Gaurav Triyugi Singh v. ITO

121 Taxmann.com 86High Court2020#2106 most cited

What is Gaurav Triyugi Singh v. ITO authority for?

Where an assessee proves the identity, creditworthiness, and genuineness of transactions related to credits in their books, the primary onus under Section 68 is discharged. The assessee is generally not required to explain the 'source of source' of such credits.

55

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2022 to 2026.

Also referred to as

Gaurav Triyugi Singh v. ITO · Section 68 · identity of lender · creditworthiness of lender · genuineness of transaction · source of source · onus of proof · unsecured loans · deposits

Also reported as

423 ITR 531

Sections most often in play

Section 68Section 143(3)Section 132Section 133(6)Section 142(1)Section 143(2)Section 131Section 148

Issues it is cited on

source of sourcesection 131(1)(d)section 23(4)section 256(1)section 106section 256onus of proofsection 131(1)shell companysummons under section 131section 23(1)surrender of income

Judgments citing Gaurav Triyugi Singh v. ITO

Reliance Corporation, Mumbai vs. Dy. CIT Central Circle - 1, Thane

In the result, all the three appeals of the assessee are allowed

ITA 2724/MUM/2023[2011-12]Status: DisposedITAT Mumbai20 Feb 2024AY 2011-12

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Singh Karhail (Jm)

Section 147Section 68

…earned AR placed his reliance on the following decisions : 5 Reliance Corporation (i) Sky Gem Vs. DCIT (ITA No. 787 to 79/Mum/2023 dated 23.8.2023) (ii) Vedartha Entertainment Ltd. (ITA No. 4233/Mum/2018 dated 28.11.2022) (iii) Gaurav Triyugi Singh Vs. ITO (423 ITR 531)(Bom) 7. The Learned DR, however support the orders passed by the learned CIT(A). He submitted that the assessee has stated in his Statement that he has not met any of the creditors from whom it has taken loans. The assessee has also admitted that it does not have any acquaintance with any of the directors/partners/ proprietors/concerned from wh…

Reliance Corporation, Mumbai vs. Dy. CIT, Central Circle - 1, Thane

ITA 2723/MUM/2023[2014-15]Status: DisposedITAT Mumbai20 Feb 2024AY 2014-15

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Singh Karhail (Jm)

Section 147Section 68

…t of his arguments, the learned AR placed his reliance on the following decisions : (i) Sky Gem Vs. DCIT (ITA No. 787 to 79/Mum/2023 dated 23.8.2023) (ii) Vedartha Entertainment Ltd. (ITA No. 4233/Mum/2018 dated 28.11.2022) (iii) Gaurav Triyugi Singh Vs. ITO (423 ITR 531)(Bom) 7. The Learned DR, however support the orders passed by the learned CIT(A). He submitted that the assessee has stated in his Statement that he has not met any of the creditors from whom it has taken loans. The assessee has also admitted that it does not have any acquaintance with any of the directors/partners/ proprietors/concerned from whi…

Dreamtech Constructions Pvt. Ltd., New Delhi vs. DCIT Circle-7(1), New Delhi

In the result, Appeal filed by the assessee in ITA No

ITA 91/DEL/2021[2012-13]Status: DisposedITAT Delhi16 Feb 2024AY 2012-13

Bench: or at the time of hearing of the appeal.”

Section 143(3)Section 68

…e assessee has produced the documents in support of its claim, the Ld. A.O. has not made any enquiry after the assessee discharged its initial burden cast upon u/s 68 of the Act. The Hon'ble Bombay High Court in the case of Gaurav Triyogi Singh Vs. ITO (22) 423 ITR 531 held that once the assessee discharges its onus to prove the creditworthiness of the investor companies and the genuineness of the transaction, the onus will shift on the Department to refute the assertion made by the Assessee. In the present case, the Lower Authorities have not brought anything on record to prove otherwise or to disprove the…

Dreamtech Constructions Pvt Ltd., Delhi vs. DCIT Circle-10(1), New Delhi

In the result, Appeal filed by the assessee in ITA No

ITA 90/DEL/2021[2011-12]Status: DisposedITAT Delhi16 Feb 2024AY 2011-12

Bench: or at the time of hearing of the appeal.”

Section 143(3)Section 68

…e assessee has produced the documents in support of its claim, the Ld. A.O. has not made any enquiry after the assessee discharged its initial burden cast upon u/s 68 of the Act. The Hon'ble Bombay High Court in the case of Gaurav Triyogi Singh Vs. ITO (22) 423 ITR 531 held that once the assessee discharges its onus to prove the creditworthiness of the investor companies and the genuineness of the transaction, the onus will shift on the Department to refute the assertion made by the Assessee. In the present case, the Lower Authorities have not brought anything on record to prove otherwise or to disprove the…

Sri Ramkrishna Ghosh, Medinipur vs. ITO, Ward-27(1), Haldia

In the result, appeal of the assessee is allowed

ITA 267/KOL/2019[2014-15]Status: DisposedITAT Kolkata30 Nov 2023AY 2014-15

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15

For Appellant: Shri S K. Tulsiyan, Advocate, Ms. PujaFor Respondent: Shri P. P. Barman, Addl. CIT, Sr. DR
Section 133(6)Section 143(3)Section 54FSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2014-15 Ramkrishna Ghosh Income Tax Officer, Ward- B-2, Jibananandadasnagar, New 27(1), Haldia. Town, Brajanathchak, Halida Vs. Port-721605, Purba Medinipur, West Bengal-721 605. (PAN: ADAPG7699C) (Appellant) (Respondent) Present for: Appellant by : Shri S K. Tulsiyan, Advocate, Ms. Puja Somani, CA & Ms. Neetu Singh, Advocate Respondent by : Shri P. P. Barman, Addl. CIT, Sr. DR Date of Hearing : 18.10.2023 Date of Pronouncement : 30.11.2023 O R D E R PER GIR…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 463/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner of Income Tax M/S Darshan Enterprises Circle-1,6th Floor, Ashar IT Park, 2nd Floor, Rosa Vista, Vs. B wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./PAN/GIR No. : AADFD8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri S…

DCIT- Circle- 1, Thane vs. Darshan Enterprises, Thane

In the result, the both appeals filed by the revenue stands dismissed

ITA 462/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Jan 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

For Appellant: Shri Shashi TulsianFor Respondent: Ms. Mahita Nair, Sr AR
Section 133(6)Section 143(3)Section 271(1)(c)Section 68

…ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner of Income Tax M/S Darshan Enterprises Circle-1,6th Floor, Ashar IT Park, 2nd Floor, Rosa Vista, Vs. B wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./PAN/GIR No. : AADFD8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri S…

Khandesh Builders Ltd vs. Deputy Commisisoner of Income-Tax

Appeal is dismissed

ITA 749/PUN/2015[2010-11]Status: DisposedITAT Pune28 Sept 2022AY 2010-11

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

For Appellant: Shri Sunil GanooFor Respondent: Shri Ramnath P. Murkunde

…come out with plausible explanation in respect to these transactions of shareholders vis-à- vis assessee-company. He has relied on some case-laws such as (i) CIT Vs. Lovely Exports (Pvt) Ltd. (2009) 319 ITR 56 (SC) and (ii) Gaurav Triyugi Singh Vs. ITO (2020) 423 ITR 531 (Bom) which are substantially different on facts from the present case of the assessee. The ld. A.R has also filed in the form of additional evidences before the Tribunal the affidavits of all the shareholders. Simply filing affidavits, does not prove the creditworthiness and genuineness of the transactions. The ld. A.R had no answer that when th…

DCIT 4 (3)(1), Mumbai vs. Shri Mohit Keepak Kamboj, Mumbai

ITA 4285/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Sept 2022AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alcpk2213Q (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Satyaprakash SinghFor Respondent: Shri P. R. Mane
Section 143(2)Section 143(3)Section 2(22)(e)Section 23Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) DCIT-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5th Floor, Kamboj Vs. Aayakar Bhavan…

ACIT Cir-6(3)(2), Mumbai vs. Shri Mohit Deepak Kamboj, Mumbai

ITA 801/MUM/2018[2012-13]Status: DisposedITAT Mumbai28 Sept 2022AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Satyaprakash SinghFor Respondent: Shri P. R. Mane
Section 143(2)Section 143(3)Section 2(22)(e)Section 23Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) DCIT-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5th Floor, Kamboj Vs. Aayakar Bhavan…

DCIT 4 (3)(1), Mumbai vs. Mohit Deepak Kamboj, Mumbai

ITA 6384/MUM/2018[2010-11]Status: DisposedITAT Mumbai28 Sept 2022AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

For Appellant: Shri Satyaprakash SinghFor Respondent: Shri P. R. Mane
Section 143(2)Section 143(3)Section 2(22)(e)Section 23Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) DCIT-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5th Floor, Kamboj Vs. Aayakar Bhavan…

ACIT Circle-3(1)(2), Mumbai vs. M/S Chemicon Engineering Consultant Pvt Ltd., Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

ITA 833/MUM/2020[2013-14]Status: DisposedITAT Mumbai17 Jun 2022AY 2013-14

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

For Appellant: Shri Anuj KisnadwalaFor Respondent: Shri H. N. Singh (DR)
Section 143(3)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI GAGAN GOYAL, AM आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ ACIT, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) ACIT, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2nd Floor, 230, Bhawan, Maharshi Karve…

Chemicon Engineering Consultant Pvt Ltd., Mumbai vs. Asst CIT Circle- 3 (1)(2), Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

ITA 7907/MUM/2019[2013-14]Status: DisposedITAT Mumbai17 Jun 2022AY 2013-14

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

For Appellant: Shri Anuj KisnadwalaFor Respondent: Shri H. N. Singh (DR)
Section 143(3)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI GAGAN GOYAL, AM आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ ACIT, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) ACIT, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2nd Floor, 230, Bhawan, Maharshi Karve…

Uppal Shah Prop-J K Sugars, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle - 2, Kolhapur

In the result, the cross appeal of the Revenue in ITA

ITA 1954/PUN/2017[2012-13]Status: DisposedITAT Pune16 Jun 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Shivraj B. Morey &
Section 131(1)(d)Section 133(6)Section 143(3)Section 41(1)Section 68

…d at source in the subsequent assessment years. It is further submitted that the assessee is not required to explain the source of source of credits placing reliance on the decision of the Hon’ble Bombay High Court in the case of Gaurav Triyugi Singh vs. ITO, 423 ITR 531 (Bom.). It is further submitted that proviso to section 68 has been inserted by the Finance Act, 2012 w.e.f. 1.4.2013 and has no application to the assessment year prior to assessment year 2013-14. 8. On the other hand, ld. Sr. DR submits that very fact that the summons u/s 131 could not be served because of sundry creditors were not traceable by…

Assistant Commissioner of Income-Tax, Circle - 2, Kolhapur vs. Uppal Jitendra Shah, Kolhapur

In the result, the cross appeal of the Revenue in ITA

ITA 1893/PUN/2017[2012-13]Status: DisposedITAT Pune16 Jun 2022AY 2012-13

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Shivraj B. Morey &
Section 131(1)(d)Section 133(6)Section 143(3)Section 41(1)Section 68

…d at source in the subsequent assessment years. It is further submitted that the assessee is not required to explain the source of source of credits placing reliance on the decision of the Hon’ble Bombay High Court in the case of Gaurav Triyugi Singh vs. ITO, 423 ITR 531 (Bom.). It is further submitted that proviso to section 68 has been inserted by the Finance Act, 2012 w.e.f. 1.4.2013 and has no application to the assessment year prior to assessment year 2013-14. 8. On the other hand, ld. Sr. DR submits that very fact that the summons u/s 131 could not be served because of sundry creditors were not traceable by…