CIT v. SMC Share Brokers Ltd.

288 ITR 345High Court2007#526 most cited

What is CIT v. SMC Share Brokers Ltd. authority for?

An Assessing Officer cannot make an adverse assessment based solely on the statement of a third party if that party refuses to be cross-examined by the assessee and no other corroborating material exists.

181

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. SMC Share Brokers Ltd. · 288 ITR 345 · Delhi HC · adverse assessment · third party statement · cross-examination · natural justice · reliance on statements · search and seizure

Sections most often in play

Section 143(3)Section 153ASection 69ASection 68Section 132(4)Section 147Section 69CSection 132(4A)

Issues it is cited on

section 115adsection 44afsection 2(1a)section 2(1)section 66section 65jewellery found during searchsection 153a proceedingssection 60section 63section 2(14)(iii)section 65b

Judgments citing CIT v. SMC Share Brokers Ltd.

Deputy Commissioner of Income Tax, Delhi vs. M/S Vestige Marketing Private Limited, Delhi

ITA 7842/DEL/2025[2022-23]Status: DisposedITAT Delhi20 Mar 2026AY 2022-23

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…ta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. 28 ITA-5515/Del/2025 & 13 others iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Deputy Commissioner of Income Tax, Delhi vs. M/S Vestige Marketing Private Limited, Delhi

ITA 7841/DEL/2025[2021-22]Status: DisposedITAT Delhi20 Mar 2026AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…95 (Del) CIT vs. Pradeep Kumar Gupta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Deputy Commissioner of Income Tax, Delhi vs. M/S Vestige Marketing Private Limited, Delhi

ITA 7840/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…ta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. 28 ITA-5515/Del/2025 & 13 others iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Deputy Commissioner of Income Tax, Delhi vs. M/S Vestige Marketing Private Limited, Delhi

ITA 7838/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR
Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…95 (Del) CIT vs. Pradeep Kumar Gupta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Vestige Marketing Pvt Ltd, Delhi vs. DCIT Central Circle -05, Delhi

ITA 5521/DEL/2025[2024-25]Status: DisposedITAT Delhi20 Mar 2026AY 2024-25

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…ta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. 28 ITA-5515/Del/2025 & 13 others iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Vestige Marketing Pvt Ltd, Delhi vs. DCIT, Central Circle-05, Delhi

ITA 5520/DEL/2025[2023-24]Status: DisposedITAT Delhi20 Mar 2026AY 2023-24

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…95 (Del) CIT vs. Pradeep Kumar Gupta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Vestige Marketing Pvt Ltd, Delhi vs. DCIT, Central Circle-05, Delhi

ITA 5517/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…95 (Del) CIT vs. Pradeep Kumar Gupta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

Vestige Marketing Pvt. Ltd., Delhi vs. DCIT, Central Circle- 05, Delhi

ITA 5515/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR
Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…95 (Del) CIT vs. Pradeep Kumar Gupta ii) 456 ITR 84 (Del) Pr. CIT vs. Prabhu Dayal Aggarwal iii) 418 ITR 315 (SC) CIT v. Odeon Builders (P) Ltd. iv) 62 taxmann.com 3 (SC) Andaman Timber Industries vs. CCE v) 125 ITR 713 (SC) Kishnichand Chellaram vs. CIT vi) 288 ITR 345 (Del.) CIT vs. SMC Share Broker Limited vii) 293 ITR 43 (Del) CIT vs. S.M. Aggarwal 2.1 It was explained to the AO that transactions undertaken with these parties were duly recorded in the books of accounts of the appellant company, however, these parties while recording the statement has denied having any transaction with the appellant company w…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 715/DEL/2024[2021-22]Status: DisposedITAT Delhi30 Oct 2025AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…made in assessment completed u/s 158B on the ground that the AO had passed the assessment order in violation of principles of natural justice. The Tribunal after referring to the decision of Delhi High Court in the case of CIT v. SMC Share Brokers Ltd. (2007)288 ITR 345(Delhi) came to the conclusion that there was no infirmity in the order of the CIT(A). Hon’ble Delhi High Court answered the following question of law in the affirmative: “Whether since there was a violation of principles of natural justice, it would be fatal to proceedings and, therefore, there was no reason to interfere with the impugned order-…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 714/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Oct 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…made in assessment completed u/s 158B on the ground that the AO had passed the assessment order in violation of principles of natural justice. The Tribunal after referring to the decision of Delhi High Court in the case of CIT v. SMC Share Brokers Ltd. (2007)288 ITR 345(Delhi) came to the conclusion that there was no infirmity in the order of the CIT(A). Hon’ble Delhi High Court answered the following question of law in the affirmative: “Whether since there was a violation of principles of natural justice, it would be fatal to proceedings and, therefore, there was no reason to interfere with the impugned order-…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 713/DEL/2024[2019-20]Status: DisposedITAT Delhi30 Oct 2025AY 2019-20

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…made in assessment completed u/s 158B on the ground that the AO had passed the assessment order in violation of principles of natural justice. The Tribunal after referring to the decision of Delhi High Court in the case of CIT v. SMC Share Brokers Ltd. (2007)288 ITR 345(Delhi) came to the conclusion that there was no infirmity in the order of the CIT(A). Hon’ble Delhi High Court answered the following question of law in the affirmative: “Whether since there was a violation of principles of natural justice, it would be fatal to proceedings and, therefore, there was no reason to interfere with the impugned order-…

Dlf Limited, Delhi vs. National Faceless Assessment Centre, Delhi

In the result, appeal of the Revenue is dismissed

ITA 677/DEL/2024[2021-22]Status: DisposedITAT Delhi30 Oct 2025AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…made in assessment completed u/s 158B on the ground that the AO had passed the assessment order in violation of principles of natural justice. The Tribunal after referring to the decision of Delhi High Court in the case of CIT v. SMC Share Brokers Ltd. (2007)288 ITR 345(Delhi) came to the conclusion that there was no infirmity in the order of the CIT(A). Hon’ble Delhi High Court answered the following question of law in the affirmative: “Whether since there was a violation of principles of natural justice, it would be fatal to proceedings and, therefore, there was no reason to interfere with the impugned order-…

Dlf Limited, Delhi vs. National Faceless Assessment Centre, Delhi

In the result, appeal of the Revenue is dismissed

ITA 676/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Oct 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…made in assessment completed u/s 158B on the ground that the AO had passed the assessment order in violation of principles of natural justice. The Tribunal after referring to the decision of Delhi High Court in the case of CIT v. SMC Share Brokers Ltd. (2007)288 ITR 345(Delhi) came to the conclusion that there was no infirmity in the order of the CIT(A). Hon’ble Delhi High Court answered the following question of law in the affirmative: “Whether since there was a violation of principles of natural justice, it would be fatal to proceedings and, therefore, there was no reason to interfere with the impugned order-…

Commissioner of Income Tax, Central III, Kolkata vs. Krishna Kumar Daga

ITA/104/2011HC Calcutta20 Aug 2025

Bench: The Tribunal As Well As Before The Lower Authorities Making The Said Order Perverse In Nature”

For Appellant: Mr. Tilak Mitra, AdvocateFor Respondent: Mr. J.P. Khaitan, Senior Advocate
Section 158Section 158BSection 260A

…d and found that the said alleged Office note allegedly dated August 29, 2002 was antedated and revenue's appeal against the said order of the Delhi Bench of the Tribunal was dismissed by the Hon'ble Delhi High Court in CIT v SMC Share Brokers Ltd., (2007) 288 ITR 345 (Delhi).” We have elaborately heard the learned advocates for the parties. At this juncture we take note of the submissions made by the learned standing counsel for the Department that the matter relating to the searched person travelled upto the Hon’ble Supreme Court and has attained finality as against the searched person. The revenu…

Income Tax Officer, Sikar vs. Bhaskar Chauhan, Jaipur

In the result the appeal of the revenue in ITA no

ITA 868/JPR/2024[2017-18]Status: DisposedITAT Jaipur24 Jul 2025AY 2017-18

Bench: Him.

For Appellant: Shri S.L.Poddar, AdvFor Respondent: Mrs Alka Gautam, CIT-DR a
Section 143(3)Section 144Section 153CSection 251Section 69Section 69ASection 69C

…n appreciation of evidence on record, that entries in the ledger of a firm (third party) did not represent assessee's income from undisclosed sources, was finding of the fact not giving rise to any referable question of law (xi) CIT Vs. SMC Share Broker Ltd. 288 ITR 345 It was held that in absence of witness being made available for cross examination, his statement could not be relied upon to the detriment of the assessee. Tribunal was justified in setting aside block assessment. (xii) CIT Vs. S M Aggarwa1 293 ITR 43 It was held that statement made by the assessee's daughter, cannot be said to be relevant or ad…

Virendra Prakash Sharma, Jaipur vs. DCIT Circle (Intl Tax), Jaipur

In the result, the appeal of the assessee is allowed

ITA 286/JPR/2025[2020-21]Status: DisposedITAT Jaipur16 Jul 2025AY 2020-21
For Appellant: Shri Rajeev Sogani, CA &For Respondent: Smt. Runi Pal, CIT (Th. VC)
Section 132Section 143(3)Section 144C(13)Section 144C(5)Section 153CSection 69

…s The aforesaid law laid down is supported by the following judgments:- Bangodaya Cotton Mills Ltd. V. CIT 224 CTR 62 ODCIT V. Mahendra Ambalal Patel 40 DTR 243 •Prakash Chand Nahta V. CIT 301 ITR 134 CIT V. Salek chand 300 ITR 426 (AII) SMC Share Broker Ltd. 288 ITR 345 (Del) ○JMD Computers 20DTR 317 Amarjit Singh Bakshi 263 ITR 217 Krishna Textiles 11 DTR 217 A.N. Dyaneswaran {2008} 214 CTR (Mad) 482 1.11.iii Unjustified Identification of "Virendra Sharma Ji A2" with the Assessee: • Ld. DRP, without any valid or concrete basis, has concluded that the entry "Virendra Sharma Ji A2" found in an unauthenticated W…

Sanjeev Kumar, Bulandshahr vs. ITO, Ward-4, Bulandshahr

ITA 2898/DEL/2022[2011-12]Status: DisposedITAT Delhi19 Jun 2025AY 2011-12

Bench: Shri Mahavir Singh & Shris.Rifaur Rahman

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. AmishaGupt, CIT DR
Section 127Section 142(1)Section 153ASection 68

…m. In this regard, we may also refer to the following jurisprudence- i) ii) iii) iv) v) vi) vii) viii) ix) x) xi) xii) xiii) xiv) 97 ITR 696 (Bom) ACIT Vs. Lata Mangeshkar (Miss) 301 ITR 134 (MP) Prakash Chand Nahta v. CIT 300 ITR 426 (All) CIT v. Salek Chand 288 ITR 345 (Del) SMC Share Broker Ltd 160 Taxman 485 (Del) CIT VS. JMD Computers & Communications (P) Ltd. 861TD 13 (Del) т™ Amarjit Singh Bakshi (HUF) vs. ACIT 310 ITR 227 (Guj) Krishna Textiles vs. CIT 297 ITR 135 (Mad) CIT vs. A.N. Dyaneswaran 82 ITD 85 (Mum) т™ S.P. Goyal vs. DCIT ITA No. 507/2009 (Guj) dated 27.2.2010 CIT vs. Samrat Builders 145 ITJ 34…

ACIT, Central Circle- 14, New Delhi vs. Sanjeev Kumar, Bulandshahr

In the result, the appeal being ITA No

ITA 9896/DEL/2019[2014-15]Status: DisposedITAT Delhi19 Jun 2025AY 2014-15

Bench: Shri Mahavir Singh & Shris.Rifaur Rahman

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. AmishaGupt, CIT DR
Section 127Section 132Section 142(1)Section 153ASection 68

…linking the contents of the documents with him. In this regard, we may also refer to the following jurisprudence- i) 97 ITR 696 (Bom) ACIT Vs. Lata Mangeshkar (Miss) ii) 301 ITR 134 (MP) Prakash Chand Nahta v. CIT iii) 300 ITR 426 (All) CIT v. Salek Chand iv) 288 ITR 345 (Del) SMC Share Broker Ltd v) 160 Taxman 485 (Del) CIT vs. JMD Computers & Communications (P) Ltd. vi) 861TD 13 (Del) ™ Amarjit Singh Bakshi (HUF) vs. ACIT vii) 310 ITR 227 (Guj) Krishna Textiles vs. CIT viii) 297 ITR 135 (Mad) CIT vs. A.N. Dyaneswaran ix) 82 ITD 85 (Mum) ™ S.P. Goyal vs. DCIT x) ITA No. 507/2009 (Guj) dated 27.2.2010 CIT vs. Sam…

ACIT, Central Circle- 14, New Delhi vs. Sanjeev Kumar, Bulandshahr

In the result, the appeal being ITA No

ITA 9318/DEL/2019[2012-13]Status: DisposedITAT Delhi19 Jun 2025AY 2012-13

Bench: Shri Mahavir Singh & Shris.Rifaur Rahman

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. AmishaGupt, CIT DR
Section 127Section 132Section 142(1)Section 153ASection 68

…linking the contents of the documents with him. In this regard, we may also refer to the following jurisprudence- i) 97 ITR 696 (Bom) ACIT Vs. Lata Mangeshkar (Miss) ii) 301 ITR 134 (MP) Prakash Chand Nahta v. CIT iii) 300 ITR 426 (All) CIT v. Salek Chand iv) 288 ITR 345 (Del) SMC Share Broker Ltd v) 160 Taxman 485 (Del) CIT vs. JMD Computers & Communications (P) Ltd. vi) 861TD 13 (Del) ™ Amarjit Singh Bakshi (HUF) vs. ACIT vii) 310 ITR 227 (Guj) Krishna Textiles vs. CIT viii) 297 ITR 135 (Mad) CIT vs. A.N. Dyaneswaran ix) 82 ITD 85 (Mum) ™ S.P. Goyal vs. DCIT x) ITA No. 507/2009 (Guj) dated 27.2.2010 CIT vs. Sam…

ACIT, Central Circle- 14, New Delhi vs. Sanjeev Kumar, Bulandshahr

In the result, the appeal being ITA No

ITA 9317/DEL/2019[2011-12]Status: DisposedITAT Delhi19 Jun 2025AY 2011-12

Bench: Shri Mahavir Singh & Shris.Rifaur Rahman

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. AmishaGupt, CIT DR
Section 127Section 132Section 142(1)Section 153ASection 68

…linking the contents of the documents with him. In this regard, we may also refer to the following jurisprudence- i) 97 ITR 696 (Bom) ACIT Vs. Lata Mangeshkar (Miss) ii) 301 ITR 134 (MP) Prakash Chand Nahta v. CIT iii) 300 ITR 426 (All) CIT v. Salek Chand iv) 288 ITR 345 (Del) SMC Share Broker Ltd v) 160 Taxman 485 (Del) CIT vs. JMD Computers & Communications (P) Ltd. vi) 861TD 13 (Del) ™ Amarjit Singh Bakshi (HUF) vs. ACIT vii) 310 ITR 227 (Guj) Krishna Textiles vs. CIT viii) 297 ITR 135 (Mad) CIT vs. A.N. Dyaneswaran ix) 82 ITD 85 (Mum) ™ S.P. Goyal vs. DCIT x) ITA No. 507/2009 (Guj) dated 27.2.2010 CIT vs. Sam…

CIT v. SMC Share Brokers Ltd. (288 ITR 345) — Cited in 181 Judgments | BharatTax