CIT v. Sidhi Vinayak Metcon Limited

414 ITR 402Reported decision#24912 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2024.

Judgments citing CIT v. Sidhi Vinayak Metcon Limited

Ebro India Pvt.Ltd., Delhi vs. ACIT Circle-7(1), Delhi

In the result, the ground no 4 raised by the assessee is allowed

ITA 1291/DEL/2022[2018-19]Status: HeardITAT Delhi09 Sept 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Accountant Member)

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Rajesh Kumar, CIT DR

Section 143(3)Section 144BSection 144CSection 68

…action has been discharged by the assessee and the Revenue has not carried out any inquiry/ verification, or has not been able to controvert the evidence furnished by the assessee, no addition under section 68 could be made:  CIT v. Sidhi Vinayak Metcon Ltd: 414 ITR 402 (Jhar.)  Prayag Polytech Pvt. Ltd. v. ACIT: ITA No. 6015/Del/2017 (Delhi Trib.)  Prime Comfort Products (P.) Ltd v. ACIT: 111 taxmann.com 89 (Del Trib.)  Flourish Builders and Developers Pvt. Ltd. v. DCIT: 176 ITD 409 (Del Trib.)  Axisline Investment Consultants (P.) Ltd. v. ITO: 178 ITD 402 (Kol Trib.)  Baba Bhootnath Trade & Commerce Ltd.…

ACIT Central Circle-1(3), Hyderabad vs. Raichandani Pahal Developers LLP, Hyderabad

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

ITA 267/HYD/2022[2019-20]Status: DisposedITAT Hyderabad02 Nov 2022AY 2019-20

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2019-20 Asst. Commissioner Of Vs. M/S. Raichandani Pahal Income Tax, Developers Llp. Central Circle – 1(3), Hyderabad. Hyderabad. Pan : Aaxfr6285M. (Appellant) (Respondent) C.O.No.16/Hyd/2022 (In Ita 267/Hyd/2022) M/S. Raichandani Pahal Vs. Asst. Commissioner Of Developers Llp. Income Tax, Hyderabad. Central Circle – 1(3), Pan : Aaxfr6285M. Hyderabad. (Cross Objector / (Respondent) Appellant) Assessee By: Shri H. Srinivasulu Revenue By: Shri Kumar Adithya Date Of Hearing: 21.10.2022 Date Of Pronouncement: 02.11.2022 O R D E R Per Laliet Kumar, J.M. This Appeal By The Revenue & Cross-Objection By The Assessee Are Directed Against The Order Of Commissioner Of Income Tax (Appeals) – 11, Hyderabad Dated 26.04.2022 For The Assessment Year 2019-20. 2. The Revenue Has Raised The Following Grounds :

For Appellant: Shri H. SrinivasuluFor Respondent: Shri Kumar Adithya

Section 142(1)Section 143(2)Section 68

…computation of total income of A.Y. 2021-22 (pages 22 to 32 of the paper book), a copy of net worth report (pages 55 to 59 of PB) and relied on the decisions in the case of Shree Ganesh Trading co reported in 413 ITR 61, Sidhi Vinayaka Metcom Ltd reported in 414 ITR 402 etc. In respect of genuineness of transactions, assessee submitted that it had received loans through banking channels and that it filed bank accounts of lenders vide page 34 to 37 of the paper book. Ld. AR for the assessee finally submitted that the action of ld.CIT(A) deleting the additions is in accordance with law as the assessee had discharg…

M/S Koochie Play Systems Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal filed by the assessee is partly allowed in the terms indicated above

ITA 2828/BANG/2018[2013-14]Status: DisposedITAT Bangalore28 Aug 2019AY 2013-14

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Shyam Chakravarthy, C. AFor Respondent: Shri M. Rajasekhar, Addl. CIT DR

Section 56(2)Section 68

…such enquiries which they found relevant to ensure whether the credits to the bank account of the Appellant were genuine. 4. Reliance is placed on the decision of the Hon'ble Jharkhand High Court in the case of CIT Vs. Sidhi Vinayak Metcon Limited reported in 414 ITR 402 wherein the Hon'ble Court has held as under:- "The additions under Section 68 should not have been made by the Assessing officer because the amounts were received by way of cheques. All the details regarding the applicants were furnished by the assessee and Department could have issued notices to such applicants and there was no need for the Asse…