McDowell & Co. Ltd. v. CTO

Virendra Pratap, Delhi vs. ITO, Ward- 61(3), New Delhi

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘F’ : NEW DELHI) BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.3486/Del./2018 (Assessment Year : 2014-15) Shri Virendra Pratap, vs. ITO, Ward 61 (3), 155, Teliwara Road, New Delhi. Sadar Bazar, Delhi – 110 006. (PAN : AFVPP5006P) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Ved Jain, CA REVENUE BY : Ms. Ranu Mukharji, Senior DR Date of Hearing : 09.02.2021 Date of Order : 23.04.2021 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, Shri Virendra Pratap (hereinafter referred to as ‘the assessee’) by filing…

ITO, Ward- 27(4), New Dlehi vs. Zexus Air Services Pvt. Ltd., Gurgaon

In the result, the appeal filed by the Revenue as well as the CO filed by the assessee are dismissed

Bench: Shri R.K. Panda & Ms. Suchitra Kambleassessment Year: 2014-15 Ito, Vs Zexus Air Services Pvt. Ltd., Ward-27(4), 148-149, Centrum Plaza, New Delhi. Sector-53, Dlf Phase-V, Gurgaon. Pan: Aaacz6541L Co No.121/Del/2018 (Ita No.2608/Del/2018) Assessment Year: 2014-15 Zexus Air Services Pvt. Ltd., Vs. Ito, 148-149, Centrum Plaza, Ward-27(4), Sector-53, Dlf Phase-V, New Delhi. Gurgaon. Pan: Aaacz6541L (Appellant) (Respondent) Assessee By : Shri Gaurav Bansal, Ca Revenue By : Smt. Sushma Singh, Cit-Dr Date Of Hearing : 31.03.2021 Date Of Pronouncement : 23.04.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 12Th January, 2018 Of The Cit(A)-9, New Delhi, Relating To Assessment Year 2014-15. Co No.121/Del/2018 The Assessee Has Filed The Co Against The Appeal Filed By The Revenue. For The Sake Of Convenience, These Were Heard Together & Are Being Disposed Of By This Common Order.

…ire amount of face value has been booked as goodwill." The assessee is not permitted under law to use of this coloured device to reduce incidence of tax and also can't be part of the tax planning as held in the celebrated case of McDowell and Co. Ltd. Vs. CTO 154 ITR 148 (SC). It was observed by the the Hon’ble Supreme Court: “Colourable devices cannot be part of tax planning and it is wrong to encourage avoidance of tax by dubious methods. It is for the court to take stock and determine the nature of legal devices to avoid taxes, and to expose these devices for what they really are ” iii. Even the assessee could…

Kasper Information Technology Pvt. Ltd., New Delhi vs. ITO Ward-14(2), New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ITO Ward - 14(2), New Delhi vs. Kasper Information Technology Pvt Ltd, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ITO Ward - 13(3), New Delhi vs. Jingle Bells Aluminium Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

Jingle Bells Aluminium, New Delhi vs. ITO Ward - 13(3), New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

Kasper Information Technology P.Ltd, New Delhi vs. ITO, Ward-14(2), New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

Landsky Real Estates P.Ltd, New Delhi vs. ITO, Ward-15(1), New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, Ghaziabad

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ITO, Ward-7(1), New Delhi vs. Delight Resorts P.Ltd, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

M/S Globus Real Infra Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ACIT, New Delhi vs. M/S. Star Light Consumer Electronics Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ACIT, New Delhi vs. M/S. Superstar Agency Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ACIT, New Delhi vs. M/S. Sur Buildcon Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…

ITO, New Delhi vs. M/S Stylish Construction Pvt. Ltd., New Delhi

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…end & Claimed by the Income, Operation other assessee Income 2011-12 393934 2380822 2774756 114440 0.01 2012-13 368137 368137 (0.05) (820515) 12. Thereafter, he has quoted the judgment of Hon’ble Supreme Court in the case of Mc. Dowell and Co. Ltd. in (1985) 154 ITR 148 and after detail reasoning and referring to catena of judgments, he held that the credits aggregating to Rs.73,50,00,000/- is to be taxed u/s.68, because the assessee has failed to prove the genuineness of the transaction and the creditworthiness of the parties. 13. Ld. CIT(A) though held that on the facts and circumstances of the case, addition…