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.

DCIT, Bangalore vs. Shri. Jagadish N Hinduja, Bangalore

In the result, appeals filed by the revenue and COs filed by the assessee are dismissed

ITA 1373/BANG/2012[2006-07]Status: DisposedITAT Bangalore22 Jul 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aacph7291Q Appellant Respondent Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aaeph5197H Appellant Respondent C.O. No.48/Bang/2013 (Arising Out Of Ita No.1373/Bang/2012) Assessment Year: 2006-07 Shri Jagadish N. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent C.O. No.49/Bang/2013 (Arising Out Of Ita No.1374/Bang/2012) Assessment Year: 2006-07 Shri Sumir J. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent Appellant By : Shri Susan Dolores George, D.R. Respondent By : Shri Ashok A Kulkarni, A.R.

For Appellant: Shri Susan Dolores George, D.RFor Respondent: Shri Ashok A Kulkarni, A.R
Section 147Section 148Section 2(22)(e)

…ITA Nos.1373 & 1374/Bang/2012 & CO. Nos.48 & 49/Bang/2013 Shri Jagadish N. Hinduja, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner of Income- No.7 & 12, Industrial Suburb tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 PAN No.AACPH7291Q APPELLANT RESPONDENT Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner of Income- No.7 & 12, Industrial Suburb tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Ba…

Namah Shivaya Marketing (P) Ltd., New Delhi vs. ITO, Ward- 17(3), New Delhi

In the result, appeal of the assessee is

ITA 2940/DEL/2019[2010-11]Status: HeardITAT Delhi29 Jun 2022AY 2010-11

Bench: Shri Anil Chaturvedi

For Appellant: -None-For Respondent: Sh. Om Prakash, Sr. D.R
Section 143(1)Section 147Section 148Section 271Section 68Section 69C

…e 6 ITA.No.2940/Del./2019 Namah Shivaya Marketing Pvt. Ltd., 206, New Delhi lower authorities be confirmed. In support of his contentions, the Ld. D.R. relied upon decisions such as Commissioner of Income Tax vs., Nova Promoters and Finlease P Ltd., [2012] 342 ITR 169 (Del.); Commissioner of Income Tax-II vs., Jan Sampark Advertising & Marketing P. Ltd., 2015-TIOL-600-HC- Del.-IT; N R Portfolio P. Ltd., in ITA.No.1018 & 1019/2011 dated 22.11.2013; and the decision of Hon’ble Supreme Court in the case of PCIT vs.,. NRA Iron & Steel (P.) Ltd., [2019] 103 taxmann.com 48 (SC) on the proposition that if assess…

Hariyana Steel Centre (Kdm) Private Limited, Secunderabad vs. Dy. Commissioner of Income Tax, Circle-2(2), Hyderabad

In the result, both appeals filed by the assessee are dismissed

ITA 1151/HYD/2017[2011-12]Status: DisposedITAT Hyderabad22 Jun 2022AY 2011-12

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

For Appellant: Shri K.A.Sai Prasad, CAFor Respondent: Shri T.Sunil Goutam, Sr.AR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad Before Shri Rama Kanta Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member ITA Nos.1151 & 1152/Hyd/2017 Assessment Years: 2011-12 & 2012-13 Hariyana Steel Centre(KDM) V DCIT,Circle-2(2) Private Limited s. Signature towers 6-4-454/3, Bholakpur Opp. Botanical Garden Secunderabad-500080 Kondapur Hyderabad- 500 084 PAN : AACCH0113J (Appellant) (Respondent) Assessee by: Shri K.A.Sai Prasad, CA Revenue by: Shri T.Sunil Goutam, Sr.AR Date of hearing: 20.06.2022 Date of pronouncement: 22.06.2022 O R D E R Per Bench These two appeals ar…

Rambir Singh, Ghaziabad vs. ITO Ward 3(5), Hapur

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

ITA 2748/DEL/2019[2009-10]Status: DisposedITAT Delhi22 Jun 2022AY 2009-10
Section 133Section 147

…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 Vs Nova Promoters & Finlease Pvt Ltd [(2012)342 ITR 169] but then none of the questions before Hon’ble 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 Hon’ble Supreme Court’s judgment in the case of Phool Chand…

Principal Commissioner of Income Tax Asansol Kolkata vs. Rajesh Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/26/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-5, Kolkata vs. Shri Mahendra Kumar Periwal

In the result, these appeals are allowed and the substantial

ITAT/136/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax, Siliguri vs. Sri Satya Narayan Saria

In the result, these appeals are allowed and the substantial

ITAT/168/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-5, Kolkata vs. Jemish Shah

In the result, these appeals are allowed and the substantial

ITAT/57/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax vs. Mukesh Saraogi (HUF)

In the result, these appeals are allowed and the substantial

ITAT/76/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-12, Kolkata vs. Mukta Agarwal

In the result, these appeals are allowed and the substantial

ITAT/44/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax, Burdwan vs. Bijaya Tah

In the result, these appeals are allowed and the substantial

ITAT/122/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax, Siliguri vs. Prakasho Devi Saria

In the result, these appeals are allowed and the substantial

ITAT/138/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax, Central-1, Kolkata vs. Krishna Kumar Parsuramka

In the result, these appeals are allowed and the substantial

ITAT/130/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax Asansol Kolkata vs. Rakesh Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/27/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-5, Kolkata vs. Aayush Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/88/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax Central -1, Kolkata vs. Suraj Sahana

In the result, these appeals are allowed and the substantial

ITAT/41/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-15, Kolkata vs. Smt. Babita Agarwal

In the result, these appeals are allowed and the substantial

ITAT/64/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-18, Kolkata vs. Sri Vikash Goel

In the result, these appeals are allowed and the substantial

ITAT/85/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Pr CIT 9, Kolkata vs. Manisha Tikmani

In the result, these appeals are allowed and the substantial

ITAT/155/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…

Principal Commissioner of Income Tax-Siliguri vs. Shekhar Agarwal

In the result, these appeals are allowed and the substantial

ITAT/139/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…he documentation but genuineness and credit worthiness, identity are deeper and obtrusive. It was held that it would be incorrect to state that the onus to prove the genuineness of the 94 (2012) 342 ITR 169 (Delhi) ITAT NO. 06 OF 2022 AND ETC. BATCH Page 123 of 150 transactions and credit worthiness of the creditors stands discharged in all cases if payment is made through banking channels. Whether or not onus is discharged depends upon the facts of each case, it depends on whether the two parties are related or known to each other, the ma…