Seema Jain v. ACIT

96 Taxmann.com 307High Court2018#4736 most cited

What is Seema Jain v. ACIT authority for?

Taxation of credit as income is justified, even if the loan transaction is squared off in the next financial year. Repayment of a loan does not necessarily establish the genuineness of the transaction for the purpose of addition under section 68.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2026.

Also referred to as

Seema Jain v. ACIT · section 68 · share capital and share premium · addition u/s 68 · share application money · genuineness of the transaction · unexplained cash credit · accommodation entry · paper company · loan transaction squared

Also reported as

406 ITR 411

Sections most often in play

Section 68Section 143(3)Section 133(6)Section 1961Section 142(1)Section 143(2)Section 131Section 139(1)
Read the full judgment

Issues it is cited on

paper companyshare capital and share premiumsection 251(2)addition u/s 68share application moneygenuineness of the transactionagricultural incomesection 133(6)section 131unexplained cash creditunexplained expendituresection 68

Judgments citing Seema Jain v. ACIT

Nimbus Multicommodity Brokers Pvt. Ltd.(Formerly Nimbus Multicommodity Brokers Ltd.), New Delhi vs. DCIT, CC-2, Noida

In the result, the appeal of the assessee in ITA No

ITA 923/DEL/2021[2012-13]Status: DisposedITAT Delhi12 Jan 2022AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 925/Del/2021 : Asstt. Year : 2010-11 Ita No. 926/Del/2021 : Asstt. Year : 2011-12 Ita No. 927/Del/2021 : Asstt. Year : 2012-13 Ita No. 928/Del/2021 : Asstt. Year : 2013-14 Ita No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aaacn0116H Ita No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Multi Commodity Brokers Pvt. Vs Dcit, Ltd. (Formerly Nimbus Multi Commodity Central Circle-2, Brokers Ltd.), 1001-1006, Narain Noida Manzil, 23, Barakhamba Road, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn2195G Ita No. 924/Del/2021 : Asstt. Year : 2012-13 Bipin Agarwal, Vs Dcit, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (Appellant) (Respondent) Pan No. Aewpa2901C Assessee By : Sh. Rajiv Khandelwal, Ca Revenue By : Ms. Deepshikha Sharma, Cit Dr Date Of Hearing: 11.11.2021 Date Of Pronouncement: 12.01.2022

For Appellant: Sh. Rajiv Khandelwal, CAFor Respondent: Ms. Deepshikha Sharma, CIT DR
Section 132Section 153Section 153ASection 153DSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Sh. Amit Shukla, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 925/Del/2021 : Asstt. Year : 2010-11 ITA No. 926/Del/2021 : Asstt. Year : 2011-12 ITA No. 927/Del/2021 : Asstt. Year : 2012-13 ITA No. 928/Del/2021 : Asstt. Year : 2013-14 ITA No. 929/Del/2021 : Asstt. Year : 2014-15 Nimbus Project Ltd., Vs DCIT, 1001-1006, Narain Manzil, 23, Central Circle-2, Barakhamba Road, New Delhi-110001 Noida (APPELLANT) (RESPONDENT) PAN No. AAACN0116H ITA No. 923/Del/2021 : Asstt. Year : 2012-13 Nimbus Mult…

DCIT, Central Circle, Dehradun vs. Swarnganga Construction P.Ltd, Bhilwara

In the result, both the appeals of the revenue are allowed for statistical purposes

ITA 186/DDN/2019[2012-13]Status: DisposedITAT Dehradun14 Dec 2021AY 2012-13

Bench: Shri R.K. Panda & Shri V.P. Rao

For Appellant: Sh. N.S. Jangpangi, CIT/DRFor Respondent: Sh. Kapil Goel, Advocate
Section 144Section 153CSection 249(3)Section 250(4)Section 271(1)(c)

…discharged by assessee just by filing confirmations/financial statement for the first time at appellate stage in view of the ratio of decision in case of NR Portfolio Pvt. Ltd.264 CTR 258(Delhi), Nova promoters &finlease Pvt Ltd 252 CTR 187(Delhi), Seema Jain 406 ITR 411 (Delhi). 13. That the CIT(A) failed to appreciate that no evidence was given during asstt proceedings and that during remand proceedings also the confirmations by itself would not discharge the burden u/s 68 unless the genuineness and creditworthiness of the creditors were also proved to the satisfaction of AO and that no such evidence was given…

Supreme Build Cap Private Limited, New Delhi vs. ACIT, Central Circle-05, New Delhi

In the result, appeal is partly allowed

ITA 8476/DEL/2019[2016-17]Status: DisposedITAT Delhi09 Jul 2020AY 2016-17

Bench: Shri Sudhanshu Srivastavaa N D Shri Prashant Maharishiassessment Year: 2016-17

For Appellant: Shri Rohit Tiwari, AdvFor Respondent: Shri Saras Kumar, Sr. D. R
Section 143(3)Section 68

…1 IN THE INCOME TAX APPELLATE TRIBUNAL [DELHI BENCH “G”: NEW DELHI] BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER A N D SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessment Year: 2016-17 Supreme Build-Cap Pvt. Ltd., ACIT, 8–A, Commissioner Lane, Vs Central Circle–05, Civil Lines, New Delhi. New Delhi - 110 054. PAN : AABCS3168B (APPELLANT) (RESPONDENT) Assessee by : Shri Rohit Tiwari, Adv.; Department by : Shri Saras Kumar, Sr. D. R.; Date of hearing : 16/06/2020 Date of Pronouncement : 09/07/2020 O R D E R PER PRASHANT MAHARISHI, AM: 01 This appeal is filed for Supreme BuildCap Private Limited [Ap…

M/S. Hindustan Sports Club Ltd., New Delhi vs. ITO, New Delhi

In the result, appeal of the Assessee is dismissed

ITA 5487/DEL/2013[2005-06]Status: DisposedITAT Delhi31 Oct 2019AY 2005-06

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri Ankit Gupta, AdvFor Respondent: Shri Janardan Das, Sr. DR
Section 143(3)Section 68

…ITA No.- 5487/Del/2013. M/s Hindustan Sports Club Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘C’: NEW DELHI) BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 5487/Del/2013 (Assessment Year: 2005-06) M/s Hindustan Sports Club Ltd., The Income Tax Officer, B-7, Pragati Chambers, Vs. Ward 12(4), Commercial Complex, Ranjit New Delhi. Nagar, New Delhi-110008. PAN No: AAACH3222Q APPELLANT RESPONDENT Assessee by : Shri Ankit Gupta, Adv. Revenue by : Shri Janardan Das, Sr. DR ORDER PER ANADEE NATH MISSHRA, AM (A) This appeal has been filed by the ass…

M/S Righill Electricals P. Ltd., Bhopal vs. The ACIT 3(1), Bhopal

In the result, appeal filed by the assessee is dismissed

ITA 1059/IND/2016[2004-05]Status: DisposedITAT Indore13 Feb 2019AY 2004-05

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2004-05

Section 153CSection 68

…[ITA No.1059/Ind/2016] [M/s. Righill Electricals Pvt. Ltd., Bhopal] आयकर अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2004-05 M/s. Righill Electricals ACIT-3(1) H-5/123, Industrial Area Bhopal बनाम/ Govindpura, Bhopal Vs. (Appellant) (Revenue ) P.A. No.AAACR7150R Appellant by Shri S.S. Deshpande, A.R. Respondent by Shri K.G. Goyal, Sr.D.R. Date of Hearing: 17.01.2019 Date of Pronouncement: 13.02.2019 आदेश / O R D E R PER KUL BHARAT, J.M: This appeal by the asses…