Which sections of the Income Tax Act does Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. come up under?

It is most often cited in judgments turning on Section 68, Section 5(2), Section 147, Section 143(3), Section 9, Section 148.

Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. (342 ITR 169)

Q: 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.

Q: How many judgments cite Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.?

658 judgments on BharatTax cite Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd. (342 ITR 169), spanning 2012 to 2026.

H.M. Ice & Storage Pvt. Ltd., Delhi vs. DCIT, New Delhi

ITA 719/DEL/2013[2001-02]Status: DisposedITAT Delhi20 Jan 2016AY 2001-02

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2001-02 M/S H.M. Ice & Storage Pvt. Ltd., Vs. Deputy Commissioner Of Income Ak-2, Shalimar Bagh, Delhi Tax, Circle-12(1), New Delhi (Pan: Aabch0840H) (Appellant) (Respondent)

Section 131Section 139(1)Section 143(1)Section 147Section 148Section 68

…, the assessee not only failed to produce the said share applicant before the Assessing Officer but even before her. Further, relying on the judgment of the Hon’ble High Court in the case of Commissioner of Income Tax Vs. Nova Promoters and Finlease (P) Ltd., 342 ITR 169, wherein it is held that unless the identity of the share applicants is proved along with the genuineness of the transactions and creditworthiness of the party, the provisions of section 68 could be said to have been rightly invoked, upheld the addition of Rs. 13 lakhs made by the learned Assessing Officer under Section 68 of the Act. Aggrieved,…

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

…ant as its undisclosed income. In view of the aforesaid discussion, I delete the addition of 46,50,000/-, made by the AO U/S 68 of the I.T. Act, 1961.” 14. We also find that the case law as cited by the Ld. DR i.e. CIT vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del) is distinguishable on the facts of the present case. There inquiries were made by the AO on the basis of the information supplied by the assessee whereas in the present case no such attempt appears to 23 have been made. Similarly, the other judgments/decisions cited by the Ld. DR also on different facts and circumstances of the case, hence,…

M/S. Bullion Computer Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeals is dismissed

ITA 1202/DEL/2014[2006-07]Status: DisposedITAT Delhi23 Dec 2015AY 2006-07

Bench: Shri Vijay Pal Rao

For Appellant: Sh. Savhagya Aggarwal, AdvFor Respondent: Dr. Anjula Jain, Sr. DR

Section 132Section 133ASection 153Section 153ASection 68

…sary enquiry. It is well thought out strategy of the assessee to introduce its unaccounted money through loan creditor's accounts. She has relied upon the decision the Hon’ble jurisdictional High Court in the case of CIT Vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del). Thus the addition made by the AO is based on the material and information collected during the course of enquiry and investigation. She has further submitted that the assessee submitted income tax return of the loan creditors but all these tax return are zero tax returns. Further, cash was deposited in the bank account of the creditors and…

ITO, New Delhi vs. M/S. Isf Securities Pvt. Ltd., New Delhi

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

ITA 2347/DEL/2010[2005-06]Status: DisposedITAT Delhi18 Dec 2015AY 2005-06

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

For Appellant: Sh. Raj Kumar Gupta, CAFor Respondent: Sh. T. Vasanthan, Sr. DR

Section 115JSection 142(1)Section 143(1)Section 143(2)Section 144Section 68

…ess and creditworthiness of the share applicants. It was incumbent to the AO to have undertaken some inquiry and investigation before coming to a conclusion on the issue of creditworthiness. In para 39 of the decision in CIT vs. Nova Promoters & Finlease Ltd. 342 ITR 169, the Court has taken note of a situation where the complete particulars of the share applicants are furnished to the AO and the AO fails to conduct an inquiry. The Court has observed that in that event no addition can be made in the hands of the Assessee under section 68 of the Act and it will be open to the Revenue to move against the share appl…

ITO, New Delhi vs. M/S. A.P.S. Foods (P) Ltd., New Delhi

In the result revenue’s appeal is dismissed

ITA 1787/DEL/2012[2003-04]Status: DisposedITAT Delhi17 Dec 2015AY 2003-04

Bench: Shri J. Sudhakar Reddy & Shri A.T. Varkeya.Y. 2003-04

For Appellant: Shri KK Jaiswal, D.RFor Respondent: Shri Satyam Sethi, Adv

Section 68

…(Del.). On merits he relied on the order of the Ld.CIT(A). 5. Ld.D.R. on the other hand opposed the contentions of the assessee. On merits he relied on the judgement of the Hon’ble Delhi High Court in the case of Nova Promoters & Finance (P) Ltd. reported in 342 ITR 169 and the decision of the case of Navodaya Castles (P) Ltd. reported in 367 ITR 226 (Del.). On reopening he relied on the order of the Ld.CIT(A). 6. On a careful consideration of the facts and circumstances of the case, orders of authorities below, material placed on record and case laws cited, we hold as follows. 6.1. The Ld.CIT(A) at para 5 of…