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

Jet Lite (India) Ltd vs. Commissioner of Income Tax-Xvi

The appeals are disposed of in the above terms with no order as to

…een provided by some other persons.” 29. Both the aforementioned decisions were again considered by the Division Bench of this Court in CIT v. Lovely Exports Limited 299 ITR 268 (Del). Thereafter, in CIT v. Nova Promoters and Finance (P) Limited (2012) 342 ITR 169 (Del) it was observed as under: “38. The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, income tax file numbers, their creditworthiness, share application forms an…

Jet Lite (India) Ltd vs. Commissioner of Income Tax-Xvi

The appeals are disposed of in the above terms with no order as to

…een provided by some other persons.” 29. Both the aforementioned decisions were again considered by the Division Bench of this Court in CIT v. Lovely Exports Limited 299 ITR 268 (Del). Thereafter, in CIT v. Nova Promoters and Finance (P) Limited (2012) 342 ITR 169 (Del) it was observed as under: “38. The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, income tax file numbers, their creditworthiness, share application forms an…

Jet Lite (India) Ltd vs. Commissioner of Income Tax-Xvi

The appeals are disposed of in the above terms with no order as to

…een provided by some other persons.” 29. Both the aforementioned decisions were again considered by the Division Bench of this Court in CIT v. Lovely Exports Limited 299 ITR 268 (Del). Thereafter, in CIT v. Nova Promoters and Finance (P) Limited (2012) 342 ITR 169 (Del) it was observed as under: “38. The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, income tax file numbers, their creditworthiness, share application forms an…

Jet Lite (India) Ltd vs. Commissioner of Income Tax-Xvi

The appeals are disposed of in the above terms with no order as to

…een provided by some other persons.” 29. Both the aforementioned decisions were again considered by the Division Bench of this Court in CIT v. Lovely Exports Limited 299 ITR 268 (Del). Thereafter, in CIT v. Nova Promoters and Finance (P) Limited (2012) 342 ITR 169 (Del) it was observed as under: “38. The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, income tax file numbers, their creditworthiness, share application forms an…

ITO, New Delhi vs. M/S Tubecon (India) Pvt. Ltd., New Delhi

In the result the appeal is dismissed

Bench: Shri G.C. Gupta & Shri J.S. Reddy

…nunciated by the Jurisdictional High Court is as follows. a) In the case of CIT vs. Gangeshwari Metal P.Ltd. in ITA no.597/2012 judgement dt. 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 jdugement in the case of CIT vs. Lovely Exports 319 ITR (Sat.5)(S.C.) 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…

Rajender Jain vs. DCIT CC-21, New Delhi

In the result, the appeal is dismissed

Bench: Shri R.S. Syal, Am & Ms Suchitra Kamble, Jm Assessment Year : 2006-07

…efcase at the time of survey and he admitted that these represented payments made by him in cash out of commission income which was not recorded in the books of account. 8. The Hon’ble Delhi High Court in CIT VS. Nova Promoters And Finlease (P) Ltd. (2012) 342 ITR 169 (Del) has held that : `Thus the 6 affidavits need not be accepted as reliable when there is enough material on record to doubt the veracity of the transaction. In such a case it cannot be said that the affidavits can be rejected only after cross examination. In the present case, there is enough material on record to negate the claim of genuinen…

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

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

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

…not point out any discrepancy in the evidences relied upon by assessee. 6. Ld. DR submitted that the findings of ld. CIT(A) are based on earlier orders. He referred to the decision of Hon’ble Delhi High Court in the case of Nova Promoters & Finlease (P) Ltd. 342 ITR 169 and pointed out that the 5 ITA 4426 & 4427/D/2010 law on this issue has been succinctly elaborated. He submitted that in this case the AO had made inquiries and when the notice u/s 133(6) was received back, the assessee was required to produce the party but the same was not done. He further referred to the decision of Hon’ble Delhi High Court in…

M/S. Goverdhan Financial Services Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Smt. Diva Singh & Shri Inturi Rama Rao

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’: NEW DELHI BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. 5818/Del/20113 Assessment Year: 2001-02 Goverdhan Financial Services Vs. ACIT, Central Circle-2, Ltd., J-13, Udyog Nagar New Delhi Indl. Area, New Delhi (PAN: AAACG0991P) (Appellant) (Respondent) Appellant by : Sh. Anil Jain, CA Respondent by : Sh. A.K. Saroha, CIT(DR) Date of hearing: 20.08.2015 Date of pronouncement: 30.09.2015 ORDER PER INTURI RAMA RAO, A.M.: This appeal by the assessee is directed against the order of CIT(A), dated 02.08.2013 passed f…

M/S. Topchem (India) Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result the appeal of the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri Sudhanshu Srivastava

…ess u/s 68 of the Act. In the appeal before the Ld. CIT(A), the assessee raised as many as 12 grounds of appeal. However the Ld. CIT(A) relying on various case laws including that of the Hon’ble Delhi High Court in CIT vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) dismissed the appeal of the assessee and confirmed the addition of Rs. 5 lacs u/s 68 of the Income Tax Act. 3. In the appeal before us, the Ld. AR for the assessee has reiterated that the original assessment of the assessee was completed u/s 143(3) of the Act on 2 M/s. Topchem (India) vs. ITO 30.11.2004. He submitted that the assessee h…

The Commissioner of Income Tax-II vs. M/S Jansampark Advertising and Marketing (P) Ltd

In the result, the questions of law stand answered in favour of the

…va Promoters and Finlease (P) Ltd., the addition made by the Revenue of the amounts received from similar entry providers was upheld by this court. Relying upon, inter alia, the decision of this court in CIT v. Nova Promoters and Finlease (P) Ltd., (2012) 342 ITR 169 (Del.), the 2015:DHC:2354-DB ITA No.525/2014 Page 8 of 24 Revenue argues that similar entries in the case of assessee herein cannot be treated differently. 14. In accepting the contentions of the assessee, the ITAT refer…

Sarita Aggarwal

Bench: The Commissioner Of Income Tax (Appeals), Who By Order Dated 27Th February, 1998, Deleted The Addition After Taking On Record Additional Evidence. Revenue On Appeal, Has Succeeded Before 2015:Dhc:1152-Db

…Ram Rawatmull, (1973) 87 ITR 349 (SC) and other cases referred to in CIT versus Nova Promoters and 2015:DHC:1152-DB ITA 133/2003 Page 10 of 14 Finlease Private Limited, (2012) 342 ITR 169 (Del). In these cases, it has been observed that what is apparent must be considered real until it is shown that there are reasons to believe that the apparent is not real. Caution must be exercised on self-serving statements made in the documents as they are easy to make and rely upon in case an assessee wants to evade taxes. Proof is requ…

Commissioner of Income Tax vs. M/S Navodaya Castles Pvt Ltd

…Page 8 of 20 11. We have heard the Senior Standing counsel for the Revenue, who has relied upon decisions of the Delhi High Court in Commissioner of Income Tax Vs. Nova Promoters and Finlease (P) Ltd. [2012] 342 ITR 169 (Delhi), Commissioner of Income Tax Vs. N.R. Portfolio Pvt. Ltd., 206 (2014) DLT 97 (DB) (Del) and Commissioner of Income Tax-II Vs. MAF Academy P. Ltd., 206 (2014) DLT 277 (DB) (Del). The aforesaid decisions mentioned above refer to the earlier decisions of Delhi High Court in Commissioner of Income Tax Vs. Sophia Finance Ltd., [1994] 205 I…

The Commissioner of Income Tax-IV vs. Empire Builtech Pvt Ltd

The appeal is partly allowed to the above extent

…ving to discharge the burden imposed upon him was not in fact discharged in the facts of this case. Counsel highlighted that the decision in CIT v. Lovely Exports (2008) 299 ITR 268 (SC) has to be read with CIT v. Nova Promoters & Finlease (P) Ltd. (2012) 342 ITR 169 (Del). It is submitted that the Assessing Officer in this case not only issued notice to the investors but also carried on further enquiry which led into the conclusion that such persons or individuals could not have made the extent of investment that was claimed and that in these circumstances the addition under Section 68 was justified.…

CIT vs. Globus Securities & Finance Pvt Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…the creditworthiness of the creditor/ subscriber the genuineness of the transaction and the veracity of the repudiation.” Decision in the case of Lovely Exports Pvt. Ltd. (supra) was also considered in CIT vs. Nova Promoters & Finlease (P) Ltd. [2012] 342 ITR 169 (Del.) and it was explained: “38. The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the share applicants such as their names and addresses, income tax file numbers, their creditworthiness, share application forms and…

CIT vs. Odeon Builders Pvt Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…track of transactions. The PAN Number cannot,be blindly and without consideration of surrounding circumstances treated as sufficiently disclosing the identity of the individual. 46. Following CiT vs Mova Prowioters and Finlease • Private Liwiited case (2012) 342 ITR 169 (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. ') 47. in the case of private limited companies, generally person known to th…

CIT vs. Odeon Builders Pvt Ltd

…track of transactions. The PAN Number cannot,be blindly and without consideration of surrounding circumstances treated as sufficiently disclosing the identity of the individual. 46. Following CiT vs Mova Prowioters and Finlease • Private Liwiited case (2012) 342 ITR 169 (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. ') 47. in the case of private limited companies, generally person known to th…

CIT vs. Odeon Builders Pvt Ltd

…track of transactions. The PAN Number cannot,be blindly and without consideration of surrounding circumstances treated as sufficiently disclosing the identity of the individual. 46. Following CiT vs Mova Prowioters and Finlease • Private Liwiited case (2012) 342 ITR 169 (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. ') 47. in the case of private limited companies, generally person known to th…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…C)} we have in N.R.PORTFOLIO PRIVATE LIMITED (SUPRA) rejected the contention that the revenue must have evidence to show a circulation of money from the Assessee to third parties. Following CIT VS NOVA PROMOTERS AND FINLEASE PRIVATE LIMITED CASE (2012) 342 ITR 169 (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. 28. In the case of private limited companies, generally person kno…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…C)} we have in N.R.PORTFOLIO PRIVATE LIMITED (SUPRA) rejected the contention that the revenue must have evidence to show a circulation of money from the Assessee to third parties. Following CIT VS NOVA PROMOTERS AND FINLEASE PRIVATE LIMITED CASE (2012) 342 ITR 169 (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. 28. In the case of private limited companies, generally person kno…

Commissioner of Income Tax vs. N Tarika Properties Investment Pvt. Ltd

…4 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 VS NOVA PROMOTERS AND FINLEASE PRIVATE LIMITED CASE (2012) 342 ITR 169 (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 Tribunal should…