CIT v. Value Capital Services (P) Ltd.

307 ITR 334High Court2008#416 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.

216

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 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.

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1466/DEL/2018[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1465/DEL/2018[2010-11]Status: DisposedITAT Delhi06 Sept 2018AY 2010-11

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1464/DEL/2018[2009-10]Status: DisposedITAT Delhi06 Sept 2018AY 2009-10

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1190/DEL/2018[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1189/DEL/2018[2010-11]Status: DisposedITAT Delhi06 Sept 2018AY 2010-11

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1186/DEL/2018[2013-14]Status: DisposedITAT Delhi06 Sept 2018AY 2013-14

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1185/DEL/2018[2012-13]Status: DisposedITAT Delhi06 Sept 2018AY 2012-13

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1182/DEL/2018[2009-10]Status: DisposedITAT Delhi06 Sept 2018AY 2009-10

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1181/DEL/2018[2015-16]Status: DisposedITAT Delhi06 Sept 2018AY 2015-16

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1180/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Sept 2018AY 2014-15

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…2018,1180/Del/2018 1181/Del/2018 ( By Revenue) 1464/Del/2018, 1465/Del/2018, 1466/Del/2018, 1467/Del/2018, 1468/Del/2018, 1469/Del/2018, 1470/Del/2018 Assessment Year 2009-10 to 2015-16 h. Commissioner of Income-tax v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi); i. Orient Trading Co. Ltd. v. Commissioner of Income-tax (Central) [1963 ] 49 ITR 723 (Bombay) Copy of statement recorded was not confronted to the appellant xii. Even though the same has been used against the appellant. xiii. The AO is duty bound to suo moto furnish the statement / evidence etc he seeks to rely upon against the appellan…

ITO 2(3)(4), Mumbai vs. Vijaynagar Engineering P. Ltd., Mumbai

ITA 5267/MUM/2016[2012-13]Status: DisposedITAT Mumbai23 Aug 2018AY 2012-13

Bench: Shri Sandeep Gosain, Jm & Shri G. Manjunatha, Am Income Tax Officer, Ward Vijayanagar Engineering 2(3)(4),Mumbai - 400020 Private Limited 2Nd Floor, Voltas Vs. International House, No. 28, Bank Street, Fort, Mumbai – 400023 Appellant .. Respondent Pan No. Aaacv1749C

For Appellant: NoneFor Respondent: Shri
Section 143Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JM & SHRI G. MANJUNATHA, AM Income Tax Officer, Ward Vijayanagar Engineering 2(3)(4),Mumbai - 400020 Private Limited 2nd Floor, Voltas Vs. International House, No. 28, Bank Street, Fort, Mumbai – 400023 Appellant .. Respondent PAN No. AAACV1749C Assessee by : None Revenue by : Shri Chaitanya Anjaraia, (DR) Date of hearing: 23-08-2018 Date of pronouncement : 23-08-2018 O R D E R Per G. MANJUNATHA: This appeal filed by the Revenue, is directed against the order of the Commissioner of Income Tax (Appeals)-6, Mumbai [in short CIT(…

Priytam Plaschem P.Ltd, New Delhi vs. ACIT, Circle-20(1), New Delhi

In the result, both these grounds of appeals of

ITA 2534/DEL/2018[2014-15]Status: DisposedITAT Delhi10 Aug 2018AY 2014-15

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri Gautam JainFor Respondent: Shri Atiq Ahmed, Sr. D.R
Section 133(6)Section 68Section 69C

…of CIT vs. Shiv DhootiPearls &Investment Ltd., 237 Taxman 104 (Del.), MOD Creation (P) Ltd., vs. ITO (2013) 354 ITR 282 (Del.), CIT vs. Vrindavan Farms Pvt. Ltd., ITA.No.71 of 2015 dated 12.08.2015 (Del.) (HC), CIT vs. Value Capital Services Pvt. Ltd., (2008) 307 ITR 334 (Del.) and CIT vs. Kamdhenu Steel & Alloys Ltd., 361 ITR 220 (Del.) (HC). It was submitted that assessee produced sufficient evidences 8 ITA.No.2534/Del./2018 M/s. Priyatam Plaschem Put. Ltd., New Delhi. before A.O. to explain the identity, creditworthiness and genuineness of the transaction in the matter. Investor also confirmed transaction u…

Heatflex Cables Pvt. Ltd., New Delhi vs. ITO, Ward- 11(2), New Delhi

In the result, appeal of assessee is partly allowed

ITA 2376/DEL/2018[2008-09]Status: DisposedITAT Delhi01 Aug 2018AY 2008-09

Bench: Shri Bhavnesh Saini

For Appellant: Shri Gautam Jain, Advocate &For Respondent: Shri S.L. Anuragi, Sr. D.R
Section 132Section 133(6)Section 143(1)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “SMC” : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.No.2376/Del./2018 Assessment Year 2008-2009 M/s. Heat Flex Cables (P) The Income Tax Officer, Ltd., H-1464, DSIDC, vs Ward-11(2), Narela Industrial Area, New Delhi. New Delhi – 110 040. PAN AABCH3816K (Appellant) (Respondent) For Assessee : Shri Gautam Jain, Advocate & Shri Lalit Mohan, C.A. For Revenue : Shri S.L. Anuragi, Sr. D.R. Date of Hearing : 12.07.2018 Date of Pronouncement : 01.08.2018 ORDER This appeal by assessee has been directed against the Order of the Ld. CIT(A)-35, New Delhi, Dat…

DCIT, New Delhi vs. M/S. Suncity Projects Pvt. Ltd., New Delhi

ITA 5740/DEL/2013[2003-04]Status: DisposedITAT Delhi12 Jul 2018AY 2003-04

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. S. S. Rana, CIT DR
Section 132Section 143(1)Section 143(3)Section 147Section 153ASection 68

…aced on the following case laws: " CIT vs. Divine Leasing & Finance Ltd. 299 ITR 268 (Del) " CIT, Orissa vs. Orissa Corporation Pvt. Ltd. [1986] 159 ITR 78 (SC) " Sumati Dayal vs. CIT-Bangalore [1995] 214 ITR 801 (SC) " CIT vs. Value Capital Services (P) Ltd. 307 ITR 334 (Delhi) " Jalan Timber vs. CIT 223 ITR 11 (Gau) 23 Suncity Projects Pvt. Ltd. " Addl. CIT Bihar vs. Hanuman Prasad Aggarwal 151 ITR 151 (Pat) " CIT vs. Kannan Kunhi 87 ITR 395 " CIT vs. Value Capital Services Pvt. Ltd. 307 ITR 334 " CIT vs. Devine Leasing and Finance Ltd. 299 ITR 268 14. It was further submitted as under: “..............Your hon…

ITO, New Delhi vs. M/S. Xo Infotech Ltd., Ahmedabad

In the result, Appeal of the Department is

ITA 3342/DEL/2013[2009-10]Status: DisposedITAT Delhi09 Jul 2018AY 2009-10

Bench: Sh.Bhavnesh Saini & Sh. L.P.Sahu[Assessment Year: 2009-10] Xo Infotech Ltd., The Income Tax Officer, (Now Known As M/S. Saral Mining Ltd.), 304, Saffron Vs. Ward-7(3), Room No.306, Building, Panchvati To Ambawadi Road, Ambawadi C.R.Building, New Delhi. Ellisbeidge,Ahmedabad- 380006.Pan-Aaaxx0059K (Appellant) (Respondent) By Revenue : Shri Vijay Varma, Cit-D.R. By Assessee : Shri S.R. Wadhwa, Advocate Date Of Hearing : 07.06.2018 Date Of Pronouncement : 09.07.2018

For Appellant: Shri S.R. Wadhwa, AdvocateFor Respondent: Shri Vijay Varma, CIT-D.R
Section 133(6)Section 143(2)Section 68

…. which have not been produced by the Department to verify the facts on the record. He has relied upon the following the decisions. 9.1. Judgment of the Hon’ble jurisdictional Delhi High Court in the case of CIT vs. Value Capital Services (P) Ltd., (2008) 307 ITR 334 (Del.) in which it was held as under : “CIT(A) having accepted the existence of the share applicants and the Revenue having 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 company, addition was rightly deleted by the Tribunal; no substantia…

ITO 12(2)(2), Mumbai vs. Elegant Creations P . Ltd, Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 5632/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Jun 2018AY 2012-13

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2012-13 Income Tax Officer M/S Elegant Creations Pvt. Ltd. 12(2)(2), Room No. 146A, 701, Meenaxi Apt. Gokuldham, Vs. 1St Floor, Aayakar Bhavan, Goregaon (E), Mumbai-400063, M.K. Road, Mumbai-400020. Pan No. Aaace5295L Appellant Respondent Revenue By : Ms. S. Padmaja, Dr Assessee By : Mr. Vipul J. Shah, Ar Date Of Hearing : 17/04/2018 Date Of Pronouncement: 28/06/2018

For Appellant: Mr. Vipul J. Shah, ARFor Respondent: Ms. S. Padmaja, DR
Section 133(6)Section 143(3)Section 68

…pecial Leave Petition found no infirmity in the judgment of the Delhi High Court. The principle which was emphasised by the Delhi High Court in the case of Lovely Exports was followed by another Division Bench in CIT v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi). In CIT v. Oasis Hospitalities (P.) Ltd. [2011] 331 ITR 119 (Delhi), a Division Bench of the Delhi High Court observed that the initial burden must be upon the assessee to explain the nature and source of the share application money received. In order to discharge this burden, the assessee is required to prove: (a) Identity of shareholder…

Grover Vineyards Ltd, Mumbai vs. ITO WD 1(1)(4), Mumbai

Appeal are allowed for statistical purposes

ITA 3509/MUM/2016[2009-10]Status: DisposedITAT Mumbai27 Jun 2018AY 2009-10

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2009-10 Income Tax Officer Ward M/S Grover Vineyards 1(1)(4),531 A/579 Pvt. Ltd., 107/8, 1St Vs. Aayakar Bhavan, Floor, Arcadia, N.C.P.A. M.K.Road Lane, Nariman Point, Mumbai-400020 Mumbai-400021. Pan No. Aaacg3592Q Appellant Respondent Assessment Year: 2009-10 M/S Grover Vineyards Income Tax Officer Ltd. Anand Bhavan, 348, Ward 1(1)(4) Vs. Dr. D.N. Road, Fort, Mumbai. Mumbai-400001 Pan No. Aaacg3592Q Appellant Respondent

For Appellant: Mr. L. Raghavendra Rao, ARFor Respondent: Ms. S. Padmaja, CIT(DR)
Section 133(6)Section 143(3)

…pecial Leave Petition found no infirmity in the judgment of the Delhi High Court. The principle which was emphasised by the Delhi High Court in the case of Lovely Exports was followed by another Division Bench in CIT v. Value Capital Services (P.) Ltd. [2008] 307 ITR 334 (Delhi). In CIT v. Oasis Hospitalities (P.) Ltd. [2011] 331 ITR 119 (Delhi), a Division Bench of the Delhi High Court observed that the initial burden must be upon the assessee to explain the nature and source of the share application money received. In order to discharge this burden, the assessee is required to prove: (a) Identity of shareholder…

ACIT 30(3), Mumbai vs. Shreedham Builders, Mumbai

ITA 5589/MUM/2017[2012-13]Status: DisposedITAT Mumbai22 Jun 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2012-13 Acit-30(3), Shreedham Builders, R. No.510, 5Th Floor, 105/106, 1St Floor, बनाम/ Pratayakshkar Bhavan, Vijay Indl. Estate, Vs. Bandra Kurla Complex, Malad (W), Bandra (East), Mumbai-400064 Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Abdfs0133N

Section 143(1)Section 143(2)Section 68

…s cc. (7) The Assessing Officer is duty-bound to i n v e s t i g a t e t h e c r e d i t w o r t h i n e s s o f t h e creditor/subscriber the genuineness of the transaction and the veracity of the repudiation. ii() CIT vs. Value Capital Services Ltd. (2008) 307 ITR 334 (Dd.) — Hon'ble Delhi High Court has held as under:- "5. While setting aside the order of the Commissioner of Income-tax (Appeals), the Tribunal relied upon two decisions of this court, namely CIT v. Stellar Investment Ltd. [1991J 192 ITR 287 and a Full Bench decision in CIT v. Sophia Finance Ltd [1994] 205 ITR 98. Several other decisions have b…

Shri Arpit Mamodia, Jaipur vs. Income Tax Officer, Jaipur

In the result, the appeal of the assessee is dismissed

ITA 625/JPR/2017[2012-13]Status: DisposedITAT Jaipur27 Apr 2018AY 2012-13
For Appellant: Shri S.L. Gupta, CAFor Respondent: Smt. Poonam Rai, DCIT-DR
Section 68

…(P) Ltd. 216 CTR 194 (SC) 2. CIT vs Kamdhenu Steel & Aloys Ltd 2006 Taxman 254 (Del.) 3. CIT vs Arunananda Textiles (P) Ltd. 15 Taxman.com 226 (Karn) 4. CIT vs Dwarakdhish Investment (P) Ltd. v194 Taxman 43 (Del.) 5. CIT vs Value Capital Services (P) Ltd. 307 ITR 334 (Del.) 4.2 MATERIAL AVAILABLE ON RECORD REMAINED UNCONTROVERTED. AO FAILEDTO DISCHARGE THEN ONUS ON HIS PART. The Id. A.O.failed to point even a single defect in the evidences submitted by the appellant viz. confirmations, affidavits, bank statements, income tax returns, salary certificates, etc. Evidences which remained uncontroverted, should…

DCIT, New Delhi vs. M/S. M.N. Securities Pvt. Ltd., New Delhi

In the result, the appeals of the department are dismissed

ITA 3833/DEL/2014[2006-07]Status: DisposedITAT Delhi27 Feb 2018AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 3832/Del/2014 : Asstt. Year : 2005-06 Ita No. 3833/Del/2014 : Asstt. Year : 2006-07 Asstt. Commissioner Of Income Vs M/S M. N. Securities Pvt. Ltd., 8Th Floor, Statesman House, Tax, Central Circle-19, New Delhi Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aadcm0102D Assessee By : Sh. Shashi Tulsiyan, Adv. Revenue By : Smt. Shefali Swroop, Cit Dr Date Of Hearing : 06.02.2018 Date Of Pronouncement : 27.02.2018 Order Per N. K. Saini, Am: These Two Appeals By The Department Are Directed Against The Separate Orders Each Dated 25.04.2014 Of Ld. Cit(A)-Xii, New Delhi.

For Appellant: Sh. Shashi Tulsiyan, AdvFor Respondent: Smt. Shefali Swroop, CIT DR
Section 132Section 142(1)Section 143(3)Section 153CSection 68

…54 CTR 392 (Del) " CIT Vs Anil Bhatia 211 Taxmann 453 (Del.) " CIT Vs Sophia Finance Ltd. 205 ITR 98 (Del.) " Divine Leasing and Finance Ltd. & Ors 299 ITR 268 (Del.) " CIT Vs Lovely Export (P) Ltd. 319 ITR (ST) 5 (SC) " CIT Vs Value Capital Services (P) Ltd. 307 ITR 334 (Del.) " Orissa Corporation (P) Ltd. 159 ITR 78 (SC) " CIT Vs Dwarkadhish Investment ltd. 194 Taxman 43 (Del.) " ACIT Vs Hanuman Agarwal 151 ITR 150 (Patna) " CIT Vs Rohini Builders 256 ITR 360 (SC) " CIT Vs Orissa Corporation (P) Ltd. 159 ITR 78 (SC) " Nem Chand Kothari 264 ITR 254 (Gau) 11. It was further submitted that the decision of the Hon’…