PCIT v. Ambe Tradecorp Pvt. Ltd.

145 Taxmann.com 27High Court2022#574 most cited

What is PCIT v. Ambe Tradecorp Pvt. Ltd. authority for?

No addition under section 68 can be made for a loan if the assessee furnishes material proving the identity of the loan givers, demonstrates they are not the beneficial owner, and has repaid the loan in a subsequent year.

169

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2023 to 2026.

Also referred to as

PCIT v. Ambe Tradecorp Pvt. Ltd. · Ambe Tradecorp · section 68 · cash credit addition · unexplained cash credit · identity of creditor · creditworthiness · genuineness of transaction · onus discharge · loan repayment · beneficial owner · section 133(6)

Sections most often in play

Section 68Section 133(6)Section 143(3)Section 148Section 69CSection 147Section 132Section 131
Read the full judgment

Issues it is cited on

addition under section 68creditworthiness of the creditorsource of sourceshell companycircular tradingbeneficial ownergenuineness of the transactionentry operatorunexplained cash creditmaterial facts necessary for assessmentsection 133(6)section 69c

Judgments citing PCIT v. Ambe Tradecorp Pvt. Ltd.

Humayun Ahmed Shafi Ahmed Shaikh, Mumbai vs. DCIT CC-4(2), Mumbai

In the result, the appeal of the assessee stands allowed

ITA 3433/MUM/2023[2020-21]Status: DisposedITAT Mumbai07 Jun 2024AY 2020-21

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.3433/Mum/2023 (ननधधारण वर्ा / Assessment Year: 2020-21) Humayun Ahmed Shafi बनधम/ Dcit, Central Circle-4(2) 19Th Floor, Air India Ahmed Shaikh Vs. Ground Floor, Rubberwala Building, Nariman Point, House, Dr. A Nair Road, Mumbai-400021. Agripada, Mumbai-400011. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Auwps7212G (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mani Jain, Fca Revenue By: Smt Sanyogita Nagpal Cit

For Appellant: Shri Mani Jain, FCAFor Respondent: Smt Sanyogita Nagpal CIT
Section 132(4)Section 133(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI BR BASKARAN, AM AND SHRI ABY T. VARKEY, JM आयकर अपील सं/ I.T.A. No.3433/Mum/2023 (ननधधारण वर्ा / Assessment Year: 2020-21) Humayun Ahmed Shafi बनधम/ DCIT, Central Circle-4(2) 19th Floor, Air India Ahmed Shaikh Vs. Ground Floor, Rubberwala Building, Nariman Point, House, Dr. A Nair Road, Mumbai-400021. Agripada, Mumbai-400011. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AUWPS7212G (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Mani Jain, FCA Revenue by: Smt Sanyogita Nagpal CIT सुनवाई की तारीख / Date of Hearing: 08/04/2024 घोषणा…

Narmada Concast Private Limited, Bhavnagar vs. The Dy. Commissioner of Income Tax, Central Circle-1(1), Ahmedabad

In the result, the appeal filed by the Assessee is hereby allowed

ITA 33/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad03 Jan 2024AY 2013-14

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member Assessment Year 2013-14 Narmada Concast Pvt. The DCIT, Limited Central Circle-1(1), Survey No. 159/160 Vs Ahmedabad Vill, Malpar, Gogha, Bhavnagar (Respondent) PAN: AAECN1728P (Appellant) Assessee Represented: Shri Parimalsinh B. Parmar & Shri Kushal Fofaria, ARs. Revenue Represented: Ms. Saumya Pandey Jain, Sr.D.R. Date of hearing : 02-11-2023 Date of pronouncement : 03-01-2024 आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by…

M/S. Delighted Holdings (P) Ltd., Kolkata vs. Dcir, Cir-8(2), Kolkata

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

ITA 626/KOL/2023[2013-14]Status: DisposedITAT Kolkata22 Sept 2023AY 2013-14

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 142(1)Section 143(2)Section 143(3)Section 144Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. Nos. 625 & 626/Kol/2023 Assessment Years: 2012-13 & 2013-14 M/s. Delighted Holdings (P) Ltd., Vs. Income-tax Officer, Ward-8(2), Kolkata. 12A, Room No. 102, Shyamkunj, Annapurna Apartment, Lord Sinha Road, Kolkata-700071. (PAN: AABCE0588P) Appellant Respondent Date of Hearing 30.08.2023 Date of Pronouncement 22.09.2023 For the Appellant Shri Abhishek Bansal, AR For the Respondent Shri B. K. Singh, JCIT, Sr. DR ORDER Per Rajesh Kumar, AM: Both these appeals prefer…

M/S. Delighted Holdings (P) Ltd., Kolkata vs. Dcir, Cir-8(2), Kolkata

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

ITA 625/KOL/2023[2012-13]Status: DisposedITAT Kolkata22 Sept 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 131Section 142(1)Section 143(2)Section 143(3)Section 144Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. Nos. 625 & 626/Kol/2023 Assessment Years: 2012-13 & 2013-14 M/s. Delighted Holdings (P) Ltd., Vs. Income-tax Officer, Ward-8(2), Kolkata. 12A, Room No. 102, Shyamkunj, Annapurna Apartment, Lord Sinha Road, Kolkata-700071. (PAN: AABCE0588P) Appellant Respondent Date of Hearing 30.08.2023 Date of Pronouncement 22.09.2023 For the Appellant Shri Abhishek Bansal, AR For the Respondent Shri B. K. Singh, JCIT, Sr. DR ORDER Per Rajesh Kumar, AM: Both these appeals prefer…

M/S. Crystal Granite and Marble Private Limited, Ramanagaram vs. Deputy Commissioner of Income-Tax, Circle-2(1)(1), Bangalore

In the result, the appeal of the assessee is allowed for statistical purposes and Stay Petition is dismissed as infructuous

ITA 405/BANG/2023[2017-18]Status: DisposedITAT Bangalore17 Aug 2023AY 2017-18

Bench: Shri George George K & Shri Laxmi Prasad Sahus.P No.29/Bang/2023 Assessment Year: 2017-18

For Appellant: Shri Rajgopal, C.AFor Respondent: Smt. Vidya K, JCIT (DR)
Section 147Section 148Section 148ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER S.P No.29/Bang/2023 Assessment Year: 2017-18 M/s Crystal Granite and Marble The Dy. Commissioner of Pvt. Ltd., Income Tax, 41 KM, Bangalore-Mysore Road, Circle-2(1)(1), Village Madapura, Vs. Bengaluru. Ramanagaram-571 511. PAN No. – AAACC 1661 J APPELLANT RESPONDENT Appellant by : Shri Rajgopal, C.A Respondent by : Smt. Vidya K, JCIT (DR) Date of Hearing : 10.08.2023 Date of Pronouncement : 17.08.2023 O R D E R PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER: This…

Poddar Realtors Pvt. Ltd., Burdwan vs. ITO, Ward-2(1), Burdwan

In the result, the appeal filed by the assessee is allowed

ITA 265/KOL/2023[2013-14]Status: DisposedITAT Kolkata22 Jun 2023AY 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 265/Kol/2023 Assessment Year: 2013-14 Poddar Realtors Income Tax Officer, Ward-2(1), 1, Parkus Road, Burdwan Vs Burdwan Pin- 713101 [Pan : Aagcp2937G] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent) Assessee By : Shri Akkal Dudhewala, Fca Revenue By : Smt. Ranu Biswas, Addl. Cit D/R सुनवाई क" तारीख/Date Of Hearing : 15/05/2023 घोषणा क" तारीख /Date Of Pronouncement: 22/06/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”) Dt. 07/02/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14 Which Is Arising Out Of The Assessment Order Framed U/S 143(3) Of The Act Dt. 27/09/2021. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That On The Facts & In The Circumstances Of The Case, The Addition Of Rs.25,00,000/- Made U/S 68 Was Factually As Well As Legally Unsustainable & Therefore The Same Deserves To Be Deleted. 2. For That On The Facts & In The Circumstances Of The Case, The Authorities Below Were Unjustified-In Not Appreciating That The Assessee Had Duly Discharged Its Onus Of Establishing The Identity, Genuineness & Creditworthiness Of The Loan Creditor & In That View Of The Matter The Addition Of Rs. 25,00,000/- Made By Way Of Unexplained Cash Credit U/S 68 Was Untenable On Facts & In Law.

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Smt. Ranu Biswas, Addl. CIT D/R
Section 142(1)Section 143(2)Section 143(3)Section 147Section 148Section 250Section 68

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “A(SMC)” BENCH, KOLKATA BEFORE DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER & SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER I.T.A. No. 265/Kol/2023 Assessment Year: 2013-14 Poddar Realtors Income Tax Officer, Ward-2(1), 1, Parkus Road, Burdwan Vs Burdwan Pin- 713101 [PAN : AAGCP2937G] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent) Assessee by : Shri Akkal Dudhewala, FCA Revenue by : Smt. Ranu Biswas, Addl. CIT D/R सुनवाई क" तारीख/Date of Hearing : 15/05/2023 घोषणा क" तारीख /Date of Pronouncement: 22/06/2023 आदेश/O R D E R PER DR. MANISH BORAD,…

Ganesh Ganpat Alim, Maharashtra vs. ITO Wasrd-3(3)(1), Surat

In the result, appeals filed by the assessee is allowed

ITA 41/SRT/2022[2012-13]Status: DisposedITAT Surat08 May 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.40/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F आयकर अपील सं./Ita No.41/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F Appellant By Shri Sapnesh Sheth, Ca Respondent By Shri Ashok B. Koli, Cit(Dr) With Shri Vinod Kumar, Sr. Dr 22/03/2023 Date Of Hearing Date Of Pronouncement 08/05/2023 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Two Appeals Filed By The Assessee, Pertaining To Assessment Year (Ay) 2012-13, Are Directed Against The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), [In Short “The Ld. Cit(A)”], Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 144 R.W.S 147 & A Penalty Order Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

Section 144Section 271(1)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.40/SRT/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The ITO, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AMBPA5834F आयकर अपील सं./ITA No.41/SRT/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The ITO, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jah…

Ganesh Ganpat Alim, Maharashtra vs. Income Tax Officer, Ward-1(1)(1), Surat

In the result, appeals filed by the assessee is allowed

ITA 40/SRT/2022[2012-13]Status: DisposedITAT Surat08 May 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.40/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F आयकर अपील सं./Ita No.41/Srt/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The Ito, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ambpa5834F Appellant By Shri Sapnesh Sheth, Ca Respondent By Shri Ashok B. Koli, Cit(Dr) With Shri Vinod Kumar, Sr. Dr 22/03/2023 Date Of Hearing Date Of Pronouncement 08/05/2023 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Two Appeals Filed By The Assessee, Pertaining To Assessment Year (Ay) 2012-13, Are Directed Against The Orders Passed By The Learned Commissioner Of Income Tax (Appeals), [In Short “The Ld. Cit(A)”], Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 144 R.W.S 147 & A Penalty Order Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

Section 144Section 271(1)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.40/SRT/2022 "नधा"रण वष"/Assessment Year: (2012-13) (Physical Hearing) Ganesh Ganpat Alim, Vs. The ITO, B-205, Mahashakti Appartment, Ward -1(1)(1), Jai Shree Jahannath, Nr. Manvel Panda Surat. Road, Nr. Mahak City Virar East, Mumbai, Maharashtra – 401305. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AMBPA5834F आयकर अपील सं./ITA No.41/SRT/2022 "नधा"रण वष"/Assessment Year: (2012-13) Ganesh Ganpat Alim, Vs. The ITO, B-205, Mahashakti Appartment, Ward -3(3)(1), Jai Shree Jah…

I.T.O. - 23(1)(5), Mumbai vs. Grace Development Associates, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 712/MUM/2018[2013-14]Status: DisposedITAT Mumbai28 Mar 2023AY 2013-14

Bench: Shri Baskaran Br & Shir Pavan Kumar Gadaleito – 23(1)(5) Vs. M/S Grace Development Room.No.113,1St Floor Associates Matru Mandir, 101, B-Wing, Landmark Tardeo Road, Building, 1St Floor, 150 Mumbai – 400 007 Pali Road, Nr. Hdfc Bank, Bandra (W), Mumbai – 400050. Pan/Gir No. : Aahfg5648M Appellant .. Respondent Appellant By : Ms.Neeraja Sarma.Dr Respondent By : Mr.Devendra Jain.Ar Date Of Hearing 09.02.2023 Date Of Pronouncement 16.03.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals) -32, Mumbai Passed U/S 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Ms.Neeraja Sarma.DRFor Respondent: Mr.Devendra Jain.AR
Section 142(1)Section 143(1)Section 143(2)Section 148Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI BASKARAN BR, ACCOUNTANT MEMBER & SHIR PAVAN KUMAR GADALE, JUDICIAL MEMBER ITO – 23(1)(5) Vs. M/s Grace Development Room.No.113,1st floor Associates Matru Mandir, 101, B-Wing, Landmark Tardeo Road, Building, 1st Floor, 150 Mumbai – 400 007 Pali Road, Nr. HDFC Bank, Bandra (W), Mumbai – 400050. PAN/GIR No. : AAHFG5648M Appellant .. Respondent Appellant by : Ms.Neeraja Sarma.DR Respondent by : Mr.Devendra Jain.AR Date of Hearing 09.02.2023 Date of Pronouncement 16.03.2023 आदेश / O R D E R PER PAVAN KUMAR GADALE JM: The revenue has filed the appea…