Hindustan Inks & Resins Ltd. v. DCIT

60 DTR 18High Court2011#6836 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2025.

Sections most often in play

Section 133(6)Section 143(3)Section 250 Section 68

Issues it is cited on

summons under section 131 share application money addition under section 68 genuineness of the transaction unexplained cash credit section 131 section 133(6)section 10 section 68 section 142(1)previous year section 143(1)

Judgments citing Hindustan Inks & Resins Ltd. v. DCIT

J N J MACHINES PRIVATE LIMITED,SURAT vs. INCOME TAX OFFICER - WARD 1(1)(3), SURAT

In the result, appeal of the assessee is allowed

ITA 371/SRT/2024[2012-13]Status: DisposedITAT Surat04 Apr 2025AY 2012-13

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.371/Srt/2024 Assessment Year: (2012-13) (Physical Hearing) J N.J. Machines Pvt. Ltd. Income Tax Officer, 762, G.I.D.C. Icchapore, Vs. Ward-1(1)(3), Hazira-394 510 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaccj 4034 G (अपीलाथ"/Appellant) (""थ" /Respondent)

Section 133(6)Section 143(3)Section 250Section 68

…IN THE INCOME-TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER & SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.371/SRT/2024 Assessment Year: (2012-13) (Physical hearing) J N.J. Machines Pvt. Ltd. Income Tax Officer, 762, G.I.D.C. Icchapore, Vs. Ward-1(1)(3), Hazira-394 510 Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No: AACCJ 4034 G (अपीलाथ"/Appellant) (""थ" /Respondent) िनधा"रती की ओर से /Appellant by Shri Rasesh Shah, CA राज" की ओर से /Respondent by Shri Ravi Kant Gupta, CIT-DR सुनवाई की तारीख/Date of Hearing 16/01/2025 उद्घोषणा की तारीख/Date of Pronouncement 04/0…

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

ITA 252/NAG/2018[2012-13]Status: DisposedITAT Nagpur06 Dec 2024AY 2012-13

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

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Vikash Agrawal

Section 131Section 143(2)Section 148Section 68

…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.252/Nag./2018 (Assessment Year : 2012–13) Dy. Commissioner of Income Tax ……………. Appellant Circle–2, Nagpur v/s M/s. N. Kumar Construction Co. Pvt. Ltd. 7th Floor, Poonam Plaza, Palm Road ……………. Respondent Civil Lines, Nagpur 440 001 AABCN9937H Appellant by : Shri Manoj G. Moryani Revenue by : Shri Vikash Agrawal Date of Hearing – 06/11/2024 Date of Order – 06/12/2024 O R D E R PER K.M. ROY, A.M. The appeal filed by the Revenue is against the impugned order dated 01/…

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

ITA 247/NAG/2018[2010-11]Status: DisposedITAT Nagpur06 Dec 2024AY 2010-11

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

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Vikas Agrawal

Section 131Section 148Section 68

…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.247/Nag./2018 (Assessment Year : 2010–11) Dy. Commissioner of Income Tax ……………. Appellant Circle–2, Nagpur v/s M/s. N. Kumar Construction Co. Pvt. Ltd. 7th Floor, Poonam Plaza, Palm Road ……………. Respondent Civil Lines, Nagpur 440 001 AABCN9937H Appellant by : Shri Manoj G. Moryani Revenue by : Shri Vikas Agrawal Date of Hearing – 06/11/2024 Date of Order – 06/12/2024 O R D E R PER K.M. ROY, A.M. This appeal by the Revenue is directed against the impugned order dated…

DCIT, CIRCLE-1(1)(2), SURAT vs. J B SYNTEX PVT. LTD, SURAT

In the result, appeal filed by the Revenue is dismissed

ITA 140/SRT/2020[2011-12]Status: DisposedITAT Surat18 Oct 2023AY 2011-12

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.140/Srt/2020 Assessment Year: (2011-12) (Physical Hearing) The Dcit, Vs. J. B. Syntex Pvt. Ltd., Circle – 1(1)(2), B-25, Guj. Eco. Textile Park, Surat N. H. No.8, Palsana, Surat – 394315. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcj9389D (Appellant) (Respondent) Shri Vinod Kumar, Sr. Dr Appellant By Shri Rasesh Shah, Ca Respondent By Date Of Hearing 17/08/2023 Date Of Pronouncement 18/10/2023

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.140/SRT/2020 Assessment Year: (2011-12) (Physical Hearing) The DCIT, Vs. J. B. Syntex Pvt. Ltd., Circle – 1(1)(2), B-25, Guj. Eco. Textile Park, Surat N. H. No.8, Palsana, Surat – 394315. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCJ9389D (Appellant) (Respondent) Shri Vinod Kumar, Sr. DR Appellant by Shri Rasesh Shah, CA Respondent by Date of Hearing 17/08/2023 Date of Pronouncement 18/10/2023 आदेश / O R D E R PER DR. A. L. SAINI, AM: Captioned appeal filed by the Revenue, pertaining to…

THE INCOME TAX OFFICER, WARD-3(1), JAMNAGAR vs. M/S. PARAS BUILDCON P. LTD., JAMNAGAR

ITA 315/RJT/2017[2012-13]Status: DisposedITAT Rajkot13 Sept 2023AY 2012-13

Bench: Shri Waseem Ahmed & Shri T.R Senthil Kumar

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri B.D. Gupta, Sr. D.R

Section 40A(3)Section 68

…oubts and suspicions on the introduction of share capital, but he has not been able to take such doubt and suspicion to further stage by any corroborative finding. The jurisdictional High Court in the case of closely held company, Hindustan Inks & Resins Ltd, 60 DTR 18 has held that once the identity of the subscriber is proved, no addition can be made in the hands if the recipient company. Thus decision is binding precedent. 6.4 The Hon. Gujarat High Court had held in another case that, when full particulars, inclusive of the Confirmation with Name, address and, PAN Number, Copy of Income Tax Return, Balance She…

DCIT, CIRCLE-2(1)(1), SURAT vs. M/S. R K SHAH PROJECTS PVT. LTD, SURAT

In the result, ground no.2 raised by the Revenue is allowed for statistical purposes

ITA 55/SRT/2020[2013-14]Status: DisposedITAT Surat31 Jan 2023AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.55/Srt/2020 (िनधा"रण वष" / Assessment Year: (2013-14) (Physical Court Hearing) Deputy Commissioner Of Income M/S R.K.Shah Projects Pvt. Ltd., 1St Floor, Aditya Complex, Nr. Tax., Circle-2(1)(1), Room No.216, Vs. Kapadia Health Club, Bhatar Road, 2Nd Floor, Aayakar Bhavan, Majura Surat-395007 Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcr 8584 Q (Appellant ) (Respondent)

For Appellant: Shri Sapnesh R Seth, C.AFor Respondent: Shri Ashok B. Koli– CIT-DR

Section 143(3)Section 68

…he loan transactions. The Ld. Counsel, to prove his arguments, has relied on the following judgments: (i) CIT vs Lovely Exports P. Ltd. 216 CTR 195 (SC) (ii) CIT vs Ranchod Jivabhai Nakhava, ITA No.50 of 2011 (Guj.) (iii) Hindustan Inks & Resins Ltd. vs DCIT, 60 DTR 18 (Guj.) (iv) CIT vs Ujala Dyeing and Pringins Mills P. Ltd. (Guj.) (v) Earthmetal Electricals Pvt. Ltd. vs CIT (SC) (vi) CIT vs Jalan Hard Coke Ltd., 95 taxmann.com 331 (SC) & 98 taxmann.com 330 (Raj.) (vii) CIT vs Gangandeep Infrastructure Pvt. Ltd., 394 ITR 680 (Bom.) (viii) CIT vs Himatsu Bimet Ltd., 12 taxmann.com 87 (Guj.) (ix) DCIT vs Rohini B…

SEJAL JEWELLERS PVT. LTD.,,SURAT vs. THE INCOME TAX OFFICER, WARD-2(1)(2),, SURAT

In the result, appeal of the assessee is allowed

ITA 435/AHD/2017[2012-13]Status: DisposedITAT Surat28 Feb 2022AY 2012-13

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.435/Ahd/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V Ug-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, S. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaqcs 8686 P (Appellant ) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H.P. Meena– CIT-DR

Section 131Section 131(1)(d)Section 133(6)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRIPAWAN SINGH, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA No.435/AHD/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V UG-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, s. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAQCS 8686 P (Appellant ) (Respondent) Assessee by :Shri Rasesh Shah, CA Respondent by :Shri H.P. Meena– CIT-DR सुनवाईकीतारीख/ Date of Hearing : 21/01/2022 घोषणाकीतारीख/Date of Pronouncement : 28/02/2022 आदेश / O R D E R PER DR…

ASST CIT 9(2)(1), MUMBAI vs. BRIMA SAGAR MAHARASHTRA DISTILLERIES LTD, MUMBAI

The appeal stands dismissed

ITA 756/MUM/2016[2011-12]Status: DisposedITAT Mumbai28 Jun 2021AY 2011-12

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Ravish Sood, Jm

For Appellant: Shri S.C.Tiwari – Ld. ARFor Respondent: Shri Sushil Kumar Mishra (Ld. CIT-DR)/

Section 133(6)Section 143(3)Section 68

…1 ITA Nos.756 & 4763/Mum/2016 Brima Sagar Maharashtra Distilleries Ltd. Assessment Years: 2011-12 & 2012-13 आयकर अपीलीय अिधकरण “बी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" एवं माननीय "ी रवीशसूद, "ाियक सद" के सम"। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI RAVISH SOOD, JM आयकरअपील सं./ I.T.A. No.756/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.4763/Mum/2016 (िनधा"रण वष" / Assessment Year: 2012-13) ACIT-9(2)(1) M/s Brima Sagar Maharashtra 665A, 6th Floor Distilleries Ltd. बनाम/ 7th Floor, Vaman T…

M/S MULTIVENTURE FINANCIAL SERVICES PVT LTD.,MUMBAI vs. ITO 3 (2)(2), MUMBAI

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

ITA 4882/MUM/2019[2010-11]Status: DisposedITAT Mumbai22 Feb 2021AY 2010-11

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

For Appellant: Shri Vishnu Aggarwal, A.RFor Respondent: Shri Bharat Andhala, D.R

Section 143(3)Section 2Section 2(47)

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA Nos.3715, 3716 & 3717/M/2019 Assessment Years: 2010-11, 2011-12, 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Financial Services Pvt. Room No.673A, 6th Floor, Ltd., Aayakar Bhavan, Vs. 113, 1st Floor, Maker M.K. Road, Chamber-V, Mumbai - 400020 Nariman Point, Mumbai – 400 021 PAN: AADCM 2372F (Appellant) (Respondent) Assessment Year: 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Properties Pvt. Ltd., Room No.673A, 6th Floor, 113, 1st Floor,…

ITO - 3(2)(2), MUMBAI vs. M/S MULTIVENTURE FINANCIAL SERVICES PVT. LTD, MUMBAI

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

ITA 3715/MUM/2019[2010-11]Status: DisposedITAT Mumbai22 Feb 2021AY 2010-11

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

For Appellant: Shri Vishnu Aggarwal, A.RFor Respondent: Shri Bharat Andhala, D.R

Section 143(3)Section 2Section 2(47)

JCIT (OSD)- 9(3)(1), MUMBAI vs. DILIP PAJWANI DEVELOPERS, MUMBAI

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 3050/MUM/2018[2012-13]Status: DisposedITAT Mumbai29 Jan 2020AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3050/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Jcit (Osd)-9(3)(1) बिधम/ M/S. Dilip Pajwani 215, 2Nd Floor, Aayakar Developers Vs. Bhavan, M.K. Marg, 8/66, Varma Nagar, Off, Azad Road, Andheri (E), Mumbai-400020. Mumbai-400069. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccd1949E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Drop Singh Meena (Sr. Ar) Assessee By: Shri Paresh Shaparia सुनवाई की तारीख / Date Of Hearing: 14/11/2019 घोषणा की तारीख /Date Of Pronouncement: 29/01/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 23.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -16, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Paresh ShapariaFor Respondent: Shri Drop Singh Meena (Sr. AR)

Section 115JSection 133(6)Section 143(1)Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3050/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) JCIT (OSD)-9(3)(1) बिधम/ M/s. Dilip Pajwani 215, 2nd Floor, Aayakar Developers Vs. Bhavan, M.K. Marg, 8/66, Varma Nagar, Off, Azad Road, Andheri (E), Mumbai-400020. Mumbai-400069. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCD1949E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Drop Singh Meena (Sr. AR) Assessee by: Shri Paresh Shaparia सुनवाई की तारीख / Date of Hearing: 14/11/2019 घोषणा की तारीख /Date o…

ITO 9 (1)(4), MUMBAI vs. ASHIANA HOMES MARTS PVT. LTD., MUMBAI

The appeal stand dismissed

ITA 5736/MUM/2018[2009-10]Status: DisposedITAT Mumbai05 Dec 2019AY 2009-10

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri S. Michael Jerald- Ld. DRFor Respondent: Shri Satish Mody–Ld. AR

Section 68

…1 Ashiana Home Marts Private Limited Assessment Year-2009-10 आयकर अपीलीय अिधकरण “ए” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय "ी सी. एन. "साद, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल, लेखा सद" के सम"। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No.5736/Mum/2018 (िनधा"रण वष" / Assessment Year:2009-10) ITO Ward-9(1)(4) Ashiana Home Marts Pvt. Ltd. R.No.260A, 2nd Floor बनाम/ Plot No. 209, Sher-e-Punjab Society Aaykar Bhawan, M.K.Road Mahakali Road, Andheri (East) Vs. Mumbai – 400 020 Mumbai – 400 93 "थायीलेखासं./जीआइआरसं./…

INCOME TAX OFFICER, LUDHIANA vs. SH SURENDER KUMAR PROP, LUDHIANA

The appeal of the Assessee is partly allowed for statistical purposes

ITA 747/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh08 Feb 2019AY 2011-12

Bench: Itat Shall Not Be Filed In Cases Where The Tax Effect Does Not Exceed The Monetary Limit Of Rs. 20 Lacs. The Tax Will Not Include Any Interest Thereon. It Is Further Clarified That If In The Case Of An Assessee, Disputed Issues Arise In More Than One Assessment Year, Appeal Can Be Filed In Respect Of Such Assessment Year Or Years In Which The Tax Effect In Respect Of Disputed Issues Exceeds The Monetary Limit So Specified.

For Appellant: NoneFor Respondent: Shri Manjit Singh

…wherever available, and copy of returns filed by the creditors in their remaining cases- All loans were received and repaid by the assessee by account payee cheques alongwith interest-Tribunal deleted the addition. Hindustan Inks & Resins Ltd. Vs DCIT (2011) 60 DTR 18 (Gujrat High Court) In the above said case, the Hon'ble High Court has held that where the assessee having established the identity of shareholders, additions u/s 68 could not be made on the ground that the assessee failed to explain the source of creditor. Further the assessee vide his reply dated 19.02.2014 and 10.03.2014 requested the AO to is…

SURINDER KUMAR,LUDHIANA vs. DCIT, LUDHIANA

The appeal of the Assessee is partly allowed for statistical purposes

ITA 475/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh08 Feb 2019AY 2011-12

For Appellant: NoneFor Respondent: Shri Manjit Singh

M/S. TIRUPATI ENERGY SOLUTION PVT. LTD.,,SURAT vs. THE INCOME TAX OFFICER, WARD-2(1)(4),, SURAT

In the result, the appeal of the assessee is partly allowed

ITA 573/AHD/2017[2012-13]Status: DisposedITAT Surat16 Oct 2018AY 2012-13

Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./I.T.A No.573/Ahd/2017 िनधा"रण वष"/A.Y.:2012-13 M/S. Tirupati Energy Solution Vs. Income Tax Officer, Pvt. Ltd. , 1/B Ratnadham Ward- 2(1)(4) Surat Vinay Apartment , Ratnadham Sankhul Piplod Surat Pan: Aacct 7044 G अपीलाथ" Appellant ""यथ"/Respondent

Section 131Section 133(6)Section 143Section 143(1)Section 143(2)Section 68

…ced reliance in the case of CIT v. Lovely Exports (P) Ltd. [2008] 319 ITR (St.) 5 (SC) [2008] 216 CTR (SC) / 18 ITJ 717 (SC). CIT v. Ranchhod Jivabhai Nakhava [2012] 81 CCH 193 Guj-HC / 21 taxmann.com 159 (Gujarat), Hindustan Inks & Resins Ltd. v. DCIT [2011] 60 DTR 18, CIT v. Ujala Dyeing and Printing Mills Pvt. Ltd. 328 ITR 437 (Gujarat) SLP dismissed by SC in 317 ITR (ST.)(1) , CIT v. Bhavana Property Tirupati Energy Solution Pvt. Ltd. v. ITO 2(1) (4) Surat/I.T.A. No.573/Ahd/2017/A.Y.:12-13 Page 16 of 31 Developers Ltd. I.T.A.No. 1039 of 2009-(Gujarat), CIT v. Himatsu Bimet Ltd. [2011] 12 taxmann.com 87 (Guja…

M/S KAMAL RAYON PVT. LTD.,,SURAT vs. ITO, WARD 1(1)(3), SURAT

In the result, appeal of the assessee is allowed

ITA 161/SRT/2018[2012-13]Status: DisposedITAT Surat03 Oct 2018AY 2012-13

Bench: Shri C.M.Garg & Shri O.P.Meena

Section 131Section 143(3)Section 68

…M/s. Kamal Rayon Pvt. Ltd. Vs. ITO, Ward.1(1)(3)/SRT/I.T.A. No. 161/SRT/2018/A.Y.12-13 Page 1 of 24 आयकर अपील"य अ"धकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT "ी सी.एम.गग", "या"यक सद"य तथा "ी ओ.पी.मीना, , , , लेखा सद"य के सम" BEFORE SHRI C.M.GARG, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A No.161/SRT/2018 िनधा"रण वष"/Assessment Year : 2012-13 M/s. Kamal Rayon Private Vs. The Income-tax Officer, Limited, Ward-1(1) (3), Surat. 1003, New Sardar Traders Market, Sahara Darwaja, Surat-395010 [PAN: AAMCS 3194 G] अपीलाथ" Appellant ""यथ"/Respondent "नधा"रतीक"ओ…

ITO, NEW DELHI vs. M/S. SOHAIL FINANCIALS LTD., NEW DELHI

ITA 4867/DEL/2011[2008-09]Status: DisposedITAT Delhi28 Sept 2018AY 2008-09

Bench: Shri Kuldip Singh & Shri Prashant Maharishiito, Vs. Sohail Financials Ltd, Ward-9(1), C-19, Kirti Nagar, New Delhi New Delhi Pan: Aabcs3643M (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri S.K. Tewari, Sr. DR

Section 131Section 132Section 143(2)Section 68

…llotted to them, the said share application money amounting Rs. 1940000/- cannot be taxed in the hands of the company on the basis of law postulated by various courts below:- Hindustan Link & Resins Ltd. Vs Deputy Commissioner of Income Tax (HC) (Guj.) (2011) 60 DTR 18 it is held that:- “...Income - Cash credit - Share application money — None of the authorities have recorded any findings to the effect that the identity of the depositors had not been established by the assesee - Case of the Revenue is that the assessee has failed to explain the source of such cash as well as creditworthiness of the depositors -De…