CIT v. Shiv Dhooti Pearls & Investment Ltd.

64 Taxmann.com 329High Court2015#4068 most cited

What is CIT v. Shiv Dhooti Pearls & Investment Ltd. authority for?

Once the assessee establishes the source of an unsecured loan, they cannot be compelled to explain the source of the lender's funds. The burden of proof then shifts to the Revenue to show the loan is not genuine.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Shiv Dhooti Pearls & Investment Ltd. · section 68 · source of source · bogus share capital · onus of proof · creditworthiness of the creditor · unsecured loan

Sections most often in play

Section 143(3)Section 143(2)Section 68Section 153ASection 131Section 132Section 142(1)Section 143(1)

Issues it is cited on

section 106section 5(2)(b)section 23(4)source of sourcesection 23(1)annual letting valuecreditworthiness of the creditorbogus share capitalsection 24(a)onus of proofshare capital and share premiumsection 5(2)

Judgments citing CIT v. Shiv Dhooti Pearls & Investment Ltd.

Satish Sudhakar Mandaokar vs. Deputy Commissioner of Income Tax

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

ITA 232/PUN/2017[2012-13]Status: DisposedITAT Pune15 Jul 2021AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Hari KrishanFor Respondent: Shri Vitthal Bhosale
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE (THROUGH VIRTUAL COURT) BEFORE SHRI INTURI RAMA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपीऱ सं. / ITA No.232/PUN/2017 ननधधारण वषा / Assessment Year : 2012-13 Shri Satish Sudhakar Mandaokar 608, Phase II, Anant Regency, Rambaug Lane, Near Sarvesh Cable, Kalyan (W) 421301 PAN: ABRPM9456E .......अऩीऱधथी / Appellant बनाम / V/s. The Dy. Commissioner of Income-tax, Panvel Circle, Panvel. ……प्रत्यथी / Respondent Assessee by : Shri Hari Krishan Revenue by : Shri Vitthal Bhosale सुनवधई की तधरीख / Date of Hearing : 15-07-2021 घोषणध की तधरीख / Date of Prono…

Smt. Shweta Goyal, Jaipur vs. ITO, Ward-5(2), Jaipur

In the result, the appeal of the assessee is allowed

ITA 202/JPR/2020[2010-12]Status: DisposedITAT Jaipur08 Apr 2021AY 2010-12
For Appellant: Shri C. L. Yadav (C.A.)For Respondent: Smt. Monisha Choudhary (ACIT) a
Section 143(3)Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 202/JP/2020 fu/kZkj.k o"kZ@Assessment Years : 2010-11 cuke Smt. Shweta Goyal The ITO, Vs. W/o Sh. Kuldeep Goyal Ward-5(2), B-279, Janta Colony, Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AINPG 7191 B vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri C. L. Yadav (C.A.) jktLo dh vksj ls@ Revenue by : Smt. Mo…

The ITO, Ward -2(2)(2), Surat vs. Smt. Hansaben Bipiinkumar Kothari, Surat

In the result, appeal of the Revenue is dismissed

ITA 613/AHD/2016[2012-13]Status: DisposedITAT Surat13 Dec 2019AY 2012-13

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.613/Ahd/2016 "नधा"रण वष"/Assessment Year: 2012-13 The Income Tax Officer, Vs. Smt.Hansaben Bipinkumar Kothari, Ward-2(2)(2), Surat. 806-C, Kanaknidhi Apartment, Timliawad, Nanpura, Surat. [Pan: Adgpk 1894 D] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Sapnesh Sheth – Ca राज"वक"ओरसे /Revenue By Shri Sreenivas T.Bidari – Cit-Dr

Section 131Section 143(1)

…the coffers of the assessee. Since the assessee in the present case has already discharged is onus by placing on record all information and documents in his power in the position. Therefore, while relying upon the decision of Shiv Dhooti Pearls & Investments 64 Taxmann.com 329, Mod Creations Pvt. Ltd., vs. ITO [2013] 354 ITR 282 (Del) wherein it was held as under: "14. With this material on record in our view as far as the Assessee \ concerned, it had discharged initial onus placed on it. In the event revenue still had a doubt with regard to the genuineness of the transactions issue, or as regards the credit wor…

Lakshya Educational Trust, Ghaziabad vs. Addl. CIT, Range-1, Ghaziabad

In the result appeal of the assessee is dismissed

ITA 4128/DEL/2017[2010-11]Status: DisposedITAT Delhi04 Jun 2019AY 2010-11

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishilakshya Educational Trust, Vs. Addl. Cit, Range-1, Akhilesh Kumar, Adv., Chamber Ghaziabad No. 206-207, Ansal Satyam, Rdc Raj Nagar, Ghaziabad, Pan: Aatl6943M (Appellant) (Respondent)

For Appellant: Shri Akhilesh Kumar, AdvFor Respondent: Smt Naina Soin Kapil, Sr. DR
Section 11Section 143(3)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Lakshya Educational Trust, Vs. Addl. CIT, Range-1, Akhilesh Kumar, Adv., Chamber Ghaziabad NO. 206-207, Ansal Satyam, RDC Raj Nagar, Ghaziabad, PAN: AATL6943M (Appellant) (Respondent) Assessee by : Shri Akhilesh Kumar, Adv Revenue by: Smt Naina Soin Kapil, Sr. DR Date of Hearing 01/04/2019 Date of pronouncement 04/06/2019 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee, Lakshya Educational Trust, AOP, through its trustee against the o…

M/S Samco Alloys (India) Pvt. Ltd., Meerut vs. ACIT, Meerut

In the result, appeal of assessee is partly allowed

ITA 2372/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Feb 2019AY 2011-12
Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER & SHRI L.P. SAHU, ACCOUNTANT MEMBER Assessment Year: 2011-12 vs ACIT Samco Alloys (India) Pvt. Ltd. Rithani, Delhi Road, Circle-2, Bhaisali Ground, Meerut. Meerut. AABCS9387E APPELLANT RESPONDENT Assessee by Shri Kapil Goel, Adv. Revenue by Shri Amit Katoch, Sr. DR Date of Hearing 06.02.2019 Date of Pronouncement 12.02.2019 ORDER PER SHRI BHAVNESH SAINI, J.M. This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-Meerut dated 30/03/2016 for AY 2011-12, challenging the addition of…

Idhasoft Ltd., Mumbai vs. DCIT - 15(2)(1), Mumbai

ITA 5139/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2007-08 M/S Idhasoft Ltd. Dcit-15(2)(1), 3, Narayan Building, Room No.357, 3Rd Floor बनाम/ 23 L. N. Road, Dadar East, Aayakar Bhavan, Vs. Mumbai-400014 M. K. Road, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aabci6090G Assessment Year: 2007-08 Dcit-15(2)(1), M/S Idhasoft Ltd. Room No.357, 3Rd Floor 3, Narayan Building, बनाम/ Aayakar Bhavan, 23 L. N. Road, Dadar East, Vs. M. K. Road, Mumbai-400014 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aabci6090G

Section 142(1)Section 143(3)Section 147Section 148Section 68

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, जे, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी एन. के. "धान, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member Assessment Year: 2007-08 M/s Idhasoft Ltd. DCIT-15(2)(1), 3, Narayan Building, Room No.357, 3rd Floor बनाम/ 23 L. N. Road, Dadar East, Aayakar Bhavan, Vs. Mumbai-400014 M. K. Road, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. AABCI6090G Assessment Year: 2007-08 DCIT-15(2)(1), M/s Idhasoft Ltd. Room No.357, 3rd Floor 3, Narayan Building,…

R R Developers, Mumbai vs. Addl CIT RG 3, Mumbai

In the result, assessee’s appeal is allowed for statistical purpose

ITA 4852/MUM/2013[2008-09]Status: DisposedITAT Mumbai29 Jun 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Shri Jitendra SinghFor Respondent: Shri Vishwas Jadhav
Section 131Section 68

…ary onus of proving the source of unsecured loan received, assessee cannot again be called upon to explain the source of source. For such proposition, he relied upon the decision of the Delhi High Court in CIT v/s Shivdhooti Pearls and Investment Ltd., [2015] 64 Taxmann.com 329 (Del.) Further, learned Authorised Representative submitted, not only the assessee has regularly paid interest on the unsecured loan but subsequently, the account has been squared up by repaying the loan of ` 5 lakh. Therefore, the addition made under section 68 of the Act is unjustified. 5 R.R. Developers 5. Learned Departmental Represe…

Sanraj Engineering Pvt. Ltd vs. Commissioner of Income Tax, Delhi-III

The appeal is dismissed

ITA/79/2016HC Delhi17 Feb 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 143(3)Section 260ASection 68

…ITA No.79/2016 Page 1 of 6 $~1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 79/2016 SANRAJ ENGINEERING PVT. LTD. ..... Appellant Through: Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advocates. versus COMMISSIONER OF INCOME TAX, DELHI-III ..... Respondent Through: Mr. Ashok K. Manchanda, Senior Standing Counsel with Mr. Vibhooti Malhotra, Junior Standing Counsel and Mr. Aamir Aziz, Advocate. CORAM: JUSTICE S.MURALIDHAR JUSTICE VIBHU BAKHRU O R D E R % 17.02.2016 1. This appeal under Se…

ACIT, New Delhi vs. Smt. Usha Kapoor, New Delhi

In the result, the Revenue’s Appeal as well as Assessee’s Cross

ITA 1949/DEL/2012[2008-09]Status: DisposedITAT Delhi15 Feb 2016AY 2008-09

Bench: Shri H.S. Sidhu & Shri L.P. Sahuassessment Year: 2008-09 Assistant Commissioner Of Income Tax Vs. Smt. Usha Kapoor, Circle 36(1), New Delhi G-87, Preet Vihar, Delhi-92 (Pan:Ahepk8691A) (Appellant) (Respondent)

For Appellant: Sh. R.K. Tandon, CAFor Respondent: Sh. V.R. Sonbhadra, Sr. DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘H’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Assessment Year: 2008-09 Assistant Commissioner of Income Tax vs. Smt. Usha Kapoor, Circle 36(1), New Delhi G-87, Preet Vihar, Delhi-92 (PAN:AHEPK8691A) (APPELLANT) (RESPONDENT) AND CROSS OBJECTION NO. 224/Del/2012 (IN ITA NO. 1949/DEL/2012) Assessment Year: 2008-09 Smt. Usha Kapoor, vs. ACIT, CIRCLE 36(1) G-87, Preet Vihar, Delhi-92 New Delhi (PAN:AHEPK8691A) (APPELLANT) (RESPONDENT) Department by : Sh. V.R. Sonbhadra, Sr. DR Assessee by : Sh. R.K. Tandon, CA Date…