(P) Ltd. v. ACIT

115 TTJ 173Income Tax Appellate Tribunal2022#5593 most cited

What is (P) Ltd. v. ACIT authority for?

Where an assessee receives share application money and claims it was invested by a director taking an advance from another company, but fails to establish the creditworthiness of the share applicant or the genuineness of the transaction, the Assessing Officer is justified in making additions under Section 68 and concluding that the assessee routed its own money through conduit companies.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2024.

Also referred to as

(P) Ltd. v. ACIT · 115 TTJ 173 · 137 Taxmann.com 146 · Section 68 · share application money · creditworthiness of creditors · genuineness of transaction · unexplained cash credits · additions under Section 68 · conduit companies

Also reported as

137 Taxmann.com 146

Judgments citing (P) Ltd. v. ACIT

ACIT Central Circle-9, Mumbai vs. M/S. Shreepati Computer Centre, Mumbai

In the result, the appeal of the assessee is allowed as above

ITA 1402/MUM/2009[2003-2004]Status: DisposedITAT Mumbai18 Aug 2016AY 2003-2004

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

For Appellant: Mr. Arvind Sinde, A.RFor Respondent: Mr. Manju Nathaswami
Section 10ASection 132(1)Section 80H

…nt as the revenue despite retraction could not find any corroborative evidence. Similarly in the case of First Global Stockbroking P. Ltd vs ACIT(2008) ITA Nos.889 to 892, 1481, 1527, 1528 & 1402/Mum/09 A.Ys. 00-01 & 03-04 (M/s. Shreepati Computers) Page 17 115 TTJ 173(Mum), it was held that disclosure or admission u/s 132(4) during search proceedings is an admissible evidence but not a conclusive one. If the assessee is able to demonstrate with the help of some material that such admission was made under a mistake or misconception of facts, no addition can be made solely on the basis of such admission, Further…