PCIT v. BST Infratech Ltd.

161 Taxmann.com 668High Court2024#3724 most cited

What is PCIT v. BST Infratech Ltd. authority for?

When shares are issued at a premium, the genuineness of the transaction is paramount, not necessarily the source of the investor's funds. The court emphasizes verifying the transaction's authenticity, even if investor identity is established.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2024 to 2026.

Also referred to as

PCIT v. BST Infratech Ltd. · section 68 · share capital · premium · genuineness of transaction · creditworthiness of creditor · source of source · addition u/s 68 · closely held company

Sections most often in play

Section 68Section 131Section 143(3)Section 133(6)Section 250Section 147Section 142(1)Section 143(2)
Read the full judgment

Issues it is cited on

closely held companysummons under section 131creditworthiness of the creditorbogus share capitalonus of proofprincipal officershare capital and share premiumsource of sourcepreponderance of probabilityshare application moneyaddition u/s 68shell company

Judgments citing PCIT v. BST Infratech Ltd.

Principal Commissioner of Income Tax Central 1 Kolkata vs. Mallcom Vsft Gloves Pvt Ltd Earlier Known As Vsft Quilts and Pillows Pvt Ltd

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

ITAT/264/2024HC Calcutta09 Jun 2025

Bench: :

Section 143(3)Section 260ASection 68

…O-11 IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE ITAT/264/2024 IA No.GA/2/2024 PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-1, KOLKATA VS MALLCOM VSFT GLOVES PVT. LTD (ERLIER KNOWN AS VSFT QUILTS AND PILLOWS PVT. LTD.) BEFORE : THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM -A N D- HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS) DATE : 9th June, 2025. Appearance : Mr. Prithu Dhdhoria, Adv. …for appellant Ms. Megha Agarwal, Adv. …for respondent The Court :- This appeal filed by the revenue under Section 260A of the Income…

Accrecent Way Marketing (P) Ltd., Guwahati vs. Deputy Commissioner of Income Tax, Circle-3, Guwahati

ITA 358/GTY/2018[2010-11]Status: DisposedITAT Guwahati09 Jun 2025AY 2010-11

Bench: Shri Manomohan Das & Shri Rakesh Mishra

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 251Section 68

…आयकर अपीलीय अधिकरण गुवाहाटी पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL GUWAHATI BENCH AT KOLKATA [वर्ुअल कोटु] [Virtual Court] श्री मनमोहन दास, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI MANOMOHAN DAS, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. No.: 358/GTY/2018 Assessment Year: 2010-11 Accrecent Way Marketing Deputy Commissioner of Private Limited Income Tax, Circle-3, Vs. Guwahati (Appellant) (Respondent) PAN: AAFCA8279H Appearances: Assessee represented by : Anil Kumar Agarwala, FCA. Department represented by : Kausik Ray, JCIT. Date of concluding the he…

Moonlink Marketing Pvt. Ltd., Kolkata vs. ITO, Ward-7(1), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 215/KOL/2024[2012-13]Status: DisposedITAT Kolkata22 May 2025AY 2012-13

Bench: SHRI SONJOY SARMA, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Section 131Section 133(6)Section 144Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA SHRI SONJOY SARMA, JUDICIAL MEMBER SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No. 215/Kol/2024 Assessment Year: 2012-13 Moonlink Marketing Private Limited C/o Jain Vinod K & Associates 41A, A.J.C Bose Road, Suite No. 613, 6th Floor, Kolkata - 700017 [PAN: AAGCM4925P] .....................…...……………....Appellant vs. Income Tax Officer, Ward-7(1), Kolkata Aayakar Bhavan, P-7, Chowringhee Square, Kolkata - 700001 ...............…..….................... Respondent Appearances by: Assessee represented by : Vinod Kumar Jain, AR Department represented by : Pr…

Remix Suppliers Pvt Ltd, Kolkata vs. Word-2(1) Kolkata, Kolkata

ITA 510/KOL/2024[2012-13]Status: DisposedITAT Kolkata21 May 2025AY 2012-13

Bench: Any Of The Authorities Below Till Now.

Section 250

…ned. However, we are also conscious of the fact that the Hon'ble jurisdictional High Court has passed two orders which should guide the Ld. AO in completing the assessment in this case. Thus, the Ld. AO must refer to the case of BST Infratech Ltd. reported in 468 ITR 111 (Cal) and Balgopal Merchants reported in in 468 ITR 136 (Cal). The Ld. AO would need to be guided by these case laws in conducing enquiries and the assessee would be expected to cooperate in such enquiries. With these remarks, the impugned order is set aside and the matter is remanded to the file of Ld. AO for fresh assessment. 4. In result, app…

M/S. Bhikshu Polymers Pvt. Ltd. (Earlier Known As M/S. Jeevan Commotrade Pvt. Ltd.), Kolkata vs. I.T.O., Ward - 6(2), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 1538/KOL/2024[2009-2010]Status: DisposedITAT Kolkata23 Dec 2024AY 2009-2010

Bench: SHRI SANJAY GARG, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Section 143(3)Section 250Section 263Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH KOLKATA SHRI SANJAY GARG, JUDICIAL MEMBER SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No. 1538/Kol/2024 Assessment Year: 2009-10 M/s Bhikshu Polymers Pvt. Ltd. (Earlier known as M/s Jeevan Commotrade Pvt. Ltd.) 1st Floor, 4 Fairlie Place, Kolkata - 700001 [PAN: AACCJ0069K] .....................…...……………....Appellant vs. Income Tax Officer, Ward-6(2), Kolkata Aayakar Bhavan, P-7, Chowringhee Square, Kolkata - 700069 ...............…..….................... Respondent Appearances by: Assessee represented by : Sunil Surana, AR Department represented by : A. Kundu,…

M/S Arrowspace Tradecom Pvt. Ltd., Kolkata vs. ITO, Ward-10(2), Kolkata

In the result, in light of the discussion made above, this appeal is dismissed

ITA 344/KOL/2024[2016-17]Status: DisposedITAT Kolkata16 Oct 2024AY 2016-17

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

Section 234BSection 234DSection 271(1)(c)

…आयकर अपीलीय अधिकरण कोलकाता 'बी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA श्री संजय गगग, न्याधयक सदस्य एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI SANJAY GARG, JUDICIAL MEMBER & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 344/KOL/2024 Assessment Year: 2016-17 M/s. Arrowspace Tradecom Pvt. Ltd……………………………………Appellant [PAN: AAKCA 4013 C] Vs. ITO, Ward-10(2), Kolkata......................................................Respondent Appearances: Assessee represented by: None. Department represented by: P.P. Barman, Addl. CIT, Sr. DR. Date of concluding the hearing :…

Balhanuman Commodeal Pvt. Ltd., Kolkata vs. ITO, Ward-5(4), Kolkata

ITA 116/KOL/2024[2012-13]Status: DisposedITAT Kolkata03 Oct 2024AY 2012-13

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

For Appellant: NoneFor Respondent: Shri Vineet Kumar, Addl. CIT, Sr. DR
Section 131Section 143(2)Section 143(3)Section 14ASection 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2012-13 Balhanuman Commodeal Pvt. I.T.O., Ward-5(4), Kolkata, Ltd., Aaykar Bhawan, P-7, 7, Red Cross Place, 4th Floor, Vs Chowringhee Square, Kolkata - 700001 Kolkata - 700069 (PAN: AAECB5704H) (Appellant) (Respondent) Present for: Appellant by : None Respondent by : Shri Vineet Kumar, Addl. CIT, Sr. DR Date of Hearing : 08.07.2024 Date of Pronouncement : 03.10.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against t…

Silverlake Traders Pvt. Ltd., Kolkata vs. ITO, Ward-5(1), Kolkata

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

ITA 379/KOL/2024[2009-10]Status: DisposedITAT Kolkata23 Sept 2024AY 2009-10

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 14ASection 263Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 379/KOL/2024 Assessment Year: 2009-10 Silverlake Traders Pvt. Ltd……….............................................Appellant [PAN: AAMCS 3292 F] Vs. ITO, Ward-5(1), Kolkata…………………………………………………Respondent Appearances: Assessee represented by: None. Department represented by: Subhendu Datta, CIT DR. Date of concluding the hearing :…

Elegant Dealmark Pvt. Ltd., Kolkata vs. ITO, Ward-5(3), Kolkata

In the result, the appeal filed by the assessee is partly allowed, with Ground No

ITA 51/KOL/2024[2012-13]Status: DisposedITAT Kolkata21 Aug 2024AY 2012-13

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 14ASection 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 51/KOL/2024 Assessment Year: 2012-13 Elegant Dealmark Pvt. Ltd......................................................Appellant [PAN: AACCE 7972 Q] Vs. ITO, Ward-5(3), Kolkata........................................................Respondent Appearances: Assessee represented by: None. Department represented by: B.K. Singh, Addl.…

Grafton Merchant Pvt. Ltd., Kolkata vs. DCIT, Circle-1(1)/Kolkata

ITA 230/KOL/2023[2010-11]Status: DisposedITAT Kolkata21 Aug 2024AY 2010-11

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 250Section 263Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 230/KOL/2023 Assessment Year: 2010-11 Grafton Merchant Pvt. Ltd.......................................................Appellant [PAN: AABCG 2641 P] Vs. DCIT, Circle-1(1), Kolkata.....................................................Respondent Appearances: Assessee represented by: None. Department represented by: Subhendu Datta,…

Decent Industries P. Ltd., Bhopal vs. ITO-1(2), Bhopal

Appeal is partly allowed

ITA 356/IND/2023[2012-13]Status: DisposedITAT Indore20 Aug 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

Section 133ASection 143(2)Section 147Section 148Section 14ASection 68

…आयकरअपीलीयअिधकरण, इंदौर"ायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER (Virtual hearing) Assessment Year: 2012-13 M/s Decent Industries ITO-1(2), Private Ltd, Bhopal 5th floor, Corporate Park, बनाम/ DB City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) PAN: AAECA6271G Assessee by Ms. Shilpa Gupta & Shri N.K. Gupta Revenue by Shri V.K. Singh, CIT-DR Date of Hearing 04.06.2024 Date of Pronouncement 20.08.2024 आदेश/ O R D E R Per B.M. Biyani, A.M.: Feeling aggrieved…

M/S. Nexcare Agency Pvt. Ltd., Kolkata vs. I.T.O., Ward - 7(1), Kolkata

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

ITA 35/KOL/2023[2012-2013]Status: DisposedITAT Kolkata26 Jul 2024AY 2012-2013

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 131Section 133(6)Section 143(3)Section 263Section 56(2)(viib)Section 68

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री राजपाल यादव, उपाध्यक्ष (कोलकाता क्षेत्र) एवं श्री संजय अवस्थी, लेखा सदस्य के समक्ष Before SRI RAJPAL YADAV, VICE-PRESIDENT & SRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 35/KOL/2023 Assessment Year: 2012-13 M/s. Nexcare Agency Pvt. Ltd...................................................Appellant [PAN: AACCN 5944 P] Vs. ITO, Ward-7(1), Kolkata........................................................Respondent Appearances: Assessee represented by: None. Department represented by: Subhendu Datta, C…