ITO v. V.R. Global Energy (P.) Ltd.

113 Taxmann.com 31Supreme Court of India2020#5613 most cited

What is ITO v. V.R. Global Energy (P.) Ltd. authority for?

Share capital and share premium cannot be treated as unexplained cash credits under section 68 of the Income Tax Act, especially when cash did not pass at any stage and entries made a complete round. The Supreme Court dismissed the Revenue's appeal against this view.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2021 to 2025.

Also referred to as

ITO v. V.R. Global Energy · Section 68 · share capital · share premium · unexplained cash credit · cash credit addition · genuineness of transaction · section 131 · scrutiny assessment · share application money

Also reported as

268 Taxmann 392

Sections most often in play

Section 68Section 143(2)Section 250Section 143(3)Section 131Section 133(6)Section 68 of the Income Tax ActSection 10(1)

Issues it is cited on

share capital and share premiumaddition under section 68share application moneyunexplained cash creditrule 46agenuineness of the transactionsection 68section 131scrutiny assessmentsection 133(6)salarysection 14a

Judgments citing ITO v. V.R. Global Energy (P.) Ltd.

M/S.Frohar Trading Private Limited, Mumbai vs. Income Tax Officer 6(3)1, Mumbai

In the result, both the appeals of the assessees are allowed

ITA 543/MUM/2018[2012-13]Status: DisposedITAT Mumbai06 Apr 2021AY 2012-13

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2012-13

For Appellant: Shri Vishnu Aggarwal, A.RFor Respondent: Shri Leena Srivastav, D.R
Section 143(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER Assessment Year: 2012-13 M/s. Frohar Trading Pvt. Income Tax Officer Ltd., 6(3)(1), L/7, A-001 Pratiksha 5th Floor, 524, Nagar, Vs. Aayakar Bhavan, New MHADA Colony, M.K. Road, Sion, Mumbai - 400020 Mumbai-400022 PAN: AACCF0551A (Appellant) (Respondent) Assessment Year: 2012-13 M/s. Fulton Corporation Income Tax Officer Pvt. Ltd., 6(3)(1), L/7, A-001 Pratiksha 5th Floor, 524, Nagar, Vs. Aayakar Bhavan, New MHADA Colony, M.K. Road, Sion, Mumbai - 400020 Mumbai-40002…