CIT v. Tania Investment

322 ITR 394High Court2010#4034 most cited

What is CIT v. Tania Investment authority for?

When the identity of parties providing cash credits is established, and their books of account demonstrate the capacity to advance loans, further proof of creditworthiness is not required for the assessee to establish the genuineness of the transaction.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT v Tania Investments · cash credits · section 68 · identity of party · capacity of creditor · genuineness of transaction · books of account · creditworthiness

Issues it is cited on

section 106section 23(4)section 23(1)annual letting valuesection 24(a)source of sourceannual valuecreditworthiness of the creditordeemed dividendsection 2(22)(e)addition u/s 68share application money

Judgments citing CIT v. Tania Investment

Mr. Inder Pal Singh Wadhawan, New Delhi vs. ACIT, New Delhi

In the result ground No. 2 of the appeal of the assessee is allowed

ITA 1589/DEL/2013[2008-09]Status: DisposedITAT Delhi08 Jul 2016AY 2008-09

Bench: I.C.Sudhir & Shri Prashant Maharishiinder Pal Singh Wadhawan, Jcit, E/1/7, Ii Nd Floor, East Patel Vs. Circle-33, Nagar, New Delhi New Delhi Pan: Aarps6904L (Appellant) (Respondent) Acit, Inder Pal Singh Wadhawan, Circle-33(1), Room No.1505, E/1/7, Ii Nd Floor, Vs. 15Th Floor, Dr. Shyama Prasad East Patel Nagar, New Delhi Mukherjee Civil Centre, New Delhi Pan: Aarps6904L (Appellant) (Respondent) Inder Pal Singh Wadhawan, Acit, E/1/7, Ii Nd Floor, East Patel Circle-33, Vs. Nagar, New Delhi New Delhi Pan: Aarps6904L (Appellant) (Respondent) Acit, Inder Pal Singh Wadhawan, Circle-33(1), Room No.1505, 15Th E/1/7, Ii Nd Floor, Vs. Floor, Dr. Shyama Prasad East Patel Nagar, New Delhi Mukherjee Civil Centre, Pan: Aarps6904L New Delhi (Appellant) (Respondent)

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Sh. Vijay Verma, CIT DR
Section 142Section 143(3)Section 68

…ons laid down in Section 68 of the IT Act, 1961. 21.4 The appellant further relied on the following case laws: - (a) Anil Rice Mills Vs. Commissioner of Income Tax (2006) 282 ITR 236 (All) , (b) Commissioner of Income Tax Vs. Tania Investments (P) Ltd. (2010) 322 ITR 394 (Bom) (c) Commissioner of income Tax *'s. Micro Melt (P) Ltd. (2010) 327 ITR 70 (Guj.) (d) Nemi Chand Kothari Vs. Commissioner of Income Tax & ANR. (2003) 264 ITR 254 (Gau). 21.5 In the light of facts and circumstances of the case, legal provision and case laws cited and discussed in this order, I hold that addition of unsecured loans on ad hoc b…

Mr. Inder Pal Singh Wadhawan, New Delhi vs. JCIT, New Delhi

In the result ground No. 2 of the appeal of the assessee is allowed

ITA 1155/DEL/2013[2007-08]Status: DisposedITAT Delhi08 Jul 2016AY 2007-08

Bench: I.C.Sudhir & Shri Prashant Maharishiinder Pal Singh Wadhawan, Jcit, E/1/7, Ii Nd Floor, East Patel Vs. Circle-33, Nagar, New Delhi New Delhi Pan: Aarps6904L (Appellant) (Respondent) Acit, Inder Pal Singh Wadhawan, Circle-33(1), Room No.1505, E/1/7, Ii Nd Floor, Vs. 15Th Floor, Dr. Shyama Prasad East Patel Nagar, New Delhi Mukherjee Civil Centre, New Delhi Pan: Aarps6904L (Appellant) (Respondent) Inder Pal Singh Wadhawan, Acit, E/1/7, Ii Nd Floor, East Patel Circle-33, Vs. Nagar, New Delhi New Delhi Pan: Aarps6904L (Appellant) (Respondent) Acit, Inder Pal Singh Wadhawan, Circle-33(1), Room No.1505, 15Th E/1/7, Ii Nd Floor, Vs. Floor, Dr. Shyama Prasad East Patel Nagar, New Delhi Mukherjee Civil Centre, Pan: Aarps6904L New Delhi (Appellant) (Respondent)

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Sh. Vijay Verma, CIT DR
Section 142Section 143(3)Section 68

…ons laid down in Section 68 of the IT Act, 1961. 21.4 The appellant further relied on the following case laws: - (a) Anil Rice Mills Vs. Commissioner of Income Tax (2006) 282 ITR 236 (All) , (b) Commissioner of Income Tax Vs. Tania Investments (P) Ltd. (2010) 322 ITR 394 (Bom) (c) Commissioner of income Tax *'s. Micro Melt (P) Ltd. (2010) 327 ITR 70 (Guj.) (d) Nemi Chand Kothari Vs. Commissioner of Income Tax & ANR. (2003) 264 ITR 254 (Gau). 21.5 In the light of facts and circumstances of the case, legal provision and case laws cited and discussed in this order, I hold that addition of unsecured loans on ad hoc b…

M/S Vardaan Fashion, New Delhi vs. JCIT, New Delhi

In the result ground No. 3 of the appeal of the assessee is dismissed

ITA 1143/DEL/2013[2007-08]Status: DisposedITAT Delhi08 Jul 2016AY 2007-08

Bench: I.C.Sudhir & Shri Prashant Maharishivardan Fashions, Jcit, E-1/7, 2Nd Floor, East Patel Range-33, Vs. Nagar, New Delhi New Delhi Pan:Aacfv0423H (Appellant) (Respondent) Acit, Vardan Fashions, Circle-33(1) E-1/7, 2Nd Floor, East Patel Vs. New Delhi Nagar, New Delhi Pan:Aacfv0423H (Appellant) (Respondent)

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Sh. Vijay Verma, CIT DR
Section 142Section 40

…nditions laid down in Section 68 of the IT Act, 1961. 21.6 The appellant further relied on the following case laws: (a) Anil Rice Mills Vs. Commissioner of Income Tax (2006) 282 ITR 236 (All) (b) Commissioner of Income Tax Vs. Tania Investments (P) Ltd. (2010)322 ITR 394 (Bom) (c) Commissioner of Income Tax Vs. Micro Melt (P) Ltd. (2010) 327 ITR 70 (Guj.) (d) Nemi Chand Kothari Vs. Commissioner of Income Tax & ANR. (2003) 264 ITR 254 (Gau). 21.7 In the light of the facts and circumstances of the case as discussed above, legal provisions and the case laws cited and discussed in this order. I find that the additio…

G.L. Constructions P.Ltd, Mumbai vs. DCIT 8(1) Or DCIT City 8, Mumbai

In the result, appeal of assessee is allowed in part, in terms indicated hereinabove

ITA 2269/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Jun 2016AY 2010-11
For Appellant: Shri N.R.Agrawal & Pavan VedFor Respondent: Ms. Anupama Shukla
Section 131Section 133ASection 133A(6)Section 143(3)

…St 5) c) CIT v/s Gujrat Heavy Chemicals Ltd. 256 ITR 795 (SC) d) CIT v/s Dwarikadish Investment Ltd. 167 Taxman 321 (Del) S.C dismissed SLP 314 ITR 3 e) CIT v/s Creative World Telefilms Ltd 333 ITR 100 (Bombay.) Page No. 242 to 243 f) CIT v/s Tania Investment 322 ITR 394 (Born) Page No. 244 to 245 g) Recent judgement of Hon'ble Gujrat High Court in CIT v/s Ujala Dying & Printing Mills Pvt. Ltd. Reported in 328 ITR 437 which are on similar facts. Hon'ble Gujrat High Court has dismissed department's appeal on the following points which is similar to the assessee's case as follows. 1. Copy of the bank statements of…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5334/MUM/2014[2007-08]Status: DisposedITAT Mumbai08 Jun 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…Mill Ltd. 328 ITR 437 (Guj) S.C. dismissed special leave petition 317 ITR (Sta) 1 10. In view of the findings recorded by CIT(A), all share holders are produced with their books & Bank statements, hence covered by Bombay High court in CIT v/s Tania Investment 322 ITR 394 (Bom). All are assessed since last 10 years. Acknowledgements of filling returns filed by share holders with AO under proceedings u/s 131. Majority share holders are assessed u/s 143(3) & before CIT(Appeal) & Tribunal. Six companies are listed in recognised stock exchanges. Copy of share certificate was filed by share holders with AO. under proce…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5333/MUM/2014[2006-07]Status: DisposedITAT Mumbai08 Jun 2016AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…Mill Ltd. 328 ITR 437 (Guj) S.C. dismissed special leave petition 317 ITR (Sta) 1 10. In view of the findings recorded by CIT(A), all share holders are produced with their books & Bank statements, hence covered by Bombay High court in CIT v/s Tania Investment 322 ITR 394 (Bom). All are assessed since last 10 years. Acknowledgements of filling returns filed by share holders with AO under proceedings u/s 131. Majority share holders are assessed u/s 143(3) & before CIT(Appeal) & Tribunal. Six companies are listed in recognised stock exchanges. Copy of share certificate was filed by share holders with AO. under proce…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5332/MUM/2014[2005-06]Status: DisposedITAT Mumbai08 Jun 2016AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…Mill Ltd. 328 ITR 437 (Guj) S.C. dismissed special leave petition 317 ITR (Sta) 1 10. In view of the findings recorded by CIT(A), all share holders are produced with their books & Bank statements, hence covered by Bombay High court in CIT v/s Tania Investment 322 ITR 394 (Bom). All are assessed since last 10 years. Acknowledgements of filling returns filed by share holders with AO under proceedings u/s 131. Majority share holders are assessed u/s 143(3) & before CIT(Appeal) & Tribunal. Six companies are listed in recognised stock exchanges. Copy of share certificate was filed by share holders with AO. under proce…

ITO 9(2)(2), Mumbai vs. Kamvit Chemicals P. Ltd, Mumbai

In the result, appeal filed by the revenue for the Assessment year 2006-07 is dismissed

ITA 8642/MUM/2010[2006-07]Status: DisposedITAT Mumbai22 Apr 2016AY 2006-07

Bench: Shri G.S.Pannu (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2006-07

For Appellant: Ms. Radha Katyal NarangFor Respondent: Shri. Nitesh Joshi
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI G.S.PANNU (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2006-07 The ITO-9(2)(2), M/s. Kamvit Chemicals Pvt. Ltd. Room No. 225, Aayakar Bhavan, 215, Anugrahal RSCIB Goria M.K.Road, Mumbai- 400020. Road, Boriwali (W), Vs. Mumbai- 400098. PAN : AACCK4434F (Appellant) (Respondent) Appellant by : Ms. Radha Katyal Narang Respondent by : Shri. Nitesh Joshi Date of Hearing: 12/04/2016 Date of Pronouncement: 22/04/2016 O R D E R PER RAM LAL NEGI, JM This appeal has been preferred by the revenue against the impugned order dated 15/10/20…

DCIT 5(2), Mumbai vs. Lahoti Overseas Ltd, Mumbai

In the result, appeal of the assessee company in ITA

ITA 3812/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Mar 2016AY 2003-04

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3812/Mum/2012 ("नधा"रण वष" / Assessment Year : 2003-04) Dy. Commissioner Of Income M/S Lahoti Overseas Ltd., बनाम/ Tax , 5(2),Room No. 571, 307, Arun Chambers, V. 5 Th Floor, Tardeo Road, Tardeo, Aayakar Bhavan, Mumbai - 400034. M.K. Road, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacl2578 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Yogesh TharFor Respondent: Shri Ganesh Bare (Sr.DR)
Section 133ASection 143(3)Section 147Section 148Section 151(1)

…iew is supported by and fortified by the judgment of Hon’ble Supreme Court in the case of CIT v. Steller Investment Limited ((2001) 251 ITR 263(SC)) , CIT v. Lovely Exports Private Limited ((2008) 216 CTR 195(SC) ) and CIT v. Tania Investments Private Limited 322 ITR 394(Bom.HC). We order accordingly. 35. In the result, Revenue appeal in ITA No. 3813/Mum/2012 for the assessment year 2008-09 is dismissed. ITA 3813/M/12, 821/M/14, 71 ITA 3812/M/12 & 3821/M/12 ITA No. 3821/Mum/2012 for assessment year 2008-09 (Assessee’s appeal). 36. The assessee company has raised the following grounds of appeal in memo of ap…