PCIT v. Overtop Marketing (P.) Ltd.

148 Taxmann.com 94High Court2023#4799 most cited

What is PCIT v. Overtop Marketing (P.) Ltd. authority for?

The High Court affirms that additions under Section 68 require the Revenue to establish that the assessee failed to prove the existence and creditworthiness of the subscriber and the genuineness of the transaction, including the source of funds. Failure to do so justifies additions.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2023 to 2026.

Also referred to as

PCIT v. Overtop Marketing (P.) Ltd. · Section 68 · cash credit · share application money · share capital · share premium · creditworthiness of creditor · source of source · addition under section 68 · addition of share capital · addition of share premium · addition of share application money

Sections most often in play

Section 68Section 147Section 142(1)Section 148Section 131Section 133(6)Section 143(3)Section 143(2)
Read the full judgment

Issues it is cited on

shell companysource of sourceaddition under section 68section 246section 250(4)section 41permanent account numberretracted statementcreditworthiness of the creditorshare capital and share premiumshare application moneyadmission of additional evidence

Judgments citing PCIT v. Overtop Marketing (P.) Ltd.

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…

DCIT, CC - 1 (2), Chennai vs. M/S. Creya Learning & Research Pvt. Ltd., Chennai

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

ITA 516/CHNY/2020[2013-14]Status: DisposedITAT Chennai27 Apr 2023AY 2013-14

Bench: Shri V. Durga Rao & Dr. Manish Boradआयकर अपील सं./I.T.A. No.516/Chny/2020 िनधा"रण वष"/Assessment Year: 2013-14 The Deputy Commissioner Of Vs. M/S. Creya Learning & Research Income Tax, Pvt. Ltd., No. 9/5, Nandanam Extension Corporate Circle 1(2), First Street, Nandanam, Chennai 600 034. Chennai 600 035. [Pan:Aaeck2657G] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri P. Sajit Kumar, Jcit ""थ" की ओर से/Respondent By : Shri Muraleedhara Reddy, Advocate सुनवाई की तारीख/ Date Of Hearing : 24.04.2023 घोषणा की तारीख /Date Of Pronouncement : 27.04.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 8, Chennai, Dated 13.12.2019 Relevant To The Assessment Year 2013-14. The Grounds Raised By The Revenue Are As Under: 1. The Order Of The Learned Cit(A) Is Contrary To Law, Facts & Circumstances Of The Case ? 2. Whether On The Facts & Circumstances Of The Case, Is It Correct On The Part Of Learned Cit(A) To Delete The Addition U/S 68 By Observing That The Share Application Money Has Been Received Through Banking Channel Only, Without Appreciating The Fact Brought By Ao Into The Assessment Order That The Investors Did Not Have Any Sufficient Own Fund For Making The Investment & The Invested Money Was Sourced Into Their Account (Credit In Bank Account

For Appellant: Shri P. Sajit Kumar, JCITFor Respondent: Shri Muraleedhara Reddy, Advocate
Section 143(3)Section 68

…आयकर अपीलीय अिधकरण, ‘सी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी वी दुगा" राव, "ाियक सद" एवं डॉ. मनीष बोराड, लेखा सद" के सम" BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND DR. MANISH BORAD, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.516/Chny/2020 िनधा"रण वष"/Assessment Year: 2013-14 The Deputy Commissioner of Vs. M/s. Creya Learning and Research Income Tax, Pvt. Ltd., No. 9/5, Nandanam Extension Corporate Circle 1(2), First Street, Nandanam, Chennai 600 034. Chennai 600 035. [PAN:AAECK2657G] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant by : Shri P. Sajit Kumar,…