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 367,154 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.

M/S. Gee Ispat Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeals of the assessee are allowed and that of the department are dismissed

ITA 5424/DEL/2014[2005-06]Status: DisposedITAT Delhi31 May 2018AY 2005-06

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…td. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " CIT Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports (P.) Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair (P.) Ltd. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) " PCIT Vs Bikram Singh in ITA No. 55/2017 (D…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the department are dismissed

ITA 4259/DEL/2014[2008-09]Status: DisposedITAT Delhi31 May 2018AY 2008-09

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…td. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " CIT Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports (P.) Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair (P.) Ltd. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) " PCIT Vs Bikram Singh in ITA No. 55/2017 (D…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the department are dismissed

ITA 4258/DEL/2014[2007-08]Status: DisposedITAT Delhi31 May 2018AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…td. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " CIT Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports (P.) Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair (P.) Ltd. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) " PCIT Vs Bikram Singh in ITA No. 55/2017 (D…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the department are dismissed

ITA 4257/DEL/2014[2006-07]Status: DisposedITAT Delhi31 May 2018AY 2006-07

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…td. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " CIT Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports (P.) Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair (P.) Ltd. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) " PCIT Vs Bikram Singh in ITA No. 55/2017 (D…

DCIT, New Delhi vs. M/S. Gee Ispat Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the department are dismissed

ITA 4256/DEL/2014[2005-06]Status: DisposedITAT Delhi31 May 2018AY 2005-06

Bench: Sh. N. K. Saini, Am & Smt. Beena A. Pillai, Jm

For Appellant: Sh. Gautam Jain & Piyush K. KamalFor Respondent: Sh. Sanjit Singh, CIT DR
Section 253Section 5

…td. (2014) 367 ITR 306 (Del.) " Prem Castings (P.) Ltd. Vs CIT (2017) 88 Taxmann.com 189 (All.) " CIT Vs Nipun Builders & Developers (P.) Ltd. 350 ITR 407 (Del.) & ITA Nos. 4256 to 4259/Del/2014 Gee Ispat Pvt. Ltd. " CIT Vs Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) " CIT Vs Ultra Modern Exports (P.) Ltd. 40 Taxmann.com 458 (Del.) " CIT Vs Frostair (P.) Ltd. 26 Taxmann.com 11 (Del.) " CIT Vs N R Portfolio Pvt. Ltd. (2013) 29 Taxmann.com 291 (Del.) " CIT Vs Empire Builtech (P.) Ltd. 366 ITR 110 (Del.) " CIT Vs Focus Exports (P.) Ltd. 51 Taxmann.com 46 (Del.) " PCIT Vs Bikram Singh in ITA No. 55/2017 (D…

Pratik Syntex P.Ltd, Mumbai vs. ITO 13(1)(4), Mumbai

In the result , appeal of the assessee is dismissed

ITA 6690/MUM/2016[2012-13]Status: DisposedITAT Mumbai11 May 2018AY 2012-13

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/S. Pratik Syntex Private Ito 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar V. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ Pan : Aaecp3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Haresh P. ShahFor Respondent: Shri Rajat Mittal (DR)
Section 143(3)

…आयकर अपीऱीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI C.N PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/s. Pratik Syntex Private ITO 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar v. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ PAN : AAECP3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Haresh P. Shah Revenue by : Shri Rajat Mittal (DR) सुनवाई की तारीख /Date of Hearing : 01.05.2018…

Saigal Sea Trade, Mumbai vs. CIT -18, Mumbai

The appeal of the assessee is dismissed

ITA 2511/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 May 2018AY 2009-10

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2009-10 M/S Saigal Sea Trade, Cit-18, J.V. House, 02Nd Floor, D.S. Piramal Chambers, बनाम/ Babrekar Marg, Dadar (West), Mumbai Vs. Mumbai-400028 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaafs6920K

Section 142(1)Section 263

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,‘ई’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘E’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी मनोज कुमार अ"वाल, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Manoj Kumar Aggarwal, Accountant Member Assessment Year: 2009-10 M/s Saigal Sea Trade, CIT-18, J.V. House, 02nd Floor, D.S. Piramal Chambers, बनाम/ Babrekar Marg, Dadar (West), Mumbai Vs. Mumbai-400028 ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No. AAAFS6920K "नधा"रती क" ओर से / Assessee by Shri Jitendra Jain Shri Manjunatha Swamy-CIT राज"व क" ओर से / Revenue by 07/05/2018 सुनवाई…

Gautam Tube Corporation, Mumbai vs. Pr CIT 19, Mumbai

The appeals are disposed of in the above terms

ITA 3609/MUM/2017[2009-10]Status: DisposedITAT Mumbai26 Apr 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 120Section 143(3)Section 144ASection 263

…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 "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.3608 & 3609/Mum/2017 Assessment Year: 2008-09 & 2009-10 Gautam Tube Corporation, Pr. CIT-19, 1st Floor, 7, Doshi Bhavan, Room No.228, 02nd Floor, बनाम/ 02nd Carpenter Street, Matru Mandir, Tardeo Raod, Vs. Mumbai-400004 Mumbai-400007 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.AADFG0524A "नधा"रती क" ओर से / Assessee by Mr. Rajesh Chamaria…

Gautam Tube Corporation, Mumbai vs. Pr CIT 19, Mumbai

The appeals are disposed of in the above terms

ITA 3608/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Apr 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 120Section 143(3)Section 144ASection 263

…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 "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.3608 & 3609/Mum/2017 Assessment Year: 2008-09 & 2009-10 Gautam Tube Corporation, Pr. CIT-19, 1st Floor, 7, Doshi Bhavan, Room No.228, 02nd Floor, बनाम/ 02nd Carpenter Street, Matru Mandir, Tardeo Raod, Vs. Mumbai-400004 Mumbai-400007 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.AADFG0524A "नधा"रती क" ओर से / Assessee by Mr. Rajesh Chamaria…

Pitti Electrical Equipment Private Limited, Hyderabad vs. ITO, Ward-16(4), Hyderabad

In the result, Revenue’s appeal is partly allowed and the assessee’s appeal is allowed for statistical purposes

ITA 1690/HYD/2016[2012-13]Status: DisposedITAT Hyderabad11 Apr 2018AY 2012-13

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahm/S. Pitti Electrical Vs Income Tax Officer Equipment Private Ltd Ward 16 ( 4 ) Hyderabad Hyderabad Pan: Aaccp8334P (Appellant) (Respondent) Dy. Commissioner Of Vs M/S. Pitti Electrical Equipment Income Tax, Circle 16(2) Private Ltd Hyderabad Hyderabad Pan: Aaccp8334P (Appellant) (Respondent)

For Appellant: Shri Laxmi Nivas SharmaFor Respondent: Smt. N. Swapna, DR
Section 133Section 143(3)Section 14ASection 40A(2)(b)Section 68

…on 68 have to be fulfilled for deleting the addition: 1. Hon'ble Delhi High Court in the case of Pr.CIT-7 vs. Bikram Singh reported in (2017) 399 ITR 407. 2. Hon'ble Delhi High Court in the case of CIT vs. Nova Promoters & Finlease (P) Ltd reported in (2012) 342 ITR 169. 3. Hon'ble Delhi High Court in the case of CIT vs. Navodaya Castles (P) Ltd reported in (2014) 367 ITR 306. 4. Hon'ble High Court of Calcutta in the case of Rajmandir Estates (P) Ltd vs. Pr. CIT reported in (2016) 386 ITR 162 (Cal.) 11. In view of the law laid down in the above decisions, we deem it fit and proper to remit this issue also to th…

Choice Buildestate Private Limited, Jaipur vs. ITO, Jaipur

In the result, ground no.2 taken by the assessee company is allowed

ITA 431/JPR/2016[2007-08]Status: DisposedITAT Jaipur28 Mar 2018AY 2007-08
For Appellant: Shri S. L. Poddar &For Respondent: Shri Ran Singh (Addl. CIT)
Section 132(4)Section 139(2)Section 143(1)Section 143(3)Section 147Section 148Section 68

…ied in holding these amounts as unexplained. The ld DR further referred to the decision of the Hon’ble Delhi High Court in case of N.R. Portfolio (P) (Ltd) , CIT vs. Navodaya Castles Pvt. Ltd. (50 taxmann.com 110 Delhi) and Nova Promoters and Finlease (P) LTD 342 ITR 169 (Del) and submitted that the ld CIT(A) was right in upholding the addition under section 68 of the I.T. Act 1961, with regard to share application money received by the appellant of an amount of Rs. 35,00,000/-. 9. We have heard the rival contentions and perused the material available on record including the legal authorities relied upon by both…

M/S Bassi Steels Ltd., Mohali vs. DCIT, Mohali

ITA 96/CHANDI/2016[2004-05]Status: DisposedITAT Chandigarh27 Mar 2018AY 2004-05

Bench: Shri. Sanjay Garg, Judicial, Member & Dr. B.R.R. Kumarassessment Year: 2005-06

For Appellant: Sh. Ashok GoelFor Respondent: Smt. C. Chandrakanta
Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES ‘A’ CHANDIGARH BEFORE SHRI. SANJAY GARG, JUDICIAL, MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 2005-06 M/s Bassi Steel Ltd. Vs. The Dy. CIT Vill- Gholu Majra Circle-6(1) Mohali Mohali C-81, Industrial Area Phase-VI, Mohali PAN No. AABCB2610D (Appellant) (Respondent) Assessee By : Sh. Ashok Goel Department By : Smt. C. Chandrakanta Date of hearing : 23/01/2018 Date of Pronouncement : 27/03/2018 ORDER PER DR. B.R.R.KUMAR, AM The present appeal has been filed by the assessee against the order of the Ld. CIT(A)-2, Chandigarh dt. 14/12…

Mumbai District Central Co Op Bank Ltd, Mumbai vs. CIT 1(1), Mumbai

The appeals are disposed of in the above terms

ITA 3198/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Mar 2018AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 The Mumbai District Cit-1, Aayakar Bhavan बनाम/ Central Co-Op. Bank Ltd. M.K. Road, Mumbai Bank Bhavan Mumbai 400 020 Vs. 207, D.H. Road, Fort Mumbai 400 001 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aaaam3185D यनधाारयती की ओर से / Assessee By Shri Amar Gahlot याजस्व की ओर से / Revenue By Shri B. Srinivas, Cit-Dr ुनवाई की तायीख / Date Of Hearing : 22/03/2018 आदेश की तायीख /Date Of Order: 22/03/2018

Section 143(1)Section 143(2)Section 143(3)Section 263

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ, जे, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI श्री जोगगन्दय स िंह, न्मायमक दस्म एवुं श्री एन. के. प्रधान, रेखा दस्म, के भक्ष Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member Assessment Year: 2010-11 The Mumbai District CIT-1, Aayakar Bhavan बनाम/ Central Co-op. Bank Ltd. M.K. Road, Mumbai Bank Bhavan Mumbai 400 020 Vs. 207, D.H. Road, Fort Mumbai 400 001 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. AAAAM3185D यनधाारयती की ओर से / Assessee by Shri Amar Gahlot याजस्व की ओर से / Revenue by Shri B. Srinivas, C…

Puja Synthetics Pvt. Ltd., Jaipur vs. PCIT, Jaipur

ITA 440/JPR/2017[2009-10]Status: DisposedITAT Jaipur09 Mar 2018AY 2009-10
For Appellant: Shri Prakul Khurana (Adv.)For Respondent: Smt. Roli Agarwal (CIT)
Section 115JSection 132Section 132(4)Section 143(3)Section 153ASection 153BSection 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; ikWy jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 440/JP/2017 fu/kZkj.k o"kZ@Assessment Years : 2009-10 Puja Synthetics Pvt. Ltd. cuke Principle Commissioner of C/o Chir Amrit Legal LLP, 6th Vs. Income Tax (Central), Floor, Unique Destination, Opp. Rajasthan Times of India, Tonk Road, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAACP8449D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@…

M/S. Umbrella Projects Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 5955/DEL/2014[2010-11]Status: DisposedITAT Delhi23 Feb 2018AY 2010-11

Bench: Shri B.P. Jain & Shri Sudhanshu Srivastava[Assessment Year: 2010-11] Umbrella Projects Pvt. Ltd Vs. The I.T.O Gh – 9/5, Paschim Vihar Ward 18(1) New Delhi New Delhi Pan : Aatpa 0581 F [Appellant] [Respondent] Date Of Hearing : 23.01.2018 Date Of Pronouncement : 23.02.2018

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Amit Jain, Sr. DR
Section 133(6)

…examined the issue and rightly confirmed the addition made by the AO. The Ld. DR placed reliance on the following judgments in support of its contention:  CIT vs. Nipun Builders & Developers (P) Ltd. 350 ITR 407.  CIT vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169.  CIT vs. Ultra Modern Exports (P) Ltd. (40 taxmann.com 458, 220 Taxmann 165).  CIT vs. N R Portfolio Pvt. Ltd. [2013] 29 taxmann.com 291(Delhi) / 214 Taxman 408 (Delhi) / 263 CTR 456 (Delhi). 9. We have heard the arguments and perused the orders passed by the authorities below and the Paper Book. The only issue in this appeal is the addition…

Map Steels (India) Pvt. Ltd., Ahmedabad vs. The Dy. Dy. CIT, OSD-1, Circle-4, Ahmedabad

ITA 411/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad08 Feb 2018AY 2010-11

Bench: Shri N.K. Billaiya & Shri Mahavir Prasad)

For Appellant: Shri Jaimin B. Shah, ARFor Respondent: Shri Prasoon Kabra, Sr. D.R
Section 133(6)

…o revenue to keep track of transactions. The PAN Number cannot be blindly and without consideration of surrounding circumstances treated as sufficiently disclosing the identity of the individual. 25. Following CIT v. Nova Promoters & Fin/ease (P.) Ltd. [2012] 342 ITR 169/206 Taxman 207/18 taxmann.com 217 (Delhi)) we have held that in view of the link between the entry providers and incriminating evidence, mere filing of PAN Number, acknowledgement of Income Tax Returns of the entry providers, bank account statement is not sufficient to discharge the onus on the Assessee. 26. We have further held that the Court or…

Jasamrit Constructions P.Ltd, Mumbai vs. ITO 6(3)(2), Mumbai

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

ITA 1091/MUM/2016[2012-13]Status: DisposedITAT Mumbai08 Feb 2018AY 2012-13

Bench: Shri Joginer Singh & Shri Rajesh Kumarm/S. Jasamrit Constructions Income Tax Officer-6(3)(2) Private Ltd. Room No. 503, 5Th Floor Flat No. 901, Building 'B' Vs. Aayakar Bhavan, M.K. Road Ashok Tower, Near Itc Hotel Mumbai 400020 Parel, Mumbai 400017 Pan – Aabcj8295L Appellant Respondent

For Appellant: Shri Vijay MehtaFor Respondent: Shri Aarju Goradia
Section 133(6)Section 143(3)Section 68

…samrit Constructions P. Ltd. x. CIT vs. United Commercial & Industries Co. (P) Ltd. 187 ITR 596 (Cal) xi. M.A. Unneeri Kutti vs. CIT 198 ITR 147 (Ker) xii. CIT vs. Precision Finance Pvt. Ltd. 208 ITR 465 (Cal) xiii. CIT vs. Nova Promotors & Finlease Pvt. Ltd. 342 ITR 169 (Del) xiv. Independent Media (P) Ltd. 210 Taxman 14 (Del) xv. CIT vs. Focus Exports Pvt. Ltd. ITA No. 218/Del.2012 xvi. CIT vs. N R Portfolio Pvt. Ltd. 263 CTR 456 (Del) xvii. Gee Vee Enterprises vs. Addl. CIT 99 ITR 375 (Del) xviii. CIT vs. Divine Leasing and Finance Ltd. & Anr. 299 ITR 263 (Del) xix. Sumati Dayal vs. CIT 214 ITR 801 (SC) xx. Sm…

Startech Engineers, Mumbai vs. Pr CIT 22, Mumbai

The appeals are disposed of in the above terms

ITA 3898/MUM/2017[2012-13]Status: DisposedITAT Mumbai01 Feb 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2012-13 Startech Engineers, Pr. Commissioner Of G-12, Sinhgarjane Soc. Income Tax-22, बनाम/ Maratha Colony, Room No.409, 4Th Floor, Vs. Santracruz (E), Piramal Chambers, Parel Mumbai-400055 Mumbai-400012 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaxfs3063J "नधा"रती क" ओर से / Assessee By Shri D.C.Saboo & Shri Shyam Saboo राज"व क" ओर से / Revenue By Shri Manjunatha Swamy-Dr

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 263

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ई, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी एन. के. "धान, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member Assessment Year: 2012-13 Startech Engineers, Pr. Commissioner of G-12, Sinhgarjane Soc. Income Tax-22, बनाम/ Maratha Colony, Room No.409, 4th Floor, Vs. Santracruz (E), Piramal Chambers, Parel Mumbai-400055 Mumbai-400012 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. AAXFS3063J "नधा"रती क" ओर से / Assessee by Shri D.C.Saboo & Shri Shyam Saboo राज"व क"…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 242/BIL/2014[2012-13]Status: DisposedITAT Raipur19 Jan 2018AY 2012-13
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…worthiness and genuineness of the share applicants. i) ClTv. P. Mohanakala 291 ITR 278 CIT v. Durgaprasad More (82 ITR 540) ) Sumati Dayal v. CIT (214 ITR 801) iv) NR Portfolio Pvt. Ltd. (ITA NO. 1019/2011) dtd. 22.11. 2013: v) Nova Promoters & Finlease (342 ITR 169); vi) CIT v. Nipun Builders and Developers [2013] 350 ITR 407 (Del); vii) Bharti Pvt. Ltd. v. CIT [1978] 111 ITR 951 (Cal.); viii) Hindustan Tea Trading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2…

D.C.I.T. Central Cricle, Raipur vs. M/S R.K.Transport & Constructions Pvt. Ltd, Korba(Cg)

In the result, all appeals of Revenue are dismissed

ITA 238/BIL/2014[2008-09]Status: DisposedITAT Raipur19 Jan 2018AY 2008-09
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 145Section 153ASection 68

…worthiness and genuineness of the share applicants. i) ClTv. P. Mohanakala 291 ITR 278 CIT v. Durgaprasad More (82 ITR 540) ) Sumati Dayal v. CIT (214 ITR 801) iv) NR Portfolio Pvt. Ltd. (ITA NO. 1019/2011) dtd. 22.11. 2013: v) Nova Promoters & Finlease (342 ITR 169); vi) CIT v. Nipun Builders and Developers [2013] 350 ITR 407 (Del); vii) Bharti Pvt. Ltd. v. CIT [1978] 111 ITR 951 (Cal.); viii) Hindustan Tea Trading Co. Ltd. (129 Taxman 601 Cal.); ITA Nos.236 to 242/RPR/2014 CO Nos.11 to 17/RPR/2015 (ix) Rathi Finlease Ltd. (IT. Appeal No. 63 of 2004, dtd 11-10-2007) (x) MAF Academy P Ltd (ITA no. 341 /2…