What is CIT v. Stellar Investment Ltd. authority for?

Once the identity of the shareholders is established, no addition can be made in the hands of the assessee company under Section 68 for share capital or share application money, as it cannot be treated as undisclosed income.

How many judgments cite CIT v. Stellar Investment Ltd.?

146 judgments on BharatTax cite CIT v. Stellar Investment Ltd. (192 ITR 287), spanning 2008 to 2026.

Which sections of the Income Tax Act does CIT v. Stellar Investment Ltd. come up under?

It is most often cited in judgments turning on Section 1961, Section 68, Section 143(3), Section 68 of the Income Tax Act, Section 142(1), Section 139(1).

CIT v. Stellar Investment Ltd. (192 ITR 287)

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

ITA 111/DEL/2018[2009-10]Status: DisposedITAT Delhi27 Nov 2020AY 2009-10

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 132Section 143(3)Section 154

…Nipuan Auto (P) Ltd. {[2014] 49 taxmann.com 13 (Del.) 361 ITR 155 (Del.), Commissioner of Income-tax vs Winstral Petrochemicals P. Ltd. 2011 330 ITR 603 (Del.), CIT v. Divine Leasing and Finance Ltd. [2008] 299 ITR 268 (Delhi), CIT v. Stellar Investments Ltd 192 ITR 287 (Del.) & CIT v. Stellar Investment Ltd 2001 251 ITR 263 (SC) and contended that the appellant duly discharged the initial burden to establish the identity, creditworthiness and genuineness by submitting necessary documentary evidences in respect of the share application money. Reliance is also placed on the judgments in CIT v. Lovely Exports Pvt.…

M/S. Vasupujya Enterprises Pvt. Ltd., Kolkata vs. ITO, Ward - 1(3), Kolkata

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

ITA 594/KOL/2018[2014-15]Status: DisposedITAT Kolkata11 Dec 2019AY 2014-15

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

Section 68

…ome-tax [264 ITR 254] CIT v . Expo Globe India Ltd. (2014) 361 ITR 147 (Delhi) CIT vs. Oasis Hospitalities Pvt. Ltd. and others (333 ITR 119) Commissioner of Income-tax v. Suresh Kumar Kakar [2010] 324 ITR 0231(Del) CIT- vs. Steller Investment Ltd. (1991) 192 ITR 287 (Del) CIT vs Achal Investment Ltd. (2004) 268 ITR 211 Commissioner of Income-tax v. Winstral Petrochemicals P. Ltd. [330 ITR 603] In view of the above submission and judicial precedents, it is humbly urged before your goodself to direct the learned AO to delete the addition of Rs.15,67,92,000/- made u/s.68 of the Act since the basis of premium…

Asst CIT Cen Cir 3, Thane vs. Credential Equities P. Ltd, Bhayander

In the result, the appeal of Revenue dismissed

ITA 3808/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Nov 2019AY 2009-10

Bench: Shri R.C. Sharma & Shri Pawan Singh: A.Y : 2009-10

For Appellant: Shri Rakesh JoshiFor Respondent: Shri Awungshi Gimson

Section 131Section 132Section 133(6)Section 139(1)Section 143(3)Section 68

…have been allotted by the assessee company and identity of share applicant has also been proved by the assessee and hence, the share application money could not be added as income in the hands of the assessee company. In CIT v. Stellar Investment Ltd. (1991) 192 ITR 287, 288 (Del) it was held that "It is evident that even if it be assumed that the subscribers to the increased share capital were not genuine, nevertheless, under no circumstances, can the amount of share capital be regarded as undisclosed income of the assessee. It may be that there are some bogus shareholders in whose names shares had been issued…

Etal Enser Pvt. Ltd., Kolkata vs. ITO, Ward 5(3), Kolkata

Appeal is partly allowed in foregoing terms

ITA 769/KOL/2017[2010-11]Status: DisposedITAT Kolkata22 Nov 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11

Section 131Section 143(3)

…corporate entities as not real by relying on irrelevant and extraneous consideration. 1(b). That the observation of Learned. AO that creditworthiness of share holders is not established is contrary to the ratio of decisions in CIT vs. Steller Investment Ltd. 192 ITR 287 (Del) and CIT vs. Sophia Finance Ltd 205 ITR 98 (Del) 1© That on the facts and in respect to the circumstances of the case, Learned. AO has proceeded on erroneous belief and misconception on law in considering share capital of Rs.25,00,000/- received from 3 corporate entities as unexplained cash credit u/s/s 68 of IT Act, 1961. 5.1 The relevant f…

Huron Builders Pvt Ltd, New Delhi vs. ITO Ward - 6(1), New Delhi

In the result the appeal is allowed on this preliminary

ITA 6251/DEL/2019[2013-14]Status: DisposedITAT Delhi03 Oct 2019AY 2013-14

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri S.K. Garg, Adv. & Shri AkarshFor Respondent: Ms. Sugandha Sharma, Sr.D.R

Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER I.T.A. No.6251/DEL/2019 Assessment Year: 2013-14 Huron Builders Pvt. Ltd., vs. ITO Ward-6(1), S-19, 2nd Floor, Star City, New Delhi. District Centre, Mayur Vihar, New Delhi. TAN/PAN: AABCH6627E (Appellant) (Respondent) Appellant by: Shri S.K. Garg, Adv. & Shri Akarsh Garg, Adv. Respondent by: Ms. Sugandha Sharma, Sr.D.R. Date of hearing: 09 09 2019 Date of pronouncement: 03 10 2019 O R D E R PER AMIT SHUKLA, J.M. The appellant namely, M/s Chauran Sales Pvt.…

M/S Manish Finlease (P) Ltd, Patna vs. ITO, Ward-2(1), Patna

ITA 25/PAT/2019[2010-11]Status: DisposedITAT Patna09 Aug 2019AY 2010-11

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. Ito, Ward 2(1), Patna Chandi House Exhibition Road, Patna Pan/Gir No.Aaccm 6252 B (Appellant) .. ( Respondent) Assessee By : Shri A.K.Rastogi & Rakesh Kumar, Ars Revenue By : Shri Indrajeet Singh, Dr Date Of Hearing : 20/06/ 2019 Date Of Pronouncement : 09/08/ 2019 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Cit(A)-1, Patna Dated 27.9.2018 For The Assessment Year 2010-2011. 2. The Appeal Filed By The Assessee Is Delayed By 51 Days. The Assessee Has Filed Application For Condonation Of Delay Stating The Reasons For Not Filing The Appeal In Time Before The Tribunal. After Hearing The Submissions Of The Parties, We Are Satisfied That The Assessee Had A Bonafide Reason For Not Filing The Appeal In Time. Therefore, We Condone The Delay & Proceed To Decide The Appeal Of The Assessee On Merits.

For Appellant: Shri A.K.Rastogi & Rakesh Kumar, ARsFor Respondent: Shri Indrajeet Singh, DR

Section 133(6)Section 143(2)Section 143(3)Section 147Section 148(1)Section 68

…aforesaid judgment of the jurisdictional High Court applies on all fours to the facts of the appellant's case. Further, the case of the appellant is covered by the judgment of the Hon'ble Delhi High Court in the case of CIT Vs. Stellar Investment reported in 192 ITR 287 which has been affirmed by Apex Court whereby the SLP of the department was dismissed (reported in 251 ITR 263). The relevant portion from the judgment of the Delhi High Court is reproduced hereunder :- "The petitioner seeks reference of the following question : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate…