CIT v. Value Capital Services (P) Ltd.

307 ITR 334High Court2008#426 most cited

What is CIT v. Value Capital Services (P) Ltd. authority for?

An addition under Section 68 for cash credits or share application money is not sustainable if the Assessing Officer fails to conduct proper investigation into the documentary evidence provided by the assessee regarding the identity, creditworthiness, and genuineness of the transaction.

211

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2009 to 2026.

Also referred to as

CIT v. Value Capital Services (P) Ltd. · 307 ITR 334 · Section 68 · Section 143(3) · cash credits · share application money · onus of proof · genuineness of transaction · creditworthiness of creditor · AO investigation failure

Sections most often in play

Section 143(3)Section 133(6)Section 68Section 132(4)Section 147Section 131Section 37(1)Section 69A
Read the full judgment

Issues it is cited on

onus of proofretraction of statementretracted statementcreditworthiness of the creditorprincipal officershare capital and share premiumsource of sourcestatement under section 132(4)share application moneyaddition under section 68genuineness of the transactionaccommodation entry

Judgments citing CIT v. Value Capital Services (P) Ltd.

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7842/DEL/2025[2022-23]Status: DisposedITAT Delhi20 Mar 2026AY 2022-23

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…dverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO viii) 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7841/DEL/2025[2021-22]Status: DisposedITAT Delhi20 Mar 2026AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…cceptable proof, acceptable explanation u/s 68 of the Act and in absence of any other contrary evidence no adverse inference can be drawn." ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) viii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT i) 325 ITR 25 (P&H) CIT vs. GP International Ltd "Regarding the…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7840/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…dverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO viii) 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB…

DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

ITA 7838/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR
Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…cceptable proof, acceptable explanation u/s 68 of the Act and in absence of any other contrary evidence no adverse inference can be drawn." ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO viii) 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT i) 325 ITR 25 (P&H) CIT vs. GP International Ltd "Regarding the…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT CENTRAL CIRCLE -05 , DELHI

ITA 5521/DEL/2025[2024-25]Status: DisposedITAT Delhi20 Mar 2026AY 2024-25

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

For Appellant: Shri Amit Goel and Shri Pranav Yadav, Advocate
Section 132Section 143(3)Section 147Section 37Section 37(1)Section 69A

…dverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” contrary evidence no adverse inference can be drawn.” ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO viii) 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB & HARYANA HIGH COURT PUNJAB…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

ITA 5520/DEL/2025[2023-24]Status: DisposedITAT Delhi20 Mar 2026AY 2023-24

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…cceptable proof, acceptable explanation u/s 68 of the Act and in absence of any other contrary evidence no adverse inference can be drawn." ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) viii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT i) 325 ITR 25 (P&H) CIT vs. GP International Ltd "Regarding the…

VESTIGE MARKETING PVT LTD,DELHI vs. DCIT, CENTRAL CIRCLE-05, DELHI

ITA 5517/DEL/2025[2020-21]Status: DisposedITAT Delhi20 Mar 2026AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…cceptable proof, acceptable explanation u/s 68 of the Act and in absence of any other contrary evidence no adverse inference can be drawn." ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) viii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT i) 325 ITR 25 (P&H) CIT vs. GP International Ltd "Regarding the…

VESTIGE MARKETING PVT. LTD.,DELHI vs. DCIT, CENTRAL CIRCLE- 05, DELHI

ITA 5515/DEL/2025[2018-19]Status: DisposedITAT Delhi20 Mar 2026AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Amit Goel andFor Respondent: Ms. Monika Singh, CIT-DR
Section 132Section 133(6)Section 143(3)Section 147Section 37Section 37(1)Section 69A

…cceptable proof, acceptable explanation u/s 68 of the Act and in absence of any other contrary evidence no adverse inference can be drawn." ii) 267 ITR 433 (Del) CIT v. Makhni Tyagi (P) Ltd. iii) 299 ITR 268 (Del) CIT v Divine Leasing and Finance (P) Ltd. iv) 307 ITR 334 (Del) CIT v. Value Capital Services (P) Ltd. v) 329 ITR 271 (Del) CIT v. Victor Electrodes Ltd. vi) 333 ITR 119 (Del) CIT v. Oasis Hospitalities (P) Ltd. vii) viii) 354 ITR 282 (Del) Mod Creations (P) Ltd. v. ITO 357 ITR 146 (Del) CIT v. Fair Finvest Ltd. PUNJAB & HARYANA HIGH COURT i) 325 ITR 25 (P&H) CIT vs. GP International Ltd "Regarding the…

HORIZON BUILDMART PVT LTD,GURGAON vs. ACIT, CIRCLE-2, FARIDABAD

In the result, the appeal of the Assessee is partly allowed

ITA 1250/DEL/2025[2011-12]Status: DisposedITAT Delhi16 Jan 2026AY 2011-12

Bench: Shri Sudhir Kumar & Shri Manish Agarwalhorizon Buildmart Pvt. Ltd., Asst. Cit, C-131, Ground Floor, Block-C, Central Circle-Ii, Sushant Shopping Arcade, Vs. Faridabad, Sushant Lok-1, Haryana-121001. Gurgaon-122002. Pan-Aacch4582P (Appellant) (Respondent) Shri S.S. Nagar, Ca Assessee By Department By Ms. Amisha S. Gupta, Cit Dr Date Of Hearing 03/11/2025 Date Of Pronouncement 16/01/2026 O R D E R Per Manish Agarwal, Am: This Appeal Is Filed By The Assessee Against The Order Of Learned Commissioner Of Income Tax (Appeals)-3, Gurgaon (‘Ld. Cit(A)’ In Short) Dated 27.01.2025 In Appeal No.10581/Cit(A) Ggn-3/2018-19 For Assessment Year 2011-12 Arising Out Of The Order Passed U/S 147 R.W.S 144 Of The Income Tax Act, 1961 (‘The Act’ For Short) Dated 28.12.2018. 2. Brief Facts Of The Case Are That Assessee Is Private Limited Company Engaged In The Business Of Real Estate. The Assessee Filed Its Return Of Income On 30.09.2011 Declaring A Loss Of Rs.54,833/-. The Ao Had Information That Assessee Received Loan Horizon Buildmart Pvt. Ltd. Vs. Acit

Section 143(2)Section 147Section 148Section 153C

…46 (Del.); CIT vs. Kamdhenu Steel and Alloys Ltd., & Ors. 361 ITR 220 (Del.); CIT us. (i) Dwarakadhish Investment P. Ltd., (2011) 330 ITR 298 (Del.); CIT us. Winstral Petrochemicals P. Ltd., 330 ITR 603 (Del.); CIT vs. Value Capital Services Pvt. Ltd., (2008) 307 ITR 334 (Del.) and CIT vs., Kureli Papers Mills P. Ltd., 380 ITR 571 (Del.). 6.1. Considering the totality of the facts and circumstances of the case and that there is no adverse material available on record against the assessee so as to make the impugned addition of Rs.10 lakhs and that no investigation have been made by the A.O. on the documentary evid…

NEW TRACK EXIM PRIVATE LIMITED,DELHI vs. INCOME TAX OFFICER, WARD 18(3), DELHI

In the result, appeal of the assessee is partly allowed

ITA 2765/DEL/2024[2012-13]Status: DisposedITAT Delhi31 Dec 2025AY 2012-13

Bench: SHRI SUDHIR KUMAR (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)

Section 139(1)Section 143(1)Section 143(3)Section 147Section 148Section 151Section 250Section 68

…and Alloys Ltd., & Ors. 361 ITR 220 (Del.); CIT us. (i) Dwarakadhish Investment P. Ltd., (2011) 330 ITR 298 (Del.); CIT us. Winstral Petrochemicals P. Ltd., 330 ITR 603 (Del.); CIT vs. Value Capital New Track Exim Pvt. Ltd. vs. ITO Services Pvt. Ltd., (2008) 307 ITR 334 (Del.) and CIT vs., Kureli Papers Mills P. Ltd., 380 ITR 571 (Del.). 6.1. Considering the totality of the facts and circumstances of the case and that there is no adverse material available on record against the assessee so as to make the impugned addition of Rs.10 lakhs and that no investigation have been made by the A.O. on the documentary evid…

ACIT, CENTRAL CIRCLE-2, PATNA vs. M/S MAXXON VANIJYA & RESOURCES PVT LTD, KOLKATA

In the result, the order of the Ld

ITA 89/PAT/2021[2012-13]Status: DisposedITAT Patna08 Dec 2025AY 2012-13

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 132(1)Section 139Section 143(2)Section 144Section 153CSection 250

…Bahri Brothers, 151 ITR Page 150 (Pat) Addl. Commissioner of Income-tax Vs. Hanuman Agrawal, Gyan Ganga Ltd. v Dy. CIT (2010) 003 ITR (Trib) 0372, CIT v. Samir Biotech Pvt. Ltd. ITA No415/2008 of Delhi High Court, CIT v, Value Capital Services P. Ltd. (2008) 307 ITR 334 (Delhi), CIT' vs. Divine Leasing & Finance Ltd. (CC 375/2008) dated 21-1-2008, CIT v. Daulat Rant Rawatmuli [87 ITR 349 (SC)], (2008) 216 CTR (SC) 195 CIT v. Lovely Exports (P) Ltd., (2011) 239 CTR 0478 :(2010) 194 TAXMAN 0043 :(2010) 045 DTR 0281 CIT v. Dwarkadhish Investment (P) Ltd., Bharti Syntex Ltd. v. Dy. CIT (2011) 052 DTR 0073, CIT v. Ch…

INCOME TAX OFFICER WARD 1(1), FARIDABAD, FARIDABAD vs. BHIKSHU PORTFOLIO PRIVATE LIMITED, FARIDABAD

ITA 4252/DEL/2025[2017-18]Status: DisposedITAT Delhi17 Nov 2025AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Section 132Section 132(4)Section 147

…t has cited several judgments in its favour claiming that such deficiencies in the assessment order makes it untenable. The judgements of different Hon'ble High Courts and ITATs cited by the appellant are as follows: i) CIT vs. Value Capital Services (P) Ltd. 307 ITR 334, Delhi High Court ii) CIT Vs. Metaphor Exports P Ltd. ITA 4/2015 dated 13.01.2015, Delhi High Court iii) CIT-II Vs. M/s. Multiplex Trading & Industrial Co. Ltd.378 ITR 351 dated 22.09.2015, Delhi High Court iv) CIT Vs M/s. Mark Hospitals (P) Ltd. 373 ITR 115 dated 03.12.2014 Madras High Court v) CIT vs. Apex Therm Packaging (P.) Ltd. 42 taxmann.c…

INCOME TAX OFFICER WARD 1(1), FARIDABAD, FARIDABAD vs. BHIKSHU PORTFOLIO PRIVATE LIMITED, FARIDABAD

ITA 4251/DEL/2025[2016-17]Status: DisposedITAT Delhi17 Nov 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Section 132Section 132(4)Section 147

…t has cited several judgments in its favour claiming that such deficiencies in the assessment order makes it untenable. The judgements of different Hon'ble High Courts and ITATs cited by the appellant are as follows: i) CIT vs. Value Capital Services (P) Ltd. 307 ITR 334, Delhi High Court ii) CIT Vs. Metaphor Exports P Ltd. ITA 4/2015 dated 13.01.2015, Delhi High Court iii) CIT-II Vs. M/s. Multiplex Trading & Industrial Co. Ltd.378 ITR 351 dated 22.09.2015, Delhi High Court iv) CIT Vs M/s. Mark Hospitals (P) Ltd. 373 ITR 115 dated 03.12.2014 Madras High Court v) CIT vs. Apex Therm Packaging (P.) Ltd. 42 taxmann.c…

INCOME TAX OFFICER WARD 1(1), FARIDABAD, FARIDABAD vs. BHIKSHU PORTFOLIO PRIVATE LIMITED, FARIDABAD

ITA 4207/DEL/2025[2015-16]Status: DisposedITAT Delhi17 Nov 2025AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Section 132Section 132(4)Section 147

…t has cited several judgments in its favour claiming that such deficiencies in the assessment order makes it untenable. The judgements of different Hon'ble High Courts and ITATs cited by the appellant are as follows: i) CIT vs. Value Capital Services (P) Ltd. 307 ITR 334, Delhi High Court ii) CIT Vs. Metaphor Exports P Ltd. ITA 4/2015 dated 13.01.2015, Delhi High Court iii) CIT-II Vs. M/s. Multiplex Trading & Industrial Co. Ltd.378 ITR 351 dated 22.09.2015, Delhi High Court iv) CIT Vs M/s. Mark Hospitals (P) Ltd. 373 ITR 115 dated 03.12.2014 Madras High Court v) CIT vs. Apex Therm Packaging (P.) Ltd. 42 taxmann.c…

INCOME TAX OFFICER, FARIDABAD vs. BHIKSHU PORTFOLIO PRIVATE LIMITED, FARIDABAD

ITA 4206/DEL/2025[2014-15]Status: DisposedITAT Delhi17 Nov 2025AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Section 132Section 132(4)Section 147

…t has cited several judgments in its favour claiming that such deficiencies in the assessment order makes it untenable. The judgements of different Hon'ble High Courts and ITATs cited by the appellant are as follows: i) CIT vs. Value Capital Services (P) Ltd. 307 ITR 334, Delhi High Court ii) CIT Vs. Metaphor Exports P Ltd. ITA 4/2015 dated 13.01.2015, Delhi High Court iii) CIT-II Vs. M/s. Multiplex Trading & Industrial Co. Ltd.378 ITR 351 dated 22.09.2015, Delhi High Court iv) CIT Vs M/s. Mark Hospitals (P) Ltd. 373 ITR 115 dated 03.12.2014 Madras High Court v) CIT vs. Apex Therm Packaging (P.) Ltd. 42 taxmann.c…

INCOME TAX OFFICER, FARIDABAD vs. BHIKSHU PORTFOLIO PRIVATE LIMITED, FARIDABAD

ITA 4205/DEL/2025[2013]Status: DisposedITAT Delhi17 Nov 2025

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Section 132Section 132(4)Section 147

…t has cited several judgments in its favour claiming that such deficiencies in the assessment order makes it untenable. The judgements of different Hon'ble High Courts and ITATs cited by the appellant are as follows: i) CIT vs. Value Capital Services (P) Ltd. 307 ITR 334, Delhi High Court ii) CIT Vs. Metaphor Exports P Ltd. ITA 4/2015 dated 13.01.2015, Delhi High Court iii) CIT-II Vs. M/s. Multiplex Trading & Industrial Co. Ltd.378 ITR 351 dated 22.09.2015, Delhi High Court iv) CIT Vs M/s. Mark Hospitals (P) Ltd. 373 ITR 115 dated 03.12.2014 Madras High Court v) CIT vs. Apex Therm Packaging (P.) Ltd. 42 taxmann.c…

BRAND INDIA REAL ESTATE PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER WARD 6(1), JAIPUR

In the result, appeal of the assessee is allowed

ITA 514/JPR/2025[2012-2013]Status: DisposedITAT Jaipur29 Sept 2025AY 2012-2013
For Appellant: Shri Siddharth Ranka, Adv. &For Respondent: Shri Dharam Singh Meena, JCIT
Section 132Section 139(1)Section 143(2)Section 143(3)Section 147Section 148Section 250

…ere assessed under the Sikkimese Taxation Manual—Their share subscriptions were also\nreceived through banking channels and found to be valid by the jurisdictional AO—Therefore,\nno addition could be made under s.68\n(iv) CIT v/s Value Capital services P Ltd. 307 ITR 334 (Delhi) held that there is additional\nburden on the department to show that even if share applicants did not have the means to make\ninvestment, the investment made by them actually emanated from the coffers of the assessee so\nas to enable it to be treated as undisclosed income of the assessee.\n(v) CIT_v/s_STL Extrusion (P) Ltd. 333 ITR 269 (M…

DY.COMMISSIONER OF INCOME TAX,CC-2,, KANPUR vs. SHRI.MOHAMMAD ASFAND AKHTAR, KANPUR

In the result, the appeal of Revenue in ITA

ITA 144/LKW/2022[2018-19]Status: DisposedITAT Lucknow26 Sept 2025AY 2018-19

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2018-19 Dcit, Cc-2 V. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar V. Dcit, Central Circle-Ii Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Appellant By: Shri Ashish Jaiswal, Advocate Respondent By: Shri R. K. Agarwal, Cit(Dr) O R D E R

For Appellant: Shri Ashish Jaiswal, AdvocateFor Respondent: Shri R. K. Agarwal, CIT(DR)
Section 143(3)Section 36(1)(va)Section 37Section 41Section 41(1)Section 68Section 69C

…that the aforesaid sum were originated directly or indirectly from the coffers of the assessee company. In support of the same the appellant relied upon the decision of the High Court of Delhi in the case of GIT vs Value capital Services (P) Ltd. reported in 307 ITR 334 and CIT v Real Time Marketing (P) Ltd reported in 306 ITR 35. 7.8 That in the assessment proceeding for AY 2013-14, AY 2014-15 & 2016-17 the Assessing Officer commissioned the verification at old addresses in Kolkata by issuing a commission u/s 131(1)(d) to the Kolkata Investigation Wing on 27.02.2018. The DDIT (Inv), Unit-2, Kolkata submitted it…

MOHD. ASFAND AKHTAR,KANPUR vs. DEPUTI COMMISSIONER OF INCOME TAX CC-2, KANPUR

In the result, the appeal of Revenue in ITA

ITA 139/LKW/2022[2018-19]Status: DisposedITAT Lucknow26 Sept 2025AY 2018-19

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2018-19 Dcit, Cc-2 V. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar V. Dcit, Central Circle-Ii Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Appellant By: Shri Ashish Jaiswal, Advocate Respondent By: Shri R. K. Agarwal, Cit(Dr) O R D E R

For Appellant: Shri Ashish Jaiswal, AdvocateFor Respondent: Shri R. K. Agarwal, CIT(DR)
Section 143(3)Section 36(1)(va)Section 37Section 41Section 41(1)Section 68Section 69C

…that the aforesaid sum were originated directly or indirectly from the coffers of the assessee company. In support of the same the appellant relied upon the decision of the High Court of Delhi in the case of GIT vs Value capital Services (P) Ltd. reported in 307 ITR 334 and CIT v Real Time Marketing (P) Ltd reported in 306 ITR 35. 7.8 That in the assessment proceeding for AY 2013-14, AY 2014-15 & 2016-17 the Assessing Officer commissioned the verification at old addresses in Kolkata by issuing a commission u/s 131(1)(d) to the Kolkata Investigation Wing on 27.02.2018. The DDIT (Inv), Unit-2, Kolkata submitted it…

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

ITA 1885/MUM/2025[2011-12]Status: DisposedITAT Mumbai06 Aug 2025AY 2011-12
Section 10(38)Section 132Section 132(4)Section 143Section 147Section 263Section 68

…View taken in Modi creation Pvt. Ltd. Is also taken in following decision.\ni. CIT v/s Divine Leasing & Finance Ltd. 158 Taxmann 440\n(Delhi) (2007).\nii. Nemichand Kothari V/s CIT (136 Taxman 216) (Gau.) (2004).\niii. CIT V/s Value Capital Services (P) Ltd. 307 ITR 334\n(Delhi)(2008).\nThus, the addition made on the basis of bad-assessment order is also bad-in-law\nand requires to be deleted.\nE. CASE LAWS RELIED BY LD. AO DISTINGUISHED\n1. The Ld. AO in para 12.5pg no 28 of assessment order has laid reliance on Mc\nDowell and Co. Ltd. Vs. CTO 154 ITR 148 which is distinguished as under:-\nSR.\nNO.\nMC DOWELL A…

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CIT v. Value Capital Services (P) Ltd. (307 ITR 334) — Cited in 211 Judgments | BharatTax