Napar Drugs (P) Ltd. v. DCIT

98 ITD 285Income Tax Appellate Tribunal#18976 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2024.

Sections most often in play

Section 10(38) of Income Tax Act Section 101 of Indian Evidence Act Section 102 of Indian Evidence Act Section 131 of Income Tax Act Section 142(1) of Income Tax Act Section 142(2) of Income Tax Act Section 142(3) of Income Tax Act Section 143(2) of Income Tax Act

Issues it is cited on

section 131 genuineness of the transaction section 10 income from other sources undisclosed income previous year section 143(2)section 13 person company india total income

Judgments citing Napar Drugs (P) Ltd. v. DCIT

SACHIN KANODIA,NEW DELHI vs. ITO WARD - 42(2), NEW DELHI

Appeal are dismissed

ITA 9504/DEL/2019[2015-16]Status: DisposedITAT Delhi10 May 2024AY 2015-16

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 142(2)Section 143(2)Section 2Section 68Section 69C

…o.669/PN/2012 dated 04.03.2014, Hon'ble ITAT, Mumbai in the case of Sh. Arvind M. Kariya in I.T.A. No.7024/Mum/2010 dated 16.01.2013, Hon'ble ITAT Chandigarh in the case of Sh. Chandan Gupta, ITA No. 552/Chd/2008 dated 26.09.2013 and Hon'ble ITAT, Delhi Bench 98 ITD 285 in the case of M/s Napar Drugs Limited. 5.2.14 Reference is made to the recent decision in the case of Sanjay Bimalchand Jain vs. Pr CIT in which Hon'ble Bombay High Court has vide its order dated 16.12.2017 has held as under: "(iv) The authorities have recorded a clear finding of fact that the assessee had indulged in a dubious share transactio…

ACIT CIRCLE-28(1), DELHI vs. SAM OVERSEAS, NEW DELHI

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

ITA 169/DEL/2021[2011-12]Status: DisposedITAT Delhi22 Jun 2023AY 2011-12

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

For Appellant: Sr. Advocate

Section 195

…recording of the unrecorded bills. Hon'ble Apex Court in the case of Uma Charan Shaw v. CIT 37 ITR 271 SC has observed that A suspicion however strong cannot take the place of evidence. The Assessing Officer has cited the case of Napar Drugs (P) Ltd. vs DCIT 98 ITD 285 of the Hon’ble Delhi High Court to state.....the fall scope of picture which emerges has to be taken cognizance of However in this case the facts are different, as in this case the Revenue found blank sale deed, share certificates, etc. on the premises which wasn't the case in the Assessee's present case. In the instant case the Survey team discov…

SAM OVERSEAS ,NEW DELHI vs. ACIT CIRCLE- 24(1), NEW DELHI

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

ITA 1695/DEL/2020[2011-12]Status: DisposedITAT Delhi22 Jun 2023AY 2011-12

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

For Appellant: Sr. Advocate

Section 195

M/S. B.K. JENA & ASSOCIATES,KUJANG vs. PR. CIT, CUTTACK

In the result, appeal of the assessee stands partly allowed

ITA 365/CTK/2019[2014-15]Status: HeardITAT Cuttack16 Sept 2022AY 2014-15

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2014-15 M/S. B.K.Jena & Associates, M/S. B.K.Jena & Associates, Vs. Pr. Cit, Cuttack Pr. Cit, Cuttack Rangiagarh, Rangiagarh, Jhimani, Jhimani, Kujang, Kujang, Jagatsinghpur Jagatsinghpur Pan/Gir No. No.Aagfb 4157 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty P.R.Mohanty, Ar Revenue By : Shri M.K.Gautam, Cit ( Cit (Dr) Date Of Hearing : 16/9/ 20 / 2022 Date Of Pronouncement : 16/ /9/2022 O R D E R Per Bench

For Appellant: Shri P.R.MohantyFor Respondent: Shri M.K.Gautam, CIT (

Section 263

…d to condone the delay of 347 days in filing these appeals. In view of above facts, it is requested that delay should not be condoned”. 5. Ld CIT DR also placed reliance on the decision of Third Member of ITAT Delhi Benches in the case of Napar Drugs P. Ltd., 98 ITD 285 (Del TM)., wherein, at page 358 para 77, the Third Member has categorically held that “ The Tribunal while deciding the appeal has to accord a treatment of equality between the assesse and the revenue. However, the fact that Hon’ble Judicial member has repeatedly referred to these P a g e 4 | 15 Assessment Year : 2014-15 questions makes me pause…

MANGILAL JAIN ,DARJEELING vs. ITO, WARD - 3(3), DARJEELING , DARJEELING

Appeal is allowed

ITA 729/KOL/2018[2014-15]Status: DisposedITAT Kolkata15 May 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Mangilal Jain Income Tax Officer, बनाम / C/O Advocate Pradip Ward-3(3), Nr. Lal V/S. Lakhotia, 2Nd Floor, Metro Kothi, Darjeeling Plaza, Sf Road, Siliguri-734005 [Pan No.Afkpj 4178 D] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Dhiraj Lakhotia, A.R अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 05-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R This Assessee’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income-Tax (Appeals)-Siliguri’S Order Dated 22.03.2018 Passed In Case No.69/Cit(A)/Slg/2016-17, Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Assessee’S Sole Substantive Grievance Raised In The Instant Appeal Seeks To Reverse Both The Lower Authorities Findings Treating His Short Term Capital Loss (Stcl) Arising From Sale Of Shares After Payment Of Security Transaction Tax (Stt), Amounting To ₹1,92,320/- As Bogus Unexplained Cash Credits. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- “4. Decision :- I Have Perused The Assessment Order, The Grounds Of Appeal & The Submissions Made By The Ld.. A/R On Behalf Of The Appellant. My Observations & Findings Are As Under :- 4.1. The Present Appeal Emanates After Disallowing Rs. 11,92,320/- Arising Out Of Shares Transaction & Treated The Same As Bogus. In This Case The Assessee Purchased 32000 Shares Of Global Infratech & Finance Ltd. Through Eureka Stock & Shares Broking Services Limited @ Rs. 77.37 Per Share Aggregating To Rs. 24,79,714/- On 11.02.2014 & Further Sold The

Section 131Section 133ASection 143(3)Section 69

…e placed upon the decisions of Hon'ble ITAT, Pune in the case of Sh. Zikrullah Chaudhary in ITA.No.669/PN/2012 dated 04.03.2014, Hon'ble ITAT, Mumbai in the case of Sh. Arvind M. Kariya in I.T.A. No.7024/Mum/2010 dated 16.01.2013 and Hon'ble ITAT, Delhi Bench 98 ITD 285 in the case of M/s Napar Drugs Limited. All these cases are applicable to the facts and circumstances of the present case in which the various judicial authorities have decided the cases in favour of revenue after going through the entirety of the circumstances and not getting influenced by the picture shown by the appellant which is colored by th…