CIT v. Stellar Investment Ltd.

CIT vs. Globus Securities & Finance Pvt Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…. It has been accordingly held that the identity, creditworthiness of the shareholders and genuineness of the transactions has been established. Reference and reliance was placed on judgments of Delhi High Court in CIT vs. Stellar Investment Ltd. [1991] 192 ITR 287, Monnet Ispat and Energy Ltd. vs. DCIT (2008) 171 Taxman 27, CIT vs. Divine Leasing and Finance Ltd. (2007) and CIT vs. Lovely Exports Pvt. Ltd. both reported (2008) 299 ITR 268. Some other decisions have also been referred to in the order of the Commissioner of Income Tax (Appeals) (CIT (A) for short). 3. For the sake of convenience, w…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…======================================================================= ITA 341/2012 Page 1 of 67 *IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on : 13th August, 2013 Judgment pronounced on: 28th November, 2013 + ITA 341/2012 COMMISSIONER OF INCOME TAX-II ..... Appellant Through Mr. N.P. Sahni with Mr. Ruchesh Sinha, Advocates. Versus MAF ACADEMY P. LTD. ..... Respondent Through Dr. Rakesh Gupta with Ms. Rani Kiyala and Mr. Rishabh Kapoor, Advocates.…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…======================================================================= ITA 341/2012 Page 1 of 67 *IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on : 13th August, 2013 Judgment pronounced on: 28th November, 2013 + ITA 341/2012 COMMISSIONER OF INCOME TAX-II ..... Appellant Through Mr. N.P. Sahni with Mr. Ruchesh Sinha, Advocates. Versus MAF ACADEMY P. LTD. ..... Respondent Through Dr. Rakesh Gupta with Ms. Rani Kiyala and Mr. Rishabh Kapoor, Advocates.…

CIT-IV vs. M/S Frostair P.Ltd

…pellant, therefore, the AO is well within his jurisdiction to treat it as unexplained investment of the appellant company. Further the reliance placed by the AR on the ratio of the decision of the Hon’ble Supreme Court in CIT v. Stellier Investment Ltd., 192 ITR 287, does not help the appellant as the AO has proved beyond reasonable doubts that most of these alleged share holders are not even assessed to tax as those have been verified to have not filed income tax returns and thus question of reopening the assessment of these parties who do not exist at the addresses mentioned by the appellant does not…

Commissioner of Income Tax vs. Tdi Marketing Pvt. Ltd

Appeal is dismissed

…shed that they have invested money in the purchase of shares, then the amount received would be regarded as capital receipt and to that extent the . . observations of the Hon?ble Delhi High Court in the case of CIT ?vs- Stellar Investment Ltd., 192 ITR 287 are correct. The Full Bench of the Hon?ble Delhi High Court also held that if the shareholders exist, then possibly no further enquiry need be made but if the Assessing Officer finds that the alleged shareholders do not exist, then in fact it would be mean that there is no valid issuance of share capital. In the present case it is see…

Commissioner of Income Tax vs. Value Capital Services P.Ltd

…not accept the genuineness of the transaction, subject matter of the inquiry. While setting aside the order of the CIT(A), the Tribunal relied upon two decisions of this Court, namely, Commissioner of Income Tax v. Stellar Investment Ltd., [1991] 192 ITR 287 and a Full Bench decision in Commissioner of Income Tax v. Sophia Finance Ltd., [1994] 205 ITR 98. Several other decisions have been rendered by this Court following the above two decisions. The principle that has been laid down by the various decisions rendered by this Court from time to time is that if the existence of the applicant…