Hindustan Tea Trading Co. Ltd. v. CIT

M/S. R.P. Singh & Co. Pvt. Ltd., New Delhi vs. ACIT, New Delhi

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2000-01 Vs. The Acit, Circle-15(1), C.R. M/S. R.P. Singh & Co. Pvt. Ltd., 382, Bhera Enclave Pachim Building, I.P. Estate, New Delhi Vihar, New Delhi Pan : Aaacr5778B (Appellant) (Respondent) Appellant By S/Sh. J.S. Kochar & U.S. Kochar, Advocates. Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 05.01.2017 Date Of Pronouncement 10.03.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Xviii, New Delhi, Dated 14.08.2012, For Assessment Year 2000-01 Raising The Following Grounds : 1) The Learned Commissioner Of Income Tax (Appeals) Erred In Law By Confirming The Addition Of Rs.13,90,000/- Received As Share Application Money, Despite The Fact That Out Of A Total Of 29 Share Applicants. I. 19 Applicants Whose Aggregate Investments Were Rs.10,15,000 Were Produced Before The A.O. & They Confirmed Their Investments. Ii. 2 Applicants With Aggregate Investments Of Rs.90,000 Had Since Died & Their Death Certificates Were Filed. Iii. Request Was Made To The Assessing Officer To Issue Summons U/S 131 To 4 Applicants With Aggregate Investment

…r, after considering the various decisions of the Hon’ble High Courts in paragraph 14 and 15 of the judgment, the Hon’ble High Court considered the decision of the Hon’ble Calcutta High Court in the case of Hindustan Tea Trading Company Limited Vs. CIT (2003) 263 ITR 289 (Cal), wherein the bench opined that in case of a subscription to share capital, section 68 of the Act is to be resorted, it is necessary for the 13 AY: 2000-01 assessee to prove and establish the identity of the subscriber, their creditworthiness and the genuineness of the transaction and once material to prove these ingredients are produced it…

Shri Bikram Singh, New Delhi vs. DCIT, New Delhi

…r, after considering the various decisions of the Hon’ble High Courts in paragraph 14 and 15 of the judgment, the Hon’ble High Court considered the decision of the Hon’ble Calcutta High Court in the case of Hindustan Tea Trading Company Limited Vs. CIT (2003) 263 ITR 289 (Cal), wherein the bench opined that in case of a subscription to share capital, section 68 of the Act is to be resorted, it is necessary for the assessee to prove and establish the identity of the subscriber, their creditworthiness and the genuineness of the transaction and once material to prove these ingredients are produced it is for the AO t…

Pc Commissioner of Income Tax-1 vs. Green Valley Plywood Limited

The appeal is dismissed both on the grounds of the delay in filing as well

…7 ITA 358/2016 Page 3 of 3 decision of the Calcutta High Court in Hindustan Tea Trading Company v Commissioner of Income Tax (2003) 263 ITR 289 (Cal) to urge that in such event the matter should be remanded to the CIT (A) for a fresh consideration of the genuineness and creditworthiness of the creditors. 7. The Court is not willing to accept the above submission for the reason that the AY in question is of 2003-04 and at this stage to remand the matter to enable the Revenue to re…

ITO Ward- 7 (4) vs. Sbs Properties & Finvest (P) Ltd

Bench: Shri J. Sudhakar Reddy & Ms. Suchitra Kamble

…issal of SLP by the Hon’ble Supreme Court without assigning any reasons and, therefore, the said summary dismissal did not have any binding precedent. The AO relied upon the judgement in the case of CIT v. Ruby Traders 263 ITR 300 and CIT v. Hindustan Tea Co. 263 ITR 289 to hold that it is for the assessee to establish the genuineness and creditworthiness of the investing company. The AO also referred the judgement of the Delhi High Court in the case of Antarctica Investments (P) Ltd. 262 ITR 493 wherein it was held that addition can only be deleted if the assessee furnish the source of investment in share capita…

Income Tax Officer, New Delhi vs. Sbs Properties Pvt. Ltd, New Delhi

Bench: Shri J. Sudhakar Reddy & Ms. Suchitra Kamble

…issal of SLP by the Hon’ble Supreme Court without assigning any reasons and, therefore, the said summary dismissal did not have any binding precedent. The AO relied upon the judgement in the case of CIT v. Ruby Traders 263 ITR 300 and CIT v. Hindustan Tea Co. 263 ITR 289 to hold that it is for the assessee to establish the genuineness and creditworthiness of the investing company. The AO also referred the judgement of the Delhi High Court in the case of Antarctica Investments (P) Ltd. 262 ITR 493 wherein it was held that addition can only be deleted if the assessee furnish the source of investment in share capita…

ITO, New Delhi vs. M/S. Himalaya Finlease (P) Ltd, New Delhi

In the result appeal of the revenue is dismissed

Bench: Shri H.S.Sidhu & Shri Prashant Maharishiito, Himalaya Finlease (P) Ltd, Ward-12(4), 17, 3Rd Floor, Pusa Road, New Delhi Vs. New Delhi Pan:Aabch2336L (Appellant) (Respondent)

…en of proof on the taxpayer to explain the nature and source of the credit found in the books, this at best can be the initial burden Where the explanation is prima facie credible, the burden shifts to the other party. In Hindustan Tea Trading Co vs CIT (2003 263 ITR 289), subscriptions for share application money were received from the public and the assessee had disclosed all the particulars, including the addresses of the subscribers, the question of treating the same as unexplained credit does not arise. Similarly, in the CIT vs Shree Barkha Synthetics Ltd (2004-270 ITR 477) case, the Rajasthan High Court hel…

CIT vs. Globus Securities & Finance Pvt Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…ITA 409/2012 Page 1 of 20 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 409/2012 Reserved on: 2nd December,2013 % Date of Decision: 10th December,2013 COMMISSIONER OF INCOME TAX DELHI ..... Appellant Through Mr. Sanjeev Sabharwal, Sr. Standing Counsel versus GLOBUS SECURITIES & FINANCE PVT. LTD ..... Respondent Through Mr. Salil Kapoor with Mr. Sanat Kapoor, Mr. Vikas Jain and Ms. Sugandha Anand,…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…======================================================================= ITA 341/2012 Page 1 of 67 *IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on : 13th August, 2013 Judgment pronounced on: 28th November, 2013 + ITA 341/2012 COMMISSIONER OF INCOME TAX-II ..... Appellant Through Mr. N.P. Sahni with Mr. Ruchesh Sinha, Advocates. Versus MAF ACADEMY P. LTD. ..... Respondent Through Dr. Rakesh Gupta with Ms. Rani Kiyala and Mr. Rishabh Kapoor, Advocates.…

Commissioner of Income Tax-II vs. Maf Academy P. Ltd

…======================================================================= ITA 341/2012 Page 1 of 67 *IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on : 13th August, 2013 Judgment pronounced on: 28th November, 2013 + ITA 341/2012 COMMISSIONER OF INCOME TAX-II ..... Appellant Through Mr. N.P. Sahni with Mr. Ruchesh Sinha, Advocates. Versus MAF ACADEMY P. LTD. ..... Respondent Through Dr. Rakesh Gupta with Ms. Rani Kiyala and Mr. Rishabh Kapoor, Advocates.…

CIT vs. Nr Portfolio Pvt Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…f r Reserved on: 14^'' August, 2013 % Date of Decision : 22"^* November, 2013 b $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + INCOME TAX APPEAL NO. 1019/2011 COMMISSIONER OF INCOME TAX Appellant Through Mr. Sanjeev Sabharwal, Sr. Standing Counsel. versus NR PORTFOLIO PVT LTD. Respondent Through Dr. Rakesh Gupta and Mr. RishabhKapoor, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE SANJEEV SACHDEVA SANJIV KHANNA, J. For detailed order see ITA 1018/2011, Commissioner ofIncome Tax VsNR Portfolio Pvt. Ltd. pronounced today. NOVEMBER 22"^ 2013 NA —. (SANJIV KHANNA) JUDGE 'Ojud , — (SANJEEV SAC…

Commissioner of Income Tax vs. Nr Portfolio Pvt Ltd

…ITA Nos. 1018/2011 & 1019/2011 Page 1 of 24 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + INCOME TAX APPEAL NO. 1018/2011 Reserved on: 14th August, 2013 % Date of Decision : 22nd November, 2013 COMMISSIONER OF INCOME TAX ..... Appellant Through Mr. Sanjeev Sabharwal, Sr. Standing Counsel. versus NR PORTFOLIO PVT LTD. ..... Respondent Through Dr. Rakesh Gupta and Mr. Rishabh Kapoor, Advocates. + INCOME TAX APPEAL NO. 1019/2011…