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 367,164 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 68Section 143(3)Section 133(6)Section 142(1)Section 147Section 148Section 1961Section 131

Issues it is cited on

creditworthiness of the creditorpaper companysource of sourceshare capital and share premiumlive linkshare application moneyentry operatorsection 251(1)(a)addition u/s 68genuineness of the transactionaddition under section 68borrowed satisfaction

Judgments citing CIT v. Precision Finance Pvt. Ltd.

M/S. Stride Infrastructure (P) Ltd., New Delhi vs. ITO, New Delhi

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

ITA 5349/DEL/2016[2010-11]Status: DisposedITAT Delhi15 May 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm Ita No. 5349/Del/2016 : Asstt. Year : 2010-11 M/S Stride Infrastructure (P) Ltd. Vs Income Tax Officer, Flat No. 100-K, Basement Milap Ward-9(2), Bhawan, New Delhi-110002 New Delhi (Appellant) (Respondent) Pan No. Aajcs4888A Assessee By : Sh. Gautam Jain, Adv. & Sh. Piyush Kumar, Adv. Revenue By : Sh. S. S. Rana, Cit Dr Date Of Hearing : 16.02.2017 Date Of Pronouncement : 15.05.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Sh. S. S. Rana, CIT DR
Section 143(1)Section 234BSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. N. K. Saini, AM and Smt. Beena A. Pillai, JM ITA No. 5349/Del/2016 : Asstt. Year : 2010-11 M/s Stride Infrastructure (P) Ltd. Vs Income Tax Officer, Flat No. 100-K, Basement Milap Ward-9(2), Bhawan, New Delhi-110002 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAJCS4888A Assessee by : Sh. Gautam Jain, Adv. & Sh. Piyush Kumar, Adv. Revenue by : Sh. S. S. Rana, CIT DR Date of Hearing : 16.02.2017 Date of Pronouncement : 15.05.2017 ORDER Per N. K. Saini, AM: This is an appeal by the assessee against the order dated 22.09.2016 of ld. CIT(A…

Arsh Iron & Steel Ltd., Burdwan vs. ACIT, Cir-3, Asansol

In the result, assessee’s appeal is partly allowed

ITA 206/KOL/2014[2009-10]Status: DisposedITAT Kolkata12 May 2017AY 2009-10

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 142(1)Section 143(3)

…d to the assessee, has been disclosed to the Income-tax Department. Payments were admittedly made by cheque after deduction of tax. The tax deducted as source has duly been deposited. The judgment in the case of CIT vs. Precision Finance Pvt. Ltd. reported in 208 ITR 465 relied upon b Mr. Bhowmick does not really assist him. The aforesaid judgment is an authority for the proposition that mere payment by account payee cheque cannot establish that the transactions was genuine, but in the case before us, besides the fact that payment was made by cheque, there are other pieces of evidence available which are as follo…

Sanjay Singh, Ghaziabad vs. DCIT, Ghaziabad

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

ITA 6097/DEL/2016[2012-13]Status: DisposedITAT Delhi05 May 2017AY 2012-13

Bench: Shri N. K. Saini

For Appellant: Sh. L. M. Aggarwal, CAFor Respondent: Ms. Bedobani, Sr. DR
Section 68

…genuineness of the transaction had been fulfilled by the assessee. The reliance was placed on the following case laws: " Shreelekha Banarjee Vs CIT (1963) 49 ITR 112 (SC) " CIT Vs Shree Gopal & Co. (1993) 204 ITR 285 (Gau) " Precision Finance (P) Ltd. (1994) 208 ITR 465 (Cal.) " CIT Vs Baishnab Charan Mohanty (1995) 212 ITR 199 (Ori) " United Commercial & Industrial Co. (P) Ltd. (1994) 187 ITR 596 (Cal.) " Oriental Wire Ind. Pvt. Ltd. (1981) 134 ITR 688 (Cal.) " C. Kant & Co. (1980) 126 ITR 63 (Cal.) 7 Sanjay Singh " M.A. Limiter Kutty (1992) 198 ITR 147 (Ker.) " RBN Naidu Vs CIT (1956) 29 ITR 194 (Nag.) " Chu…

ITO WD 1(5), Kalyan vs. Gopal Ramshish Tripathi, Bhiwandi

In the result, the appeal for all three years, are PARTLY

ITA 6559/MUM/2016[2011-12]Status: DisposedITAT Mumbai18 Apr 2017AY 2011-12

Bench: Shri R.C.Sharma, Am

Section 143(3)Section 145(3)Section 148Section 69C

…ces I situations of the case [Assam Pesticides & Agro Chemicals V. CIT (1997) 227 ITR 846, 851, 852 (Gauh). - Mere payment by A/c Payee Cheque is not sacrosanct it would root make otherwise non-genuine transaction genuine. CIT Vis. Precision Finance Pvt. Ltd. 208 ITR 465 (Cal). CO No.61 & 62/Mum/2017 Gopal Ramshish Tripathi - Even in the case of M/s. Kanchwala Gems VIs JCIT upheld by SC 288 ITR 10 (SC), Hon'ble ITA T had held that even Account Payee Cheque is not sufficient to establish the genuineness of the purchases. In the case of CIT Vs Motor General Finance Ltd. 254 ITR 449 (Del), it was held that since th…

ITO, Meerut vs. M/S. Jayanti Prasad Jeevan Lal Jain, Meerut

In the result we confirm the finding of the ld

ITA 227/DEL/2014[2010-11]Status: DisposedITAT Delhi06 Feb 2017AY 2010-11

Bench: Shri H.S.Sidhu & Shri Prashant Maharishiito, Jayanti Prasad Jeevan Lal Jain, Ward-1(3), Sarraf Pvt. Ltd, Vs. Meerut Navjeevan, New Prem Puri, Railways Road, Meerut Pan: Aabcj6694D (Appellant) (Respondent)

For Appellant: Sh. Ashwani Kumar, CAFor Respondent: Sh. SS Rana, CIT DR
Section 133(6)Section 143(3)Section 68

…aid down in following cases:- (i) CIT Vs. La Medica (2001) 250 ITR -575 (Delhi) (ii) Sri Ganesh Rice Mills Vs. CIT (2007) 294 ITR 316 (Alld.) (Hi) CIT Vs. United Commercial and Industrial Co.(199) 187 ITR 596 Cal. (iv) CIT Vs Precision Finance Pvt. Ltd. (Cal) 208 ITR 465 (v) CIT v/s Korlay Trading Co. Ltd. (Cal.) 232 ITR 820. (vi) Krishan Kumar Jhanb v/s ITO and Anr (Punjab & Haryana) 17 DTR 249 (vii) M/s Sejai International Ltd v/s CIT Meerut (All.) Appeal No.306 of 2010. (viii) CIT Vs Durga Prasad More, 82 ITR 540 (SC) (ix) CIT Vs P. Mohnakala, 291 ITR 278 (SC) (x) CIT Vs Sumati Dayal, 214, ITR 801 (SC) (xi) IT…

ACIT, Circle - 1, Asansol vs. Burnpur Cement Ltd., Asansol

In the result, the appeal of the revenue is dismissed

ITA 28/KOL/2012[2008-09]Status: DisposedITAT Kolkata19 Oct 2016AY 2008-09

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm आयकर अपील सं./Ita No.28/Kol/2012 ("नधा"रण वष" / Assessment Year :2010-2011) Acit, Circle-I, Lower Vs. Brunpur Cement Ltd., 141, Chelidanga, Asansol-4 Cement House, Saradapally, Ashok Nagar, Asansol, District-Burdwan- 713304 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacca 1999 B .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Niraj Kumar Cit Dr "नधा"रती क" ओर से /Assessee By : Shri S.M.Surana Advocate सुनवाई क" तार"ख / Date Of Hearing : 26/08/2016 घोषणा क" तार"ख/Date Of Pronouncement 19/10/2016 आदेश / O R D E R Per M.Balaganesh, Am This Appeal Of The Assessee Arises Out Of The Order Of Learned Cit(A), Asansol, In Appeal No.296/Cit(A)/Asl/R-I/Asl/10-11 Dated 31.10.2011 Passed Against The Order Of Assessment Framed U/S.144 Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’).

For Appellant: Shri S.M.Surana AdvocateFor Respondent: Shri Niraj Kumar CIT DR
Section 144

…three ingredients of section 68 of the Act were fully satisfied by the assessee in the instant case. 4.6.3. We find that the reliance placed on the decision of the Hon’ble Calcutta High Court in the case of CIT vs Precision Finance Pvt Ltd reported in (1994) 208 ITR 465 (Cal) is in favour of the assessee. The head notes in the said case is reproduced below:- Income – cash credits – Genuineness – Assessee allowed opportunities for 7 ½ years to prove genuineness of credits – Enquiries conducted through Inspector revealed that no such income tax files as mentioned by assessee existed and creditors not found on the…

I.T.O WD - 12(3), Kolkata. vs. M/S Jai Vikshu Niketan Pvt Ltd, Kolkata

In the result, Revenue’s appeal stands dismissed

ITA 1133/KOL/2013[2009-10]Status: DisposedITAT Kolkata23 Sept 2016AY 2009-10

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2009-10

Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member Assessment Years:2009-10 ITO Ward-12(3), बनाम / M/s Jai Vikshu Niketan P-7, Chowringhee Pvt. Ltd., 132/1, Mahatma V/s. Square, 7th Floor, Gandhi Road, 4th Floor, Kolkta-700 069 Kaveri House, Burrabazar, Kolkata-700 007 [PAN No.AABCJ 3771 F] अपीलाथ" /Appellant .. ""यथ" /Respondent Shri Debasish Lahiri Addl. CIT-DR अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwal, Advocate ""यथ" क" ओर से/By Respondent 10-08-2016 सुनवाई क" तार"ख/Date of Hearing 23-09-2016 घोषणा…

Addl CIT RG 24(2), Mumbai vs. Saraswati Developers, Mumbai

In the result, the Revenue’s appeal is allowed for statistical purposes

ITA 8337/MUM/2010[2006-07]Status: DisposedITAT Mumbai09 Aug 2016AY 2006-07

Bench: Shri Sanjay Arora, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 8337/Mum/2010 ("नधा"रण वष" / Assessment Year: 2006-07) Dy. Cit-24(2), Saraswati Developers Room No. 601, 6Th Floor, 54/55, Rani Sati Marg, बनाम/ Pratyakshakar Bhavan, Malad (E), Mumbai-400 097 Bandra-Kurla Complex, Vs. Bandra (E), Mumbai-400 051 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaofs 5105 N (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Kailash Gaikwad ""यथ" क" ओर से/Respondent By : Shri Viraj Shah

For Appellant: Shri Kailash GaikwadFor Respondent: Shri Viraj Shah
Section 133(6)Section 143(3)Section 68

…4 Dy. CIT vs. Saraswati Developers 3. Before us, while the Revenue pleaded that the assessee had not been able to prove the impugned credits in terms of section 68 of the Act, relying on the decisions in the case of CIT vs. Precision Finance (P) Ltd. [1994] 208 ITR 465 (Cal); CIT vs. M. Ganapati Mudaliar [1964] 53 ITR 623 (SC); and A. Govindarajulu Mudaliar vs. CIT [1958] 34 ITR 807 (SC) (refer Ground 3 of the Appeal), the assessee’s case, relying on CIT vs. Nangalia Fabrics (P.) Ltd. [2013] 40 taxmann.com 206 (Guj); Amitabh Construction (P.) Ltd. vs. Addl. CIT [2012] 20 taxmann.com 385 (Jhark); Manoj Aggarwal…

M/S Obulapuram Mining Co., Pvt. Ltd., Bellary vs. DCIT, Bangalore

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

ITA 653/BANG/2015[2010-11]Status: DisposedITAT Bangalore29 Jul 2016AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri A.K.Garodia, Accounant Member

For Appellant: Shri Mayank Jain, AdvocateFor Respondent: Dr. Sibichen K.Mathew, CIT-III
Section 131Section 37

…7 SC 122) . The transaction would not become genuine just ITA No.653(B)/2015 because the payments have been routed through bank. Reliance is placed on the decision of the Hon’ble High Court of Madras’s decision in the cased of Precision Financer reported in 208 ITR 465 wherein it was held that mere payment by account payee cheque is not sacrosanct nor would it make a non-genuine transaction genuine. 1.10. On the basis of above discussion. The transportation expenditure claimed against the name of the above parties excluding M/s Narmada Transport amounting to Rs.168.69,93.902 (Rs.175,36,24,913 – Rs.6,66,31,011)…

ACIT, New Delhi vs. M/S. Plastograph India Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue and C

ITA 3556/DEL/2012[2005-06]Status: DisposedITAT Delhi27 Jul 2016AY 2005-06

Bench: Smt Diva Singh & Sh.O.P.Kant

Section 132Section 153Section 153CSection 68

…R 112 (SC); M/s Sophia Finance Ltd. 205 ITR 98 (Delhi); Kamal Kishore vs CIT [2003] 131 Taxman 155 (Raj.); CIT vs Divine Leasing & Finace Ltd. [2007] 158 Taxman 440 (Del.); C.Kant & Co. v CIT [1980] 126 ITR 63 (Cal.); and CIT vs Precision Finance Pvt.Ltd. 208 ITR 465 (Cal.) addition of Rs.50 lakh was made holding that the assessee has failed to discharge the onus as caste upon it by section 68 of the Act as it had failed despite opportunity to file any supporting document. 3. Aggrieved, the assessee came in appeal before the First Appellant Authority. In support of its claim it was submitted that on 23.12…

ACIT, Circle - 1, Asansol vs. M/S. Raja Transport, Asansol

In the result, the appeal of the revenue is dismissed

ITA 29/KOL/2012[2008-09]Status: DisposedITAT Kolkata20 Jul 2016AY 2008-09

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri A. K. Sinha, JCIT, Sr. DRFor Respondent: Shri S. M. Surana, Advocate
Section 143(3)Section 194CSection 3Section 40

…oned that TDS was made on the payments given to these parties during the year and this fact was also noted by the A.O. in his assessment order. The A.O. has relied on the cases of: a) Baisnab Charan Mohanty [212 ITR 199 (Ori.)] b) Precision Finance (P.) Ltd. [208 ITR 465 (Cal.)] Both these cases deal with cash credits whereas, in the case of the appellant, balances due to trade creditors have been added back. Thus, in my opinion, the facts of these cases being different the decisions relied by the A.O. cannot be applicable in this case. I find from a perusal of the assessment order that the A.O. on page 9 of his…

Shri Bikram Singh, New Delhi vs. DCIT, New Delhi

ITA 5609/DEL/2015[2011-12]Status: DisposedITAT Delhi19 Jul 2016AY 2011-12
Section 68

…Court in the case of Durga Prasad More reported in 82 ITR 540, judgment of the Madras High Court in the case of Mangilal Jain Vs. ITO reported in 315 ITR 105, judgment of the Hon’ble Calcutta High Court in the case of Precision Finance Private Ltd reported in 208 ITR 465 and judgment of the Hon’ble Delhi High Court in the case of NR portfolio private limited reported in (2013) 29 taxmann.com 291 (Delhi). 9 AY: 2011-12 8.7 In the rejoinder, the learned counsel of the assessee submitted that the assessee has already demonstrated the immediate source in the hands of the creditor of money advanced to the assessee an…

Raj Rishi Sharma, Rohtak vs. ITO, Rohtak

In the result, appeal of the assessee is partly allowed

ITA 1217/DEL/2016[2010-11]Status: DisposedITAT Delhi29 Jun 2016AY 2010-11

Bench: Sh. N. K. Sainiita No. 1217/Del/2016 : Asstt. Year : 2010-11 Sh. Raj Rishi Sharma, Vs Income Tax Officer, H. No. 1011, Sector-3, Ward-1, Rohtak (Haryana) Rohtak (Haryana) (Appellant) (Respondent) Pan No. Acops1474Q Assessee By : Sh. Naveen Gupta, Adv. Revenue By : Sh. V. R. Sonbhadra, Sr. Dr Date Of Hearing : 25.05.2016 Date Of Pronouncement : 29.06.2016 Order

For Appellant: Sh. Naveen Gupta, AdvFor Respondent: Sh. V. R. Sonbhadra, Sr. DR

…e assessee. The reliance was placed on the following case laws: " Shankar Industries VS CIT 114 ITR 689 (Calcutta) " C. Kant and Co. Vs CIT 126 ITR 63 (Calcutta) " CIT VS Korlay Trading Company Ltd. 232 ITR 820 (Calcutta) " CIT Vs Precision Fiannce Pvt. Ltd. 208 ITR 465 (Calcutta) " ITO Vs Diza Holdings (P) Ltd. 120 Taxman 539 (Kerla) 5. Being aggrieved the assessee carried the matter to the ld. CIT(A) and submitted as under: “4.3 AR of the appellant filed written submission dated 14.09.2014. Relevant part of submissions is reproduced here under:- "The 2nd & 3rd ground of appeal is against addition of Rs. 6 lacs…

DCIT 5(2), Mumbai vs. Lahoti Overseas Ltd, Mumbai

In the result, appeal of the assessee company in ITA

ITA 3812/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Mar 2016AY 2003-04

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3812/Mum/2012 ("नधा"रण वष" / Assessment Year : 2003-04) Dy. Commissioner Of Income M/S Lahoti Overseas Ltd., बनाम/ Tax , 5(2),Room No. 571, 307, Arun Chambers, V. 5 Th Floor, Tardeo Road, Tardeo, Aayakar Bhavan, Mumbai - 400034. M.K. Road, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacl2578 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Yogesh TharFor Respondent: Shri Ganesh Bare (Sr.DR)
Section 133ASection 143(3)Section 147Section 148Section 151(1)

…k and also submitted before the AO during remand proceedings to produce Mr Nimish G Chandak before the AO. The assessee company relied upon the following decisions:- i) Shankar Industries v. CIT (114 ITR 689)(Calcutta) ii) CIT v. Precision Finance Pvt. Ltd. (208 ITR 465) iii) CIT vs. Corley Trading Company Limited (232 ITR 820) iv) CIT v. Lovely Exports Pvt. Ltd. (216 CTR 195 (SC) v) CIT v. Kinetic Capital Finance Ltd. (ITA No. 87/2007)(Delhi) vi) M/s Kiara Jewellery Pvt. Ltd. v. ACIT (ITA No. 4911/Mum/09) The CIT(A) admitted the additional evidence which were mainly by way of bank statements, director’s reports…

H & R Johnson India Ltd ( Now Know As A Division A of Prisim Cement Ltd), Mumbai vs. Asst CIT Cen Cir 34, Mumbai

In the result,appeal filed by the assessee stands dismissed

ITA 877/MUM/2012[2005-06]Status: DisposedITAT Mumbai03 Feb 2016AY 2005-06
For Appellant: NoneFor Respondent: Shri Vachaspati Tripathi-DR
Section 115JSection 136Section 143(3)Section 147Section 254(1)

…अिधकरण, ‘एच’ खंडपीठ आयकर अपीलीय अपीलीय अिधकरण खंडपीठ मुंबई मुंबई आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण खंडपीठ खंडपीठ मुंबई मुंबई INCOME TAX APPELLATE TRIBUNAL,MUMBAI “H” BENCH सव"ी राजे"", लेखा सद"य एवं राम लाल नेगी, "याियक सद"य Before S/Sh. Rajendra,Accountant Member & Ram Lal Negi,Judicial Member आयकर आयकर अपील अपील संसंसंसं/.ITA No.877/Mum/2012,िनधा"रण िनधा"रण वष" वष"/Assessment Year-2005-06 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. H&R Johnson India Ltd.(Now The Asst. CIT known as a Division o Prism Central Circle-34 Cement Ltd.), Windsor, 7th Floor, Room No.104, 1st Floor Vs. CST Road, Kalina…

ACIT, Meerut vs. M/S. Kastoori Devi Foundation, Meerut

In the result, the appeal of the Revenue stands dismissed

ITA 5098/DEL/2012[2009-10]Status: DisposedITAT Delhi07 Jan 2016AY 2009-10

Bench: Shri J.S. Reddy & Shri Chandra Mohan Garg

For Appellant: Shri P. DAM Kanunjna, Sr.DRFor Respondent: Shri S.K. Kalra, Adv
Section 11Section 115Section 115BSection 133(6)Section 68

…Appeal V. No.306 of 2010. CIT Vs Durga Prasad More, 82 ITR 540(SC) VI. CIT Vs P. Mohnakala, 291 ITR 278 (SC) VII. VIII. CIT Vs Sumati Daval, 214, ITR 801 (SC) ITO Vs Diza Holdings Pvt. Ltd. 255 ITR 573 (Kerla) IX. CIT Vs. Precision Finance Pvt. Ltd. (Cal.) 208 ITR 465 X. V.I.S.P Pvt. Ltd. Vs. CIT (MP) 265 ITR 202 XI. Further, the case law of DIT (Exemption) Vs. Keshav Social and Charitable Foundation (2005) 146 Taxman 569 (Delhi) quoted in CIT (A) order pertained to even prior to insertion of sec.ll5BBC of the IT Act, 1961 in the Statute by the Finance Act 2006 w.e.f. 01/04/2007 . 2. Whether in the facts and…

Aditya Birla Telcom Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5128/MUM/2013[2009-10]Status: DisposedITAT Mumbai01 Jan 2016AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Pavan Singh, Jm आमकय अऩीर सं./Ita No. 5128/Mum/2013 (निर्धारण वषा / Assessment Year :2009-10) Aditya Birla Telecom Ltd., 5Th Vs. Addl. Commissioner Of Floor, Windsor, Off. Cst Road, Income Tax, Near Vidyanagari, Kalina, Range-10(1), Santacruz (E), Mumbai. Aayakar Bhavan, Church Gate, Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aafca5315A (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri J.D. Mistri & Shri Deepak Jain याजस्व की ओर से /Revenue By Shri Deepkant Prasad,Cit-Dr : सुनवाई की तायीख / Date Of Hearing : 15Th October, 2015 घोषणा की तायीख/Date Of Pronouncement : 01.01.2016 आदेश / O R D E R Per R.C.Sharma (A.M.) : This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Dated 27-06-2013, For The Assessment Year 2009-10, In The Matter Of Order Passed Under Section 143(3) Of The I.T. Act. 2. The Following Grounds Have Been Taken By The Assessee: Ground No. I: Want Of Natural Justice 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(A) Erred In Confirming The Addition Made By The Ao U/S. 68 Despite The Fact That The Remand Report Of The Ao Confirmed That The Appellant Had Satisfied All The Three Tests, Viz: Identity Of P5 Asia Holding Investment (Mauritius) Ltd., (P5 Asia), Financial Capacity Of P5 Asia & Genuineness

For Appellant: Shri J.D. Mistri &
Section 143(3)Section 68

…ted. 15. Reliance has placed by Ld.DR on the decision of the Delhi High Court in the case of Jansampark Advertising & Marketing (P) Ltd., [275 ITR 373], Navodaya Castles (P) Ltd., [367 ITR 306], Calcutta High Court in the case of Precision Finance Pvt. Ltd., [208 ITR 465] in support of the proposition that burden lies on the assessee to prove identity of the creditors and their creditworthiness and mere transaction through banking channel is not sufficient. 16. We have considered rival contentions, carefully gone through the orders of authorities below and also deliberated on the judicial pronouncements referred…

DCIT, New Delhi vs. M/S. Hi- Tech Residency Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4707/DEL/2012[2009-10]Status: DisposedITAT Delhi18 Dec 2015AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. C.S. Anand, CAFor Respondent: Sh. T.Vasanthan, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 50C(1)Section 68

…the 11 earlier decisions in the cases of Stellar Investment Ltd. (251 ITR 263-SC}, Sumati Dayal (214 ITR 801-SC}, Sophia Finance Ltd (205 ITR 98-Del), Korley Trading Co. Ltd. (232 ITR 820-Cal), Shankar Industries (114 ITR 689-Cal), Precision Finance P. Ltd. (208 ITR 465- Cal), United Commercial and Industrial Company Pvt. Ltd. (187 ITR S96-Cal). It may be worth pointing out here that the Hon'ble Supreme Court of India has dismissed the Revenue's SLP against the said order of Hon'ble Delhi High Court in Lovely Exports Ltd. Other decisions relied upon by the AO are not relevant to the case of the appellant. 5.15…

Elder It Solutions P.Ltd, Mumbai vs. Pr CIT 4, Mumbai

In the result appeal of the assessee is allowed

ITA 2461/MUM/2015[2010-11]Status: DisposedITAT Mumbai16 Dec 2015AY 2010-11
For Appellant: Shri A.V.SondeFor Respondent: Manjunatha R.Swamy
Section 143(3)Section 263

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘ई’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM आमकय अऩीर सं./ITA No.2461/Mum/2015 (नििाारण वषा / Assessment Year :2010-2011) Elder IT Solutions Pvt. Ltd., 6 Vs. The Principal Ground Floor, Hanumanta Commissioner of Income Apartment, Bamanwada, Nr. Tax-4, Mumbai. Chakala Cigarette Factory, Andheri (East), Mumbai-400099 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AABCE 9586 F (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee by : Shri A.V.Sonde याजस्व की ओर से /Revenue by : Manju…

Kunj Alloys Pvt. Ltd., Bhubaneswar vs. A.C.I.T., Cir-2, Bhubaneswar

In the result, the appeal of the assessee is allowed, whereas the appeal of the Revenue is dismissed

ITA 239/CTK/2007[2004-05]Status: DisposedITAT Kolkata27 Nov 2015AY 2004-05

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 153ASection 2(22)(e)

…the opinion of the Assessing Officer it was necessary to enquire further then, it was for him to issue coercive process to see that the shareholders are before him and they are questioned about the investment. In the case of CIT Vs. Precision Finance (P) Ltd. 208 ITR 465, the High Court of Calcutta was required to examine the question from a different angle as in that case the enquiry of the Income Tax Officer revealed that either the assessee was not traceable or there was no such file and accordingly the first ingredient as to the identity of the creditors had not been established. In the instant I.T.A. No. 2…