G.S. Homes & Hotels (P) Ltd. v. DCIT (

140 Taxmann.com 308Reported decision2022#18486 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2022 to 2025.

Also reported as

387 ITR 126

Sections most often in play

Section 115BB Section 133(6)Section 133A Section 14A Section 2(24)Section 271(1)(c)Section 40A(3)Section 68

Issues it is cited on

share capital and share premium section 56(2)(viib)section 2(24)section 45 share application money fair market value section 56(2)transfer pricing adjustment section 28 section 56 genuineness of the transaction undisclosed income

Judgments citing G.S. Homes & Hotels (P) Ltd. v. DCIT (

Deputy Commissioner of Income Tax, Central Circle 1(1), Kolkata vs. Axis Overseas Limited, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 2425/KOL/2024[2013-14]Status: DisposedITAT Kolkata03 Dec 2025AY 2013-14

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dy. Commissioner Of Income Tax, Cc 1(1), Kolkata Axis Overseas Limited Aaykar Bhawan Poorva, 21A, Shakespeare Sarani, Vs. 3Rd Floor, Kolkata-700107, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aagca7497L Assessee By : Shri Siddharth Agarwal, Ar Revenue By : Shri P.N. Barnwal, Dr Date Of Hearing: 13.11.2025 Date Of Pronouncement: 03.12.2025

For Appellant: Shri Siddharth Agarwal, ARFor Respondent: Shri P.N. Barnwal, DR

Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, AM AND SHRI PRADIP KUMAR CHOUBEY, JM Dy. Commissioner of Income Tax, CC 1(1), Kolkata Axis Overseas Limited Aaykar Bhawan Poorva, 21A, Shakespeare Sarani, Vs. 3rd Floor, Kolkata-700107, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) PAN No. AAGCA7497L Assessee by : Shri Siddharth Agarwal, AR Revenue by : Shri P.N. Barnwal, DR Date of hearing: 13.11.2025 Date of pronouncement: 03.12.2025 O R D E R Per Rajesh Kumar, AM: This is an appeal preferred by the Revenue against the order of the Commissioner of Income-tax…

Assistant Commissioner of Income Tax, Circle -1, Nagpur vs. M/S Raghav Finvest Pvt Ltd, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 121/NAG/2020[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

…Civil Appeal No.(s) 7379-7380 of 2016 vide order dated 9th August, 2016." The aforesaid order of Hon'ble Nagpur Tribunal has been upheld by the Hon'ble Bombay High court vide Order in ITA No.26/2017 dated 08 June 2017. iv. G.S. Homes & Hotels (P) Ltd v. DCIT (387 ITR 126) (Supreme Court) wherein it has been held as under: “Amount received on account of share capital from various shareholders ought not be treated as business income of assessee-company" 4.10 In view of aforesaid discussion, it is evident that the share capital and premium received by the appellant company is an amount received on capital account an…

Dy Commissioner of Income Tax, Circle-1, Nagpur vs. M/S Nihal Gits Pvt.Ltd, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 95/NAG/2018[2012-2013]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-2013

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.95/Nag./2018 (Assessment Year : 2012–13) Dy. Commissioner of Income Tax ……………. Appellant Circle–1, Nagpur v/s M/s. Nihal Gits Pvt. Ltd. ……………. Respondent 101, Jai Bhawani Society Wardhaman Nagar, Nagpur 440 008 PAN – AADCN1714G Assessee by : Shri Abhay Agrawal Revenue by : Shri Abhay Y. Marathe ITA no.237/Nag./2018 (Assessment Year : 2012–13) Asstt. Commissioner of Income Tax ……………. Appellant Circle–1, Nagpur v/s M/s. Vishnu Gilts Pvt. Ltd. 101, Jai Bhawani Society ……

Asstt.Commissioner of Income Tax Circle-1, Nagpur vs. Vishnu Gilts Pvt.Lt, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 237/NAG/2018[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

DCIT Central Circle-2(2), Mumbai vs. M/S Suchir Chemicals Pvt Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 677/MUM/2022[2010-11]Status: DisposedITAT Mumbai20 Dec 2022AY 2010-11

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit –Central Circle – 2(2) V. M/S. Suchir Chemicals Pvt. Ltd., Old Cgo Building (Amalgamated Company – Manan Pharma Pvt Ltd. W.E.F 01.04.2013) Room No. 806, 8Th Floor 2Nd Floor, Shiv Ashish M.K. Road, Mumbai - 400020 Andheri Prade, Mumbai - 400005 Pan: Aaccm7533K (Appellant) (Respondent) Assessee By : Ms. Pooja Rander & Shri Rushabh Mehta Department By : Shri Manoj Sinha

For Appellant: Ms. Pooja Rander &For Respondent: Shri Manoj Sinha

Section 115JSection 131Section 142(1)Section 143(1)Section 143(2)Section 148Section 68

…n share capital including premium are undoubtedly on capital account in absence of express legislation. Further reliance was placed upon the decision of the hon'ble apex court in G. S. Homes & Hotels (P) Ltd. v. Dy. CIT [20161 73 taxmann.com 120/242 Taxman 58/387 ITR 126 wherein, the decision of the Karnataka High Court holding that the amount received on account of shares from various share holders be treated as business income was reversed. The (Impugned order also made reference to the 17 M/s. Suchir Chemicals Pvt. Ltd., unreported decision of this court in Idea Cellular Ltd. v. Union of India 120131 40 taxman…