PCIT v. Paradise Inland Shipping (P.) Ltd.

93 Taxmann.com 84Supreme Court of India2018#5097 most cited

What is PCIT v. Paradise Inland Shipping (P.) Ltd. authority for?

The Supreme Court affirms that merely suspecting a company to be a shell company is insufficient to disregard evidence establishing the creditworthiness and identity of the investor, particularly when the assessing officer fails to provide specific evidence beyond suspicion.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2025.

Also referred to as

PCIT v. Paradise Inland Shipping (P.) Ltd. · section 68 · shell company · paper company · source of source · creditworthiness of creditor · onus of proof · unexplained cash credit · section 131 · section 132 · section 133A

Sections most often in play

Section 68Section 131Section 143(3)Section 147Section 153ASection 69CSection 132Section 133A

Issues it is cited on

onus of proofsection 39accumulated profitsshell companypaper companysource of sourcecreditworthiness of the creditorsection 260section 260adate of transferfirst proviso to section 147material facts necessary for assessment

Judgments citing PCIT v. Paradise Inland Shipping (P.) Ltd.

M/S. Spj Steel and Minerals Ltd., Kolkata vs. DCIT-2, Durgapur

ITA 1072/KOL/2017[2012-13]Status: DisposedITAT Kolkata27 Mar 2019AY 2012-13

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi] I.T.A. No. 1072/Kol/2017 Assessment Year: 2012-13 M/S. Spj Steel & Minerals Ltd....…………………………....……………....…………………….....Appellant 2A, Ganesh Chandra Avenue 5Th Floor Room No. 10B Kolkata – 700 013 [Pan : Aalcs 4461 P] Deputy Commissioner Of Income Tax, Circle-2, Durgapur........……….....................Respondent Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Cit, Sr. D/R, Appearing On Behalf Of The Revenue.

Section 143(3)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Viswanethra Ravi, Judicial Member] I.T.A. No. 1072/Kol/2017 Assessment Year: 2012-13 M/s. SPJ Steel and Minerals Ltd....…………………………....……………....…………………….....Appellant 2A, Ganesh Chandra Avenue 5th Floor Room No. 10B Kolkata – 700 013 [PAN : AALCS 4461 P] Deputy Commissioner of Income Tax, Circle-2, Durgapur........……….....................Respondent Appearances by: Shri S.M. Surana, Advocate, appeared on behalf of the assessee. Shri Robin Choudhury, Addl. CIT, Sr. D/R, appearing on behalf o…

ITO, WD-6(2), Kolkata vs. M/S Jyotirupa Tie-Up Pvt. Ltd., Kolkata

In the result, appeal of revenue is dismissed

ITA 1199/KOL/2015[2011-2012]Status: DisposedITAT Kolkata15 Mar 2019AY 2011-2012

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 133(6)Section 143(1)Section 143(3)Section 147Section 68

…1 Jyotirupa Tie-Up Pvt. Ltd, AY 2011-12 आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA (सम") "ी ऐ. ट". वक", "यायीक सद"य एवं डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, JM & Dr. A. L. Saini, AM] I.T.A. No. 1199/Kol/2015 Assessment Year: 2011-12 Income-tax Officer, Ward-6(2), Vs. M/s. Jyotirupa Tie-up Pvt. Ltd. Kolkata (PAN: AACCJ5353J) Appellant Respondent Date of Hearing 30.01.2019 Date of Pronouncement 15.03.2019 For the Appellant Shri A. K. Singh, CIT, DR For the Respondent Shri S. M. Surana, Advocate ORDER Per Shri A.T.Varkey, JM This…

ITO, WD-6(1), Kolkata vs. M/S Tritium Commodities Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 16/KOL/2016[2008-09]Status: DisposedITAT Kolkata28 Nov 2018AY 2008-09

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

Section 131Section 133(6)Section 147Section 250Section 263Section 68

…eness of the transactions. He relied on the order of the ld. CIT(A) and prayed that the same may be upheld. He relied on a number of case-law, some of which are listed below:-  Pr. Commissioner of Income Tax, Panji vs. Paradise Inland Shipping Pvt. Ltd. 2018 93 Taxmann.com 84 SC.  ITO vs. Cygnus Developers (I) Pvt. Ltd. ITA No. 282/Kol/2012  CIT vs. Dataware Pvt. Ltd. (ITAT No. 263 of 2011, GA No. 2856 of 2011)  CIT vs. Gangeshwari Metal Pvt. Ltd. Delhi HC- ITA No. 597/2012 5. We have heard rival contentions. On careful consideration of the facts and circumstances of the case, perusal of the papers on record…