(i) CIT v. Focus Exports (P.) Ltd.

51 Taxmann.com 46High Court2014#1412 most cited

What is (i) CIT v. Focus Exports (P.) Ltd. authority for?

An addition under Section 68 for cash credits or share application money is not permissible if the assessee satisfactorily explains the identity and creditworthiness of the investor and the genuineness of the transaction.

81

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Focus Exports (P.) Ltd. · Section 68 · cash credit · unexplained money · share application money · genuineness of transaction · creditworthiness · identity of investor · burden of proof

Also reported as

228 Taxmann 88

Sections most often in play

Section 132Section 147Section 148Section 68Section 101Section 102Section 124(3)Section 132A

Issues it is cited on

share application moneyaddition u/s 68genuineness of the transactionsection 133(6)unexplained cash creditsection 68previous yeartransferpersoncompanyindiadocument

Judgments citing (i) CIT v. Focus Exports (P.) Ltd.

M/S. Khatri Projects Pvt. Ltd., Delhi vs. ITO, Delhi

In the result, the appeal filed by the assessee is allowed

ITA 4353/DEL/2016[2007-08]Status: DisposedITAT Delhi16 Dec 2016AY 2007-08

Bench: Sh. N. K. Sainiita No. 4353/Del/2016 : Asstt. Year : 2007-08 M/S Khatri Projects Pvt. Ltd., Vs Income Tax Officer, A-2/106, Sector-16, Rohini, Ward-5(2), Delhi-110085 Delhi (Appellant) (Respondent) Pan No. Aacck7376A Assessee By : Sh. Vivek Bansal, Adv. Revenue By : Sh. Rajesh Kumar, Sr. Dr Date Of Hearing : 19.10.2016 Date Of Pronouncement : 16.12.2016 Order This Is An Appeal By The Assessee Against The Order Dated 30.05.2016 Of Ld. Cit(A)-36, New Delhi.

For Appellant: Sh. Vivek Bansal, AdvFor Respondent: Sh. Rajesh Kumar, Sr. DR
Section 139(1)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC-II’, NEW DELHI Before Sh. N. K. Saini, Accountant Member ITA No. 4353/Del/2016 : Asstt. Year : 2007-08 M/s Khatri Projects Pvt. Ltd., Vs Income Tax Officer, A-2/106, Sector-16, Rohini, Ward-5(2), Delhi-110085 Delhi (APPELLANT) (RESPONDENT) PAN No. AACCK7376A Assessee by : Sh. Vivek Bansal, Adv. Revenue by : Sh. Rajesh Kumar, Sr. DR Date of Hearing : 19.10.2016 Date of Pronouncement : 16.12.2016 ORDER This is an appeal by the assessee against the order dated 30.05.2016 of ld. CIT(A)-36, New Delhi. 2. The following grounds have been raised in this appeal:…