Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.

342 ITR 169High Court2012#87 most cited

What is Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. authority for?

To make an addition under Section 68 for unexplained cash credits, the Assessing Officer must conduct proper inquiry into the identity, genuineness, and creditworthiness of the creditor, especially concerning share application money. The assessee's initial discharge of burden by providing necessary details shifts the onus back to the AO for further investigation, including the source of source.

658

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Nova Promoters and Finlease · 342 ITR 169 · Section 68 · cash credit · share application money · identity genuineness creditworthiness · onus of proof · Assessing Officer inquiry · source of source · paper company · accommodation entry · Section 131

Also reported as

18 Taxmann.com 217

Sections most often in play

Section 68Section 5(2)Section 147Section 143(3)Section 9Section 148Section 6Section 131

Issues it is cited on

paper companyshare capital and share premiumsource of sourcecreditworthiness of the creditorshare application moneyentry operatorlive linkaddition u/s 68addition under section 68accommodation entrysection 131genuineness of the transaction

Judgments citing Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.

ITO, New Delhi vs. M/S. Kautilya Monetary Services Pvt. Ltd., New Delhi

In the result, the appeal filed by the Revenue as well as the CO filed by the assessee are dismissed

ITA 5975/DEL/2014[2005-06]Status: DisposedITAT Delhi30 Nov 2018AY 2005-06

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2005-06 Ito, Vs. Kautilya Monetary Services Pvt. Ward-5(2), Ltd., New Delhi. 10, Local Shopping Centre, Kalkaji, New Delhi. Pan: Aaack3995P Co No.171/Del/2015 (Ita No.5975/Del/2014) Assessment Year: 2005-06 Kautilya Monetary Services Pvt. Ltd., Vs. Ito, 10, Local Shopping Centre, Ward-5(2), Kalkaji, New Delhi. New Delhi. Pan: Aaack3995P

For Appellant: Shri Ved Jain, Advocate &For Respondent: Smt. Naina Soin Kapil, Sr. DR
Section 133(6)Section 143(3)Section 147Section 148Section 153CSection 68

…'sits back with folded hands' till the assessee exhausts all the evidence or material in his possession and then comes forward to merely reject the same on the presumptions. In the first type of cases ratio of CIT v. Nova Promoters & Finlease (P) Ltd. [2012] 342 ITR 169 (HC - Delhi) is applicable and addition made by the AO is sustainable while in other type of case ratio of CIT v. Divine 10 CO No.171/Del/2015 Leasing & Finance Ltd./Lovely Exports [2008] 299 ITR 268/[2007] 158 Taxman 440 is applicable and addition made by the AO is not sustainable. In my considered opinion ratio of the case of CIT v. Divine Lea…

Brijendra Nath Agarwal, Pune vs. Assistant Commissioner of Income-Tax

In the result, both the appeals of assessee are allowed as indicated above

ITA 1666/PUN/2015[2007-08]Status: DisposedITAT Pune29 Nov 2018AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1666/Pun/2015 यििाारण वषा / Assessment Year : 2007-08 Shri Brijendra Nath Agarwal, Mzsk & Associates, Chartered Accountants Level 3, Business Bay, Plot No.84, Wellesley Road, अऩीऱाथी/Appellant Near Rto, Pune – 411001 …. Pan: Aawpa9005D Vs. The Dy. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Central Circle 2(1), Pune

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri S.B. Prasad
Section 143(3)Section 147Section 148Section 153A

…आयकर अपीऱीय अधिकरण पुणे न्यायपीठ “बी” पुणे में IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE सुश्री सुषमा चावऱा, न्याययक सदस्य एवं श्री अयिऱ चतुवेदी, ऱेखा सदस्य के समक्ष BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपीऱ सं. / ITA No.1666/PUN/2015 यििाारण वषा / Assessment Year : 2007-08 Shri Brijendra Nath Agarwal, MZSK & Associates, Chartered Accountants Level 3, Business Bay, Plot No.84, Wellesley Road, अऩीऱाथी/Appellant Near RTO, Pune – 411001 …. PAN: AAWPA9005D Vs. The Dy. Commissioner of Income Tax, …. प्रत्यथी / Respondent Central Circle 2(1), Pune आयकर अपीऱ सं. / ITA No.1667/…

Agarwal Group Corporate Holding P. Ltd., Pune vs. Assistant Commissioner of Income-Tax

In the result, both the appeals of assessee are allowed as indicated above

ITA 1667/PUN/2015[2007-08]Status: DisposedITAT Pune29 Nov 2018AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1666/Pun/2015 यििाारण वषा / Assessment Year : 2007-08 Shri Brijendra Nath Agarwal, Mzsk & Associates, Chartered Accountants Level 3, Business Bay, Plot No.84, Wellesley Road, अऩीऱाथी/Appellant Near Rto, Pune – 411001 …. Pan: Aawpa9005D Vs. The Dy. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Central Circle 2(1), Pune

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri S.B. Prasad
Section 143(3)Section 147Section 148Section 153A

…आयकर अपीऱीय अधिकरण पुणे न्यायपीठ “बी” पुणे में IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE सुश्री सुषमा चावऱा, न्याययक सदस्य एवं श्री अयिऱ चतुवेदी, ऱेखा सदस्य के समक्ष BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपीऱ सं. / ITA No.1666/PUN/2015 यििाारण वषा / Assessment Year : 2007-08 Shri Brijendra Nath Agarwal, MZSK & Associates, Chartered Accountants Level 3, Business Bay, Plot No.84, Wellesley Road, अऩीऱाथी/Appellant Near RTO, Pune – 411001 …. PAN: AAWPA9005D Vs. The Dy. Commissioner of Income Tax, …. प्रत्यथी / Respondent Central Circle 2(1), Pune आयकर अपीऱ सं. / ITA No.1667/…

ITO, WD-6(1), Kolkata vs. M/S Tritium Commodities Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 16/KOL/2016[2008-09]Status: DisposedITAT Kolkata28 Nov 2018AY 2008-09

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

Section 131Section 133(6)Section 147Section 250Section 263Section 68

…1. ***** 32. We would like to reproduce the Hon'ble High Court order in CIT vs. Gangeshwari Metal P.Ltd. in ITA no. 597/2012 judgement dated 21.1.2013, the Hon'ble High Court after considering the decisions in the case of Nova Promoters and Finlease Pvt. Ltd. 342 ITR 169 and judgement in the case of CIT vs. Lovely Exports 319 ITR (St) 5(SC) held as follows:- "As can be seen from the above extract, two types of cases have been indicated. One in which the Assessing Officer carries out the exercise which is required in law and the other in which the Assessing Officer 'sits back with folded hands' till the assessee e…

ITO, WD-10(4), Kolkata vs. M/S Bsni Commercial Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 686/KOL/2017[2012-13]Status: DisposedITAT Kolkata22 Nov 2018AY 2012-13

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri Satbeer Singh Godara

Section 131Section 143(3)Section 147

…ion u/s 68 of the Act as held by the Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd. reported in 159 ITR 78 (SC). We find that the decision of Hon’ble Delhi High Court in the case of Novo Promoters and Finelease Pvt. Ltd. reported in 342 ITR 169 (Del) vehemently relied upon by the ld. DR before us, is not applicable in the instant case, as in the facts before the Hon’ble Delhi High Court, the notices u/s 133(6) have not been duly complied with. Hence the decision rendered by the Hon’ble Delhi High Court in the case referred to supra is not applicable to the facts of the instant case and…

ITO, WD-12(2), Kolkata vs. M/S Goodluck Merchants P Ltd., Kolkata

In the result, appeal of the assessee is allowed

ITA 1812/KOL/2016[2012-13]Status: DisposedITAT Kolkata16 Nov 2018AY 2012-13

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2012-13 Income Tax Officer, Ward-12(2), Kolkata.……......……….........…………..………….…................Appellant Vs. M/S. Goodluck Merchants P. Ltd..........….……...........…………..……………….…...……..…….......Respondent 10/4B, Elgin Road Kolkata – 700 020 [Pan : Aabcb 2011 L]

Section 131Section 133(6)Section 143(3)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Viswanethra Ravi, Judicial Member) Assessment Year: 2012-13 Income Tax Officer, Ward-12(2), Kolkata.……......……….........…………..………….…................Appellant Vs. M/s. Goodluck Merchants P. Ltd..........….……...........…………..……………….…...……..…….......Respondent 10/4B, Elgin Road Kolkata – 700 020 [PAN : AABCB 2011 L] Appearances by: Shri Miraj D. Shah, FCA, appeared on behalf of the assessee. Shri Sankar Halder, Addl. CIT Sr. D/R. appearing on behalf of the Revenue. Date of concluding the h…

ITO, WD-9(2), Kolkata vs. M/S Goldstar Tracom Pvt. Ltd., Kolkata

In the result, appeal of the assessee is allowed

ITA 1215/KOL/2015[2011-2012]Status: DisposedITAT Kolkata09 Nov 2018AY 2011-2012

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy) Assessment Year: 2011-12 Income Tax Officer, Ward-9(2), Kolkata...........................................................…..…….………..Appellant M/S. Goldstar Tracom Pvt. Ltd…..………………………………………..……………...…….…............Respondent 4, Synagougue Street Burrabazar Kolkata – 700 001 [Pan: Aadcg 8045 K] Appearances By: Shri Manish Tiwari, A/R, Appeared On Behalf Of The Assessee. Shri Saurabh Kumar, Addl. Cit, D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : September 12Th, 2018 Date Of Pronouncing The Order : November 9Th , 2018 Order Per J. Sudhakar Reddy, Am :-

Section 131Section 250Section 68

…ial to support the same. 6.5. The Hon’ble Delhi High Court in the case of CIT vs. Gangeshwari Metal P. Ltd. in ITA No.597/2012 judgment dated 21.1.2013 reported in 361 ITR 10 after considering its decisions in the case of Nova Promoters and Finlease Pvt. Ltd. 342 ITR 169 and judgment in the case of CIT vs. Lovely Exports 319 ITR (Sat.5) (S.C.) the Hon'ble High Court held as follows : "As can be seen from the above extract, two types of cases have been indicated. One in which the Assessing Officer carries out the exercise which is required in law and the other in which the Assessing Officer (sits back with folded…

Neeraj Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1485/DEL/2018[2010-11]Status: DisposedITAT Delhi31 Oct 2018AY 2010-11

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

Uma Singal, New Delhi vs. ACIT, Centrl Circle-3, New Delhi

ITA 1482/DEL/2018[2010-11]Status: DisposedITAT Delhi31 Oct 2018AY 2010-11

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

Ritu Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1476/DEL/2018[2010-11]Status: DisposedITAT Delhi31 Oct 2018AY 2010-11

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

Brij Bhushan Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1414/DEL/2018[2012-13]Status: DisposedITAT Delhi31 Oct 2018AY 2012-13

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

Brij Bhushan Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1413/DEL/2018[2011-12]Status: DisposedITAT Delhi31 Oct 2018AY 2011-12

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

Brij Bhushan Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1412/DEL/2018[2010-11]Status: DisposedITAT Delhi31 Oct 2018AY 2010-11

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

For Appellant: Sh. S. K. Tulsiyan, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 10(38)Section 153ASection 250Section 68

…SHAM transaction with the accommodation entry providers which is taxable.” The reliance was placed on the following case laws: " CIT Vs N. R. Portfolio Pvt. Ltd. in ITA Nos. 1018, 1019/2100, order dated 22.11.2013 " CIT Vs Nova Prompters and Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Krishnaveni Ammal 158 ITR 826 (Mad.) " Madathi Brothers Vs DCIT 30 ITR 345 (Mad.) ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 The AO also observed as under: “ii. Further, in his reply, assessee has submitted that he was not aware of persons/ entity buying the shares and stated that in a regulated and formal…

ITO, Ward-10(4), Kolkata vs. M/S Happy Bagans Pvt. Ltd., Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 2273/KOL/2016[2012-13]Status: DisposedITAT Kolkata26 Oct 2018AY 2012-13

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2270/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Trend Infra Developers Pvt. Ltd. [Pan: Aadct 6373 M ] (Appellant) (Respondent) I.T.A No. 2273/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Happy Bagans Pvt. Ltd. [Pan: Aacch 3712 K ] (Appellant) (Respondent)

For Appellant: Shri Altaf Hussain, Addl. CIT Sr. DRFor Respondent: Shri Manish Tiwari, FCA
Section 131Section 133(6)Section 143(3)Section 68

…ion u/s 68 of the Act as held by the Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd. reported in 159 ITR 78 (SC). We find that the decision of Hon’ble Delhi High Court in the case of Novo Promoters and Finelease Pvt. Ltd. reported in 342 ITR 169 (Del) vehemently relied upon by the ld. DR before us, is not applicable in the instant case, as in the facts before the Hon’ble Delhi High Court, the notices u/s 133(6) have not been duly complied with. Hence the decision rendered by the Hon’ble Delhi High Court in the case referred to supra is not applicable to the facts of the instant case and…

ITO, Ward-10(4), Kolkata vs. M/S Trend Infra Developers Pvt.Ltd, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 2270/KOL/2016[2012-13]Status: DisposedITAT Kolkata26 Oct 2018AY 2012-13

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2270/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Trend Infra Developers Pvt. Ltd. [Pan: Aadct 6373 M ] (Appellant) (Respondent) I.T.A No. 2273/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Happy Bagans Pvt. Ltd. [Pan: Aacch 3712 K ] (Appellant) (Respondent)

For Appellant: Shri Altaf Hussain, Addl. CIT Sr. DRFor Respondent: Shri Manish Tiwari, FCA
Section 131Section 133(6)Section 143(3)Section 68

…ion u/s 68 of the Act as held by the Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd. reported in 159 ITR 78 (SC). We find that the decision of Hon’ble Delhi High Court in the case of Novo Promoters and Finelease Pvt. Ltd. reported in 342 ITR 169 (Del) vehemently relied upon by the ld. DR before us, is not applicable in the instant case, as in the facts before the Hon’ble Delhi High Court, the notices u/s 133(6) have not been duly complied with. Hence the decision rendered by the Hon’ble Delhi High Court in the case referred to supra is not applicable to the facts of the instant case and…

Sushil Bansal, New Delhi vs. ACIT, Circle- 57(1), New Delhi

In the result, the appeal is dismissed

ITA 4441/DEL/2017[2013-14]Status: DisposedITAT Delhi23 Oct 2018AY 2013-14

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2013-14

Section 132Section 147Section 148Section 151Section 69C

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘D+SMC’, New Delhi Before : Shri Amit Shukla, Judicial Member And Shri L.P. Sahu, Accountant Member Assessment Year: 2013-14 Sushil Bansal, V-136/6, vs. ACIT, Circle 57(1), Arvind Nagar, Ghonda, New New Delhi Delhi (PAN- AJLPB 5162G) (Appellant) (Respondent) Appellant by Ms. Rano Jain, Advocate & Sh. Venketesh Chaurasia, Adv. Respondent by Sh. Kaushlendra Tiwari, Sr. DR Date of Hearing 14.08.2018 Date of Pronouncement 23.10.2018 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the assessee against the order of ld. CIT(A)-19, New Delhi dated 27.04.2017…

ITO 8(2)(2), Mumbai vs. Lotus Grih Nirman P.Ltd, Mumbai

In the result, the appeal is dismissed

ITA 3998/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Oct 2018AY 2010-11

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11 Income Tax Officer 8(2)(2), M/S Lotus Grih Nirman Room No. 212/216A, 2Nd Vs. Pvt. Ltd. 419, Laxmi Floor, Aayakar Bhavan, M.K. Plaza, Laxmi Industrial Road, Mumbai-400020. Estate, Link Road, Andheri (W), Mumbai- 400059. Pan No. Aabcl0864D Appellant Respondent Revenue By : Mr. Rajesh Kumar Yadav, Dr Assessee By : Mr. Rushabh Mehta, Ar Date Of Hearing : 25/07/2018 Date Of Pronouncement : 18/10/2018

For Appellant: Mr. Rushabh Mehta, ARFor Respondent: Mr. Rajesh Kumar Yadav, DR
Section 133(6)Section 143(3)Section 68

…Computers Pvt. Ltd, had no accumulated profit as on 31.03.2010. 5. On the facts and in the circumstances of the case and in law, the Learned CIT(A) failed to take notice of decision of Hon'ble Delhi High Court in the case of Nova Promoters & Finlease (P) Ltd. 18 Taxmann.com 217 and the decision of Hon'ble Jurisdictional High Court in the case of M/s Major Metals Limited 19 Taxmann.com 176. 6. The appellant prays that the order of the CIT(A) on the above ground be set aside and that of the A.O. be restored. 3. In the instant case, the disputed point is the share application money of Rs.2,44,50,000/- received by th…

DCIT, Cir-10(1), Kolkata vs. M/S Maa Amba Towers Ltd., Kolkata

Appeal is dismissed

ITA 1381/KOL/2015[2012-13]Status: DisposedITAT Kolkata12 Oct 2018AY 2012-13

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2012-13

Section 131Section 143(3)Section 68

…ity of subscription to the share capital u/s 68 has been judicially considered in the recent times by various judicial forums. The leading decision on which the reliance was placed by the AO in her order was in the case of Nova Promoters & Finlease Pvt. Ltd. (342 ITR 169). A copy of this decision was placed before me. A bare perusal of that decision however showed that it was rendered on the particular facts brought on record by the AO. In that case the AO had conducted detailed enquiries and thereafter brought enough evidence which proved that assessee had routed its unaccounted money in the form of share subscr…

Gumpro Drilling Fluids Private Limited, Mumbai vs. Principal Commissioner of Income Tax - 15, Mumbai

The appeal of the assessee is dismissed

ITA 2868/MUM/2018[2013-14]Status: DisposedITAT Mumbai10 Oct 2018AY 2013-14

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2013-14 Gumpro Drilling Fluids Vs Pr. Cit-15, Private Limited, Room No.517, 5Th Floor, Opp. Karma Stambha, Aayakar Bhavan, Hazarat Compound, Lbs M. K. Road, Marg, Vikhroli (West), Mumbai-400020 Mumbai-400083 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aadcg2319N "नधा"रती क" ओर से / Assessee By Shri Ashok J. Patil राज"व क" ओर से / Revenue By Shri L.K.S. Dahiya Cit-Dr

Section 120Section 144ASection 263Section 35

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,जी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी रिमत कोचर, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Ramit Kochar, Accountant Member Assessment Year: 2013-14 Gumpro Drilling Fluids vs Pr. CIT-15, Private Limited, Room No.517, 5th Floor, Opp. Karma Stambha, Aayakar Bhavan, Hazarat Compound, LBS M. K. Road, Marg, Vikhroli (West), Mumbai-400020 Mumbai-400083 ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AADCG2319N "नधा"रती क" ओर से / Assessee by Shri Ashok J. Patil राज"व क" ओर से / Revenue b…

ITO, New Delhi vs. M/S. Meerut Credit & Leasing Pvt. Ltd., New Delhi

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

ITA 609/DEL/2014[2003-04]Status: DisposedITAT Delhi03 Oct 2018AY 2003-04

Bench: Shri G.D. Agrawal, Hon’Ble & Shri K. Narasimha Chary

For Appellant: Sh. Pramod Jain, CA & Sh. MukulFor Respondent: Ms. Rashmita, Sr. DR
Section 139ASection 143(1)Section 144Section 147Section 148

…of Rs. 68,17,050/- made by the AO on account of unexplained share application money from an entry operator / unexplained credit entries in bank account, completely ignoring the findings given by the Hon’ble Delhi High Court in case like CIT v N Nova Promoters 342 ITR 169, CIT V NR Portfolio [2013]29 Taxmann.com 291 (Delhi), CIT v N Tarika Properties (ITA No. 2080/2010 dated 28.11.2013) etc wherein the Hon’ble Delhi High Court has clearly held that reopening of assessment is justified in case of information received from the Investigation Wing and the onus is on the assessee to establish identity & Creditworthines…