Nemi Chand Kothari v. CIT

264 ITR 254High Court2003#227 most cited

What is Nemi Chand Kothari v. CIT authority for?

For a cash credit, merely transacting by cheque is insufficient to discharge the assessee's burden of proof. The assessee must prove the identity of the creditors, the genuineness of the transaction, and the creditworthiness of the creditors; upon which, the burden shifts to the revenue.

340

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2011 to 2026.

Also referred to as

Nemi Chand Kothari v. CIT · Section 68 · cash credit · onus of proof · burden of proof · identity of creditors · genuineness of transaction · creditworthiness of creditors · transaction by cheque · share application money · unexplained cash credit

Also reported as

136 Taxmann 213

Sections most often in play

Section 68Section 143(3)Section 142(1)Section 147Section 148Section 133(6)Section 143(2)Section 153A

Issues it is cited on

section 106creditworthiness of the creditorsource of sourceonus of proofshare capital and share premiumshell companyaddition under section 68addition u/s 68share application moneygenuineness of the transactionsection 127admission of additional evidence

Judgments citing Nemi Chand Kothari v. CIT

DCIT, CC- 8 (1), Mumbai vs. Surinder Anantram Sabhlok, Mumbai

In the result, all the appeals filed by the Revenue stand dismissed

ITA 56/MUM/2020[2011-12]Status: DisposedITAT Mumbai24 Jun 2022AY 2011-12

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh

For Appellant: Mani JainFor Respondent: B.K. Bagchi &
Section 132Section 132(4)Section 68

…se of Sarogi Credit Corporation Vs. CIT 103 ITR 344. The decision of Hon’ble High Court of Rajasthan in the case of Aravali Trading Company Vs. ITO - 220 CTR 622. The decision of the Hon’ble High Court of Gauhatiin the case of Nemichand Kothari Vs. CIT (2004) 264 ITR 254. The Hon’ble CIT(A) has also discussed the case of Hon’ble Supreme Court in the case of CIT Vs. Orissa Corporation Pvt. Ltd. 159 ITR 78. 5 Appeals DCIT, CC-8(1) Vs. Shri Surinder Anantram Sabhlok 10 The decision of Hon’ble Bombay High Court in the case of CIT Vs. Creative World Telefilm Ltd. 333 ITR 100 (Bombay High Court) wherein it is held tha…

I.T.O., Ward-1(4), Kolkata vs. M/S Garima Advisory Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 386/KOL/2019[2013-14]Status: DisposedITAT Kolkata20 May 2022AY 2013-14

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

Section 144Section 68

…13 clearly indicates that share application money of Rs,39 lakhs was brought forward from the previous year. Therefore, there was no basis for making addition u/s 68 of the I.T. Act. The Guwahati High Court in the case of Nemi Chand Kothari vs CIT reported in 264 ITR 254 [2003] had observed that no assessment can be made contrary to the provision of law. Under the Income Tax Act, there is no provision of taxing cash credits in any previous year except in the year in which it was introduced in the books. This view has been affirmed by the Jurisdictional ITAT in the case of ITO vs M/s Jellotic Supply Pvt Ltd report…

ITO, Ward-3(3)(2), Ahmedabad vs. Shri Hemant Hiralal Shah, Ahmedabad

In the result, appeal of the Revenue and CO of the assessee are dismissed

ITA 744/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad06 May 2022AY 2014-15

Bench: S/Shri Pramod M. Jagtap & T.R. Senthil Kumarwith Cross Objection No.174/Ahd/2019 Assessment Year :2014-15 Ito, Ward-3(3)(2) Shri Hemant Hiralal Shah Ahmedabad. Vs 112, Devang Apartment, Opp: Patel Hospital Nehru Park Vastrapur Ahmedabad 380 015. Pan : Abjps 1499 K अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Revenue By : Shri V.K. Singh, Sr.Dr Assessee By : Shri Karan Shah, Ar सुनवाई क" तार"ख/Date Of Hearing : 24/02/2022 घोषणा क" तार"ख /Date Of Pronouncement: 06/05/2022 आदेश/O R D E R Per T.R. Senthil Kumar: This Appeal Is Filed By The Revenue Against Order Dated 15.01.2018 Passed By The Ld.Commissioner Of Income-Tax (Appeals)- 7, Ahmedabad [For Short “Ld.Cit(A)] Relating To The Asst.Year 2014- 15. 2. Cross Objection Filed By The Assessee Has A Delay Of 111 Days. The Assessee Filed An Affidavit Stating That He Was Away From Usa During The Period 12.5.2019 & 05.07.2019 When Form No.36 Filed By The Revenue Was Served On Him At His Address. The Form No.36

For Appellant: Shri Karan shah, ARFor Respondent: Shri V.K. Singh, Sr.DR
Section 143(1)Section 234ASection 271(1)(c)Section 69Section 69A

…wal[2014]366ITR217[Rajshthan-HC] xii) CIT vs. Shalimar Buildwell P. L [2014] 220 Taxman 138 [Allahbad-HC] xiii) Labh Chandra Bohra vs. ITO [2014] 219 CTR 571 [Rajasthan-HC] xiv) Aravali Trading Co. vs. ITO 8 DTR 199 (Raj.) xv) Nemi Chand Kothari v. CIT [2003] 264 ITR 254 (Gauhati) xvi) In Gem Palace vs. CIT (1987) 168 ITR 543 (Raj.) xvii) CIT vs. P.Mohanakala [2007] 291 ITR 278 (SC) xviii) Rollon Containers vs ITO, Hyderabad [2012] xix) COMMISSIONER OF INCOME TAX vs. LALIT KUMAR PODDAR (2015) 56 taxmann.com 462/231 Taxman 816 (Delhi) In view of the aforesaid facts and submission, to delete the addition made by t…

ITO-15(2)(4), Mumbai vs. M/S Pravir Polymers Pvt Ltd., Mumbai

ITA 2595/MUM/2019[2011-12]Status: DisposedITAT Mumbai29 Apr 2022AY 2011-12

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2011-12 Income Tax Officer-15(2)(4), M/S Pravir Polymers Pvt. Ltd., Room No. 360, Aayakar Bhavan, M.K. 601/602, Delta, Central Avenue, Road, Marine Lines, Vs. Technology Street, Hiranandani Mumbai-400020. Garden Powai, Mumbai-400076. Pan No. Aaacp 4621 K Appellant Respondent

For Appellant: Dr. K. Shivram, Sr. AdvocateFor Respondent: Mr. C.T. Mathews, DR
Section 114Section 132Section 139Section 143(3)Section 147Section 148Section 153ASection 153C

…tion.. It has been held by CIT Vs. United Commercial and Industrial Co. (Pvt.) Ltd. (1991) 187 ITR 596 (Cal), that the onus does not get discharged merely by such confirmatory letters. This view was further held in the case of Nemi Chand Kothari v. CIT [2003) 264 ITR 254 (Gau.) wherein it was held that it cannot be said that a transaction, which takes place by way of cheque, is invariably sacrosanct. The Supreme Court in the case of Sumati Dayal (214 ITR 801) held that if the explanation offered by the assessee about the nature and source thereof of any sum credited in the books of accounts are not satisfactory,…

DCIT - 14(3)(1), Mumbai vs. M/S Rupa Infotech & Infrastructure P. Ltd, Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 3597/MUM/2019[2013-14]Status: DisposedITAT Mumbai27 Apr 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

For Appellant: Shri Shankarlal JainFor Respondent: Shri T. Shankar
Section 143(1)Section 143(3)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, HON'BLE JUDICIAL MEMBER ITA NOs. 3596 & 3597/MUM/2019 (A.Ys: 2009-10 & 2013-14) DCIT – 14(3)(1) v. M/s. Rupa Properties and Securities Pvt. Ltd., 401, Rupa Plaza, Above IDBI Bank Room No. 455, 4th Floor Jawahar Road, Ghatkopar(E) Aayakar Bhavan, M.K. Road Mumbai – 400077 Mumbai - 400020 PAN: AAACR7176F (Appellant) (Respondent) Assessee by : Shri Shankarlal Jain Department by : Shri T. Shankar Date of Hearing : 30.03.2022 Date of Pronouncement : 27.04.2022 O R D E R PER S. RIFAUR…

DCIT 14(3)(1), Mumbai vs. M/S Rupa Properties & Securities P. Ltd, Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 3596/MUM/2019[2009-10]Status: DisposedITAT Mumbai27 Apr 2022AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

For Appellant: Shri Shankarlal JainFor Respondent: Shri T. Shankar
Section 143(1)Section 143(3)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, HON'BLE JUDICIAL MEMBER ITA NOs. 3596 & 3597/MUM/2019 (A.Ys: 2009-10 & 2013-14) DCIT – 14(3)(1) v. M/s. Rupa Properties and Securities Pvt. Ltd., 401, Rupa Plaza, Above IDBI Bank Room No. 455, 4th Floor Jawahar Road, Ghatkopar(E) Aayakar Bhavan, M.K. Road Mumbai – 400077 Mumbai - 400020 PAN: AAACR7176F (Appellant) (Respondent) Assessee by : Shri Shankarlal Jain Department by : Shri T. Shankar Date of Hearing : 30.03.2022 Date of Pronouncement : 27.04.2022 O R D E R PER S. RIFAUR…

The ACIT-24(1), Mumbai vs. Mumbai Shelter Housing Development, Mumbai

In the result, the appeal of the revenue in ITA no

ITA 2936/MUM/2022[2018-2019]Status: DisposedITAT Mumbai31 Mar 2022AY 2018-2019

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Acit-24(1) Mumbai Shelter Housing Development 401-402, Viraj Towers, Room No.601, Western Express Highway Near Piramal Chambers, Vs. Weh Metro Station, Jeejeebhoy Lane, Andheri (East) Lalbaug, Parel, Mumbai-400 093 Mumbai-400 012 (Appellant) (Respondent) Pan No. Aagfm6042A

For Appellant: Shri Rushabh Mehta, ARFor Respondent: Smt. Mahita Nair, DR
Section 68

…neness of the transaction in view of the documentary evidences filed by the appellant. Hence, there is no merit in the conclusions by the Assessing Officer with regard to lack of genuineness. 5.7 In the case of CIT v. Nemi Chand Kothari [2004] 136 Taxman 213/264 ITR 254 (Gauhati), the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section 106 of the Evidence Act which says that a person can be required to prove only such facts which are Mumbai Shelter Ho…

Shri Joseph Thannikottu Korah vs. The Principal Commissioner of Income Tax

ITA/310/2019HC Kerala25 Mar 2022

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 143(2)

…IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE BASANT BALAJI FRIDAY, THE 25TH DAY OF MARCH 2022 / 4TH CHAITHRA, 1944 ITA NO. 310 OF 2019 ITA 33/2017 OF I.T.A.TRIBUNAL,COCHIN BENCH APPELLANT/S: SHRI JOSEPH THANNIKOTTU KORAH AGED 60 YEARS THANNIKOTTU HOUSE,TITANIUM NAGAR, KAVANADU.P.O., KOLLAM-691003. BY ADVS. V.P.NARAYANAN NISHA JOHN SMT.DIVYA RAVINDRAN SRI.R.BHASKARA KRISHNAN SRI.T.M.SREEDHARAN (SR.) RESPONDENT/S: THE PRINCIPAL COMMISSIONER OF INCOME TAX, AAYAKAR BHAVAN, KOWDIAR, THIRUVANANTHAPURAM- 695003. BY ADV SRI.CHRISTOPHER ABRAHAM, INCOME…

The DCIT, Circle-1(1)(1), Vadodara vs. M/S. Aarti Catalyst Solution Pvt. Ltd, Vadodara

In the result, appeal of the Revenue is dismissed

ITA 1195/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad16 Feb 2022AY 2014-15
For Appellant: Shri M.K. Patel, ARFor Respondent: Shri R.R. Makwana, Sr.DR
Section 133(6)Section 143(2)Section 68

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘B’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD (Conducted Through Virtual Court) ] ] BEFORE S/SHRI PRAMOD M. JAGTAP, VICE PRESIDENT AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Assessment Year : 2014-15 DCIT, Cir.1(1)(1) M/s.Aarti Catalyst Solutions P.Ltd. Ahmedabad. Vs A-42, Bhagyoday Society Refinery Road, Gorwa Vadodara 390 016. PAN : AAGCA 4448 M अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri M.K. Patel…

ACIT, Central Circle-2(1), Mumbai vs. M/S Luxora Realtors P. Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 1096/MUM/2020[2013-14]Status: DisposedITAT Mumbai08 Feb 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bleacit – Central Circle – 2(1) V. M/S. Luxora Realtors Pvt. Ltd., Room No. 804, 8Th Floor Soham House, Hari Om Nagar Aayakar Bhavan, M.K. Road Opp. Eastern Express Highway Mumbai - 400020 Mulund(E), Mumbai – 400081 Pan: Aabco3197J (Appellant) (Respondent) Assessee By : Shri Kishore Dewani Department By : Ms. Shailja Rai

For Appellant: Shri Kishore DewaniFor Respondent: Ms. Shailja Rai
Section 132(1)Section 143(2)Section 143(3)Section 153CSection 68

…f the shareholder have been established even if there is a case of bogus share capital, if cannot be added in the hands of the Company unless any adverse evidence is not on record. 25. Hon'ble Gujarat High Court,in the case of Nemichaod Kothari Vs. CIT (2003) 264 ITR 254 (Gauh), wherein it was held that it is a settled law that the burden of the assessee to prove the genuineness of the transaction as well as the creditworthiness of the creditor must remain confined to the transactions which have taken place between the assessee and the creditor. It is not the business of the assessee, to find out the source of th…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 929/DEL/2021[2014-15]Status: DisposedITAT Delhi12 Jan 2022AY 2014-15

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 928/DEL/2021[2013-14]Status: DisposedITAT Delhi12 Jan 2022AY 2013-14

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 927/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 926/DEL/2021[2011-12]Status: DisposedITAT Delhi12 Jan 2022AY 2011-12

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Nimbus Projects Ltd., New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 925/DEL/2021[2010-11]Status: DisposedITAT Delhi12 Jan 2022AY 2010-11

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Bipin Agarwal, New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 924/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

Nimbus Multicommodity Brokers Pvt. Ltd.(Formerly Nimbus Multicommodity Brokers Ltd.), New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 923/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

… ITO vs. M.S. Advance (P.) Ltd. 188 Taxation 181 (Trib.)  Vinod Kumar Bhandari vs. ACIT 174 Taxation 49 (Trib.)  Addl. CIT vs. Bahri Bros. (P.) Ltd. 154 ITR 244/22  CIT vs. Gangeshwari Metal Pvt. Ltd. (ITA No. 597/ 2012) (Del.)  Nemichand Kothari vs. CIT 264 ITR 254 (Gau.) 21 Nimbus Multicommodity Brokers Pvt. Ltd. Bipin Agarwal ITA Nos. 925 to 929/Del/2021 Nimbus Project Ltd. 22. Heard the arguments of both the parties and perused the material available on record. 23. From the record, we find that the sole reason for confirming the addition was low income tax return in the year of issue whereas it was con…

DCIT-13(3)(2), Mumbai vs. M/S Vedartha Entertainment Ltd., Mumbai

ITA 4169/MUM/2019[2014-15]Status: DisposedITAT Mumbai25 Nov 2021AY 2014-15

Bench: Shri S. Rifaur Rahman () & Shri Pavan Kumar Gadale () Assessment Year: 2014-15 Dcit-13(3)(2), M/S Vedartha Entertainment Ltd., Room No. 229/219, 2Nd Floor, Vs. 201, 2Nd Floor, Jaimala Apartment, Aayakar Bhavan, M.K. Road, Near Hotel Shimmers, Link Road, Mumbai-400020. Malad (E), Mumbai-400064. Pan No. Aaecv 0129 N Appellant Respondent Revenue By : Mr. Usha Gaikwad, Dr Assessee By : Ms. Neelkant Khandelwal, Ar Date Of Hearing : 21/09/2021 Date Of Pronouncement : 25/11/2021

For Appellant: Ms. Neelkant Khandelwal, ARFor Respondent: Mr. Usha Gaikwad, DR
Section 131Section 142(1)Section 143Section 143(3)

…ion as well as creditworthiness is confined to the transaction which have taken place between the appellant and creditors, and it is not burden of the assessee to show the source of his creditors or to prove creditworthiness of the sources of such creditors - 264 ITR 254. When appellant had disclosed name, address and Income Tax File number (PAN), it is duty of the A. O. to take steps to examine him and no addition could have been made without taking steps to examine him – Pritam Daftary v. Commissioner of Income Tax 195 ITR 304 (Calcutta High Court). In view of leqal and factual submission made hereinabove, we w…

Rubberwala Hospitality Pvt Ltd, Mumbai vs. ITO 5 (3)91), Mumbai

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

ITA 299/MUM/2020[2012-13]Status: DisposedITAT Mumbai23 Nov 2021AY 2012-13

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

For Appellant: Shri Mani Jain, A.RFor Respondent: Shri Raghuveer Madana, D.R
Section 132Section 133(6)Section 143Section 143(1)Section 68

…ss of the cash deposited in the bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of accounts but not the source of the source. 7.5 Further, in the case of Namichand Kothari vs CIT - [264 ITR 254] [Gau], the Hon'ble High Court had held that: M/s. Rubberwala Hospitality Pvt. Ltd "A harmonious construction of section 106 of the Evidence Act and section 68 of the Income-tax Act will be that though apart from establishing the identity of the creditor, the assessment establish the genuineness of the transaction as well as the creditworthiness…

DCIT Central Circle-8(4), Mumbai vs. M/S Rohan Developers Pvt Ltd, Mumbai

In the result, all the appeals of the Revenue are dismissed and appeals of the assessee are allowed

ITA 4060/MUM/2019[2008-09]Status: DisposedITAT Mumbai13 Oct 2021AY 2008-09

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2008-09 Assessment Year: 2010-11 Assessment Year: 2011-12 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2014-15

For Appellant: Shri A.K. Gosh, A.RFor Respondent: Dr. Yogesh Kamat, D.R
Section 132(1)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER Assessment Year: 2008-09 Assessment Year: 2010-11 Assessment Year: 2011-12 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2014-15 DCIT, M/s. Rohan Developers Central Circle-8(4), Pvt. Ltd., Room No.658, 112-122 Hira Bhavan, 6th Floor, Vs. Raja Ram Mohan Roy Aayakar Bhavan, Road, M.K. Road, Prathan Samaj, Mumbai - 400020 Mumbai - 400 004 PAN: AACCA7661A (Appellant) (Respondent) Assessment Year: 2010-…