CIT v. Stellar Investment Ltd.

192 ITR 287High Court1991#690 most cited

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.

146

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Stellar Investment Ltd. · 192 ITR 287 · Section 68 · share application money addition · unexplained cash credit · identity of shareholders · genuineness of transaction · undisclosed income company · assessee company burden of proof · accommodation entry share capital

Sections most often in play

Section 1961Section 68Section 143(3)Section 68 of the Income Tax ActSection 142(1)Section 139(1)Section 143(2)Section 10B

Issues it is cited on

addition under section 68share application moneygenuineness of the transactionaccommodation entryunexplained cash creditundisclosed incomesection 131income-tax officersection 68section 133(6)previous yeartransfer

Judgments citing CIT v. Stellar Investment Ltd.

ITO, Jaipur vs. Land Mark Dilsay P Ltd, Jaipur

Appeals are dismissed in limine but without any order as to costs

ITA 178/JPR/2015[2006-07]Status: DisposedITAT Jaipur08 Jun 2018AY 2006-07
For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Seema Meena (JCIT) fu/kZkfjrh dh vksj ls@
Section 143(1)Section 148

…e can always proceed against such shareholders and if necessary reopen their ITA 178/JP/2015 & C.O. 18/JP/2015_ 7 ITO Vs M/s Land Mark Dealers (P) Ltd. individual assessment. Similar decision is also taken in the case of CIT v. Steller Investment Ltd. (1991) 192 ITR 287 (Del.), (2000) 251 ITR 287 (SC), CIT v. Sophia Finance Ltd. 205 ITR 98 (Del.)(FB), CIT v. Divine Leasing & Finance Ltd. (SLP no. CC 375/2008 arising out of ITA no. 53/2005 of the High Court of Delhi), CIT (Kolkata) v. M/s Shipra Retailers (P) Ltd. SLP no. CC 451/2008 arising out of ITA no. 576/2004 of the High Court of Calcutta), CIT v. Pondy Met…

ITO, Jaipur vs. Land Mark Dilsay P Ltd, Jaipur

Appeals are dismissed in limine but without any order as to costs

ITA 177/JPR/2015[2005-06]Status: DisposedITAT Jaipur08 Jun 2018AY 2005-06
For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Seema Meena (JCIT) fu/kZkfjrh dh vksj ls@
Section 143(1)Section 148

…shareholder, whose identity is produced by the appellant company, the revenue can always proceed against such shareholders and if necessary reopen their individual assessment. Similar decision is also taken in the case of CIT v. Steller Investment Ltd. (1991) 192 ITR 287 (Del.), (2000) 251 ITR 287 (SC), CIT v. Sophia Finance Ltd. 205 ITR 98 (Del.)(FB), CIT v. Divine Leasing & Finance Ltd. (SLP no. CC 375/2008 arising out of ITA no. 53/2005 of the High Court of Delhi), CIT (Kolkata) v. M/s Shipra Retailers (P) Ltd. SLP no. CC 451/2008 arising out of ITA no. 576/2004 of the High Court Of Calcutta), CIT v. Pondy Met…

The ACIT, Rajahmundry vs. M/S. Gauthami Chemicals and Pesticides Pvt, Ltd., Rajahmundry

In the result, appeal of the revenue is dismissed

ITA 306/VIZ/2016[2011-2012]Status: DisposedITAT Visakhapatnam18 May 2018AY 2011-2012

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.306/Viz/2016 (धििाारण िर्ा/Assessment Year:2011-12) Acit Vs. M/S Gowthami Chemicals & Circle-1(1) Pesticides (Pvt.) Ltd. Rajahmundry D.No.22-9-2, Lakshmi Dham Veerabhadrapuram Rajahmundry [Pan : Aaacg8085C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : Shri M.R.Bangari, Dr प्रत्यार्थी की ओर से / Respondent By : Shri G.V.N.Hari, Ar सुनवाई की तारीख / Date Of Hearing : 15.05.2018 18.05.2018 घोषणा की तारीख/Date Of Pronouncement :

For Appellant: Shri M.R.Bangari, DRFor Respondent: Shri G.V.N.Hari, AR

…he Hon’ble ITAT Vizag Bench in the case of M/s Merridian Promotors Pvt. Ltd. Vs. DCIT, the decision of Hon’ble Supreme Court in the case of Lovely Exports 251 ITR 263 and the decision of Hon’ble Delhi High Court in the case of CIT Vs. Stellar Investments Ltd. 192 ITR 287 and deleted the addition. Aggrieved by the order of the Ld.CIT(A) the revenue carried the matter to the Tribunal. 9. We have heard both the parties and perused the material placed on record. The revenue’s case is that the assessee could not establish the source for contribution of share capital and the share holders though filed the confirmation…

Pratik Syntex P.Ltd, Mumbai vs. ITO 13(1)(4), Mumbai

In the result , appeal of the assessee is dismissed

ITA 6690/MUM/2016[2012-13]Status: DisposedITAT Mumbai11 May 2018AY 2012-13

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/S. Pratik Syntex Private Ito 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar V. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ Pan : Aaecp3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Haresh P. ShahFor Respondent: Shri Rajat Mittal (DR)
Section 143(3)

…T(A) relied upon following decisions: a) N. Tarika Property Invest (P.) Ltd. v. CIT [2014] 51 taxmann.com 387 (SC), I.T.A. No.6690/Mum/2016 b)CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/[1993] 70 Taxman 69 (Delhi), c) CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi), d) CIT v. Lovely Exports Ltd. [2008] 299 ITR 268, e)CIT v. Nova Promoters & Finlease P. Ltd. [2012] 342 ITR 169/206 Taxman 207/18 taxmann.com 217(Delhi), f) CIT v. Nipun Builders & Developers [2013] 350 ITR 407/214 Taxman 429/30 taxmann.com 292 (Delhi), g) CIT v. N.R. Protfolio P. Ltd. [2014] 222 taxman 157/42 taxmann.com 3…

Saigal Sea Trade, Mumbai vs. CIT -18, Mumbai

The appeal of the assessee is dismissed

ITA 2511/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 May 2018AY 2009-10

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2009-10 M/S Saigal Sea Trade, Cit-18, J.V. House, 02Nd Floor, D.S. Piramal Chambers, बनाम/ Babrekar Marg, Dadar (West), Mumbai Vs. Mumbai-400028 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaafs6920K

Section 142(1)Section 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

Gautam Tube Corporation, Mumbai vs. Pr CIT 19, Mumbai

The appeals are disposed of in the above terms

ITA 3609/MUM/2017[2009-10]Status: DisposedITAT Mumbai26 Apr 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 120Section 143(3)Section 144ASection 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

Gautam Tube Corporation, Mumbai vs. Pr CIT 19, Mumbai

The appeals are disposed of in the above terms

ITA 3608/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Apr 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 120Section 143(3)Section 144ASection 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

Mumbai District Central Co Op Bank Ltd, Mumbai vs. CIT 1(1), Mumbai

The appeals are disposed of in the above terms

ITA 3198/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Mar 2018AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 The Mumbai District Cit-1, Aayakar Bhavan बनाम/ Central Co-Op. Bank Ltd. M.K. Road, Mumbai Bank Bhavan Mumbai 400 020 Vs. 207, D.H. Road, Fort Mumbai 400 001 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aaaam3185D यनधाारयती की ओर से / Assessee By Shri Amar Gahlot याजस्व की ओर से / Revenue By Shri B. Srinivas, Cit-Dr ुनवाई की तायीख / Date Of Hearing : 22/03/2018 आदेश की तायीख /Date Of Order: 22/03/2018

Section 143(1)Section 143(2)Section 143(3)Section 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), 17 The Mumbai District Central Co-op. Bank Ltd. x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011]…

Startech Engineers, Mumbai vs. Pr CIT 22, Mumbai

The appeals are disposed of in the above terms

ITA 3898/MUM/2017[2012-13]Status: DisposedITAT Mumbai01 Feb 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2012-13 Startech Engineers, Pr. Commissioner Of G-12, Sinhgarjane Soc. Income Tax-22, बनाम/ Maratha Colony, Room No.409, 4Th Floor, Vs. Santracruz (E), Piramal Chambers, Parel Mumbai-400055 Mumbai-400012 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaxfs3063J "नधा"रती क" ओर से / Assessee By Shri D.C.Saboo & Shri Shyam Saboo राज"व क" ओर से / Revenue By Shri Manjunatha Swamy-Dr

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

ACIT, Madurai vs. V.Rajan, Madurai

In the result, the appeal filed by the Revenue stands dismissed

ITA 1234/CHNY/2017[2011-12]Status: DisposedITAT Chennai31 Jan 2018AY 2011-12

Bench: Shri Abraham P.George & Shri George Mathan

For Respondent: Assessee by Mr.Philip George, Adv

…आयकर अपील"य अ"धकरण, ’डी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI "ी अ"ाहम पी. जॉज", लेखासद"य एवं "ी जॉज" माथन, "या%यक सद"य के सम& BEFORE SHRI ABRAHAM P.GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER आयकर अपील सं./ITA No.1234/Mds/2017 %नधा"रण वष" /Assessment Year: 2011-12 Vs. The Asst. Commissioner of Income Shri V.Rajan, Tax, 31, Kasturibai Nagar, Non-Corporate Circle-3, Madurai. Madurai-625 106. [PAN: AHJPR 9558 A] (अपीलाथ(/Appellant) ()*यथ(/Respondent) : Mrs.S.Vijayaprabha, JCIT Department by : Assessee by Mr.Philip George, Adv. सुनवाई क6 तार"ख/Date of Hearin…

M/S. Sriman Sai Securities Inv. Fin. Ltd vs. The Deputy Commissioner of Income Tax, Karimnagar

ITTA/137/2005HC Telangana20 Dec 2017

Bench: C.V.NAGARJUNA REDDY,M.S.K.JAISWAL

For Appellant: Sri A.V.Krishna KaundinyaFor Respondent: Ms. K.Mamata
Section 68

…ellant VERSUS $The Deputy Commissioner of Income Tax, Karimnagar … Respondent !Counsel for the appellant : Sri A.V.Krishna Kaundinya ^Counsel for the respondent : Ms. K.Mamata <GIST : >HEAD NOTE : ?Cases referred : 1. (1991) 192 ITR 287 (Del.) 2. (2000) 242 ITR 357 (AP) 3. (2003) 263 ITR 289 (Calcutta) 4. (2017) 394 ITR 383 (Raj.) CVNR, J. & MSKJ, J. itta_137_2005 3 THE HON'BLE SRI JUSTICE C.V.NAGARJUNA REDDY AND THE HON'BLE SRI JUSTICE M.S.K.JAISWAL I.T.T.A.No. 137 OF 2005 DATED 20TH DECEMBER, 2017 Between: M/s. Sriman Sai Securities Inves…

M/S. Globus Projects Pvt. Ltd., New Delhi vs. DCIT, Faridabad

In the result all the three appeals filed by the assesses are allowed

ITA 2491/DEL/2017[2012-13]Status: DisposedITAT Delhi30 Nov 2017AY 2012-13

Bench: Shri H.S.Sidhu & Shri Prashant Maharishim/S. Globus Projects Private Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan:Aaccg5308E (Appellant) (Respondent) Bestech Hospitalities Pvt. Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan:Aaccg5308E (Appellant) (Respondent) Bestech India Pvt. Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan:Aaccg5308E (Appellant) (Respondent)

For Appellant: Shri Raj Kumar Gupta, CAFor Respondent: Smt Aparna Karan, CIT DR
Section 131Section 132Section 133ASection 153ASection 153A(1)(b)Section 153CSection 263

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”: NEW DELHI BEFORE SHRI H.S.SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER M/s. Globus Projects Private Ltd, Vs. DCIT, Unit No. 5D, 5th Floor, Assets Aria Central Circle-1, Signature Offices, JW Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi PAN:AACCG5308E (Appellant) (Respondent) Bestech Hospitalities Pvt. Ltd, Vs. DCIT, Unit No. 5D, 5th Floor, Assets Aria Central Circle-1, Signature Offices, JW Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi PAN:AACCG5308E (Appellant…

M/S. Bestech India Pvt. Ltd., New Delhi vs. DCIT, Faridabad

In the result all the three appeals filed by the assesses are allowed

ITA 2485/DEL/2017[2012-13]Status: DisposedITAT Delhi30 Nov 2017AY 2012-13

Bench: Shri H.S.Sidhu & Shri Prashant Maharishim/S. Globus Projects Private Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan:Aaccg5308E (Appellant) (Respondent) Bestech Hospitalities Pvt. Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan: Aaccb2540F (Appellant) (Respondent) Bestech India Pvt. Ltd, Vs. Dcit, Unit No. 5D, 5Th Floor, Assets Aria Central Circle-1, Signature Offices, Jw Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi Pan: Aabcb6551B (Appellant) (Respondent)

For Appellant: Shri Raj Kumar Gupta, CAFor Respondent: Smt Aparna Karan, CIT DR
Section 131Section 132Section 133ASection 153ASection 153A(1)(b)Section 153CSection 263

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”: NEW DELHI BEFORE SHRI H.S.SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER M/s. Globus Projects Private Ltd, Vs. DCIT, Unit No. 5D, 5th Floor, Assets Aria Central Circle-1, Signature Offices, JW Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi PAN:AACCG5308E (Appellant) (Respondent) Bestech Hospitalities Pvt. Ltd, Vs. DCIT, Unit No. 5D, 5th Floor, Assets Aria Central Circle-1, Signature Offices, JW Marriott Hotel, Faridabad Asset Area-4, Delhi Aerocity Hospitality District, New Delhi PAN: AACCB2540F (Appellan…

ACIT, New Delhi vs. M/S. Elegant Security Services Pvt. Ltd., New Delhi

ITA 6173/DEL/2013[2008-09]Status: DisposedITAT Delhi30 Nov 2017AY 2008-09

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri Ashwani Kumar, C.AFor Respondent: Shri Anil Kumar Sharma, Sr. D.R
Section 131Section 133ASection 147Section 68

…worthiness of the parties and genuineness of the transactions. (15) In this connection Your Honour’s attention is also invited to the decision of the Hon’ble Delhi High Court in the case of Commissioner of Income-Tax vs. Steller Investments Limited [(1991) 192 ITR 287 (Delhi)] wherein it has been clearly held that any increased capital is not assessable in the hands of the company. The relevant observations of the Learned Judges are as follows:- “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 o…

Radhey Ram Godara, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is partly allowed for Statistical purposes

ITA 349/JPR/2016[2008-09]Status: DisposedITAT Jaipur29 Nov 2017AY 2008-09
For Appellant: Shri Shrawan Kumar Gupta, AdvocateFor Respondent: Shri R.A. Verma, Addl.CIT -DR
Section 143(2)Section 143(3)Section 234A

…The assessee did discharge the initial onus cast upon in this case. Further in the case of CIT vs. First Point Finance Ltd (Supra) the Honble High Court followed the following observation of the Hon'ble Delhi High Court in the case of Steller Investment Ltd. 192 ITR 287 which has now been affirmed by the Hon'ble Supreme Court also in the case of Steller Investment 251 ITR 263. The ratio laid down in this case was that Sec.68 shall not apply on share application money. "13 We have considered the rival contentions, relevant material on record, as also the cited decisions. In 192 ITR 287 Steller Investment Ltd., Ho…

Dev Steel, Navi Mumbai vs. Pr CIT Cen 4, Navi Mumbai

The appeals are dismissed

ITA 3752/MUM/2016[2009-10]Status: DisposedITAT Mumbai24 Nov 2017AY 2009-10

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2008-09 Shri Devang Gandhi, Pr. Cit, A/303, Balaji Gardens, Central-4, बनाम/ Sector-11, Koparkhairne, Mumbai Vs. Navi Mumbai-400709 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Abhpg0909N

Section 153ASection 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

Dev Steel, Navi Mumbai vs. Pr CIT Cen 4, Navi Mumbai

The appeals are dismissed

ITA 3748/MUM/2016[2006-07]Status: DisposedITAT Mumbai24 Nov 2017AY 2006-07

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2008-09 Shri Devang Gandhi, Pr. Cit, A/303, Balaji Gardens, Central-4, बनाम/ Sector-11, Koparkhairne, Mumbai Vs. Navi Mumbai-400709 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Abhpg0909N

Section 153ASection 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

Devang Gandhi, Navi Mumbai vs. Pr CIT Cen 4, Mumbai

The appeals are dismissed

ITA 3747/MUM/2016[2008-09]Status: DisposedITAT Mumbai24 Nov 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2008-09 Shri Devang Gandhi, Pr. Cit, A/303, Balaji Gardens, Central-4, बनाम/ Sector-11, Koparkhairne, Mumbai Vs. Navi Mumbai-400709 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Abhpg0909N

Section 153ASection 263

…ITO v. DG Housing Projects Ltd. [2012] 343 ITR 329/212 Taxman 132 (Mag.)/[2012] 20 taxmann.com 587 (Delhi) (para 7), vii. DIT v. Jyoti Foundation [2013] 35 ITR 388/219 Taxman 105/38 taxmann.com 180 (Delhi) (para 7), viii. CIT v. Steller Investment Ltd. [1991] 192 ITR 287/59 Taxman 568 (Delhi) (para 8), ix. CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/70 Taxman 69 (Delhi) (FB) (para 8), x. CIT v. Divine Leasing & Finance Ltd. [2008] 299 ITR 268/[2007] 158 Taxman 440 (Delhi)(para 8), xi. Lotus Capital Financial Services Ltd. v. ITO [IT Appeal No. 479 (Kol.) of 2011] (para 8), xii. CIT v. Lotus Capital Financial Ser…

DCIT Cen Cir 40, Mumbai vs. Luminant Investment Ltd, Mumbai

ITA 2067/MUM/2013[2007-08]Status: DisposedITAT Mumbai27 Sept 2017AY 2007-08

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Gosain (Jm)

Section 68

…be treated as the undisclosed income of the assessee. In theabsence of such findings, addition could not be made in the income of the assessee under section 68 of the Act. 23 It is also of relevance to point out that in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287 (Delhi) where the increase in subscribed capital of the respondent-company accepted by the Income-tax Officer and rejected by the Commissioner of Income-tax on the ground that a detailed investigation was required regarding the genuineness of subscribers to share capital, as there was a device of converting black money by issuing shares with the…

Principal Commissioner of Income Tax, Delhi-2 vs. Best City Realtors (India) Pvt. Ltd

The appeals of the Revenue are dismissed but in the

ITA/19/2017HC Delhi01 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

Section 260A

…ial ITA No. 13 of 2017 & connected matters Page 18 of 34 pronouncement that under these circumstances, section 68 cannot be invoked. a) CIT v. Stellar Investment Ltd. 192 ITR 287. b) Sophia Finance Ltd. 205 ITR 98 (FB) (Del). c) CIT v. Divine Leasing and Finance Ltd 299 ITR 268(Del.) d) CIT v. Lovely Exports (P) Ltd. 319 ITR5 (ST) 19. The Assessee also raised the point that the statement of Mr. Tarun Goyal had been recorded behind the back of the Assessee and in the absence of cross-examination such evidence was o…