Director of Income-tax v. Modern Charitable Foundation

GM OVERSEAS,NEW DELHI vs. ACIT CIRCLE-48(1), NEW DELHI

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

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : C : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI N.K. CHOUDHRY, JUDICIAL MEMBER Assessment Year: 2010-11 GM Overseas, Vs ACIT, A-2/132, Prateek Apartments, Circle-48(1), Paschim Vihar, New Delhi. New Delhi. PAN: AAAFG2529A (Appellant) (Respondent) Assessee by : Shri Suresh Gupta, CA Revenue by : Shri Hemant Gupta, Sr. DR Date of Hearing : 15.02.2022 Date of Pronouncement : 21.03.2022 ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 26th February, 2019 of the CIT(A)-16, New Delhi, relating to assess…

NIMBUS (INDIA) LTD.,NEW DELHI vs. DCIT, CENTRAL CIRCLE, NOIDA

In the result, both the appeals filed by the assessee are partly allowed

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

…anies and the genuineness of the transaction, therefore, no addition could have been made and no adverse view is called for. 20. Referring to the decision of the Hon’ble Delhi High Court in the case of Director of Income-tax vs. Modern Charitable Foundation, 335 ITR 105, he submitted that the Hon’ble High Court in the said decision has held that when unsecured loans were paid back in subsequent years, it shows that these were genuine loans taken by the assessee. Since, in the instant case, the assessee has fulfilled the three ingredients of section 68 of the Act and, in fact, has subsequently redeemed the non-cu…

NIMBUS (INDIA) LTD.,NEW DELHI vs. DCIT, CENTRAL CIRCLE, NOIDA

In the result, both the appeals filed by the assessee are partly allowed

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

…anies and the genuineness of the transaction, therefore, no addition could have been made and no adverse view is called for. 20. Referring to the decision of the Hon’ble Delhi High Court in the case of Director of Income-tax vs. Modern Charitable Foundation, 335 ITR 105, he submitted that the Hon’ble High Court in the said decision has held that when unsecured loans were paid back in subsequent years, it shows that these were genuine loans taken by the assessee. Since, in the instant case, the assessee has fulfilled the three ingredients of section 68 of the Act and, in fact, has subsequently redeemed the non-cu…

DCIT, NEW DELHI vs. M/S. SIDHVANDAN ENTERPRISES PVT. LTD., NEW DELHI

In the result, the Revenue’s Appeal stands dismissed

Bench: Shri H.S. Sidhu & Shri R.K. Panda

…ayam • ITR (45) • PAN (30) • Financial statements (19-29) • Bank statements (31-39) • Ledger Alc (40-43) • Certificate of Incorporation (44) CASE LAWS For - if loan returned, it is an evidence for the loan being genuine DIT VS. MODERN CHARTIABLE FOUNDATION 335 ITR 105 (DEL.) "we may also record the submissions of the Ld. Counsel for the respondent that in so far as un - secured loans are concerned, they were paid back in subsequent years, which shows that these were genuine loans taken by the assessee. " CIT VS. KINETIC CAPITAL FINANCE LTD. 202 TAXMAN 548 (DEL.) Held that - Where assessee has furnished deta…

ACIT, NEW DELHI vs. M/S. TULIP STAR HOTELS LTD., NEW DELHI

In the result the appeal of the Revenue is allowed for statistical purposes

Bench: Smt. Diva Singh, Jm & Sh. O.P.Kant, Am Ita No.4908/Del./2011 : Asstt. Year : 2007-08 Acit Vs Tulip Star Hotels Ltd., Circle-16(1) Indra Palace, New Delhi H-Block, Connaught Circle New Delhi Aaacc1072F (Appellant) (Respondent)

…t orders or powers of independent enquiry under sub-section (4) of Section 250. That is a consequence which cannot at all be countenanced.” 13. Further, the Hon‟ble Delhi High Court in the case of Director of Income Tax Vs. Modern Charitable Foundation (2011) 335 ITR 105 has held that where ld CIT(A) asked for remand report on additional evidence furnished before him by the assessee, but the AO objected to remand report and did not verify the documents and the ld CIT(A) admitted such evidences without verifying it, in order to compliance equities, the assessee was to be permitted to rely upon additional evidence…

CIT vs. LOKESH GARMENTS PVT LTD

…ew of the positive findings that the said parties did not respond and the assessee had no explanation to furnish, during the course of proceedings. Furthermore, this Court in its judgment reported Director of Income Tax Vs, Modern Charitable Foundation (2071) 335 ITR 105 emphasized that if fresh material filed by way of additional evidence, is taken into consideration, it should be necessary that the appellate body adopts some system of verification. In the facts of the above case the CIT(Appeal) had called for remand report and decided the appeal but the Court was of the opinion that the matter had to be remitte…

CIT vs. LOKESH GARMENTS PVT LTD

…ew of the positive findings that the said parties did not respond and the assessee had no explanation to furnish, during the course of proceedings. Furthermore, this Court in its judgment reported Director of Income Tax Vs, Modern Charitable Foundation (2071) 335 ITR 105 emphasized that if fresh material filed by way of additional evidence, is taken into consideration, it should be necessary that the appellate body adopts some system of verification. In the facts of the above case the CIT(Appeal) had called for remand report and decided the appeal but the Court was of the opinion that the matter had to be remitte…