PCIT v. NDR Promoters Ltd.

ACIT, Central Circle- 13, New Delhi vs. Jpm Tools Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jpm Tools Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jjf Casting Ltd (Formerly Known As Jpm Renewable Energy Ltd), Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, CC- 13, New Delhi vs. Jay Ace Technologies Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Nikki Industries Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-13, New Delhi vs. Jay Iron & Steel Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle- 13, New Delhi vs. Jay Auto Components Ltd., New Delhi

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…7 and 15 other appeals that they do not have their own funds to invest in the share capital of the assessee group. The learned CIT DR further placed reliance on the judgments of Hon’ble High Court of Delhi in the case of PCIT vs NDR Promoters Ltd. reported in 410 ITR 379, CIT vs Nova Promoters & Finlease Pvt. Ltd. reported in 342 ITR 169 and Hon’ble Supreme Court in the case of PCIT vs NRA Iron & Steel (P) Ltd. reported in 412 ITR 161. 29. The Ld. Counsel for the Assessee – Appellant, Sh. Salil Aggarwal, Senior Advocate vehemently opposed the grounds of appeal so raised by the Revenue. In addition to the oral arg…

ACIT, Central Circle-15, New Delhi vs. Luxman Builders Pvt. Ltd., New Delhi

In the result, the CO filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri Kul Bharatassessment Year: 2010-11 Acit, Vs Lumax Builders Pvt. Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. Pan: Aaacl2184R Co No.93/Del/2018 (Ita No.817/Del/2018) Assessment Year: 2010-11 Lumax Builders Pvt. Ltd., Vs. Acit, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. Pan: Aaacl2184R (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Advocate Revenue By : Ms Paramita M. Biswas, Cit, Dr Date Of Hearing : 16.09.2021 Date Of Pronouncement : 14.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 3Rd November, 2017 Of The Cit(A)-26, New Delhi, Relating To Assessment Year 2010- 11. Co No.93/Del/2018 2. The Assessee Has Filed The Co Against The Appeal Filed By The Revenue. For The Sake Of Convenience, These Were Heard Together & Are Being Disposed Of By This Common Order.

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI (Through Virtual Hearing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER Assessment Year: 2010-11 ACIT, Vs Lumax Builders Pvt. Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. PAN: AAACL2184R CO No.93/Del/2018 (ITA No.817/Del/2018) Assessment Year: 2010-11 Lumax Builders Pvt. Ltd., Vs. ACIT, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. PAN: AAACL2184R (Appellant) (Respondent) Assessee by : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Advocate Revenue by : Ms…

ACIT, New Delhi vs. M/S. Supreme Placement Services (P) Ltd., New Delhi

Bench: Shri Bhavnesh Saini & Shri B.R.R Kumar

…A.O. and the Ld. CIT(A) did not advert to the field enquiry conducted by the A.O. The Ld. D.R. also submitted that addresses of the Investors were found non-existing. The D.R. relied upon the following decisions : 1. PCIT vs., NDR Promoters Pvt. Ltd., [2019] 410 ITR 379 [Del.] [HC]. 2. Order of ITAT, Delhi in the case of ITO vs., Synergy Finlease Pvt. Ltd., in ITA.No.4778/Del./2013. 3. Prem Castings (P.) Ltd., vs., CIT [2017] 88 taxmann.com 189 [Alld.] [HC]. 4. CIT vs., MAF Academy (P.) Ltd., 361 ITR 258 [Del.] [HC]. 5. CIT vs., Navodaya Castle Pvt. Ltd., [2014] 367 ITR 306 [Del.] [HC]. 14 ITA.No.5259/Del./2013…

ACIT, Central Circle-15, New Delhi vs. Sunstar Infra Developers Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…ade by the AO holding that the assessee has proved the identity and credit worthiness of the shareholders and genuineness of the transaction. Referring to the decision of the Hon’ble Delhi High Court in the case of PCIT vs. NDR Promoters (P) Ltd., reported in 410 ITR 379 and the decision of the Hon’ble Supreme Court in the case of PCIT vs. NRA Iron & Steel (P) Ltd., reported in 103 taxman.com 48 she submitted that mere production of certain papers do not discharge the ingredients of section 68 of the Act. She accordingly submitted that the ld.CIT(A) is not justified in deleting the addition on merit. CO Nos.73 to…

ACIT, Central Circle- 15, New Delhi vs. Competent Infoways Pvt. Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…ade by the AO holding that the assessee has proved the identity and credit worthiness of the shareholders and genuineness of the transaction. Referring to the decision of the Hon’ble Delhi High Court in the case of PCIT vs. NDR Promoters (P) Ltd., reported in 410 ITR 379 and the decision of the Hon’ble Supreme Court in the case of PCIT vs. NRA Iron & Steel (P) Ltd., reported in 103 taxman.com 48 she submitted that mere production of certain papers do not discharge the ingredients of section 68 of the Act. She accordingly submitted that the ld.CIT(A) is not justified in deleting the addition on merit. CO Nos.73 to…

ACIT, Central Circle- 15, New Delhi vs. Metbrass Plassim India Ltd., New Delhi

In the result, all the Cross Objections filed by the assessees are allowed and all the appeals filed by the Revenue are dismissed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

…ade by the AO holding that the assessee has proved the identity and credit worthiness of the shareholders and genuineness of the transaction. Referring to the decision of the Hon’ble Delhi High Court in the case of PCIT vs. NDR Promoters (P) Ltd., reported in 410 ITR 379 and the decision of the Hon’ble Supreme Court in the case of PCIT vs. NRA Iron & Steel (P) Ltd., reported in 103 taxman.com 48 she submitted that mere production of certain papers do not discharge the ingredients of section 68 of the Act. She accordingly submitted that the ld.CIT(A) is not justified in deleting the addition on merit. CO Nos.73 to…