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

An increase in a company's subscribed share capital cannot be treated as the company's undisclosed income under section 68, even if the subscribers to the capital are found not to be genuine. The amount of share capital cannot be regarded as undisclosed income of the company itself.

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

233 judgments on BharatTax cite CIT v. Steller Investment Ltd. (251 ITR 263), spanning 2010 to 2026.

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

It is most often cited in judgments turning on Section 68, Section 143(3), Section 133(6), Section 147, Section 131, Section 139(1).

CIT v. Steller Investment Ltd. (251 ITR 263)

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.…

DCIT, Central Cir-8(4), Mumbai vs. M/S. Amazon Metals Private Limited, Mumbai

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

ITA 905/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Aug 2019AY 2009-10

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

Section 131Section 147Section 148

…us shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of assessee company." CIT vs. Steller Investment Ltd (2001) 251 ITR 263 (SC) (civil appeal) "That the increase in subscribed capital of the respondent company could not be a device of converting black money into white with the help of formation of an investment company, on the round that, even if it be assumed that the subscribers to the increased capital were not genuine, tinder no circumstances could the amount of…

Dcie Central Circle-8(4), Mumbai vs. M/S.Pali Fabrics Private Limited, Mumbai

In the result appeal filed by the revenue is dismissed

ITA 904/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Aug 2019AY 2009-10

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Pali Fabrics Pvt.Ltd. Room No. 658, 6Th Floor 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road 37-40 Subash Road Mumbai-400 020 Vile Parle(E) Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent) & C.O. No. 77/Mum/2019 (Arising Out Of Ita No.904/Mum/2018) (Assessment Year: 2009-10) M/S Pali Fabrics Pvt.Ltd. Vs. Dcit, Cc-8(4) 5Th Floor, Sunteck Centre, Room No. 658, 6Th Floor 37-40 Subash Road Aaykar Bhawan, M.K.Road Vile Parle(E) Mumbai-400 020 Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent)

Section 131Section 139Section 143(2)Section 147Section 148

…us shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of assessee company." CIT vs. Steller Investment Ltd (2001) 251 ITR 263 (SC) (civil appeal) "That the increase in subscribed capital of the respondent company could not be a device of converting black money into white with the help of formation of an investment company, on the round that, even if it be assumed that the subscribers to the 33 ITA.No.904 /Mum/2018 C.O.No. 77/Mum/2019 M/s. Pali Fabrics Pvt.Ltd. & incre…

DCIT Central Cir-8(4), Mumbai vs. M/S.Acro Exports Trade Private Limited, Mumbai

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

ITA 903/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Aug 2019AY 2009-10

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

Section 131Section 147Section 148

…us shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of assessee company." CIT vs. Steller Investment Ltd (2001) 251 ITR 263 (SC) (civil appeal) "That the increase in subscribed capital of the respondent company could not be a device of converting black money into white with the help of formation of an investment company, on the round that, even if it be assumed that the subscribers to the increased capital were not genuine, tinder no circumstances could the amount of…

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

…So far as the case of a company issuing shares vis-a-vis the burden cast u/s 68 in respect of share capital is concerned, the Hon'ble Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd. (2008) 216 CTR 195(SC), as well as of Stellar Investment (2001) 251 ITR 263 has held that if the share application money is received by the assessee company from alleged bogus shareholders whose names are given to the AO then the Department is free to proceed to reopen their individual assessments in accordance with the law, but, it cannot be regarded as undisclosed income of the assessee. This judgement has been critica…