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 366,470 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.

Anirudh Venkata Ragi, Hyderabad vs. Income Tax Officer, Ward-4(2), Hyderabad

In the result, appeal of the assessee is dismissed

ITA 352/HYD/2019[2015-16]Status: DisposedITAT Hyderabad21 Nov 2023AY 2015-16

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri S. Rama Rao, ARFor Respondent: Ms. Sheetal Sarin, DR
Section 10(38)Section 143(3)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”, HYDERABAD BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT & SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA No. 352/Hyd/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Sri Anirudh Venkata Ragi, Vs. Income Tax Officer, Hyderabad Ward-4(2), [PAN No. AKRPA0182C] Hyderabad अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee by: Shri S. Rama Rao, AR रधजस्‍व द्वधरध/Revenue by: Ms. Sheetal Sarin, DR सुिवधई की तधरीख/Date of hearing: 02/11/2023 घोर्णध की तधरीख/Pronouncement on: 21/11/2023 आदेश…

DCIT, Central Circle Ajmer, Ajmer vs. Puja Synthetics Private Limited, Bhilwara

In the result, the appeal of the Revenue is dismissed

ITA 87/JPR/2023[2009-10]Status: DisposedITAT Jaipur09 Nov 2023AY 2009-10

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Mukesh Soni (Adv.)For Respondent: Shri A.S. Nehra (Addl.CIT)
Section 115JSection 153ASection 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 87/JPR/2023 fu/kZkj.k o"kZ@Assessment Years : 2009-10 DCIT, cuke Puja Synthetics Private Limited Vs. Central Circle, A-4, Bhilwara Textile Market, Pur Road, Bhilwara. Ajmer. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAACP 8449 D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by :Shri Mukesh Soni (Adv.) jktLo dh v…

ACIT, Circle -1, Nagpur vs. Smt Desha Deven Malviya L/H of Late Shri Deven Malviya, Nagpur

ITA 402/NAG/2019[2010-11]Status: HeardITAT Nagpur24 Oct 2023AY 2010-11

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Kapil Hirani, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR
Section 68Section 69

…s to whether it was a case inviting sec.68 or 69 of the Act. We reject the assessee’s contentions as even if a wrong provision is quoted as per PCIT vs. N R Portfolio Pvt. Ltd., [2014] 264 CTR 258 (Del.) and CIT vs. Nova Promoters & Fin Lease (P) Ltd., [2012] 342 ITR 169 (Del.) (HC), it does not vitiate the impugned additions. 8. Learned counsel at this stage referred to assessee’s twin cross objections that the impugned addition based solely on the assessee’s bank statements is also not liable to be sustained. We first of all find that no such bank statement has been filed before us at the assessee’s behest to…

ACIT, Circle-1, Nagpur vs. Smt Disha Deven Malviya L/H of Late Shri Deven Malviya, Nagpur

ITA 401/NAG/2019[2009-10]Status: HeardITAT Nagpur24 Oct 2023AY 2009-10

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Kapil Hirani, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR
Section 68Section 69

…s to whether it was a case inviting sec.68 or 69 of the Act. We reject the assessee’s contentions as even if a wrong provision is quoted as per PCIT vs. N R Portfolio Pvt. Ltd., [2014] 264 CTR 258 (Del.) and CIT vs. Nova Promoters & Fin Lease (P) Ltd., [2012] 342 ITR 169 (Del.) (HC), it does not vitiate the impugned additions. 8. Learned counsel at this stage referred to assessee’s twin cross objections that the impugned addition based solely on the assessee’s bank statements is also not liable to be sustained. We first of all find that no such bank statement has been filed before us at the assessee’s behest to…

ACIT, Circle-1, Nagpur vs. Smt Disha Deven Malviya, Nagpur

ITA 400/NAG/2019[2009-10]Status: HeardITAT Nagpur24 Oct 2023AY 2009-10

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Kapil Hirani, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR
Section 68Section 69

…s to whether it was a case inviting sec.68 or 69 of the Act. We reject the assessee’s contentions as even if a wrong provision is quoted as per PCIT vs. N R Portfolio Pvt. Ltd., [2014] 264 CTR 258 (Del.) and CIT vs. Nova Promoters & Fin Lease (P) Ltd., [2012] 342 ITR 169 (Del.) (HC), it does not vitiate the impugned additions. 8. Learned counsel at this stage referred to assessee’s twin cross objections that the impugned addition based solely on the assessee’s bank statements is also not liable to be sustained. We first of all find that no such bank statement has been filed before us at the assessee’s behest to…

Bhavin Arunbhai Patel, Valsad vs. Income Tax Officer, Ward-1, Vapi

In the result, the appeal is allowed in the terms indicated above

ITA 456/SRT/2023[2011-12]Status: DisposedITAT Surat12 Oct 2023AY 2011-12

Bench: Shri Dr. A. L. Sainiआयकर अपील सं./Ita No.456/Srt/2023 Assessment Year: (2011-12) (Physical Hearing) Bhavin Arunbhai Patel, Vs. The Ito, Parvassa Road, Mota Waghchhipa, Ward – 1, Kila Pardi, Valsad – 396001, Vapi Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Arypp2459F (Appellant) (Respondent)

Section 144Section 147Section 148Section 250Section 69A

…bank account, as having come to the notice of the Assessing Officer through AIR, can be reason enough for holding the belief that income has escaped assessment. She has relied upon the decisions in the cases of CIT v. Nova Promoters & Finlease (P.) Ltd [2012]342 ITR 169/206 Taxmann 207/18 taxmann.com 217 (Delhi) but then none of the questions before Honble High Court had anything to do with reopening of assessment and this decision can not, therefore, be taken as an authority on the legal issue which did not even come up for specific adjudication before Their Lordships. As for her reliance on Honble Supreme Cour…

M/S. Layog Properties Pvt. Ltd., New Delhi vs. ITO, New Delhi

ITA 753/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Sept 2023AY 2012-13

Bench: Shri Shamim Yahya & Ms. Astha Chandraasstt. Year 2012-13 M/S. Layog Properties Pvt. Ltd. Vs. Ito N-18, First Floor, Ward-15(2) Malviya Nagar, New Delhi. New Delhi – 110 017 Pan Aabcl9997R (Appellant) (Respondent)

For Appellant: Shri Salil Aggarwal, Sr. AdvocateFor Respondent: Ms. Smita Singh, Sr. DR
Section 131Section 133(6)Section 234BSection 68

…human probabilities and normal course of conduct. Reference can be made to 6 CIT v. Durga Prasad More [1971] 82 ITR 540 (SC), CIT v. Daulat Ram Rawatmull, [1973] 87 ITR 349 (SC) and other cases referred to in CIT v. Nova Promoters & Finlease (P.) Ltd. [2012] 342 ITR 169/206 Taxman 207/18 taxmann.com 217 (Delhi). 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…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6204/MUM/2019[2009-10]Status: DisposedITAT Mumbai30 Aug 2023AY 2009-10

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6194/MUM/2019[2012-13]Status: DisposedITAT Mumbai30 Aug 2023AY 2012-13

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6193/MUM/2019[2013-14]Status: DisposedITAT Mumbai30 Aug 2023AY 2013-14

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6192/MUM/2019[2011-12]Status: DisposedITAT Mumbai30 Aug 2023AY 2011-12

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Ltd, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6191/MUM/2019[2014-15]Status: DisposedITAT Mumbai30 Aug 2023AY 2014-15

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT Circle 3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6033/MUM/2019[2008-09]Status: DisposedITAT Mumbai30 Aug 2023AY 2008-09

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

Forever Flourishing Fin. & Inv. Pvt. Ltd., Mumbai vs. DCIT (CC)-3(4), Mumbai

In the result, appeal for the assessment year 2012

ITA 6120/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 6040 & 6120/MUM/2019 Assessment Years: 2012-13 & 2013-14 Forever Flourishing Fin. & DCIT(CC)-3(4), Inv. Pvt. Ltd., Central Circle-3(4), Room No. Vs. A-401, Pearl Arcade, Off J P 1915, 19th floor, Air India Road, Dawood Baug Lane, Building, Nariman Point, Andheri (W), Mumbai-400021. Mumbai-400058. PAN NO. AAACF 4311 Q Appellant Respondent Assessee by : Mr. Ashok Bansal/Ajay Daga Revenue by : Mr. Ankush Kapoor, CIT-DR : Date of Hearing 13/07/2023 Date o…

Forever Flourishing Fin & Inv. Pvt Ltd, Mumbai vs. DCIT-CC-3(4), Mumbai

In the result, appeal for the assessment year 2012

ITA 6040/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jul 2023AY 2012-13

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

For Appellant: Mr. Ashok Bansal/Ajay DagaFor Respondent: Mr. Ankush Kapoor, CIT-DR
Section 143(2)Section 147

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 6040 & 6120/MUM/2019 Assessment Years: 2012-13 & 2013-14 Forever Flourishing Fin. & DCIT(CC)-3(4), Inv. Pvt. Ltd., Central Circle-3(4), Room No. Vs. A-401, Pearl Arcade, Off J P 1915, 19th floor, Air India Road, Dawood Baug Lane, Building, Nariman Point, Andheri (W), Mumbai-400021. Mumbai-400058. PAN NO. AAACF 4311 Q Appellant Respondent Assessee by : Mr. Ashok Bansal/Ajay Daga Revenue by : Mr. Ankush Kapoor, CIT-DR : Date of Hearing 13/07/2023 Date o…

Lokenath Investment Consultants P.Ltd, New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1097/DEL/2019[2009-10]Status: DisposedITAT Delhi31 Jul 2023AY 2009-10

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: NoneFor Respondent: Ms. Sarita Kumari, CIT DR
Section 139Section 148Section 153ASection 153C

…er considering the judgments in the case of CIT Vs. M/s N.R. Portfolio Pvt. Ltd. dated 21.12.2012 (Del. HC), Onassis Axles Pvt. Ltd. Vs. CIT in ITA 31/2013 (Del. HC), CIT Vs. Nipun Builders & Developers Pvt. Ltd. and CIT Vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) affirm the addition of the Assessing Officer. 6. The ld. CIT DR submitted the decisions in support of the order of the AO which are as under: “1. [2022] 139 taxmann.com 352 (Calcutta)- Principal Commissioner of Income-tax vs. Swati Bajaj- Where assessee earned LTCG on sale of shares and AO denied said claim and made additions under secti…

ITO, New Delhi vs. M/S Alfa Contech Pvt. Ltd., New Delhi

ITA 3351/DEL/2016[2011-12]Status: DisposedITAT Delhi28 Jul 2023AY 2011-12
For Appellant: Shri Ved Jain, Adv
Section 133(6)Section 68

…also placed reliance on the judgment of Hon’ble Supreme Court in the case of PCIT vs. NRA Iron & Steel Pvt. Ltd. dated 05.03.2019 and judgment of Hon’ble jurisdictional High Court of Delhi in the case of CIT vs. Nova Promoters & Finlease (P) Ltd. reported as 342 ITR 169 (Del.). 4. Replying to the above, the ld. counsel of assessee submitted that in response to notice of the Assessing Officer the assessee filed copy of PAN, financial statement and copy of bank statement of assessee vide reply dated 11.02.2014. Thereafter on request of assessee the Assessing Officer issued notice u/s. 133(6)/131 of the Act on 20.…

Subhdhan Financial Advisory Private Limited, Kolkata vs. I.T.O., Ward-9(4), Kolkata

In the result, appeal of the assessee is allowed

ITA 2198/KOL/2019[2014-15]Status: DisposedITAT Kolkata11 Jul 2023AY 2014-15

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 2198/Kol/2019 Assessment Year: 2014-15 Subhdhan Financial Advisory Income Tax Officer, Ward-9(4) Private Limited Vs C/O Sri Jitendra Kaushik, Advocate 19D, Muktaram Babu Street Kolkata - 700007 [Pan : Aamcs7818P] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent) Assessee By : Shri Sunil Surana, Fca Revenue By : Smt. Ranu Biswas, Addl. Cit D/R सुनवाई क" तारीख/Date Of Hearing : 16/05/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/07/2023 आदेश/O R D E R Per Dr. Manish Borad: This Is An Appeal Preferred By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 15, Kolkata (Hereinafter Referred To As The “Ld. Cit(A)”], Passed U/S 250 Of The Income-Tax Act, 1961 (Hereinafter The ‘Act’), Dated 13/03/2019 For The Assessment Year 2014-15. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Order Of The Ld. Commissioner Of Income-Tax(A) 15, Kolkata Is Arbitrary, Illegal & Bad In Law. 2. For That On The Facts & Circumstances Of The Case The Ld. Commissioner Of Income-Tax (Appeals) 15, Erred In Confirming The Action Of Income-Tax Officer Adding A Sum Of Rs.72,00,000/- Under Section 68 Of The I T Act 1961. 3. For That The Appellant Craves Leave To Add, Alter Or Amend Any Ground Before Or At The Time Of Hearing Of Appeal.”

For Appellant: Shri Sunil Surana, FCAFor Respondent: Smt. Ranu Biswas, Addl. CIT D/R
Section 143(2)Section 250Section 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…

Shri Manoj Madanlal Chhajed, Pune vs. Assistant Commissioner of Income Tax, Circle -1(1)Pune, Pune

In the result, the appeal filed by the assessee in ITA

ITA 725/PUN/2022[2018-19]Status: DisposedITAT Pune28 Jun 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / It(Ss)A Nos.91 To 96/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 To 2017-18 Shri Manoj Madanlal Vs. Acit, Central Circle- Chhajed, 1(1), Pune. 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / It(Ss)A Nos.97 & 98/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 & 2015-16 Acit, Circle-1(1), Pune. Vs. Shri Manoj Madanlal Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / Ita No.725/Pun/2022 िनधा"रण वष" / Assessment Year: 2018-19 Shri Manoj Madanlal Vs. Acit, Circle-1(1), Pune. Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent

For Appellant: Shri Ratan SamalFor Respondent: Shri Keyur Patel
Section 132(4)Section 139(1)

…112 (SC) and Sumati Dayal vs. CIT, 214 ITR 801 (SC), decision of the Hon’ble Kerala High Court in the case of M.A. Unneeri Kutty vs. CIT, 198 ITR 147 (Ker.), decision of the Hon’ble Delhi High Court in the case of CIT vs. Nova Promoters and Finlease (P.) Ltd. 342 ITR 169 (Delhi) confirmed the findings of the Assessing Officer that the sundry creditors were bogus, accordingly, confirmed the addition. While doing so, the ld. CIT(A) observed that the assessee had not filed 15 IT(SS)A Nos.91 to 96/PUN/2022 IT(SS)A Nos.97 & 98/PUN/2022 audited financial statements or balance sheet for the relevant year in the case of…

Sangeeta Devi Jhunjhunwala, New Delhi vs. ITO, Ward-70(1), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 747/DEL/2022[2015-16]Status: DisposedITAT Delhi18 May 2023AY 2015-16

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

For Appellant: Shri Rajiv SaxenaFor Respondent: Shri Amit Shukla, Sr. DR
Section 10(38)Section 131Section 142(1)Section 143(1)Section 69C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE DR. BRR KUMAR, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year: 2015-16 Sangeeta Devi Jhunjhunwala, Vs. ITO, Ward-70(1) IPSO Legal H-35, 1st Floor, New Delhi. Jangpura Extension, New Delhi – 110 014 PAN AAAPJ3918J (Appellant) (Respondent) Assessee by: Shri Rajiv Saxena, Ms. Sumangla Saxena, Shri Shayam Sunder, Shri Dishant Seth, Advocates Department by : Shri Amit Shukla, Sr. DR Date of Hearing: 05.04.2023 Date of 18.05.2023 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against…