Pavankumar M Sanghvi v. ITO

404 ITR 601High Court2018#2376 most cited

What is Pavankumar M Sanghvi v. ITO authority for?

The assessee's onus to explain the nature and source of a credit under Section 68 is not discharged merely by furnishing confirmatory letters, proof of banking transactions, or income tax assessment particulars; a deeper inquiry into the creditworthiness and genuineness of the transaction is required.

49

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2018 to 2026.

Also referred to as

Pavankumar M Sanghvi v. ITO · 404 ITR 601 · Section 68 · cash credit · onus of assessee · creditworthiness of creditor · source of source · share application money · genuineness of transaction · confirmatory letters · banking channels

Also reported as

90 Taxmann.com 386

Sections most often in play

Section 1961Section 68Section 133(6)Section 143(3)Section 148Section 132(4)Section 147Section 153C

Issues it is cited on

section 153c proceedingsshare capital and share premiumcreditworthiness of the creditorsource of sourceincome escaping assessmentborrowed satisfactionsection 250(4)genuineness of the transactionshare application moneyaddition u/s 68section 40(a)section 40(a)(ia)

Judgments citing Pavankumar M Sanghvi v. ITO

Supreme Build Cap Private Limited, New Delhi vs. ACIT, Central Circle-05, New Delhi

In the result, appeal is partly allowed

ITA 8476/DEL/2019[2016-17]Status: DisposedITAT Delhi09 Jul 2020AY 2016-17

Bench: Shri Sudhanshu Srivastavaa N D Shri Prashant Maharishiassessment Year: 2016-17

For Appellant: Shri Rohit Tiwari, AdvFor Respondent: Shri Saras Kumar, Sr. D. R
Section 143(3)Section 68

…1 IN THE INCOME TAX APPELLATE TRIBUNAL [DELHI BENCH “G”: NEW DELHI] BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER A N D SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessment Year: 2016-17 Supreme Build-Cap Pvt. Ltd., ACIT, 8–A, Commissioner Lane, Vs Central Circle–05, Civil Lines, New Delhi. New Delhi - 110 054. PAN : AABCS3168B (APPELLANT) (RESPONDENT) Assessee by : Shri Rohit Tiwari, Adv.; Department by : Shri Saras Kumar, Sr. D. R.; Date of hearing : 16/06/2020 Date of Pronouncement : 09/07/2020 O R D E R PER PRASHANT MAHARISHI, AM: 01 This appeal is filed for Supreme BuildCap Private Limited [Ap…

DCIT 4(2)(2), Mumbai vs. Hema Dyeing & Printing Wills P.Ltd, Mumbai

In the result, assessee’s Cross Objection is dismissed and appeal by the Revenue stands allowed for statistical purposes

ITA 5682/MUM/2017[2010-11]Status: DisposedITAT Mumbai13 Mar 2020AY 2010-11

Bench: Shri Shamim Yahya & Shri Pawan Singh: A.Y : 2010-11

For Appellant: Shri Vipul JoshiFor Respondent: Shri Kamal Mangal
Section 147Section 68Section 69C

…eliance upon several case laws from the ITAT, wherein loans from the same parties have been found to be correct. 8. Per contra, learned Departmental Representative referred to the decision of Hon'ble Gujarat High Court in the case of Pawan Kumar M. Sanghavi (404 ITR 601) in which Hon'ble High Court had upheld the addition of unsecured loan as unexplained credit u/s. 68 of the I.T. Act in similar case. Hon'ble Apex Court has dismissed the SLP against the above order of Hon'ble Gujarat High Court. 9. In the rejoinder, learned Counsel of the assessee sought to distinguish this case law from the facts of the assess…

Shri Dhaval Ramehschandra Shah, Ahmedabad vs. The Income Tax Officer, Ward-5(1)(3), Ahmedabad

In the result, the appeal of the assessee is dismissed

ITA 121/AHD/2017[2008-09]Status: DisposedITAT Ahmedabad04 Sept 2019AY 2008-09

Bench: Shri Mahavir Prasad&Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 121/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2008-09) Dhaval Rameshchandra Ito बनाम/ Ward-5(1)(3), Shah Vs. 6Th Floor, Nature View 8-A Regency Park, Building, Nr. Hk House, Nr. Mithakhali Gam, Ashram Road, Mithakhali, Ahmedabad- 380009 Ahmedabad- 380006 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Anj Ps4 371 G .. (अपीलाथ"/Appellant) (""यथ" / Respondent)

For Appellant: Shri T. Sankar, Sr. DRFor Respondent: 08/07/2019
Section 142(1)Section 143(1)Section 144Section 147Section 148Section 68

…spite of giving sufficient opportunity the assessee has failed to satisfy the creditworthiness of the creditors and genuineness of the transactions. We also consider that the Hon’ble jurisdictional High Court in the case of Pavankumar M. Sanghvi vs. ITO vide 404 ITR 601 (Gujarat) has upheld 4 A.Y. 2008-09 the order of the ITAT Ahmedabad for sustaining the addition u/s 68 on account of the assessee’s inability to prove the genuineness of the credit transactions. The Ld. Counsel has referred the judicial pronouncement in the case of Rajesh Babubhai Damania vs. ITO 169 CTR 346 (Gujarat). However, it is noticed th…

ITO 4(1)(3), Mumbai vs. Agarwal Cloth Agency P.Ltd, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 2969/MUM/2017[2007-08]Status: DisposedITAT Mumbai23 Aug 2019AY 2007-08

Bench: Shri G. Manjunatha & Shri Ram Lal Negiito-4(1)(3) Vs. M/S Agarwal Cloth Agency Room No.637A, 6Th Floor Pvt.Ltd. Aaykar Bhawan 122, Zaveri Bazar Trishala Building,5Th Floor M.K.Road Mumbai-400 020 Opp. Kharakua Mumbai-400 002 Pan/Gir No.Aaeca6963D Appellant) .. Respondent)

Section 132Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAM LAL NEGI, JUDICIAL MEMBER ITO-4(1)(3) Vs. M/s Agarwal Cloth Agency Room No.637A, 6th Floor Pvt.Ltd. Aaykar Bhawan 122, Zaveri Bazar Trishala Building,5th Floor M.K.Road Mumbai-400 020 Opp. Kharakua Mumbai-400 002 PAN/GIR No.AAECA6963D Appellant) .. Respondent) Assessee by Vishnu Agarwal & Ankush Agarwal Revenue by N.Padmanaban Date of Hearing 24/07/2019 Date of Pronouncement 23/08/2019 आदेश आदेश / O R D E R आदेश आदेश PER G.MANJUNATHA (A.M): This appeal filed by the revenue is directed against the…

Yug Developers, Mumbai vs. ACIT-17(3), Mumbai

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

ITA 7130/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 Jul 2019AY 2013-14

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am

Section 143(3)

…held by the Hon’ble Supreme Court in the case of Mehta Parikh & Co. vs CIT reported in 30 ITR 181 (SC). 6.7. With regard to the reliance placed by the ld DR on the decision of Hon’ble Gujarat High Court in the case of Pavankumar M Sanghvi vs ITO reported in 404 ITR 601 (Guj) , we find that in that case , the assessee received loans from two companies who were found to be shell companies not doing any businesses and were maintaining minimum bank balances. Whereas in the instant case, there is no finding by the lower authorities, that the loan creditors are shell companies and all the loan creditors are engaged i…

Income Tax Officer-2(1)(4), Mumbai vs. Citymaker Builder Private Limited, Mumbai

ITA 4589/MUM/2017[2012-13]Status: DisposedITAT Mumbai11 Jun 2019AY 2012-13

Bench: Shri Ravish Sood & Shri N.K.Pradhanito-2(1)(4) M/S Citymaker Builder Pvt. Ltd. Room No. 553, 5Th Floor, 55, Maruti Lane, Aayakar Bhavan, Near Handloom House, Fort, Vs. M.K. Road, Mumbai- 400 001 Mumbai-400 020

For Appellant: Shri Abi Rama Kartikiyen, D.RFor Respondent: Shri Pramod Kumar Parida, A.R
Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 68

…P a g e | 1 ITA No.4589/Mum/2017 AY. 2012-13 ITO-2(1)(4) Vs. M/s Citymaker Builder Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “C” Bench, Mumbai Before Shri Ravish Sood, Judicial Member and Shri N.K.Pradhan, Accountant Member ITO-2(1)(4) M/s Citymaker Builder Pvt. Ltd. Room No. 553, 5th Floor, 55, Maruti Lane, Aayakar Bhavan, Near Handloom House, Fort, Vs. M.K. Road, Mumbai- 400 001 Mumbai-400 020 PAN – AACCC4081A (Appellant) (Respondent) Appellant by: Shri Abi Rama Kartikiyen, D.R Respondent by: Shri Pramod Kumar Parida, A.R Date of Hearing: 05.04.2019 Date of Pronouncement: 11.06.2019 O R D E R PER RAVI…

ITO 12(1)(4), Mumbai vs. Consultshah Financial Services P.Ltd, Mumbai

ITA 6893/MUM/2016[2011-12]Status: DisposedITAT Mumbai16 May 2019AY 2011-12

Bench: Shri Sandeed Gosain () & Shri N.K. Pradhan () Assessment Year: 2011-12 Income Tax Officer- M/S Consultshah 12(1)(4), Room No. 145A, Vs. Financial Services Pvt. Aayakar Bhavan, M.K. Ltd., 426, 4Th Floor, Road, Churchgate, Sujata Niketan, Rani Sati Mumbai-400020. Road, Malad East, Mumbai-400097. Pan No. Aadcc3362K Appellant Respondent Revenue By : Mr. Abi Rama Kartikiyen, Dr Assessee By : Dr. Prayag Jha & Mr. Prateek Jha, Ars Date Of Hearing : 21/02/2019 Date Of Pronouncement: 16/05/2019

For Appellant: Dr. Prayag Jha & Mr. Prateek Jha, ARsFor Respondent: Mr. Abi Rama Kartikiyen, DR
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI SANDEED GOSAIN (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 Income Tax Officer- M/s Consultshah 12(1)(4), Room No. 145A, Vs. Financial Services Pvt. Aayakar Bhavan, M.K. Ltd., 426, 4th floor, Road, Churchgate, Sujata Niketan, Rani Sati Mumbai-400020. Road, Malad East, Mumbai-400097. PAN No. AADCC3362K Appellant Respondent Revenue by : Mr. Abi Rama Kartikiyen, DR Assessee by : Dr. Prayag Jha & Mr. Prateek Jha, ARs Date of Hearing : 21/02/2019 Date of pronouncement: 16/05/2019 ORDER PER N.K. PRADHAN…

The DCIT, Circle-4, Ahmedabad vs. Gujarat Infotech Limited, Ahmedabad

In the result, the appeal is allowed for statistical purposes in the terms indicated above

ITA 1371/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad28 Feb 2019AY 2011-12
Section 143(3)Section 68

…ransaction is to be examined with due care. 9. As we deal with this aspect of the matter, we may usefully refer to a decision of this Tribunal in the case of Pavankumar M. Sanghvi vs. ITO (165 ITD 260), which has been confirmed by Hon’ble Gujarat High Court (404 ITR 601) against which SLP is dismissed by Hon’ble Supreme Court (97 taxmann.com 398), as follows:- “7. In my considered view, so far as the legal foundation of the impugned additions is concerned, it consists of assessee's inability to satisfy the Assessing Officer about all the three essential ingredients of a credit entry in the books of accounts- ex…

Pratik Syntex P.Ltd, Mumbai vs. ITO 13(1)(4), Mumbai

In the result , appeal of the assessee is dismissed

ITA 6690/MUM/2016[2012-13]Status: DisposedITAT Mumbai11 May 2018AY 2012-13

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/S. Pratik Syntex Private Ito 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar V. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ Pan : Aaecp3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Haresh P. ShahFor Respondent: Shri Rajat Mittal (DR)
Section 143(3)

…आयकर अपीऱीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI C.N PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/s. Pratik Syntex Private ITO 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar v. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ PAN : AAECP3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Haresh P. Shah Revenue by : Shri Rajat Mittal (DR) सुनवाई की तारीख /Date of Hearing : 01.05.2018…