/KOL/2019[2012-13]Status: DisposedITAT Kolkata28 Nov 2022AY 2012-13

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 131Section 133(6)Section 143(2)Section 143(3)Section 250Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री संजय गगग, न्याधयक सदस्य एवं डॉ. मनीष बोरड, लेखा सदस्य के समक्ष Before SRI SANJAY GARG, JUDICIAL MEMBER & DR. MANISH BORAD, ACCOUNTANT MEMBER I.T.A. No.: 2282/Kol/2019 Assessment Year: 2012-13 M/s. Silvertoss Realtors Pvt. Ltd.…...........................Appellant [PAN: AAPCS 8325 N] Vs. ITO, Ward-9(4), Kolkata........................................Respondent Appearances by: Sh. Sunil Surana, FCA, appeared on behalf of the Assessee. Sh. Vijay Kumar, Addl. CIT, Sr. D/R, appeared on behalf of the Rev…

Gold Finch Jewellery Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

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

ITA 273/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad23 Aug 2022AY 2010-11

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: Shri Aseem Thakkar, A.RFor Respondent: 01/08/2022
Section 131Section 133Section 143(2)Section 143(3)Section 148

…that the appellant company had failed to identify the subscribers and prove their creditworthiness and genuineness of the transactions. 2.6 The A.O. in para 3.5 & pg.5 of the assessment order has relied upon the case of CIT v. Precision Financier Ltd. (1994) 121 CTR 20 wherein it has been held that payment by account payee cheques is not sacrosanct and the identity, creditworthiness and genuineness of the transaction has to be established by the appellant. 2.7 The A.O. in para.3.6 has relied upon various judicial pronouncements which are as under: i. CIT v. N.R. Portfolio Pvt. Ltd. (Delhi High Court) [2012] ii…

Gold Finch Jewellery Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

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

ITA 1074/AHD/2016[2006-07]Status: DisposedITAT Ahmedabad23 Aug 2022AY 2006-07

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: Shri Aseem Thakkar, A.RFor Respondent: 01/08/2022
Section 131Section 133Section 143(2)Section 143(3)Section 148

…that the appellant company had failed to identify the subscribers and prove their creditworthiness and genuineness of the transactions. 2.6 The A.O. in para 3.5 & pg.5 of the assessment order has relied upon the case of CIT v. Precision Financier Ltd. (1994) 121 CTR 20 wherein it has been held that payment by account payee cheques is not sacrosanct and the identity, creditworthiness and genuineness of the transaction has to be established by the appellant. 2.7 The A.O. in para.3.6 has relied upon various judicial pronouncements which are as under: i. CIT v. N.R. Portfolio Pvt. Ltd. (Delhi High Court) [2012] ii…

Sarvesh Mercantile Pvt. Ltd., Mumbai vs. DCIT, CC -2(1), Mumbai

In the result, the three appeals filed by the assessee are In the result, the three appeals filed by the assessee are allowed partly for statistical allowed partly for statistical purposes

ITA 7163/MUM/2019[2013-14]Status: DisposedITAT Mumbai27 Jul 2022AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2014-15 M/S Sarvesh Mercantile Pvt. Ltd., Dy. Cit Central Circle-2(4), 2Nd Floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. Pan No. Aaics 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., Dcit Cc-2(1), 2Nd Floor, Johri Mansion, 259, 9Th Floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. Pan No. Aaics 1651 C Appellant Respondent

For Appellant: NoneFor Respondent: Mrs. Neelam Shukla, CIT-DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2014-15 M/s Sarvesh Mercantile Pvt. Ltd., Dy. CIT Central Circle-2(4), 2nd floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. PAN No. AAICS 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., DCIT CC-2(1), 2nd floor, Johri Mansion, 259, 9th floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. PAN No. AAICS 1651 C Appellant R…

Sarvesh Mercantile Pvt. Ltd., Mumbai vs. DCIT, CC 2(1), Mumbai

In the result, the three appeals filed by the assessee are In the result, the three appeals filed by the assessee are allowed partly for statistical allowed partly for statistical purposes

ITA 7162/MUM/2019[2015-16]Status: DisposedITAT Mumbai27 Jul 2022AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2014-15 M/S Sarvesh Mercantile Pvt. Ltd., Dy. Cit Central Circle-2(4), 2Nd Floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. Pan No. Aaics 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., Dcit Cc-2(1), 2Nd Floor, Johri Mansion, 259, 9Th Floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. Pan No. Aaics 1651 C Appellant Respondent

For Appellant: NoneFor Respondent: Mrs. Neelam Shukla, CIT-DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2014-15 M/s Sarvesh Mercantile Pvt. Ltd., Dy. CIT Central Circle-2(4), 2nd floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. PAN No. AAICS 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., DCIT CC-2(1), 2nd floor, Johri Mansion, 259, 9th floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. PAN No. AAICS 1651 C Appellant R…

Sarvesh Mercantile P.Ltd, Mumbai vs. DCIT 2(4), Mumbai

In the result, the three appeals filed by the assessee are In the result, the three appeals filed by the assessee are allowed partly for statistical allowed partly for statistical purposes

ITA 4634/MUM/2018[2014-15]Status: DisposedITAT Mumbai27 Jul 2022AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2014-15 M/S Sarvesh Mercantile Pvt. Ltd., Dy. Cit Central Circle-2(4), 2Nd Floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. Pan No. Aaics 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., Dcit Cc-2(1), 2Nd Floor, Johri Mansion, 259, 9Th Floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. Pan No. Aaics 1651 C Appellant Respondent

For Appellant: NoneFor Respondent: Mrs. Neelam Shukla, CIT-DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2014-15 M/s Sarvesh Mercantile Pvt. Ltd., Dy. CIT Central Circle-2(4), 2nd floor, Johari Mansion, 259, Mumbai. Kalbadevi Road, Vs. Mumbai-400 002. PAN No. AAICS 1651 C Appellant Respondent Assessment Year: 2013-14 & Assessment Year: 2015-16 Sarvesh Mercantile Pvt. Ltd., DCIT CC-2(1), 2nd floor, Johri Mansion, 259, 9th floor, New Pratiksha Bhavan, Kalbadevi Road, Kalbadevi, Vs. M.K. Road, Mumbai-400 002. Mumbai-400020. PAN No. AAICS 1651 C Appellant R…