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-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1761/MUM/2023[2013-14]Status: DisposedITAT Mumbai29 Nov 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

…n 188( Mag) (ii) CIT Vs Sarvana construction p Ltd 208 Taxman 188( Mag) (ii) CIT Vs Mohankala 161 Taxman 169 ( 291 ITR 278) and (iii) CIT vs 161 Taxman 169 ( 291 ITR 278) and (iii) CIT vs 161 Taxman 169 ( 291 ITR 278) and (iii) CIT vs Precisions Finance p Ltd 208 ITR 465. Thirdly, the Ld. CIT(A) also Precisions Finance p Ltd 208 ITR 465. the Ld. CIT(A) also distinguished the reli distinguished the reliance placed by the assessee on the decision of ance placed by the assessee on the decision of the Hon’ble Bombay High Court in the case of CIT vs Nikunj Eximp the Hon’ble Bombay High Court in the case of CIT vs Niku…

ACIT-2(2)(1), Mmumbai vs. M/S. Jics Logistic Limited, Mumbai

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

ITA 1760/MUM/2023[2011-12]Status: DisposedITAT Mumbai29 Nov 2023AY 2011-12

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

For Appellant: Mr. Satyaprakash Singh

M/S Poornachand Agrawal, Bilaspur vs. Principal Commissioner of Income Tax, Raipur-1, Raipur

In the result, the appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 104/RPR/2023[2018-19]Status: DisposedITAT Raipur29 Nov 2023AY 2018-19

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 104/Rpr/2023 "नधा"रण वष" / Assessment Year : 2018-19 M/S. Pooranchand Agrawal C/O. Bagadia Enterprises, Near Shiv Talkies, Bilaspur (C.G.)-495001 Pan : Aaifp8483G

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri V.K Singh, CIT-DR

Section 143(3)Section 263

…to offer an explanation and prove the credit to the satisfaction of AO basically on three aspects: 1. Identity of his creditors; 2. Capacity of creditors to advance money and 3. Genuineness of transaction. Reference CIT vs. Precision Finance Pvt. Ltd. (1994) 208 ITR 465 (Cal). 1. It is important to reiterate that these three tests has been finalized and accepted by the Hon'ble Apex Court form time to time, even in the recent decision in case of N. Tarika Property Invest.(P.) Ltd. Vs. Commissioner of Income-tax [2014] 51 taxman. Com 387 (SC), and even Gujrat High Court in case of Umesh Krishnani Vs. ITO (2013) 35…

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…

ITO, WD-5(1), Kolkata vs. M/S Safeline Marketing Pvt. Ltd, Kolkata

ITA 20/KOL/2021[2012-13]Status: DisposedITAT Kolkata16 Oct 2023AY 2012-13

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Sunil Surana, A/RFor Respondent: Shri S. Datta, CIT, D/R

Section 250Section 68

…editworthiness, (j) share premium charged was too high which is indicative of unaccounted money. The AO in support of his action relied on the decisions in the cases of CIT v Ruby Traders &'Exporters Ltd. 134 Taxman 29 (Cal), CIT v Precision Finance Pvt. Ltd. 208 ITR 463 (Cal), CIT v Nipun Builders & Developers Pvt. Ltd. (2013) 30 taxmann.com 292 (Delhi)) Kachwala Gems v JCIT, Jaipur 158 Taxman 71 (SC), A Govindarajulu Mudaliar c CIT [1995] 34 ITR 807, CIT v Devi Prasad Viswanath Prasad [1969] 72 ITR 194 (SC), CIT v Independent Media Pvt. Ltd. [2012] 25 taxmann.com 276 (Delhi), Star Griha Pvt. Ltd v CIT and M/s B…

Girdhari Lal Meena, Jaipur vs. Income Tax Officer, Jaipur

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

ITA 118/JPR/2023[2017-18]Status: DisposedITAT Jaipur05 Oct 2023AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S. K. Gogra (C.A.)For Respondent: Sh. Anup Singh (Addl. CIT) a

Section 115BSection 139(1)Section 143(2)Section 143(3)Section 144(1)

…nder the scheme of Section 68" it was necessary for the assessee to prove prima facie the identity of creditors, the capacity of such creditors and lastly the genuineness of transactions" 6.7 Similarly, in the case of CIT v. Precision Finance (P.) Ltd. [1994] 208 ITR 465 (Cal)], it was observed that “It is for the assessee to prove the identity of creditors, their creditworthiness and genuineness of transactions.” 8 Girdhari Lal Meena vs. ITO 6.8 While examining the issue of genuineness of the transactions entered into by the assessee, it is also important to keep in mind Hon'ble Supreme Court's observation, in…

Apl Metals Limited, Kolkata vs. ACIT, Central Circle - 3(3), Kolkata

ITA 297/KOL/2023[2018-19]Status: DisposedITAT Kolkata15 Sept 2023AY 2018-19

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm I.T.A. No.297/Kol/2023 Assessment Years: 2018-19 Apl Metals Ltd. Vs. Income Tax Officer, National C/O, Subash Agarwal & Faceless Assessment Centre, Associates, Advocates, Siddha Delhi. Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata- 700069. (Pan: Aacca4246P) (Appellant) (Respondent)

Section 115BSection 143(2)Section 143(3)Section 250Section 69C

…In this case, it is held that it is not enough that creditworthiness of the transaction is shown but it should also be shown that creditor had funds on the date of advancing the loan even if the amounts received by cheque and return of income has been filed. 208 ITR 465 (Cal) Precision Finance Which has held that mere furnishing of particulars is not enough, Sumati Dayal Vs. CIT (SC) 214 ITR 801 In this case, it is held that even though the share applicants could not be accessed through notices, assessee should prove the genuineness of the transaction as they were accessible to it. CIT Vs MAF Academy Pvt. Ltd. (…

The ACIT, 5(1), Indore vs. M/S. Swastik Coal Corporation Pvt. Ltd., Indore

ITA 229/IND/2017[2012-13]Status: DisposedITAT Indore12 Sept 2023AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit 5(1) M/S Swastic Coal Corporation Indore Pvt. Ltd. 21/3 Swastik House, Ratlam Vs. Kothi, Indore (Appellant / Revenue) (Respondent/ Assessee) Pan:Aabcj3196N Revenue By Shri P.K. Mishra, Cit-Dr Respondent By Shri Vijay Bansal & Ms. Nisha Lahoti, Ars Date Of Hearing 08.08.2023 Date Of Pronouncement 12.09.2023

Section 14ASection 68

…de by these newly set up companies within the period of one month from incorporation. The AO has relied upon the judgment of Hon’ble Kolkata High court in case of Shankar Industries vs. CIT 114 ITR 689 as well as in case of CIT vs. Precision Finance Pvt. Ltd. 208 ITR 465. The Ld. CIT(A) has deleted the addition without verifying the creditworthiness and genuineness of the transactions. Ld.DR has submitted that no bank account statement has been filed by the assesse to show the genuineness of the transactions and the capacity of the investor companies. He has pointed out that Kolkata Investigation wing issued summ…

ACIT, Circle- 14(1)(1), Mumbai vs. M/S. Akshay Infrastructure Pvt. Ltd., Mumbai

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

ITA 2923/MUM/2022[2013-14]Status: DisposedITAT Mumbai04 Sept 2023AY 2013-14

Bench: Shri Br Baskaran & Shir Pavan Kumar Gadaleacit, Circle – 14(1)(1) Vs. M/S.Akshayinfrastructure Room No. 432, Pvt Ltd.102, 4Th Floor, Siddhivinayak Chsl, Aayakar Bhavan, Tilak Nagar, M.K. Road, Chembur, Mumbai- 400020. Mumbai-400089 Pan/Gir No. : Aahca2331A Appellant .. Respondent Assessee By : Mr.Ajaysingh&Yogeshjoijode.Ar Revenue By : Mr.Manoj Kumar.Dr Date Of Hearing 03.07.2023 Date Of Pronouncement 04.09.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi /Cit(A) Mumbai Passed U/Sec 250 Of The Act. The Revenue Has Raised The Fallowing Grounds Of Appeal. 1."On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Deleting The Addition Made By The A.O. Of Rs2,03,00,000/- On Account Of Disallowance U/S 68 Of The Income Tax Act Merely Relying On The Submissions Made By The A.R. Of The Assessee & On The Basis Of

For Appellant: Mr.AjaySingh&YogeshJoijode.ARFor Respondent: Mr.Manoj Kumar.DR

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

…cknowledgement of Income Tax Return of Vidhata Management Services Private Limited for AY 2013-14. 5.1.3 The AO has relied upon the following two judgments which are discussed as under: a) Judgement of Calcutta High court in case of Precision Finance Pvt Ltd 208 ITR 465 which dated backs to year 1994 where the said company was in the business of Loan Financing and during the 1978-79 and 1979-80has received cash credits from Rs. 564,631/- and 484,205 respectively from 10 parties. In the said case the AO made enquiries and deputed his inspector for investigation which has pointed out the deficiencies relating to n…

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…

Sankatsathi Mercantile Pvt. Ltd., Kolkata vs. ITO, Ward-5(2)., Kolkata

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

ITA 194/KOL/2023[2012-13]Status: DisposedITAT Kolkata22 Aug 2023AY 2012-13

Bench: Sri Rajesh Kumar & Sonjoy Sarma

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

…आयकर अपीलीय अधिकरण कोलकाता 'सी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA श्री राजेश कुमार, लेखा सदस्य एवं श्री संजय शमाा, न्याधयक सदस्य के समक्ष Before SRI RAJESH KUMAR, ACCOUNTANT MEMBER & SONJOY SARMA, JUDICIAL MEMBER I.T.A. No.: 194/KOL/2023 Assessment Year: 2012-13 Sankatsathi Mercantile Pvt. Ltd...………………………Appellant [PAN: AARCS 1013 M] Vs. ITO, Ward-5(2), Kolkata........................................Respondent Appearances by: Sh. Sushil Kumar Pransukha, CA, appeared on behalf of the Assessee. Sh. Arun Kanti Dutta, Sr. DR, appeared on behalf of the Revenue. Date of co…

East West Finvest India Limited, Bilaspur vs. The Deputy Commissioner of Income Tax, Circle -1(1), Bilaspr

In the result, appeal of the assessee company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

ITA 21/RPR/2018[2014-15]Status: DisposedITAT Raipur14 Aug 2023AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpia

For Appellant: Shri Harsh Vijayvargiya, CAFor Respondent: Shri V.K Singh, CIT-DR

Section 131(1)(d)Section 133ASection 143(2)Section 143(3)Section 250Section 68

…ropos the fact that the payments from the investor companies were received by the assessee company through cheques/banking channels, the A.O., by relying on the judgment of the Hon'ble High Court of Calcutta in the Case of CIT Vs. Precision Finance Pvt. Ltd., 208 ITR 465 (Cal.), observed that the mere fact that the transactions were carried out through banking channels would not conclusively establish the identity of the creditors or their creditworthiness. As regards the judicial pronouncements that were relied upon by the assessee company, the A.O. was of the view that as all of those were rendered before the a…

M/S Purvi Finvest Limited, Bilaspur vs. The Deputy Commissioner of Income Tax, Circle 1(1), Bilaspur

In the result, appeal of the assessee company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

ITA 20/RPR/2018[2014-15]Status: DisposedITAT Raipur14 Aug 2023AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpia

For Appellant: Shri Harsh Vijayvargiya, CAFor Respondent: Shri V.K Singh, CIT-DR

Section 131(1)(d)Section 133ASection 143(2)Section 143(3)Section 250Section 68

…ropos the fact that the payments from the investor companies were received by the assessee company through cheques/banking channels, the A.O., by relying on the judgment of the Hon'ble High Court of Calcutta in the Case of CIT Vs. Precision Finance Pvt. Ltd., 208 ITR 465 (Cal.), observed that the mere fact that the transactions were carried out through banking channels would not conclusively establish the identity of the creditors or their creditworthiness. As regards the judicial pronouncements that were relied 17 M/s. Purvi Finvest Limited Vs. DCIT, Circle-1(1) upon by the assessee company, the A.O. was of the…

M/S Trimurthy Finvest Limited, Bilaspur vs. The Deputy Commissioner of Income Tax, Circle 1(1), Bilaspur

In the result, appeal of the assesse company being devoid and bereft of any merit is dismissed in terms of our aforesaid observations

ITA 19/RPR/2018[2014-15]Status: DisposedITAT Raipur14 Aug 2023AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpia

For Appellant: Shri Harsh Vijayvargiya, CAFor Respondent: Shri V.K Singh, CIT-DR

Section 131(1)(d)Section 133ASection 143(2)Section 143(3)Section 250Section 68

Lokenath Investment Consultants P.Ltd, New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1097/DEL/2019[2009-10]Status: DisposedITAT Delhi31 Jul 2023AY 2009-10

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: NoneFor Respondent: Ms. Sarita Kumari, CIT DR

Section 139Section 148Section 153ASection 153C

…(Cal) 114 ITR 689, Nanak Chandra Laxman Das Vs. CIT (Cal) 140 ITR 151, Hari Chand Virender Paul Vs. CIT (P&H) 140 ITR 148, CIT Vs. BijuPatnaik (SC) 160 ITR 674, ITO Vs. Skyjet Aviation (P) Ltd. (ITAT, Ahd-TM) 71 ITD 95, CIT Vs. Precision Finance P. Ltd. (Cal) 208 ITR 465, Oriental Wire Industries (P) Ltd. Vs. CIT (Cal) 131 ITR 688, Malabar Agricultural Co. Ltd. Vs. CIT (Ker) 229 ITR 548, Roshan De Hatti Vs. CIT (SC) 107 ITR 938, C. Kant & Co. Vs. CIT (Cal) 126 ITR 63, 14 Lokenath Investment Consultants Pvt. Ltd. Bharat P. Ltd. Vs. CIT (Cal) 111 ITR 951, Dhanalakshmi Steel Re- rolling Mills Vs. CIT (AP) 228 ITR 7…

Assistant Commissioner of Income Tax Circle-1, Jammu vs. M/S Mohd Asraf Sheikh, Jammu

In the result, the appeal of the Revenue is allowed

ITA 212/ASR/2019[2015-16]Status: DisposedITAT Amritsar26 Jul 2023AY 2015-16

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: Sh. Vinay Jamwal, CAFor Respondent: Smt. Ratinder Kaur, Sr. DR

Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR BEFORE DR. M. L. MEENA, ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE, JUDICIAL MEMBER I.T.A. No. 212/Asr/2019 Assessment Year: 2015-16 Assistant Commissioner of Vs. Mohd. Ashraf Sheikh, 11, Omar Income Tax, Circle-1, Jammu Colony, Near Malik Market, Narwal, Jammu [PAN: BKJPS 6328B] (Appellant) (Respondent) Appellant by : Sh. Vinay Jamwal, CA Respondent by: Smt. Ratinder Kaur, Sr. DR Date of Hearing: 12.07.2023 Date of Pronouncement: 26.07.2023 ORDER Per Dr. M. L. Meena, AM: This appeal has been filed by the Revenue against the order of t…

ITO, Ward-5(1), Kolkata vs. M/S Fastflow Securities (P) Ltd, Kolkata

ITA 32/KOL/2021[2012-13]Status: DisposedITAT Kolkata13 Jul 2023AY 2012-13

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 32/Kol/2021 Assessment Year: 2012-13 Ito, Ward-5(1), Kolkata...................……….........…..........………...…… Appellant Vs. M/S. Fastflow Securities Pvt. Ltd.........…....…….......….....…...…....... Respondent 41, N.S. Kolkata - 70001 [Pan: Aabcf8361P] Appearances By: Shri G. Hukugha Sema, Cit-Dr, Appeared On Behalf Of The Appellant. Shri V.K. Jain, Fca, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : June 15Th, 2023 Date Of Pronouncing The Order : July 13Th, 2023 आदेश / Order Per Dr. Manish Borad, Accounant Member: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 02.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Registry Has Pointed Out That There Is A Delay Of 35 (Thirty Five) Days In Filing The Present Appeal Before The Tribunal. The Impugned Order By Ld. Cit(A) Is Dated 02/09/2020 Which Falls Within The Period Of Pandemic Of Covid-19. Petition For Condonation Of Delay Is Placed On Record By Revenue Explaining The Reasons For Delay, Owing To Pandemic Of Covid-19 During That Time. We Note That The Period Of Delay Falls During The Time Of Pandemic Of I.T.A. No. 32/Kol/2021 Assessment Year: 2012-13 M/S. Fastflow Securities Pvt. Ltd

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

…आयकर अपीलीय अिधकरण, कोलकाता पीठ ‘सी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA "ी संजय गग", "ाियक सद" एवं "ी िगरीश अ"वाल, लेखा सद" के सम" Before Shri Sanjay Garg, Judicial Member and Dr. Manish Borad, Accountant Member I.T.A. No. 32/Kol/2021 Assessment Year: 2012-13 ITO, Ward-5(1), Kolkata...................……….........…..........………...…… Appellant vs. M/s. Fastflow Securities Pvt. Ltd.........…....…….......….....…...…....... Respondent 41, N.S. Kolkata - 70001 [PAN: AABCF8361P] Appearances by: Shri G. Hukugha Sema, CIT-DR, appeared on behalf of the appellant. Shri V.K. Jain, FCA, appeared…

Rajasthan Transmat Private Limited, Jaipur vs. Income Tax Officer, Ward 7(2), Jaipur

In the result, the appeal of the assessee partly allowed

ITA 165/JPR/2023[2012-13]Status: DisposedITAT Jaipur11 Jul 2023AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member), DR MEETHA LAL MEENA (Accountant Member)

For Appellant: Mrs. Prabha Rana, AR and Shri Vinod Kumar, AdvocateFor Respondent: Mrs. Runi Pal, Addl. CIT-DR

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

…ot discharge its onus to prove the genuineness, creditworthiness of the transactions and identity of the share holding companies. To this effect, the AO has relied upon the decision of Hon’ble Calcutta High Court in the case of CIT vs Precision Finance [1994] 208 ITR 465 wherein the Hon’ble Court held that that it is for the assessee to prove the identity of the creditors, their creditworthiness and genuineness of the transactions. Mere furnishing of particulars is not enough. Such view has been reiterated by Hon’ble High Court of Delhi in CIT vs Oasis Hospitalities Pvt. Ltd. in ITA No. 2093/2010 as well as M/s.…

M/S. Goldline Dealers Pvt. Ltd., Kolkata vs. ITO, Ward - 9(2), Kolkata

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

ITA 608/KOL/2019[2012-13]Status: DisposedITAT Kolkata03 Jul 2023AY 2012-13

Bench: Sri Rajpal Yadav & Sri Rajesh Kumar

Section 249Section 253Section 3Section 5

…e ingredients, i.e., identity and creditworthiness of the person from whom the monies were taken and the genuineness of the transaction. Reliance is being placed on the decision of the jurisdictional High Court in the case of CIT-vs-Precision Finance Pvt Ltd [208 ITR 463] wherein it was observed that - It is for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. The inquiry of the ITO revealed that either the assessee was not traceable or there was no such file and accordingly the first ingredients to the identity of the creditors had not been esta…