Income-tax Officer v. Cornerstone Property Investments (P.) Ltd.

164 Taxmann.com 464Supreme Court of India2024#16906 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2024 to 2026.

Sections most often in play

Section 1961 Section 133(6)Section 133(6) of the Income-tax Act Section 133A Section 142(1) of the Income-tax Act Section 143(1) of the Income-tax Act Section 143(3)Section 148 of the Income-tax Act

Issues it is cited on

share capital and share premium section 56(2)(viib)section 45 section 56(2)share application money section 2(24)transfer pricing adjustment fair market value section 56 genuineness of the transaction section 28 scrutiny assessment

Judgments citing Income-tax Officer v. Cornerstone Property Investments (P.) Ltd.

Kameshwar Alloys and Steels Pvt. Ltd., Kolkata vs. ACIT, Central Circle-1, Ranchi

In the result, the appeal of the assessee is allowed

ITA 49/RAN/2024[2014-15]Status: DisposedITAT Ranchi14 Jan 2026AY 2014-15

Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahayi.T.A. No.49/Ran/2024 Assessment Year: 2014-15 Kameshwar Alloys & Steels Pvt. Ltd….…............................……….……Appellant 128/3, Hazra Road, Bhawanipur, Kol-700026.. [Pan: Aadck6558K] Vs. Acit, Cc-1, Ranchi.................……….…..….........……........……...…..…..Respondent Appearances By: Shri Devesh Poddar, Adv., Appeared On Behalf Of The Appellant. Shri Md. Shadab Ahmed, Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : December 16, 2025 Date Of Pronouncing The Order : January 14, 2026 Order Per Sonjoy Sarma: This Appeal Filed By The Assessee Is Directed Against The Order Of The Cit(A)-3, Patna (Hereinafter Referred To As “Cit(A)”) Dated 05.02.2024 Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”). 2. Brief Facts Of The Case Are That The Assessee Company, Filed Its Return Of Income For The Assessment Year Under Consideration. The Case Was Originally Selected For Scrutiny On The Issue Of Share Capital & Share Premium Received During The Year. The Assessing Officer Completed The Assessment Ex Parte Under Section 144 Of The Income-Tax Act, 1961, On The Ground Of Alleged Non-Compliance & Made An Addition Of ₹2,00,00,000 Being Share Capital & Share Premium Received From Various Companies, Treating The Same As Unexplained Under Section 68 Of The Act. Subsequently, A Search & Seizure Operation Under

Section 131Section 132(1)Section 133(6)Section 133ASection 143(3)Section 144Section 153ASection 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH-RANCHI VIRTUAL HEARING AT KOLKATA Before Shri Sonjoy Sarma, Judicial Member and Shri Ratnesh Nandan Sahay, Accountant Member I.T.A. No.49/Ran/2024 Assessment Year: 2014-15 Kameshwar Alloys And Steels Pvt. Ltd….…............................……….……Appellant 128/3, Hazra Road, Bhawanipur, Kol-700026.. [PAN: AADCK6558K] vs. ACIT, CC-1, Ranchi.................……….…..….........……........……...…..…..Respondent Appearances by: Shri Devesh Poddar, Adv., appeared on behalf of the appellant. Shri Md. Shadab Ahmed, DR, appeared on behalf of the Respondent. Date of concluding the hea…

M/S Anjeneye Ispat Ltd., Saraikela vs. Deputy Commissioner of Income Tax, Circle-1, Jamshedpur

In the result the appeal of the assessee is allowed

ITA 74/RAN/2022[2008-09]Status: DisposedITAT Ranchi06 Jan 2026AY 2008-09

Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahayi.T.A. No.74/Ran/2022 Assessment Year: 2008-09 M/S Anjeneya Ispat Ltd.…………….…….…............................……….……Appellant 29, Rain Basera, Sanjay Nagar Colony, Adityapur, Saraikela, Jharkhand – 831013. [Pan: Aagca1031N] Vs. Dcit, Circle-1, Jamshedpur……....….…..….........……........……...…..…..Respondent Appearances By: Shri Devesh Poddar, Ar, Appeared On Behalf Of The Appellant. Shri Kanhaiya Lal Kanak, Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 11, 2025 Date Of Pronouncing The Order : January 06, 2026 Order Per Sonjoy Sarma: This Appeal Filed By The Assessee Is Directed Against The Order Of The Cit(A), Jamshedpur (Hereinafter Referred To As “Ld. Cit(A)”) Dated 21.08.2018 Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”). 2. Brief Facts Of The Case Are That The Assessee Company Is Engaged In The Manufacturing Of Pig Iron. It Filed Its Return Of Income Declaring Total Income Of ₹1,41,05,250, Which Was Processed Under Section 143(1). During The Assessment Proceedings, The Assessing Officer Noticed That The Assessee Had Received Share Capital & Share Premium Aggregating To ₹3,00,00,000 During The Relevant Previous Year. The Assessing Officer Issued Notices Under Sections 142(1) & 148 Requiring The Assessee To Furnish Complete Details Of The Share Applicants, Including Identity, Creditworthiness & Genuineness Of The Transactions. In Response, The Assessee Furnished Complete Details In Respect Of The Share Capital/Share Premium Received From The Following Parties:

Section 133(6)Section 143(1)Section 154Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH-RANCHI VIRTUAL HEARING AT KOLKATA Before Shri Sonjoy Sarma, Judicial Member and Shri Ratnesh Nandan Sahay, Accountant Member I.T.A. No.74/Ran/2022 Assessment Year: 2008-09 M/s Anjeneya Ispat Ltd.…………….…….…............................……….……Appellant 29, Rain Basera, Sanjay Nagar Colony, Adityapur, Saraikela, Jharkhand – 831013. [PAN: AAGCA1031N] vs. DCIT, Circle-1, Jamshedpur……....….…..….........……........……...…..…..Respondent Appearances by: Shri Devesh Poddar, AR, appeared on behalf of the appellant. Shri Kanhaiya Lal Kanak, DR, appeared on behalf of the Respondent. D…

Assistant Commissioner of Income Tax, Circle -1, Nagpur vs. M/S Raghav Finvest Pvt Ltd, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 121/NAG/2020[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

…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.95/Nag./2018 (Assessment Year : 2012–13) Dy. Commissioner of Income Tax ……………. Appellant Circle–1, Nagpur v/s M/s. Nihal Gits Pvt. Ltd. ……………. Respondent 101, Jai Bhawani Society Wardhaman Nagar, Nagpur 440 008 PAN – AADCN1714G Assessee by : Shri Abhay Agrawal Revenue by : Shri Abhay Y. Marathe ITA no.237/Nag./2018 (Assessment Year : 2012–13) Asstt. Commissioner of Income Tax ……………. Appellant Circle–1, Nagpur v/s M/s. Vishnu Gilts Pvt. Ltd. 101, Jai Bhawani Society ……

Dy Commissioner of Income Tax, Circle-1, Nagpur vs. M/S Nihal Gits Pvt.Ltd, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 95/NAG/2018[2012-2013]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-2013

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

Asstt.Commissioner of Income Tax Circle-1, Nagpur vs. Vishnu Gilts Pvt.Lt, Nagpur

In the result, appeal filed by the Revenue is dismissed

ITA 237/NAG/2018[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe