Green Infra Ltd. v. ITO

38 Taxmann.com 253Income Tax Appellate Tribunal2013#2834 most cited

What is Green Infra Ltd. v. ITO authority for?

Share premium and share application money cannot be added as unexplained cash credits under Section 68 if the genuineness of the transaction and the creditworthiness and identity of the investors are established. The onus is on the revenue authorities to prove that the apparent nature of the receipt is not real.

42

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2024.

Also referred to as

Green Infra Ltd. v. ITO · Section 68 · Section 56(2)(viib) · share premium · share application money · cash credit · unexplained money · genuineness of transaction · creditworthiness of creditor · identity of investor · onus of proof · deletion of addition

Also reported as

145 ITD 240159 TTJ 728145 ITR 240

Sections most often in play

Section 142ASection 250Section 56(2)(viib)Section 68

Issues it is cited on

section 56(1)section 56(2)(viib)share capital and share premiumcreditworthiness of the creditorshare application moneysection 56(2)section 56genuineness of the transactionfair market valuetransfer pricing adjustmentsection 133(6)addition u/s 68

Judgments citing Green Infra Ltd. v. ITO

ITO 4(2)(4), Mumbai vs. Khushboo Exports P.Ltd, Mumbai

ITA 3647/MUM/2017[2007-08]Status: DisposedITAT Mumbai21 Sept 2017AY 2007-08

Bench: Shri B.R. Baskaran (Am)

Section 148Section 68

…THE INCOME TAX APPELLATE TRIBUNAL “SMC” Bench, Mumbai Before Shri B.R. Baskaran (AM) I.T.A. No. 3647/Mum/2017 (Assessment Year 2007-08) ITO 4(2)(4) M/s. Khshboo Exports Pvt. Room No. 647 Vs. Ltd. 6th Floor Room No. 30 Aayakar Bhavan 3rd Floor, Badamwadi M.K. Road 343-A, Kalbadevi Road Mumbai-400 020. Mumbai-400 002. PAN : AACCK0444P (Appellant) (Respondent) Assessee by Shri Sailesh Parmar Department by Shri Ram Tiwari Date of Hearing 21.9.2017 Date of Pronouncement 21.9.2017 O R D E R The appeal filed by the Revenue is directed against the order dated 10.2.2017 passed by the learned CIT(A)-9, Mumbai and i…

Credit Suisse Business Analystics (India) Private Limited, Mumbai vs. Asstt.CIT- 15(1)(2), Mumbai

ITA 993/MUM/2015[2010-11]Status: DisposedITAT Mumbai05 Aug 2016AY 2010-11
For Appellant: Shri F.V. IraniFor Respondent: Shri Manjunath Swamy-DR
Section 143Section 254(1)Section 56Section 56(1)Section 78

…mium,that the allegation made by AO about avoiding payment of tax was without any basis,that share premium received by a company on issue of shares was part of the capital of the company and a capital receipt.The assessee referred to cases of Green Infra Ltd.(145 ITD 240)and DP World Pvt. Ltd.(140ITD694). It was further argued that the AO had factually erred in stating that assessee had utilised major portion of share premium for day-today activities and thus had violated the provisions of section 78 of the CA,that the AO had confused the application of cash on the Assets side of the Balance sheet for business pu…