PCIT v. Vaishnodevi Refoils & Solvex

89 Taxmann.com 80High Court2018#2530 most cited

What is PCIT v. Vaishnodevi Refoils & Solvex authority for?

The addition of share application money to the income of the assessee under Section 68 is not justified if the assessee has discharged the initial onus by providing complete particulars and documentary evidence of the creditor, and the Revenue has failed to prove otherwise. The Supreme Court has also dismissed the Revenue's SLP in this matter.

46

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2026.

Also referred to as

PCIT v. Vaishnodevi Refoils & Solvex · Section 68 · share application money · onus of proof · creditworthiness of creditor · addition u/s 68 · Section 143(3) · Section 153A · accumulated profits · permanent account number · paper company · shell company · entry operator · disallowance of interest expenditure · source of source

Also reported as

253 Taxmann 135

Sections most often in play

Section 68Section 143(3)Section 153ASection 115BBESection 131Section 132Section 147Section 133(6)

Issues it is cited on

onus of proofsource of sourcesection 39creditworthiness of the creditoraccumulated profitspermanent account numberpaper companyshell companyshare application moneyentry operatoraddition u/s 68disallowance of interest expenditure

Judgments citing PCIT v. Vaishnodevi Refoils & Solvex

M/S Savitri Devi, Amita Jaiswal & Ors., Kolkata vs. Dcwt, Cir 10 Kolkata, Kolkata

ITA 2/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 Jan 2020AY 2011-12

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2011-12

Section 68

…आयकर अपील"य अधीकरण, "यायपीठ – “"स” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri J.Sudhakar Reddy, Accountant Member and Shri S.S.Godara, Judicial Member Assessment Year: 2011-12 M/s Savitri Devi, Amita DCIT, Circle-10, बनाम Jaiswal & Ors. 7, Rajendra Aayakar Bhawan, P-7, / dev Road, Kolkata-700 007 V/s. Chowringhee Square, [PAN No. AABAS 4315 E] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Shri J.M Thard, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, JCIT, Sr-DR ""यथ" क" ओर से/By Respondent 25-11-2019 सुनवाई क" तार"ख/Date of Hearing 02-01-2020…

M/S. Blue Lotus Designers Pvt. Ltd., Kolkata vs. ITO, Ward-7(4), Kolkata

Accordingly, the grounds raised by the Revenue are dismissed

ITA 941/KOL/2017[2012-13]Status: DisposedITAT Kolkata08 Jan 2020AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S Blue Lotus Designers V/S. Income Tax Officer, Pvt. Ltd., 6/1C, Pranath Ward-7(4), Aayakar Chowdhury Lane, Bhawan, P-7, Kolkata-700 002 Chowringhee Square, [Pan No.Aaecb 9302 R] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D. Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, Jcit, Sr-Dr ""यथ" क" ओर से/By Respondent 07-11-2019 सुनवाई क" तार"ख/Date Of Hearing 08-01-2020 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-16 Kolkata’S Order Dated 27.02.2017 Passed In Case No.755/Cit(A)-16/Kol/2015-16/W-7(4) Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

Section 131Section 143(3)Section 68

…आयकर अपील"य अधीकरण, "यायपीठ – “"स” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2012-13 M/s Blue Lotus Designers V/s. Income Tax Officer, Pvt. Ltd., 6/1C, Pranath Ward-7(4), Aayakar Chowdhury Lane, Bhawan, P-7, Kolkata-700 002 Chowringhee Square, [PAN No.AAECB 9302 R] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D. Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, JCIT, SR-DR ""यथ" क" ओर से/By Respondent 07-11-2019 सुनवाई क" तार"ख/Date of Hearing 08-01-2020 घ…

Yug Developers, Mumbai vs. ACIT-17(3), Mumbai

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

ITA 7130/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 Jul 2019AY 2013-14

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G”, BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JM & SHRI M.BALAGANESH, AM ITA No.7130/Mum/2018 & 7222/Mum/2018 (Assessment Year : 2013-14 & 2014-15) M/s. Yug Developers Vs. ACIT-17(3) & ACIT- 24, Sholapur Street 17(3)(2) Room No.114, 1st Floor Dana Bunder Mumbai – 400009 Aayakar Bhavan M.K.Road, Mumbai – 400 020 PAN/GIR No.AAAFY7448J (Appellant) .. (Respondent) Assessee by Shri Nishit Gandhi Revenue by Shri Satish Rajore Date of Hearing 10/07/2019 Date of Pronouncement 17/07/2019 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.7130/Mum/2018 & 7222/Mum/2018…

Champ Info Software, Noida vs. Prcit, Noida

The appeal of the assessee stands allowed

ITA 2799/DEL/2018[2013-14]Status: DisposedITAT Delhi21 Jun 2019AY 2013-14

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaassessment Year: 2013-14 Champ Info Software, Pr. Commissioner Of Income Tax, E-24, Sector-55, A2, D Block, Sector 24, Noida. Noida (U.P.)-201301 Vs

For Appellant: Shri Gautam Jain, AdvFor Respondent: Ms Nidhi Srivastava, C.I.T. DR
Section 143(3)Section 154Section 263

…ITA No. 2799/Del/2018 Assessment year 2013-14 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’ NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment year: 2013-14 Champ Info Software, Pr. Commissioner of Income Tax, E-24, Sector-55, A2, D Block, Sector 24, Noida. Noida (U.P.)-201301 vs Appellant Respondent Assessee by : Shri Gautam Jain, Adv. Shri Lalit Mohan, CA Shri Suman Jain, CA Department by: Ms Nidhi Srivastava, C.I.T. DR Date of hearing : 6.6.2019 Date of pronouncement : 21.6.2019 O R D E R PER SUDHANSHU SRIVASTAVA, JM This appeal…

M/S. Jaylaxmi Land Developers, Ahmedabad vs. The Income Tax Officer, Ward-1, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2226/AHD/2016[2007-08]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2007-08

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.2226/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2007-2008 M/S Jaylaxmi Land Developers, Income Tax Officer, B-07 Jaylaxmi Towers, Ward 1, Vs. Anand. Ganesh Chokdi, Post. Anand-388 001. Pan: Aaffj1432Q

Section 147Section 148Section 68

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’D’’BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And MS MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2226/AHD/2016 "नधा"रण वष"/Asstt. Year: 2007-2008 M/s Jaylaxmi Land Developers, Income Tax Officer, B-07 Jaylaxmi Towers, Ward 1, Vs. Anand. Ganesh Chokdi, Post. Anand-388 001. PAN: AAFFJ1432Q (Applicant) (Respondent) : Assessee by Shri Anil R. Shah & Kinjal Shah, A.Rs : Revenue by Shri Uma Shankar Prasad, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 14/02/2019 घोषणा क" तार"ख /Date of Pronouncement: 29/03/2019 आदेश/O R D…

ITO, Ward-12(3), Kolkata vs. M/S Splendour Villa Makers Pvt. Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1768/KOL/2016[2012-13]Status: DisposedITAT Kolkata05 Sept 2018AY 2012-13

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 Ito, Ward-12(3), Kolkata -Vs- M/S Splendour Villa Makers Pvt. Ltd. [Pan: Aahcs 9726 M] (Appellant) (Respondent)

For Appellant: Shri P.K. Mondal, Addl. CIT Sr. DRFor Respondent: Shri M.D. Shah, AR
Section 133(6)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : KOLKATA [Before Hon’ble Shri S.S. Godara, JM & Shri M.Balaganesh, AM ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 ITO, Ward-12(3), Kolkata -vs- M/s Splendour Villa Makers Pvt. Ltd. [PAN: AAHCS 9726 M] (Appellant) (Respondent) For the Appellant : Shri P.K. Mondal, Addl. CIT Sr. DR For the Revenue : Shri M.D. Shah, AR Date of Hearing : 28.08.2018 Date of Pronouncement : 05.09.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-4, Kolkata [in short the ld CIT(A)] in…