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.

How many judgments cite CIT v. Value Capital Services (P) Ltd.?

216 judgments on BharatTax cite CIT v. Value Capital Services (P) Ltd. (307 ITR 334), spanning 2009 to 2026.

Which sections of the Income Tax Act does CIT v. Value Capital Services (P) Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 133(6), Section 68, Section 132(4), Section 147, Section 131.

CIT v. Value Capital Services (P) Ltd. (307 ITR 334)

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

ITA 2202/MUM/2013[2006-07]Status: DisposedITAT Mumbai31 May 2016AY 2006-07

For Appellant: Shri J.P.BairagraFor Respondent: Shri N.P.Singh

Section 132(1)Section 143(2)Section 143(3)Section 148Section 153ASection 68

…ssee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section 68 of the Act, reliance was placed on the following decisions :- CIT v . VALUE CAPITAL SERVICES PVT. LTD. - [2008] 307 ITR 334 (Delhi) wherein it is held as under: Held, dismissing the appeal of revenue that the additional burden was on the department to show that even if the share applicants did not have the means to make the investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed inc…

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

ITA 2199/MUM/2013[2005-06]Status: DisposedITAT Mumbai31 May 2016AY 2005-06

For Appellant: Shri J.P.BairagraFor Respondent: Shri N.P.Singh

Section 132(1)Section 143(2)Section 143(3)Section 148Section 153ASection 68

…ssee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section 68 of the Act, reliance was placed on the following decisions :- CIT v . VALUE CAPITAL SERVICES PVT. LTD. - [2008] 307 ITR 334 (Delhi) wherein it is held as under: Held, dismissing the appeal of revenue that the additional burden was on the department to show that even if the share applicants did not have the means to make the investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed inc…

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

ITA 2198/MUM/2013[2004-05]Status: DisposedITAT Mumbai31 May 2016AY 2004-05

For Appellant: Shri J.P.BairagraFor Respondent: Shri N.P.Singh

Section 132(1)Section 143(2)Section 143(3)Section 148Section 153ASection 68

…ssee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section 68 of the Act, reliance was placed on the following decisions :- CIT v . VALUE CAPITAL SERVICES PVT. LTD. - [2008] 307 ITR 334 (Delhi) wherein it is held as under: Held, dismissing the appeal of revenue that the additional burden was on the department to show that even if the share applicants did not have the means to make the investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed inc…

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 3376/DEL/2011[2006-07]Status: DisposedITAT Delhi30 Mar 2016AY 2006-07

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. V.K. Agarwal, ARFor Respondent: Sh. Amit Mohan Govil, CIT(DR)

Section 127(2)Section 132Section 142(1)Section 143(2)Section 143(3)Section 153A

…quired the money deposited with him and, therefore, addition under s. 68 cannot be sustained in the absence of anything to establish that the sources of the creditors' deposits flew from the assessee itself. " CIT vs. Value Capital Services (P) Ltd., (2008) 307 ITR 334 (Del) "Income-Cash credit-Share application money-CIT(A) accepted the existence of the applicants-It is very difficult for the assessee to show the creditworthiness of strangers-Revenue has not shown that the applicants did not have the means to make the investment and that such investment actually emanated from the coffers of the assessee c…

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

In the result, both the Revenue’s Appeals stand dismissed

ITA 3375/DEL/2011[2005-06]Status: DisposedITAT Delhi30 Mar 2016AY 2005-06

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. V.K. Agarwal, ARFor Respondent: Sh. Amit Mohan Govil, CIT(DR)

Section 127(2)Section 132Section 142(1)Section 143(2)Section 143(3)Section 153A

…quired the money deposited with him and, therefore, addition under s. 68 cannot be sustained in the absence of anything to establish that the sources of the creditors' deposits flew from the assessee itself. " CIT vs. Value Capital Services (P) Ltd., (2008) 307 ITR 334 (Del) "Income-Cash credit-Share application money-CIT(A) accepted the existence of the applicants-It is very difficult for the assessee to show the creditworthiness of strangers-Revenue has not shown that the applicants did not have the means to make the investment and that such investment actually emanated from the coffers of the assessee c…

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

In the result, the Revenue’s Appeal stands dismissed

ITA 3377/DEL/2011[2007-08]Status: DisposedITAT Delhi28 Mar 2016AY 2007-08

Bench: Shri H.S. Sidhu & Shri O.P. Kanta.Y. 2007-08 Assistant Commissioner Of Income Tax Vs. Shri Vikrant Puri, Central Circle-13, New Delhi A-1/36, Panchsheel Enclave, New Delhi (Pan:Afypp9110K) (Appellant) (Respondent)

For Appellant: Sh. V.K. Agarwal, ARFor Respondent: Sh. Amit Mohan Govil, CIT(DR)

Section 127(2)Section 132Section 142(1)Section 143(2)Section 143(3)

…im. If that person owns that entry, then, the burden of the assessee firm is discharged. It is open for the Aa to undertake further investigation with regard to that individual who has deposited this amount." e) CIT vs. Value Capital Services (P) Ltd., (2008) 307 ITR 334 (Del) "Income-Cash credit-Share application money-CIT(A) accepted the existence of the applicants-It is very difficult for the assessee to show the creditworthiness of strangers-Revenue has not shown that the applicants did not have the means to make the investment and that such investment actually emanated from the coffers of the assessee compan…

M/S Vam-Hi-Fashion Garments Pvt. Ltd, New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the Assessee is allowed

ITA 494/DEL/2016[2010-11]Status: DisposedITAT Delhi21 Mar 2016AY 2010-11

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: Sh. R.S. Singhvi, CAFor Respondent: Sh. T. Vasanthan, Sr. DR

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

…ITA NO.494/Del/2016 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A. No. 494/DEL/2016 A.Y. : 2010-11 M/S VAM-HI-FASHION GARMENTS ACIT, RANGE-17, NEW DELHI PVT. LTD., VS. E-45/14, OKHLA INDL. AREA, NEW DELHI – 20 (PAN: AACCV0852G) (APPELLANT) (APPELLANT) (APPELLANT) (APPELLANT) (RESPONDENT) (RESPONDENT) (RESPONDENT) (RESPONDENT) Assessee by : Sh. R.S. Singhvi, CA Department by : Sh. T. Vasanthan, Sr. DR Date of Hearing : Date of Hearing : 09 Date of Hearing : Date of Hearing : 09 09-03-201 09 201 2016 20…

DCIT Cen Cir 40, Mumbai vs. Gibs Computers Ltd, Mumbai

ITA 2066/MUM/2013[2007-08]Status: DisposedITAT Mumbai04 Mar 2016AY 2007-08

Bench: S/Sh. B.R. Baskaran & Sandeep Gosainआयकर अपी अपील संसंसंसं/.Ita No.2066/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year-2007-08 आयकर आयकर आयकर अपी अपी िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं/.Ita No. 2071/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year- 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-Central Circle-40 M/S.Gibs Computers Ltd. 6Th Room No.653, Floor, Radha Bhavan, 121 Nagindas Aayakar Bhavan, M.K. Road Vs Master Road Mumbai-20. Mumbai-400 023. Pan: Aabcg 0096 L (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती िनधा"रती ओर ओर सेसेसेसे/Assessee By : S/Shri Rajiv Khandelwal & Neelkanth Khandelwal राज"व क" ओर से/ Revenue By : Ms. Sasmita Misra--Cit-Dr, िनधा"रती िनधा"रती ओर ओर सुनवाई सुनवाई क" क" तारीख तारीख सुनवाई सुनवाई क" क" तारीख तारीख / Date Of Hearing : 10.02.2016 घोषणा क" तारीख / Date Of Pronouncement : 04.03.2016 Order लेखा सद"य लेखा सद"य बी बी.आर आर. बा बा"करन "करन केकेकेके अनुसार अनुसार/ Per B.R. Baskaran, Am- लेखा लेखा सद"य सद"य बी बी आर आर बा बा "करन "करन अनुसार अनुसार The Revenue Has Filed These Two Appeals Challenging The Orders Passed By Ld Cit(A)-36, Mumbai For Assessment Years 2007-08 & 2008-09. Since Issue Urged In Both The Appeals Is Identical In Nature, These Appeals Were Heard Together & Are Being Disposed Of By This Common Order, For The Sake Of Convenience. 2. The Revenue Is Aggrieved By The Decision Of Ld Cit(A) In Deleting The Additions Made By The Ao U/S 68 Of The Act.

For Appellant: S/Shri Rajiv Khandelwal and Neelkanth KhandelwalFor Respondent: Ms. Sasmita Misra--CIT-DR

Section 68

…available on record do not justify the sum found credited in the books being treated as a receipt of income nature. 22. We would like to refer to another judgment of the Division Bench of this court in the case of CIT v. Value Capital Services P. Ltd. [2008] 307 ITR 334. The court in that case held that the additional burden was on the Department to show that even if share applicants did not have the means to make investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. In the absence of such findings, a…

ITO, New Delhi vs. M/S. Anand Jewellers, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4583/DEL/2011[2008-09]Status: DisposedITAT Delhi25 Feb 2016AY 2008-09

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Sh. K.K. Jaiswal, DRFor Respondent: None

Section 133(6)

…oks of the assessee himself and not of any other assessee. Addition in respect of cash credit found in the books of partnership firm in which assessee was a partner, cannot be made in the assessee's hands." • In CIT vs. Value Capital Services Pvt. Ltd. (2008) 307 ITR 334(Del), the Hon'ble High Court of Delhi has held that: "There was an additional burden cast on the revenue to prove that the investment made by the applicant actually emanated from the coffers of the assessee so as to enable it to be treated as undisclosed income". In the instant case, the Ld. A,0. did not bring any material to prove that the payme…

Sanraj Engineering Pvt. Ltd vs. Commissioner of Income Tax, Delhi-III

The appeal is dismissed

ITA/79/2016HC Delhi17 Feb 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 143(3)Section 260ASection 68

…mitted that the AO was duty bound to investigate the creditworthiness of the creditors once relevant details had been provided by the Assessee. Reference was also made to the decision in Commissioner of Income Tax v. Value Capital Services (P.) Ltd. (2008) 307 ITR 334 (Delhi) where it was held that there was an additional burden on the Revenue to show that the investment made by the share subscriber “actually emanated from the coffers of the Assessee so as to enable it to be treated as the undisclosed income of the Assessee.” On this basis Mr. Vohra submitted that having disclosed the bank accounts of the…

ITO, New Delhi vs. M/S. Ime International Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Revenue stand dismissed

ITA 1873/DEL/2012[2003-04]Status: DisposedITAT Delhi08 Jan 2016AY 2003-04

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. Kapil Goel, AdvFor Respondent: Sh. T. Vasanthan, Sr. DR

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

…on these facts, the Hon'ble Delhi Court dismissed the appeal of revenue. In yet another decision as to the correctness of treating share application money on par with cash credit, the Hou'ble Delhi High Court in CIT vs. Value Capital Services P. Ltd. (2008) 307 ITR 334 (Delhi) found after referring to the two of the decisions of the Delhi High Court on the subject that in respect of share capital amounts, they cannot be assessed in the hands of the company, unless the Department is able to show that the amount received towards share capital actually emanated from the coffers of the assessee company. Hon'ble De…

DCIT Cen Cir 40, Mumbai vs. Saimangal Investrade Ltd, Mumbai

ITA 2068/MUM/2013[2007-08]Status: DisposedITAT Mumbai31 Dec 2015AY 2007-08

Bench: Shri N.K. Billaiya & Shri Sanjay Gargassessment Year: 2007-08 Dcit, Cent. Cir.-40, M/S. Saimangal Investrade Ltd., Room No.653, 6Th Floor, Radha Bhavan, 121, Vs. Aayakar Bhavan, Nagindas Master Road, M.K. Road, Mumbai – 400 023 Mumbai - 400020 Pan: Aabcs 4255R (Appellant) (Respondent) Present For: Assessee By : 1) Shri Rajiv Khandelwal, A.R. & 2) Shri Neelkanth Khandelwal, A.R. Revenue By : Dr. P. Daniel, D.R. Date Of Hearing : 29.09.2015 Date Of Pronouncement : 31.12.2015 O R D E R

For Appellant: 1) Shri Rajiv Khandelwal, A.R. &For Respondent: Dr. P. Daniel, D.R

Section 68

…available on record do not justify the sum found credited in the books being treated as a receipt of income nature. 22. We would like to refer to another judgment of the Division Bench of this court in the case ofCIT v. Value Capital Services P. Ltd. [2008] 307 ITR 334. The court in that case held that the additional burden was on the Department to show that even if share applicants did not have the means to make investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. In the absence of such findings, a…

DCIT, New Delhi vs. M/S. Hi- Tech Residency Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4707/DEL/2012[2009-10]Status: DisposedITAT Delhi18 Dec 2015AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. C.S. Anand, CAFor Respondent: Sh. T.Vasanthan, Sr. DR

Section 143(1)Section 143(2)Section 143(3)Section 50C(1)Section 68

…these facts, the Hon'ble Delhi Court dismissed the appeal of revenue. 5.9 In yet another decision as to the correctness of treating share application money on par with cash credit, the Hon'ble Delhi High Court in CIT vs. Value Capital Services P. Ltd. (2008) 307 ITR 334 (Delhi) found after referring to the two of the decisions of the Delhi High Court on the subject that in respect of share capital amounts, they cannot be assessed in the hands of the company, unless the Department is able to show that the amount received towards share capital actually emanated from the coffers of the assessee company. 5.10 From…

M/S. Ghaziabad Ispat Udyog Ltd., Ghaziabad vs. DCIT, Ghaziabad

In the result, the appeal of the assessee is allowed

ITA 2436/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Oct 2015AY 2010-11

Bench: Shri I.C. Sudhirshri L.P. Sahu

For Appellant: Shri Rakesh Gupta, AdvFor Respondent: Shri P. Dam Kanunjna, Sr. DR

Section 143(3)Section 234BSection 68

…examining the documents filed by the assessee in support of the claim. He placed reliance on the following decisions: 1. CIT Vs. Fairinvest Ltd 83 CCH 265 [DHC] 2. CIT Vs. Oasis Hospitalities P. Ltd 333 ITR 119 [Del] 3. CIT Vs. Value Capital Services P. Ltd 307 ITR 334 4. CIT Vs. Winstral Petro Chemicals (P) Ltd 330 ITR 603 [DHC] 5. CIT Vs. Expo Auto [P] Ltd 361 ITR 155 [DHC] 6. CIT Vs. Expo Globe India Ltd 361 ITR 477 [DHC] 7. CIT Vs. Gangeshwari Metal (P) Ltd 330 ITR 603 [DHC] 8. Goel Sons Golden Estate Pvt. Ltd ITA No. 212/2012 [Del] 15. The ld. D.R, on the other hand, tried to justify the orders of the aut…

ITO, New Delhi vs. M/S. Kunsons Metals Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3352/DEL/2014[2004-05]Status: DisposedITAT Delhi27 Oct 2015AY 2004-05

Bench: Shri H.S. Sidhuassessment Year: 2004-05

For Appellant: Sh. P. Dam Kanunjna, Sr. DRFor Respondent: None

Section 143(1)Section 143(3)Section 68

…ITA NO. 3352/Del/2014 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC-2’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER Assessment Year: 2004-05 Income Tax Officer, vs. M/s Kunsons Metals Ltd., Ward-5(3), E-73/74, Amar Colony, Room No. 305, Lajpat Nagar-IV CR Building, New Delhi – 110 024 New Delhi – 110 002 (PAN: AAACD012B) (Appellant) (Respondent) Appellant by : Sh. P. Dam Kanunjna, Sr. DR Respondent by : None Date of Hearing : 27-10-2015 Date of Order : 27-10-2015 ORDER This appeal by the Department is directed against the Order dated 10/03/2014 of Ld. CIT(A)-VIII, New Delhi relevant to t…

DCIT CC-45, Mumbai vs. Paramshkti Distributors P. Ltd, Mumbai

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

ITA 9224/MUM/2010[2006-07]Status: DisposedITAT Mumbai09 Oct 2015AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav

Section 143(3)Section 68

…e with law, but it c:annot be regarded as undisclosed income of the appellant company. 16. The appellant further relied upon following cases for establishing that the share application money received by the the company: • CIT v. Value Capital Services P. Ltd [307 ITR 334 (Del.)] • CIT v. AKJ Granites P. Ltd. [301 ITR 298 (Raj.)) • CIT V. First Point Finance Ltd. [286 ITR 477 (Raj.)) • Shree Barkha Synthetic Ltd. v. ACIT [283 ITR 377 (Raj.)) • CIT v. Belenje Investment & Trading Co. Ltd. (Income-tax Application No. 314 of 1993 dated 08.12.1993) • Twin Roses & Traders Agency Ltd. v. ITO (ITA No. 2653/Bom/1995 dated…

DCIT CC-45, Mumbai vs. Paramshkti Distributors P. Ltd, Mumbai

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

ITA 9223/MUM/2010[2005-06]Status: DisposedITAT Mumbai09 Oct 2015AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav

Section 143(3)Section 68

…e with law, but it c:annot be regarded as undisclosed income of the appellant company. 16. The appellant further relied upon following cases for establishing that the share application money received by the the company: • CIT v. Value Capital Services P. Ltd [307 ITR 334 (Del.)] • CIT v. AKJ Granites P. Ltd. [301 ITR 298 (Raj.)) • CIT V. First Point Finance Ltd. [286 ITR 477 (Raj.)) • Shree Barkha Synthetic Ltd. v. ACIT [283 ITR 377 (Raj.)) • CIT v. Belenje Investment & Trading Co. Ltd. (Income-tax Application No. 314 of 1993 dated 08.12.1993) • Twin Roses & Traders Agency Ltd. v. ITO (ITA No. 2653/Bom/1995 dated…

Parashakti Distributors P. Ltd, Mumbai vs. ACIT Cen Cir 45, Mumbai

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

ITA 8748/MUM/2010[2005-06]Status: DisposedITAT Mumbai09 Oct 2015AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm आमकय अऩीर सिं./Ita No.8748/Mum/2010 (नििाारण वषा / Assessment Year :2005-2006) M/S Paramshakti Distributors Pvt. Vs. Acit, Cent. Cir-45, Ltd., 501-B, Elegant Business Mumbai Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai- 400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सिं./Ita Nos.9223&9224/Mum/2010 (नििाारण वषा / Assessment Years :2005-06 & 2006-07) Acit, Cent. Cir-45, Mumbai Vs. M/S Paramshakti Distributors Pvt. Ltd., 501-B, Elegant Business Park, Andheri-Kurla Road, J.B.Nagar, Andheri(E), Mumbai-400059 स्थममी रेखम सिं./ जीआइआय सिं./ Pan/Gir No. : Aabcp 5835 C (अऩीरमथी /Appellant) (प्रत्मथी / Respondent) .. यनधमवरयती की ओर से /Assessee By : Shri Vijay Mehta यमजस्र् की ओर से /Revenue By :Shri Deepkant Prasad & Shri Nimesh Yadav सुनर्मई की तमयीख / Date Of Hearing : 26/08/2015 घोषणम की तमयीख/Date Of Pronouncement 09/10/2015 आदेश / O R D E R Per R.C.Sharma (A.M):

For Appellant: Shri Vijay MehtaFor Respondent: Shri Deepkant Prasad & Shri Nimesh Yadav

Section 143(3)Section 68

…e with law, but it c:annot be regarded as undisclosed income of the appellant company. 16. The appellant further relied upon following cases for establishing that the share application money received by the the company: • CIT v. Value Capital Services P. Ltd [307 ITR 334 (Del.)] • CIT v. AKJ Granites P. Ltd. [301 ITR 298 (Raj.)) • CIT V. First Point Finance Ltd. [286 ITR 477 (Raj.)) • Shree Barkha Synthetic Ltd. v. ACIT [283 ITR 377 (Raj.)) • CIT v. Belenje Investment & Trading Co. Ltd. (Income-tax Application No. 314 of 1993 dated 08.12.1993) • Twin Roses & Traders Agency Ltd. v. ITO (ITA No. 2653/Bom/1995 dated…

ITO, New Delhi vs. M/S. Lipi Softech Pvt. Ltd., New Delhi

In the result, revenue’s appeal is allowed for statistical purposes

ITA 4427/DEL/2010[2006-07]Status: DisposedITAT Delhi06 Oct 2015AY 2006-07

Bench: Shri S.V. Mehrotra : & Shri I.C. Sudhir :

For Appellant: Shri Sameer Sharma Sr. DRFor Respondent: Shri Vinod Kumar Bindal CA

Section 133(6)Section 68

…uced at pages 2 to 5 of his order. The assessee had also relied on following case laws: - CIT vs. Lovely Exports (P) Ltd. (2008) 216 CTR (SC) 195; - CIT vs. Divine Leasing & Finance Ltd. (2007) 299 ITR 268 (Del.); - CIT vs. Value Capital Services Ltd. (2008) 307 ITR 334 (Del.); - CIT Vs. TDI Marketing Pvt. Ltd. (2009) 26 DTR (Del.) 358; and - Bhav Shakti Steel Mines (P) Ltd. Vs. CIT (2009) 179 Taxman 25. 5.1. After considering the assessee’s submissions and various case laws, relied upon by assessee, ld. CIT(A) deleted the addition, inter alia, observing in para 5.3 that assessee had given all the necessary deta…

ACIT, New Delhi vs. M/S. Express Earth Movers & Eqipment Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 508/DEL/2012[2006-07]Status: DisposedITAT Delhi30 Sept 2015AY 2006-07

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Md. Mohsin Alam, CITIDRFor Respondent: Sh. Salil Kapoor, Advocate

Section 68

…are given to the A 0 then the department is free to proceed in their individual assessment, but it cannot be regarded as undisclosed income of the assessee company. On this issue another decision of Delhi High Court in case of CIT vs. Value Capital Services (307 ITR 334) is also quite relevant wherein the court inter alia observed that there is additional burden on the revenue in as much as even if the applicant does not have the means for the investment, it must show that the investment made by the applicant actually emanated from the confers of the assessee, so as to enable it to be treated as undisclosed inco…

CIT v. Value Capital Services (P) Ltd.

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

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Sections most often in play

Issues it is cited on

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

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

ACIT, New Delhi vs. Shri Vikrant Puri, New Delhi

M/S Vam-Hi-Fashion Garments Pvt. Ltd, New Delhi vs. ACIT, New Delhi

DCIT Cen Cir 40, Mumbai vs. Gibs Computers Ltd, Mumbai

ITO, New Delhi vs. M/S. Anand Jewellers, New Delhi

Sanraj Engineering Pvt. Ltd vs. Commissioner of Income Tax, Delhi-III

ITO, New Delhi vs. M/S. Ime International Pvt. Ltd., New Delhi

DCIT Cen Cir 40, Mumbai vs. Saimangal Investrade Ltd, Mumbai

DCIT, New Delhi vs. M/S. Hi- Tech Residency Pvt. Ltd., New Delhi

M/S. Ghaziabad Ispat Udyog Ltd., Ghaziabad vs. DCIT, Ghaziabad

ITO, New Delhi vs. M/S. Kunsons Metals Ltd., New Delhi

DCIT CC-45, Mumbai vs. Paramshkti Distributors P. Ltd, Mumbai

DCIT CC-45, Mumbai vs. Paramshkti Distributors P. Ltd, Mumbai

Parashakti Distributors P. Ltd, Mumbai vs. ACIT Cen Cir 45, Mumbai

ITO, New Delhi vs. M/S. Lipi Softech Pvt. Ltd., New Delhi

ACIT, New Delhi vs. M/S. Express Earth Movers & Eqipment Pvt. Ltd., New Delhi