K.P. Varghese v. ITO

131 ITR 597Supreme Court of India1981#44 most cited

What is K.P. Varghese v. ITO authority for?

An addition to income cannot be made merely on the basis of a difference in valuation of assets or a Valuation Officer's report without establishing actual understatement of consideration or the source of unexplained funds through proper enquiry. The Assessing Officer must conduct proper enquiry and satisfy the conditions for making such additions.

989

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2000 to 2026.

Also referred to as

K.P. Varghese v. ITO · 131 ITR 597 · difference in valuation · unexplained investment · Valuation Officer report · deletion of addition · Assessing Officer enquiry · Section 69 · Section 69A · Section 115BBE · no addition on suspicion · understatement of consideration

Also reported as

7 Taxmann 13

Sections most often in play

Section 143(3)Section 153ASection 132Section 292CSection 69Section 153CSection 115BBESection 69A

Issues it is cited on

section 5(8)section 52closely held companyaccumulated profitsdumb documentssection 132(4a)section 131(1a)section 260section 69bsection 292csection 292bsection 292

Judgments citing K.P. Varghese v. ITO

Jasmine Anand, Delhi vs. ACIT, Central Circle-1, Delhi

In the result, the appeal of the revenue on this ground is dismissed

ITA 1145/DEL/2021[2018-19]Status: DisposedITAT Delhi16 Oct 2023AY 2018-19

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

For Appellant: Sh. Salil Kapoor, Adv. &For Respondent: Mr. Waseem Arshad, CIT-DR
Section 132Section 133ASection 269SSection 69B

…as what has been purchased by the assessee. The ld. CIT(A) relied on the judgments in the case of,  Gautam Laljibhai Gajjar Vs. ITO (37 ITD 514)  Dinesh Jain Vs. DCIT (34 SOT 444)  CIT Vs. Smt. Shakuntala Devi (316 ITR 46) (Del.)  K.P. Varghese Vs. ITO (131 ITR 597) (SC) 34. Having gone through the facts of the case narrated above and judgments relied upon by the ld. CIT(A), we are in total agreement with the decision of the ld. CIT(A) in deleting the addition. ITA Nos. 1145 & 1146/Del/2021 14 Jasmine Anand & Jaswinder Kaur Anand 35. In the result, the appeal of the revenue on this ground is dismissed.…

Thales Six Gts France Sas, Delhi vs. DCIT, 3(1)(1), Delhi

In the result, this appeal is allowed as indicated above

ITA 2380/DEL/2022[2017-18]Status: DisposedITAT Delhi09 Oct 2023AY 2017-18

Bench: Shri Shamim Yahya & Shri Anubhav Sharma[Assessment Year: 2017-18]

Section 119Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘I’: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER [Assessment Year: 2017-18] Thales Six GTS France SAS, The Deputy Commissioner of 7B, 2nd Floor, Main Pusa Road Income Tax, Rajendra Park, Delhi-110060 Vs Circle International Taxation 3(1)(1) Delhi-110002 PAN-AADCT0116G Assessee Revenue Assessee by Sh. Vishal Kalra, Adv. Ms. Reema Grewal, CA Revenue by Sh. Manvendra Goyal, CIT(DR) Date of Hearing 25.09.2023 Date of Pronouncement 09.10.2023 ORDER PER SHAMIM YAHYA, AM, This appeal by the assessee is directed ag…

Shri Bimal Paul, Silchar vs. Income Tax Officer, Ward-1, Silchar

In the result, both the appeals of the assessee are dismissed

ITA 8/GTY/2016[2011-12]Status: DisposedITAT Guwahati06 Oct 2023AY 2011-12

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: N o n eFor Respondent: Shri Arun Bhowmick, JCIT
Section 142Section 143(2)Section 143(3)Section 153(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL GAUHATI BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2010-11 & Assessment Year: 2011-12 Bimal Paul, Income Tax Officer, Ward-1, Prop. M/s. Lokenath Silchar, Assam Enterprise Rice Market, Vs. Fatak Bazar, Silchar- 788001, Assam (PAN: AJMPP9568K) (Appellant) (Respondent) Present for: Appellant by : N o n e Respondent by : Shri Arun Bhowmick, JCIT Date of Hearing : 17.07.2023 Date of Pronouncement : 06.10.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: Both the captioned appeals fi…

Shri Bimal Paul, Silchar vs. Income Tax Officer, Ward-1, Silchar

In the result, both the appeals of the assessee are dismissed

ITA 211/GTY/2014[2010-11]Status: DisposedITAT Guwahati06 Oct 2023AY 2010-11

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: N o n eFor Respondent: Shri Arun Bhowmick, JCIT
Section 142Section 143(2)Section 143(3)Section 153(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL GAUHATI BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2010-11 & Assessment Year: 2011-12 Bimal Paul, Income Tax Officer, Ward-1, Prop. M/s. Lokenath Silchar, Assam Enterprise Rice Market, Vs. Fatak Bazar, Silchar- 788001, Assam (PAN: AJMPP9568K) (Appellant) (Respondent) Present for: Appellant by : N o n e Respondent by : Shri Arun Bhowmick, JCIT Date of Hearing : 17.07.2023 Date of Pronouncement : 06.10.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: Both the captioned appeals fi…

J S Exim Pvt Ltd, Chennai vs. DCIT Circle-13(1), New Delhi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 854/DEL/2020[2013-14]Status: DisposedITAT Delhi04 Oct 2023AY 2013-14

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kedia

For Appellant: Mr. Amol Sinha, AdvFor Respondent: Mr. Waseem Arshad, CIT (DR)
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C” DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.854/DEL/2020 Assessment Year 2013-14 J.S Exim Private Ltd. Deputy Commissioner of Income No-55, Narayana Mudali Street Vs. Tax Tamil Nadu -600079 Circle-13(1) New Delhi. TAN/PAN: AABCJ8620P (Appellant) (Respondent) Appellant by: Mr. Amol Sinha, Adv. Respondent by: Mr. Waseem Arshad, CIT (DR) Date of hearing: 22 08 2023 Date of pronouncement: 04 10 2023 O R D E R PER PRADIP KUMAR KEDIA-AM: The captioned appeal has been filed by the assessee against…

DCIT, Circle- 2, Intl. Taxation, Dehradun vs. Schlumberger Asia Services Ltd., Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 5305/DEL/2018[2015-16]Status: DisposedITAT Dehradun15 Sept 2023AY 2015-16

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…used for oil and gas exploration" 11. It is also urged on behalf of the appellants that the instruction/Circular dated 22.10.1990 issued by the CBDT was binding on the primary authority on the ratio of the decision of this Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 . It has been further pointed on behalf of the appellants that even under the provisions of Section 3D of the Oil Fields (Regulation and Development) Act 1948 a mining lease means a lease granted for the purposes of searching for, winning, working, getting, making merchandisable, carrying away or disposing of mineral oils or for the p…

Schlumberger Asia Services Ltd., Dehradun vs. DCIT, Circle- 2, Intl. Taxation, Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 5223/DEL/2018[2015-16]Status: DisposedITAT Dehradun15 Sept 2023AY 2015-16

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…used for oil and gas exploration" 11. It is also urged on behalf of the appellants that the instruction/Circular dated 22.10.1990 issued by the CBDT was binding on the primary authority on the ratio of the decision of this Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 . It has been further pointed on behalf of the appellants that even under the provisions of Section 3D of the Oil Fields (Regulation and Development) Act 1948 a mining lease means a lease granted for the purposes of searching for, winning, working, getting, making merchandisable, carrying away or disposing of mineral oils or for the p…

DCIT, Circle- 2, Intl. Taxation, Dehradun vs. Schlumberger Asia Services Ltd., Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 6173/DEL/2017[2014-15]Status: DisposedITAT Dehradun15 Sept 2023AY 2014-15

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…used for oil and gas exploration" 11. It is also urged on behalf of the appellants that the instruction/Circular dated 22.10.1990 issued by the CBDT was binding on the primary authority on the ratio of the decision of this Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 . It has been further pointed on behalf of the appellants that even under the provisions of Section 3D of the Oil Fields (Regulation and Development) Act 1948 a mining lease means a lease granted for the purposes of searching for, winning, working, getting, making merchandisable, carrying away or disposing of mineral oils or for the p…

Schlumberger Asia Services Ltd., Dehradun vs. DCIT, Circle- 2, Intl. Taxation, Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 6126/DEL/2017[2013-14]Status: DisposedITAT Dehradun15 Sept 2023AY 2013-14

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…used for oil and gas exploration" 11. It is also urged on behalf of the appellants that the instruction/Circular dated 22.10.1990 issued by the CBDT was binding on the primary authority on the ratio of the decision of this Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 . It has been further pointed on behalf of the appellants that even under the provisions of Section 3D of the Oil Fields (Regulation and Development) Act 1948 a mining lease means a lease granted for the purposes of searching for, winning, working, getting, making merchandisable, carrying away or disposing of mineral oils or for the p…

Cognizant Technology Solutions India Private Ltd., Chennai vs. ACIT, Large Taxpayer Unit-1, Chennai

ITA 269/CHNY/2022[2017-18]Status: DisposedITAT Chennai13 Sept 2023AY 2017-18

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

For Appellant: Shri Ajay Vohra, Sr.CounselFor Respondent: Shri R.Shankaranarayanan
Section 115Section 115QSection 2(22)Section 391Section 393Section 46ASection 77A

…l gains arising to a shareholder on purchase of shares must be given full effect. He further referring to budget speech of the Hon’ble Finance Minister and also the decision of the Hon’ble Supreme Court in the case of K.P. Varghese v. ITO reported in [1981] 131 ITR 597 submitted that speech of the finance bill can be taken into consideration for discerning the legislative intent while interpreting the provisions of the statute. He had also referred to CBDT Circular No.779/1999 regarding clarification on tax issues arising out of the provision to allow buyback of shares by the company and submitted that the…

DCIT, Central Circle-3, Surat vs. Shri Mahendra Champaklal Mehta, Surat

In the result, IT(SS)A No

ITA 31/SRT/2021[2016-17]Status: DisposedITAT Surat06 Sept 2023AY 2016-17

Bench: Shri Pawan Singh & Dr. Arjun Lal Sainiit(Ss)A No. 06/Srt /2021 (Assessment Year: 2015-16)

Section 132Section 139Section 143(2)Section 153CSection 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr. ARJUN LAL SAINI, ACCOUNTANT MEMBER IT(SS)A No. 06/Srt /2021 (Assessment Year: 2015-16) ITA No. 31/Srt /2021 (Assessment Year: 2016-17) (Physical hearing) D.C.I.T., Shri Mahendra Champaklal Mehta, Central Circle-3, 803, Megh Mayur Apartment, Vs. Surat. Opp. Lourdes Convent School, Athwalines, Surat. PAN No. ABDPM 2709 A Appellant/ Revenue Respondent/ Assessee Department represented by Shri Ashok B. Koli (CIT-DR) Assessee represented by Shri Rasesh Shah, C.A. Date of hearing 02/08/2023 Date of pronouncement 0…

Ashutosh Sinha, Mumbai vs. ITO 4(2)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 643/MUM/2023[2016-17]Status: DisposedITAT Mumbai29 Aug 2023AY 2016-17
Section 147Section 148Section 56(2)(vii)

…Hon'ble Apex Court has time and again held that, where the provisions are inserted to deter tax evasion, then the same can apply only to tax evaders. Reliance is placed on the following decisions i. 372 ITR 746(SC) CIT vs. Sati Oil Udyog Ltd. (para 18-22) ii. 131 ITR 597 (SC) K. P. Verghese vs. ITO d. In the facts of the present case, there is no allegation that the transaction is a bogus capital building or money laundering transaction or that any excess consideration has been paid. In such case, the provisions of section 56(2)(vii) cannot be invoked. 9. Section 56(2)(vii)(b) provides that certain income shall b…

Shri Mayur Bansal, Gwalior vs. The DCIT, Central, Bhopal

In the result, appeals of the revenue in IT(SS)ANo

ITA 81/IND/2021[2018-19]Status: DisposedITAT Indore28 Aug 2023AY 2018-19

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 119Section 153ASection 156

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER IT(SS)A No.181/Ind/2020 (Assessment Year:2014-15) DCIT, Central Shri Mayur Bansal Bhopal Airtel Office, Sinde Ki Vs. Chawani Lashkar Gwalior (Appellant / Revenue) (Respondent/ Assessee) PAN: ACBPB 7860Q IT(SS)A No.182/Ind/2020 (Assessment Year:2014-15) DCIT, Central Shri Yogesh Bansal Gwalior Airtel Office, Sinde Ki Vs. Chawani Lashkar Gwalior (Appellant / Revenue) (Respondent/ Assessee) PAN: AHIPB 6667M Shri Mayur Bansal ACIT,…

Shri Ishak, Indore vs. The ITO 5(4), Indore

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

ITA 13/IND/2023[2011-12]Status: DisposedITAT Indore24 Aug 2023AY 2011-12

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanishri Ishak Ito 5(4) Kasturbagram S.O. Mundla Indore Vs. Nayata, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Akxpi 6044 D Assessee By Shri Milind Wadhwani, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 21.08.2023 Date Of Pronouncement 24.08.2023

Section 144Section 147Section 154

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER Shri Ishak ITO 5(4) Kasturbagram S.O. Mundla Indore Vs. Nayata, Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: AKXPI 6044 D Assessee by Shri Milind Wadhwani, AR Revenue by Shri Ashish Porwal, Sr. DR Date of Hearing 21.08.2023 Date of Pronouncement 24.08.2023 O R D E R Per Vijay Pal Rao, JM: This appeal by the assessee is directed against the order dated 22.11.2022 of Commissioner of Income Tax(Appeals), National Appeal Ce…

Shiv Kripa Hotels Private Limited, Jaipur vs. The DCIT, Circle-3

In the result, appeal of the assessee is allowed for statistical

ITA 443/JPR/2022[2013-14]Status: DisposedITAT Jaipur18 Aug 2023AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Manish Agarwal (CA)For Respondent: Smt. Monisha Choudhary (Addl. CIT) a
Section 142(1)Section 143(2)Section 143(3)Section 201(1)Section 40

…2012 2 3 Notes to clauses – Finance Bill, 2012 3-4 4 Copy of Judgment of Hon’ble Supreme Court in the case of CIT vs. J. 5-13 H. Gotla reported in 156 ITR 323 5 Copy of Judgment of Hon’ble Supreme Court in the case of K. P. 14-25 Verghese Vs. ITO reported in 131 ITR 597. S. No. Particulars Pg No. 1 Copy of written submission filed before ld. CIT(Appeals) during the 1-6 18 Shiv Kripa Hotels Pvt. Ltd., vs. DCIT course of appellate proceedings. 2 Copy of certificate issued by CA in accordance with first proviso to 7-8 sub-section (1) of section 201 of the Income Tax Act, 1961. 3 Copy of ITAT order passed for A.Y…

ACIT, CC-14, Delhi vs. Mayfair Resorts India Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 2008/DEL/2021[2010-11]Status: DisposedITAT Delhi17 Aug 2023AY 2010-11
For Appellant: Shri Yudhister Mehtani, CAFor Respondent: Shri Subhra Jyoti Chakraborty, CIT(DR)
Section 292CSection 69Section 69A

…yanasundaram (2006) 282 IT 259 (Madras) has held as under : "The burden of proving actual consideration in such transaction is that of the revenue. The Tribunal had given factual finding and, inter alia, held that the Apex Court in K.P. Varghese v. ITO (19911 131 ITR 597 | 7 Taxman 13 held that the burden of proving actual consideration in such transaction is that of the revenue. The Assessing Officer did not conduct any independent enquiry relating to the value of the property purchased. He merely relied upon the statement given by the seller If he would have taken independent enquiry by referring the matter to…

Deputy Commissioner of Income Tax, Central Circle -1, Guwahati vs. Bmg Informatics Pvt. Ltd., Guwahati

In the result, both, the appeal of the revenue as well as cross objection of the assessee are dismissed

ITA 61/GTY/2022[2016-17]Status: DisposedITAT Guwahati07 Aug 2023AY 2016-17

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2016-17

For Respondent: Shri Amit Kumar Pandey, JCIT
Section 131Section 133ASection 143(3)Section 147Section 148Section 69A

…essee has not provided any supporting documents in support of its claim that the assessee did not receive back any cash.” On this aspect of assessee being required to establish a negative fact, Hon’ble Supreme Court in the case of K. P. Vergese Vs. ITO [1981] 131 ITR 597 (SC) held that difference between the market value and consideration declared is not sufficient. Assessee must be shown to have reason more than what is declared which is disclosed by him as consideration. Only that income which is accrued or received is to be considered in computation and the burden of proof lies on the Department. 7.1. In the…

Extol Wind Ltd, Bhopal vs. The ITO Ward 1 (3), Bhopal

In the result, appeal of assessee is allowed for statistical purposes

ITA 30/IND/2023[2014-15]Status: DisposedITAT Indore14 Jul 2023AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniextol Wind Ltd. Ito Ward 1(3) 104, Jahangirbad Barkhedi Bhopal Vs. Road, Bhopal (Appellant / Assessee) (Respondent/ Revenue) Pan: Aaace 8607 N Assessee By Shri Pawan Ved, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 11.07.2023 Date Of Pronouncement 14.07.2023

Section 56(2)(viib)

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER Extol Wind Ltd. ITO Ward 1(3) 104, Jahangirbad Barkhedi Bhopal Vs. Road, Bhopal (Appellant / Assessee) (Respondent/ Revenue) PAN: AAACE 8607 N Assessee by Shri Pawan Ved, AR Revenue by Shri Ashish Porwal, Sr. DR Date of Hearing 11.07.2023 Date of Pronouncement 14.07.2023 O R D E R Per Vijay Pal Rao, JM: This appeal by the assessee is directed against the order dated 06.12.2022 of Commissioner of Income Tax(Appeal), National Faceles…

Sudesh Kumar(Through Legal Heir Ashish Kumar), New Delhi vs. DCIT, Central Circle-3, New Delhi

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

ITA 9876/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Jun 2023AY 2016-17

Bench: Dr. B. R. R. Kumarms. Astha Chandra

For Appellant: Sh. G. N. Gupta, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 153A

…dence that an amount of Rs. 41,75,000/- was paid to Smt. Shelly Vashisth in cash by the two vendee i.e. Shri Sudesh Kumar (since deceased) and Shri Arvind Manchanda. Hence, relying on the judgment of Hon’ble Supreme Court in the case of K.P. Varghese Vs. ITO (131 ITR 597), the addition of Rs.9,70,000/- made by the AO is hereby directed to be deleted. A.Y. 2016-17 Purchase of Asset: 7. During the search at the premises of the assessee, a document “agreement to sale & purchase” dated 10.10.2015 was found. As per the agreement Smt. Shefali Aggarwal wife of Sh. Rameshwar Das Aggarwal received Rs.70,00,000/- in cash…

Sudesh Kumar(Through Legal Heir Ashish Kumar), New Delhi vs. DCIT, Central Circle-3, New Delhi

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

ITA 9875/DEL/2019[2014-15]Status: DisposedITAT Delhi30 Jun 2023AY 2014-15

Bench: Dr. B. R. R. Kumarms. Astha Chandra

For Appellant: Sh. G. N. Gupta, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 153A

…dence that an amount of Rs. 41,75,000/- was paid to Smt. Shelly Vashisth in cash by the two vendee i.e. Shri Sudesh Kumar (since deceased) and Shri Arvind Manchanda. Hence, relying on the judgment of Hon’ble Supreme Court in the case of K.P. Varghese Vs. ITO (131 ITR 597), the addition of Rs.9,70,000/- made by the AO is hereby directed to be deleted. A.Y. 2016-17 Purchase of Asset: 7. During the search at the premises of the assessee, a document “agreement to sale & purchase” dated 10.10.2015 was found. As per the agreement Smt. Shefali Aggarwal wife of Sh. Rameshwar Das Aggarwal received Rs.70,00,000/- in cash…