MOD Creation Pvt Ltd. v. Case

354 ITR 282High Court2013#640 most cited

What is MOD Creation Pvt Ltd. v. Case authority for?

Under Section 68 of the Income-tax Act, the initial burden is on the assessee to establish the authenticity of transactions for unexplained credits. Once authenticity is proven, this burden shifts, and the assessee is not required to prove the genuineness or source of funds of the creditor beyond this.

154

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2026.

Also referred to as

MOD Creation Pvt Ltd v. Case · Section 68 Income Tax Act · unexplained cash credits · burden of proof · onus to prove creditworthiness · authenticity of transactions · rebuttable presumption · assessee's burden shifts · source of source · bogus share capital · share capital and share premium

Sections most often in play

Section 133(6)Section 143(3)Section 147Section 132(4)Section 37(1)Section 68Section 69ASection 143(2)

Issues it is cited on

gaarsection 194qcreditworthiness of the creditorsource of sourcepaper companybogus share capitalshare capital and share premiumretraction of statementretracted statementsection 31section 251(2)section 158bb(1)

Judgments citing MOD Creation Pvt Ltd. v. Case

Pabal Housing Pvt. Ltd., Mumbai vs. DCIT- CC- 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2688/MUM/2018[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sood

…x Ltd (2013) 35 Taxmann.com289 (All-High Court) vi. CIT vs. JayDee Securities & Finance Ltd (2013) 32 Taxmann.com91 (All-High Court) vii. ACIT vs. Venkateshwarlspat Pvt Ltd (2009) 319 ITR 393 (Chhatisgarh-High Court) viii. Mod Creations Pvt Ltd vs. /TO (2013) 354 ITR 282 (Del- High Court) ix. CIT vs. Al Anam Agro Foods (P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pab…

Pabal Housing Pvt. Ltd., Mumbai vs. DCIT- CC - 1(3), Mumbai

In the result, both appeals filed by the assessee are

ITA 2687/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri G. Manjunatha & Shri Ravish Sood

…x Ltd (2013) 35 Taxmann.com289 (All-High Court) vi. CIT vs. JayDee Securities & Finance Ltd (2013) 32 Taxmann.com91 (All-High Court) vii. ACIT vs. Venkateshwarlspat Pvt Ltd (2009) 319 ITR 393 (Chhatisgarh-High Court) viii. Mod Creations Pvt Ltd vs. /TO (2013) 354 ITR 282 (Del- High Court) ix. CIT vs. Al Anam Agro Foods (P.) Ltd (2013) 38 Taxmann.corn 375 (All-High Court) x. CIT vs. Dwarkadhish Investment (P) Ltd (2011) 330 ITR 298 (Del-High Court) xi. CIT vs. Namastey Chemicals Pvt Ltd (2013) 33 Taxmann.com271 (Guj-High Court) xii. CIT vs. Peoples General Hospital Ltd (2013) 356 ITR 65 (MP-High Court) 25 M/s Pab…

Assistant Commissioner of Income Tax 20(2), Mumbai vs. Shri Joitkumar B. Jain, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5638/MUM/2017[2010-11]Status: DisposedITAT Mumbai05 Apr 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Bleasst. Commissioner Of V. Shri Joit Kumar B. Jain Income Tax – 20(2) Room No. 12, 1St Floor, Room No. 217, 2Nd Floor, New Municipal Building, Piramal Chambers, R.S. Nimkiar Marg, Lalbaug, Parel, Mumbai – 400 008 Mumbai-400 012 Pan: Aabpj 9794 M (Appellant) (Respondent) Assessee By : Shri V.C. Shah Department By : Shri Rajeev Gubgotra

For Appellant: Shri V.C. ShahFor Respondent: Shri Rajeev Gubgotra
Section 133(6)Section 68

…ts and circumstances of the present case. 7. Considering the above, no substantial question of law arises. The appeal stands dismissed. However, there is no order as to costs.” 22. The Hon'ble Delhi High Court in the case of MOD Creations Pvt. Ltd., v. ITO [354 ITR 282] held as under: - “13. In the light of the above principle, let us examine as to what the authorities below found vis-à-vis the genuineness of the transactions and the creditworthiness of their creditors. (i) The fact that there was sufficient balance available with the creditors when cheques have been issued to the assessee company was establi…

ITO -13(3)(3), Mumbai vs. Vishwa Vyapar Trading Pvt. Ltd., Mumbai

ITA 2888/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Apr 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Blei.T.O. – 13(3)(3) V. M/S. Viswa Vyapar Trading Pvt. Ltd., 607, 6Th Floor, Central Plaza Room No. 227, 2Nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 Pan: Aadcv 9568 L (Appellant) (Respondent) Assessee By : Shri Neelkanth Khandelwal Department By : Shri Rajeev Gubgotra

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Rajeev Gubgotra
Section 133(6)Section 68

…1,71,50,000/- u/s 68 in the case of the appellant is deleted. The grounds of appeal is allowed as above.” 15. None of the above findings have been controverted with evidences. 16. The Hon'ble Delhi High Court in the case of MOD Creations Pvt. Ltd., v. ITO [354 ITR 282] held as under: - “13. In the light of the above principle, let us examine as to what the authorities below found vis-à-vis the genuineness of the transactions and the creditworthiness of their creditors. 13 M/s. Viswa Vyapar Trading Pvt. Ltd., (i) The fact that there was sufficient balance available with the creditors when cheques have been is…

Deputy Commissioner of Income Tax 15(1)(1), Mumbai vs. Everest Aangan Private Limited, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1184/MUM/2018[2012-13]Status: DisposedITAT Mumbai29 Mar 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bledy. Commissioner Of Income V. M/S. Everest Aangan Pvt. Ltd., Tax – 15(1)(1) Shop No. 30, Room No. 470, 4Th Floor, Runwal Commercial Complex, Aayakar Bhavan, M.K. Road, Lbs Road, Mulund (W), Mumbai-400 020 Mumbai – 400 080 Pan: Aabce 6428 N (Appellant) (Respondent) Assessee By : Shri Nimesh Chothani Department By : Shri Rajesh Gubgotra

For Appellant: Shri Nimesh ChothaniFor Respondent: Shri Rajesh Gubgotra
Section 133(6)Section 68

…ct the AO to withdraw the addition. This ground is allowed. None of the above findings have been controverted with evidences by the Revenue. 11 M/s. Everest Aangan Pvt. Ltd., 13. The Hon'ble Delhi High Court in the case of MOD Creations Pvt. Ltd., v. ITO [354 ITR 282] held as under: - “13. In the light of the above principle, let us examine as to what the authorities below found vis-à-vis the genuineness of the transactions and the creditworthiness of their creditors. (i) The fact that there was sufficient balance available with the creditors when cheques have been issued to the assessee company was establi…

A.J.M. and Company, Mumbai vs. Deputy Commissioner of Income Tax-15(1)(1), Mumbai

In the result, the appeal is partly allowed

ITA 4567/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Mar 2019AY 2008-09

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 M/S A.J.M. & Co. 801, Dy. Cit-15(1)(1), Panchratna Opera House, Aayakar Bhavan, Vs. Mumbai-400004 Churchgate, Mumbai. Pan No. Aakfm0310R Appellant Respondent Assessee By : Ms. Aarti Vissanji, Ar Revenue By : Mr. Manish Kumar Singh, Dr Date Of Hearing : 08/03/2019 Date Of Pronouncement : 25/03/2019

For Appellant: Ms. Aarti Vissanji, ARFor Respondent: Mr. Manish Kumar Singh, DR
Section 143(1)Section 143(3)Section 147Section 148

…t as held in Shankar Ind v CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285; MOD Creations P. Ltd. v. ITO 354 ITR 282. We find that the AO incomplete disregard to the details filed by the assessee during the course of assessment proceedings mentioned by him at para 4.3 of the assessment order and without a finding that the party who gave the statement before the Director of Income Tax (Inv), Mumbai named the assessee to whom they have provided any accommodation…

The Dy. Commissioner of Income Tax, Central Circle-3, Surat vs. M/S. Happy Home Corporation, Surat

ITA 715/AHD/2017[2013-14]Status: DisposedITAT Surat15 Jan 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Appellant: Shri Rasesh Shah, CAFor Respondent: Smt.Smita Nair, Sr.DR
Section 131Section 133(6)Section 143(2)Section 68Section 80I

…ess of the transactions, which took between the creditor and sub-creditor and / or creditworthiness of the sub-creditor for these aspects may not be within the special knowledge of the assessee. Further, in the case of Mod. Creations Pvt. Ltd. Vs. ITO (2013) 354 ITR 282 (Del) it has been observed that the position was clarified by the Hon'ble Delhi High Court and it was held that the burden u/s. section 68 of the I.T., which is placed on the assessee, shifts as soon as the assessee establishes the authenticity of transactions as executed between the assessee and its creditors. It is no part of the assessee's bur…

The Dy. Commissioner of Income Tax, Central Circle-3, Surat vs. M/S. Happy Home Corporation, Surat

ITA 1991/AHD/2016[2012-13]Status: DisposedITAT Surat15 Jan 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Appellant: Shri Rasesh Shah, CAFor Respondent: Smt.Smita Nair, Sr.DR
Section 131Section 133(6)Section 143(2)Section 68Section 80I

…ess of the transactions, which took between the creditor and sub-creditor and / or creditworthiness of the sub-creditor for these aspects may not be within the special knowledge of the assessee. Further, in the case of Mod. Creations Pvt. Ltd. Vs. ITO (2013) 354 ITR 282 (Del) it has been observed that the position was clarified by the Hon'ble Delhi High Court and it was held that the burden u/s. section 68 of the I.T., which is placed on the assessee, shifts as soon as the assessee establishes the authenticity of transactions as executed between the assessee and its creditors. It is no part of the assessee's bur…

The ACIT, Cen-Circle, Kollam vs. M/S.Sabari Enterprises P. Ltd, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 360/COCH/2017[2015-2016]Status: DisposedITAT Cochin13 Dec 2018AY 2015-2016

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Cen-Circle, Kollam vs. M/S.Sabari Enterprises P. Ltd, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 359/COCH/2017[2014-15]Status: DisposedITAT Cochin13 Dec 2018AY 2014-15

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Cen-Circle, Kollam vs. M/S.Sabari Enterprises P. Ltd, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 358/COCH/2017[2012-13]Status: DisposedITAT Cochin13 Dec 2018AY 2012-13

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

Sri.P.Sunil Kumar, Kollam vs. The ACIT, Cen-Circle, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 355/COCH/2017[2011-12]Status: DisposedITAT Cochin13 Dec 2018AY 2011-12

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The DCIT, Cen-Circle, Kollam vs. Sri.P>Sunil Kumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 354/COCH/2017[2015-16]Status: DisposedITAT Cochin13 Dec 2018AY 2015-16

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The DCIT, Cen-Circle, Kollam vs. Sri.P>Sunil Kumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 352/COCH/2017[2014-15]Status: DisposedITAT Cochin13 Dec 2018AY 2014-15

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Kollam vs. Sri.P.Sunilkumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 351/COCH/2017[2013-14]Status: DisposedITAT Cochin13 Dec 2018AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Cen-Circle, Kollam vs. Sri.P.Sunil Kumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 350/COCH/2017[2012-13]Status: DisposedITAT Cochin13 Dec 2018AY 2012-13

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The Central Circle, Kollam vs. Sri.P.Sunil Kumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 349/COCH/2017[2011-12]Status: DisposedITAT Cochin13 Dec 2018AY 2011-12

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Kollam vs. Sri.P.Sunilkumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 348/COCH/2017[2010-11]Status: DisposedITAT Cochin13 Dec 2018AY 2010-11

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

The ACIT, Kollam vs. Sri.P. Sunil Kumar, Kollam

In the result, the appeals of the Revenue as well as the Cross

ITA 347/COCH/2017[2009-10]Status: DisposedITAT Cochin13 Dec 2018AY 2009-10

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 139(1)Section 153ASection 68

…e.” The Ld. AR relied on the following judgments of the High Courts in support of the above contention: 1) CIT vs. Sahibganj Electric Cables Pvt. Ltd. (115 ITR 408) (Cal.) 2) ACIT vs. Hanuman Agarwal (151 ITR 150) (Patna) 3) Mod Creations Pvt. Ltd. vs. ITO (354 ITR 282) (Delhi) 4) CIt vs. Anirudh Narayan Agarwal (84 CCH 24)(All.) 5) DCIT vs. Rohini Builders (265 ITR 360) (Guj.) 7. We have heard the rival submissions and perused the record. The seized material marked as SKP/KLM/DA 1 to 23 clearly showed a lot of trade activities between the assessee and these companies namely, M/s.Sabari Enterprises P Ltd, M…

Shri Pramod Kumar Sethi, Indore vs. The ACIT 3(1), Indore

In the result appeal filed by the revenue being I

ITA 392/IND/2014[2006-07]Status: DisposedITAT Indore06 Nov 2018AY 2006-07

Bench: Shri Kul Bharat & Shri Manish Borad

Section 133ASection 143(2)Section 143(3)Section 24Section 68

…nuine and the loan taken from these cash creditors are duly evidenced by necessary documents which proves the identity, genuineness and creditworthiness. 11. The Ld. Counsel also placed reliance on the following judgments; 1. Mod Creations (P) Ltd V/s ITO 354 ITR 282 (Delhi) 2. CIT v/s Peoples Gen. Hospital Ltd 356 ITR 65 (M.P) 3. CIT v/s Kinetic Cop Finance 354 ITR v/s 296 (Delhi) 4. Gangeshwari Metal (P) Ltd Income-tax Act, 1961, 597/2012 order dated 21.01.2013 (High Court of Delhi) 8 Pramod Kumar Sethi I.T.A. No. 382 & 383/Ind/14 12. We have heard rival contentions and perused the records placed before…