How many judgments cite CIT v. Precision Finance Pvt. Ltd.?

427 judgments on BharatTax cite CIT v. Precision Finance Pvt. Ltd. (208 ITR 465), spanning 2009 to 2026.

Which sections of the Income Tax Act does CIT v. Precision Finance Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 143(3), Section 133(6), Section 142(1), Section 147, Section 148.

CIT v. Precision Finance Pvt. Ltd.

208 ITR 465High Court1994#168 most cited

What is CIT v. Precision Finance Pvt. Ltd. authority for?

When an assessee seeks to explain a cash credit under Section 68, they must prove the identity of the creditors, their creditworthiness or capacity to advance money, and the genuineness of the transactions. The burden of proof is not discharged merely by filing confirmatory letters or demonstrating banking channel transactions.

427

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2009 to 2026.

Also referred to as

CIT v. Precision Finance Pvt. Ltd. · Section 68 · cash credit · burden of proof · identity of creditor · creditworthiness of creditor · genuineness of transaction · unexplained money · confirmatory letters · banking channel transactions

Sections most often in play

Section 68 Section 143(3)Section 133(6)Section 142(1)Section 147 Section 148 Section 1961 Section 131

Issues it is cited on

creditworthiness of the creditor paper company source of source share capital and share premium live link share application money entry operator section 251(1)(a)addition u/s 68 genuineness of the transaction addition under section 68 borrowed satisfaction

Judgments citing CIT v. Precision Finance Pvt. Ltd.

ACIT, New Delhi vs. M/S. Ny Dox Services Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4065/DEL/2014[2006-07]Status: DisposedITAT Delhi21 Jan 2020AY 2006-07

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2006-07

Section 132Section 153ASection 153CSection 68

…uced. 4. The ld. DR supported the order of the Assessing Officer and relied on the various decisions filed on 24/12/2017. A List of the decisions relied upon by the learned DR is reproduced as under: 1. Commissioner of Income-Tax Vs Precision Finance (P) ltd. 208 ITR 465 (Cal) 2. Commissioner of Income-Tax Vs United Commercial & Industries Co. (P) Ltd. 187 ITR 596 (Cal) 3. Commissioner of Income-Tax Vs Nipun Builders & Developers (P) Ltd. 350 ITR 407 (Delhi) 4. Commissioner of Income-Tax Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Delhi) 5. Mukesh Shaw Vs Income-Tax Officer 204 Taxman 615 (Jharkhand) 6. Co…

Shaunak Shailesh Shah, 9, Neelkanth Bunglow, Prahladnagar, Satellite, Ahmedabad vs. Income Tax Officer, Ward - 15(4), 7Th Floor, Nature View Building, Ashram Road, Ahmedabad 380009

In the result, the appeal of the assessee is dismissed

ITA 1421/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad20 Jan 2020AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1421/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2011-2012 Shaunak Shailesh Shah, I.T.O., 9, Neelkanth Bunglow, Vs. Ward-15(4), Prahladnagar, Ahmedabad. Satellite, Ahmedabad.

For Appellant: Shri Tushar Hemani, with Shri P.B. Parmar A.RsFor Respondent: Shri L.P. Jain, Sr.D.R

Section 131Section 133(6)Section 142(1)Section 234ASection 271Section 68

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision finance (p) Ltd reported in 208 ITR 465 wherein it was held as under: Asstt. Year 2011-12 6 “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars…

The ACIT, Circle-5, Ahmedabad vs. M/S. Rajesh Malleables Ltd., Ahmedabad

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

ITA 802/AHD/2016[2003-04]Status: DisposedITAT Ahmedabad20 Jan 2020AY 2003-04

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed

For Appellant: Shri L.P. Jain, Sr.DRFor Respondent: Shri Anil Kshatriya

Section 36(1)(iii)Section 68

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision Finance (P) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The en…

Sri Jagdish Prasad Sharma, New Delhi vs. ITO, Ghaziabad

The appeal of the assessee is dismissed

ITA 104/DEL/2015[2009-10]Status: DisposedITAT Delhi13 Jan 2020AY 2009-10

Bench: Shri Prashant Maharishi & Shri K.N.Charysri Jagdish Prasad Sharma, Vs. Ito, C/O. Mr. Sandeep Bhatnagar, Ward-1(3), Flat No. 12, 2Nd Floor, Sheel Tara Ghaziabad House, 4866/24, Ansari Road, Darya Ganj, New Delhi Pan: Azpps2130R (Appellant) (Respondent)

For Appellant: Ms. Timsi Sharma, CAFor Respondent: Ms. Rakhi Vimal, Sr. DR

Section 143(3)

…he opportunity to discharge this onus. Therefore, the additions of AO as regards the unproved cash credits of the assessee are not only confirmed but enhanced in few cases (for which reliance is placed on the case of CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 (Ca 1) wherein it was held that it is not open for the Assessing officer to add token amount merely for the purpose of making the returned income into a round figure.) as per following discussion for each creditor: (i) Brahmanand Sharma: He is real brother of assessee. Gift of Rs. 1 lac was shown from him. He could not be produced for examination…

M/S. Blue Lotus Designers Pvt. Ltd., Kolkata vs. ITO, Ward-7(4), Kolkata

Accordingly, the grounds raised by the Revenue are dismissed

ITA 941/KOL/2017[2012-13]Status: DisposedITAT Kolkata08 Jan 2020AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S Blue Lotus Designers V/S. Income Tax Officer, Pvt. Ltd., 6/1C, Pranath Ward-7(4), Aayakar Chowdhury Lane, Bhawan, P-7, Kolkata-700 002 Chowringhee Square, [Pan No.Aaecb 9302 R] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D. Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, Jcit, Sr-Dr ""यथ" क" ओर से/By Respondent 07-11-2019 सुनवाई क" तार"ख/Date Of Hearing 08-01-2020 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-16 Kolkata’S Order Dated 27.02.2017 Passed In Case No.755/Cit(A)-16/Kol/2015-16/W-7(4) Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

Section 131Section 143(3)Section 68

…e transaction. Summons u/s. 131 remained uncomplied. Reliance is made upon the judgment of Delhi High Court in the case of CIT vs. Nipun Builders Pvt. Ltd. 30 Taxman 292 (2013). The AO has relied upon the judgment of CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 and other various judgments. 6. Hon'ble Calcutta High Court in Ms Rajmandir Estates Pvt. LTd. Vs. PCIT, Kolkata dealt with all the judgments on this issue and came to the conclusion that the transaction was nominal rather than real. The creditworthiness of the shareholders was not proved. Each one of them received from somebody and that somebody…

ACIT, Circle-1, Burdwan vs. M/S. Bardhaman Dharmaraj Paper Mill Pvt. Ltd., Burdwan

ITA 910/KOL/2019[2015-16]Status: DisposedITAT Kolkata03 Jan 2020AY 2015-16

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

Section 143(3)Section 68

…ited Commercial & Industries Co. (P) Ltd., (1991) 187 ITR 596, 599 (Cal); M.A. UnneeriKutti Vs. CIT, (1992) 198 ITR 147,150 (Ker), Special Leave Petition dismissed by the Supreme Court (1993) 201 ITR (St.) 23 (SC); CIT Vs. Precision Finance Pvt. Ltd .. (1994) 208 ITR 465, 470 (Cal). It is also reiterated that the manner of payment by the account payee cheque is also not sacrosanct and this cannot make a bogus transaction as genuine one as held in [CIT Vs. Precision Finance Pvt. Ltd., ($) 208 ITR 465, 470, 471 (Cal). Cf. Nizam Wool AGENCY Vs. CIT, (1992) 193 ITR 318, 320 (All)] ITA No.910 & 1187/Kol/2019 A.Y. 201…

M/S. Bardhaman Dharmaraj Paper Mill Pvt. Ltd., Burdwan vs. ACIT, Circle-2, Burdwan

ITA 1187/KOL/2019[2015-16]Status: DisposedITAT Kolkata03 Jan 2020AY 2015-16

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

Section 143(3)Section 68

M/S. Etisha Finance & Investment Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1457/DEL/2017[2009-10]Status: DisposedITAT Delhi02 Jan 2020AY 2009-10

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1457/Del/2017 : Asstt. Year : 2009-10 M/S Etisha Finance & Investment Vs Assistant Commissioner Of Pvt. Ltd., C/O Oswal Sunil & Income Tax, Central Circle-11, Company, 71, Daryaganj, New Delhi-110055 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaace1803C Assessee By : None Revenue By : Sh. Saras Kumar, Sr. Dr Date Of Hearing: 16.12.2019 Date Of Pronouncement: 02.01.2020

For Appellant: NoneFor Respondent: Sh. Saras Kumar, Sr. DR

Section 68

…Hon’ble High Courts, namely Dayal Singh & Sons Vs CIT 335 ITR 90 (P&H), CIT Vs C. Vijayan and Co. 324 ITR 281 (Ker.), Kamal Kishore Vs CIT 131 Taxman 155 (Raj.), CIT Vs Divine Leasing & Finance Ltd. 158 Taxman 440 (Del.) and CIT Vs Precision Finance Pvt. Ltd. 208 ITR 465 (Cal.), we hereby decline to interfere with the order of the ld. CIT (A) in confirming the addition made u/s 68 of the Income Tax Act, 1961. 14. In the result, the appeal of the assessee is dismissed. Order Pronounced in the Open Court on 02/01/2020. (H. S. Sidhu) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 02/01/2020 *Subodh*…

ITO-3(2), Indore vs. M/S Ocean Motors Pvt. Ltd, Indore

In the result, the appeal of the Revenue stands dismissed

ITA 444/IND/2018[2014-15]Status: DisposedITAT Indore18 Dec 2019AY 2014-15

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2014-15 Ito 3(2) M/S Ocean Motors Pvt. Ltd. बनाम/ Indore Plot No.49, Commercial Mandi Vs. Near Cat Square, Ring Road, Indore (Appellant) (Revenue) Pan: Aabc04536F Revenue By Shri Rajib Jain, Sr. Dr Respondent By Shri S. S. Solanki, Ca Date Of Hearing: 05.12.2019 Date Of Pronouncement: 18 .12.2019 आदेश / O R D E R Per Manish Borad, A.M: This Appeal At The Instance Of Revenue Pertaining To A.Y. 2014-15 Is Directed Against The Order Of Commissioner Of Income Tax(Appeals)-1, Indore, (In Short ‘Cit’), Dated 22.02.2018 Which Is Arising Out Of The Order U/S 143(3) Of The Income Tax Act 1961(Hereinafter Called As The ‘Act’) Framed On 30.12.2016 By Ito- 3(2), Indore.

Section 131Section 143(2)Section 143(3)Section 68

…security, without interest and without any loan agreement. (ix) Whether in the facts and circumstances of the case, the Ld. CIT(A) was justified in ignoring the proposition laid down by the Hon'ble High Court in the case of CIT vs. Precision Finance Ltd, 1994 208 ITR 465 Cai., that mere payment by account payee cheque is not sacrosanct nor can it make a non-genuine transaction genuine. (x) Whether in the facts and circumstances of the case, the Ld. CIT(A) was justified in ignoring the decision laid down in case of CIT vs. United Commercial and Industrial Co. (Pvt.) Ltd (1991) 187 ITR 596 (Cal.) that the onus does…

M/S. Vasupujya Enterprises Pvt. Ltd., Kolkata vs. ITO, Ward - 1(3), Kolkata

In the result, the appeal of the assessee is treated as allowed for statistical purposes

ITA 594/KOL/2018[2014-15]Status: DisposedITAT Kolkata11 Dec 2019AY 2014-15

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

Section 68

…of 3 Assessment Year: 2014-2015 M/s. Vasupujya Enterprises Pvt. Limited ACIT vs. Gagandeep Infrastructure M. Ltd. (2014) 40 CCH 0128 Mum. Trib... CIT vs. Anshika Consultants Pvt. Ltd. (2015) 93 CCH 0016 Del. HC CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 (Cal) CIT vs. Orissa Corporation Pvt. Ltd.(1986) 159 ITR 0078 ACIT vs Govind Ram Agarwal (2000) 19 CCH 0339 Kol. Trib. CIT vs Green Infra Limited reported in [2017] 392 ITR 7 (Born) Commissioner of Income-tax v. lovely Exports P. Ltd.[299] ITR 268] Nemi Chand Kothari v. Commissioner of Income-tax [264 ITR 254] CIT v . Expo Globe India Ltd.…

M/S. Hindustan Sports Club Ltd., New Delhi vs. ITO, New Delhi

In the result, appeal of the Assessee is dismissed

ITA 5487/DEL/2013[2005-06]Status: DisposedITAT Delhi31 Oct 2019AY 2005-06

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri Ankit Gupta, AdvFor Respondent: Shri Janardan Das, Sr. DR

Section 143(3)Section 68

…gineering Pvt. Ltd. Vs CIT (ITA 79/2016) (Delhi) Page 16 of 20 ITA No.- 5487/Del/2013. M/s Hindustan Sports Club Ltd. • Naresh Chandra Jain Vs CIT (ITA No. 335 of 2009) (Allahabad) • CIT Vs Precision Finance (P.) Ltd. [1995] 82 Taxman 31 (Calcutta)/ [1994] 208 ITR 465 (Calcutta)/ [1994] 121 CTR 20 (Calcutta) (D.2) At the time of hearing before us, the Ld. Counsel for the assessee relied on the Paper Book filed in the course of appellate proceedings in ITAT [already referred by us in foregoing paragraph No. (D)] He placed particular reliance on written submission dated 21.01.2007 and 15.07.2007 made before t…

ITO 17 (3)(1), Mumbai vs. Ravi R. Agarwal, Mumbai

In the result, the appeal is Partly Allowed”

ITA 5852/MUM/2018[2010-11]Status: DisposedITAT Mumbai29 Oct 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Bleincome Tax Officer – 17(3)(1) V. Shri Ravi R. Agarwal Room No. 114, 1St Floor 502, Appejay House Aayakar Bhavan, M.K. Road Bombay Samachar Marg Mumbai – 400 020 Fort, Mumbai – 400 023 Pan: Aajpa0019N (Appellant) (Respondent) Assessee By : Shri Anil Bhomawat Department By : Shri R. Bhoopathi

For Appellant: Shri Anil BhomawatFor Respondent: Shri R. Bhoopathi

Section 143(1)Section 147

…o produce broker . e. Failure to submit requisite quantitative details. ii) Account payee cheques: The payment only proves movement of money from A to B. It does not prove purchases. Reliance is placed on following: I.CIT vs Precision Finance Pvt. Ltd. (1994 )208 ITR 465 (Cal) 5. It is for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. In our view, on the facts of this case, the Tribunal did not take into account all these ingredients which have to be satisfied by the assessee. Mere furnishing of the particulars is not enough. The enquiry of th…

Mahipal Ishwarlal Sottany, Ahmedabad vs. The Income Tax Officer, Ward-1(2)(3), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 996/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad01 Oct 2019AY 2012-13

Bench: Shri Kul Bharat & Shri Waseem Ahmedआयकर अपील सं./Ita No. 996/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 Mahipal Ishwarlal Sottany, Income Tax Officer- B-120, Shree Ghantakarma Mahavir, Vs. 4(1)(3), Market, Nr. New Cloth Market, Pratyakshkar Bhawan, Sarangpur, Ahmedabad. Ahmedabad. Pan: Amdps7616P

Section 68

…the transactions and creditworthiness of the parties. These liabilities on the assessee were imposed to justify the cash credit entries under section 68 of the Act by the Hon’ble Calcutta High Court in the case of CIT Vs. Precision Finance (P) Ltd reported in 208 ITR 465 wherein it was held as under: “It was for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. On the facts of this case, the Tribunal did not take into account all these ingredients which had to be satisfied by the assessee. Mere furnishing of the particulars was not enough. The en…

ACIT, New Delhi vs. Shri Ramit Vohra, New Delhi

In the result, the appeal is partly allowed for statistical purposes

ITA 4373/DEL/2012[2009-10]Status: DisposedITAT Delhi19 Sept 2019AY 2009-10

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

For Appellant: Shri G.S. Kohli, CAFor Respondent: Shri Surender Pal, Sr. DR

…nsactions are by cheques, it cannot be said that the transactions are genuine. Reliance is placed on the following judgements:- i. M.A. UNNERI KUTTY vs. C.I.T. : S.L.P.(Civil) No.4789 of 199312 - Supreme Court. ii. Precision Finance Pvt. Ltd. v. CIT - (1994) 208 ITR 465 (Cal.) iii. United Commercial & Industrial Co. Pvt. Ltd. v. CIT -(1991) 187 ITR 596 (cal.) iv. Nizam Wool Agency v. CIT - Allahabad High Court (1992) 193 ITR 318 (All.) It is a well established judicial principle that the onus is on the assessee to establish the authenticity of the balances disclosed in the accounts. The burden to prove the credi…

Verma Service Station, Firozabad vs. ACIT, Firozabad

In the result, the appeal of the assessee is dismissed

ITA 212/AGR/2018[2009-10]Status: DisposedITAT Agra11 Sept 2019AY 2009-10

Bench: Shri Laliet Kumar,And Dr. Mitha Lal Meena

Section 68

…irmatory letters as found in CIT Vs. United Commercial and Industrial Co. (Pvt.) Ltd, (1991) 187 ITR 596 (Cal), nor is the fact that the amount is received by account payee cheques is sacrosanct as was pointed out in CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 (Cal). This view was further held in the case of Nemi Chand Kothari v. CIT [2003] 264 ITR 254 (Gau.) where in it was held that it cannot be said that a transaction, which takes place by way of cheque, is invariably sacrosanct. Once the assessee has proved the identity of his creditors the genuineness of the transactions, and the creditworthiness…

M/S Manish Finlease (P) Ltd, Patna vs. ITO, Ward-2(1), Patna

ITA 25/PAT/2019[2010-11]Status: DisposedITAT Patna09 Aug 2019AY 2010-11

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. Ito, Ward 2(1), Patna Chandi House Exhibition Road, Patna Pan/Gir No.Aaccm 6252 B (Appellant) .. ( Respondent) Assessee By : Shri A.K.Rastogi & Rakesh Kumar, Ars Revenue By : Shri Indrajeet Singh, Dr Date Of Hearing : 20/06/ 2019 Date Of Pronouncement : 09/08/ 2019 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Cit(A)-1, Patna Dated 27.9.2018 For The Assessment Year 2010-2011. 2. The Appeal Filed By The Assessee Is Delayed By 51 Days. The Assessee Has Filed Application For Condonation Of Delay Stating The Reasons For Not Filing The Appeal In Time Before The Tribunal. After Hearing The Submissions Of The Parties, We Are Satisfied That The Assessee Had A Bonafide Reason For Not Filing The Appeal In Time. Therefore, We Condone The Delay & Proceed To Decide The Appeal Of The Assessee On Merits.

For Appellant: Shri A.K.Rastogi & Rakesh Kumar, ARsFor Respondent: Shri Indrajeet Singh, DR

Section 133(6)Section 143(2)Section 143(3)Section 147Section 148(1)Section 68

…ness of loan. The Hon'ble High Court has held that the initial burden is on the assessee to prove the identity of the creditor, the capacity of the creditor to advance the loan and the genuineness of the transaction. In CIT Vs. Precision Finance P. Ltd (1994) 208 ITR 465 (Cal). the Tribunal deleted the addition on the footing that since the transactions were through bank account. hence it was to be presumed that those were genuine. Setting aside the order of the Tribunal. the Hon ble High Court of Kolkata has held that : "It is for the assessee to prove the identity of the creditors. their creditworthiness and th…

Assistant Commissioner of Income Tax, Kolhapur vs. Nitin Mohan Wadikar Pvt.Ltd, Kolhapur

In the result, the appeal of Revenue is allowed

ITA 471/PUN/2017[2013-14]Status: DisposedITAT Pune09 Jul 2019AY 2013-14

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.471/Pun/2017 यििाारण वषा / Assessment Year : 2013-14

For Appellant: Shri Pankaj GargFor Respondent: S/Shri Nikhil Pathak and Mayuresh Doshi

Section 131Section 143(3)Section 68

…आयकर अपीऱीय अधिकरण पुणे न्यायपीठ “बी” पुणे में IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE सुश्री सुषमा चावऱा, न्याययक सदस्य एवं श्री अयिऱ चतुवेदी, ऱेखा सदस्य के समक्ष BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपीऱ सं. / ITA No.471/PUN/2017 यििाारण वषा / Assessment Year : 2013-14 The Asst. Commissioner of Income Tax, अऩीऱाथी/Appellant Circle 2, Kolhapur …. Vs. Shri Nitin Mohan Wadikar Pvt. Ltd., E-1328/20, Plot No.36, Y.P. Powar Nagar, …. प्रत्यथी / Respondent Kolhapur - 416012 PAN: AABPW5392A अऩीऱाथी की ओर से / Appellant by : Shri Pankaj Garg प्रत्यथी की ओर से / Respondent b…

Prayag Polytech Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 7, New Delhi

In the result, the appeal of the assessee is allowed

ITA 6015/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Jun 2019AY 2014-15

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumarassessment Year: 2014-15

For Appellant: Sh. Ved Jain, Adv. & Sh. Ashish Goel, AdvFor Respondent: Sh. Surender Pal, Sr. DR

Section 127(1)Section 133(6)Section 142(1)Section 143(2)Section 68

…has held that the genuineness of transaction is doubtful and also placed reliance on the judgment of Punjab & Haryana High Court in the case of Papneja Traders vs. Commissioner of Income Tax (2012) 20 taxmann.com 752 and CIT vs. Precision Finance Ltd. (1994) 208 ITR 465 (Cal.) and Shanker Industries vs. CIT (1978) 114 ITR 689 (Cal.). The CIT(A) after recording the above facts as stated in the assessment order has upheld the addition stating that none of the arguments submitted by the Ld. AR of the appellant have proved the capacity of the creditor and genuineness of the transaction. On going through the paper bo…

Addl. CIT, Special Range- 7, New Delhi vs. Prayag Polytech Pvt. Ltd., New Delhi

In the result, the appeal of the assessee is allowed

ITA 5970/DEL/2017[2014-15]Status: DisposedITAT Delhi18 Jun 2019AY 2014-15

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumarassessment Year: 2014-15

For Appellant: Sh. Ved Jain, Adv. & Sh. Ashish Goel, AdvFor Respondent: Sh. Surender Pal, Sr. DR

Section 127(1)Section 133(6)Section 142(1)Section 143(2)Section 68

Mannat Hospitality (P) Ltd., Delhi vs. ITO, Ward- 16(2), New Delhi

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

ITA 7348/DEL/2018[2009-10]Status: DisposedITAT Delhi07 Jun 2019AY 2009-10

Bench: Sh. R. K. Panda & Sh. Kuldip Singhassessment Year: 2009-10 Mannat Hospitality (P) Ltd. Income Tax Officer 325, Jagirit Enclave, Vs Ward – 16 (2) Delhi-110092 New Delhi Pan No.Aagcm0506Q (Appellant) (Respondent) Appellant By Sh. Repudaman Thakur, Ca Respondent By Ms. Rinku Singh, Sr Dr Date Of Hearing: 11/03/2019 Date Of Pronouncement: 07/06/2019 Order

Section 132Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. R. K. PANDA, ACCOUNTANT MEMBER AND SH. KULDIP SINGH, JUDICIAL MEMBER Assessment Year: 2009-10 Mannat Hospitality (P) Ltd. Income Tax Officer 325, Jagirit Enclave, Vs Ward – 16 (2) Delhi-110092 New Delhi PAN No.AAGCM0506Q (APPELLANT) (RESPONDENT) Appellant by Sh. Repudaman Thakur, CA Respondent by Ms. Rinku Singh, Sr DR Date of hearing: 11/03/2019 Date of Pronouncement: 07/06/2019 ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 10.09.2018 of the CIT(A)-6, Delhi relating to A. Y. 2009-10.…