Shri H.H. Rama Varma v. CIT

187 ITR 308Supreme Court of India1991#2413 most cited

What is Shri H.H. Rama Varma v. CIT authority for?

The phrase "any sum" in Section 68 of the Income-tax Act refers only to a "sum of money" or "physical receipt," and does not include non-cash transactions, book entries, notional adjustments, or payments in kind.

48

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

Shri H.H. Rama Varma v. CIT · 187 ITR 308 · Section 68 · cash credit · unexplained money · "any sum" · "sum of money" · physical receipt · book entry · payment in kind · notional adjustment

Sections most often in play

Section 143(3)Section 271(1)(c)Section 40(a)(ia)Section 68Section 80GSection 115BBESection 133(6)Section 142(1)

Issues it is cited on

section 80g(2)(a)section 76section 80g(2)section 261section 74share capital and share premiumsection 260ashare application moneyentry operatorpenalty u/s 271(1)(c)gross total incomesection 80g

Judgments citing Shri H.H. Rama Varma v. CIT

DECENT SECURITIES (P) LTD,DELHI vs. PR, CIT DELHI-1, DELHI

In the result, the appeal of the assessee is allowed

ITA 4799/DEL/2025[2017-18]Status: DisposedITAT Delhi31 Dec 2025AY 2017-18

Bench: Shri M. Balaganesh & Ms Madhumita Roym/S. Decent Securities (P) Ltd, Vs. Pr. Cit, Kd-195, Pitampura, Delhi-1 New Delhi-110034 (Appellant) (Respondent) Pan: Aaacd4440N Assessee By : Shri Gautam Jain, Adv Shri Lalit Mohan, Ca Shri Ankit Kumar, Adv Revenue By: Shri Daya Inder Singh Sidhu, Cit Dr Date Of Hearing 13/11/2025 Date Of Pronouncement 31/12/2025

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri Daya Inder Singh Sidhu, CIT DR
Section 143(3)Section 263Section 68

…nsidered opinion, the provisions of Section 68 of the Act per se could not be made applicable for the said transaction. Reliance in this regard has been rightly made on the decision of Hon'ble Supreme Court in the case of H H Sri Rama Verma vs CIT reported in 187 ITR 308 (SC) wherein they had explained the expression 'a sum of money' to constitute physical receipt. The Id AO had taken a plausible view on this issue while framing the giving effect order to section M/s. Decent Securities (P) Ltd 263 proceedings. Hence, there cannot be any error that could be attributed in the order of the Id AO warranting any revi…

M/S STANFORD DEVELOPERS,NEEMRANA ALWAR vs. INCOME TAX OFFICER , BEHROR

In the result, the appeal filed by the assessee is partly allowed

ITA 405/JPR/2025[2018-19]Status: DisposedITAT Jaipur10 Sept 2025AY 2018-19

Bench: Him.

For Appellant: Sh. S. L. Poddar, Adv. &For Respondent: Mrs. Alka Gautam, CIT- DR a
Section 115BSection 142(1)Section 143(1)Section 143(3)Section 68

…f funds from one account to another account by way of journal entries. The amount was transferred from creditor account to capital account of Shri Ram Chandra Gujar, partner. The following case-laws are quoted in support :- (1) H.H. Rama Varma Vs. CIT (1991) 187 ITR 308 (Supreme Court) Held that the phrase "any sum" employed in Sec. 68 of the Act cannot be extended to include any book entry, notional adjustment, payment in kind etc. (2) CIT Vs. P Mohankala 291 ITR 278 (SC) The Hon'ble Supreme Court while dealing with Sec. 68 observed that (a) there has to be credit of amounts in the books maintained by the tax p…

ASSISTANT COMMISSIONER OF INCOME-TAX, JAIPUR vs. NASH FASHION(INDIA) LIMITED, JAIPUR

In the result, the appeal of the assessee is allowed in ITA no

ITA 89/JPR/2024[2013-14]Status: DisposedITAT Jaipur28 Apr 2025AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Dheeraj Borad, C.AFor Respondent: Shri Anup Singh Addl. CIT a
Section 1Section 143(3)Section 40Section 80G

…e was distinguishable on facts and circumstances being related to exercise of powers of Ld. CIT u/s 263 of the I.T. Act. The Hon'ble ITAT also observed that apparently the decision of the Hon'ble Supreme Court in the case of H.H. Sri Rama Verma quoted at 1991 187 ITR 308 SC was not brought to the attention of the Hon'ble High Court. Thus appellant's reliance on the said judgement is not taken for consideration in view of tribunal's observation. 6.6 Donation in kind are not subject to benefit of Sec. 80G and therefore, the donor are not eligible to claim any deduction u/s 80G if the donations are made in kind. Exp…

NASH FASHION (INDIA) LIMITED,JAIPUR vs. DCIT CIRCLE 1, JAIPUR

In the result, the appeal of the assessee is allowed in ITA no

ITA 160/JPR/2024[2013-14]Status: DisposedITAT Jaipur28 Apr 2025AY 2013-14
For Appellant: Shri Dheeraj Borad, C.AFor Respondent: Shri Anup Singh Addl. CIT
Section 40Section 80G

…as distinguishable on facts and circumstances being\nrelated to exercise of powers of Ld. CIT u/s 263 of the I.T. Act. The Hon'ble\nITAT also observed that apparently the decision of the Hon'ble Supreme Court\nin the case of H.H. Sri Rama Verma quoted at 1991 187 ITR 308 SC was not\nbrought to the attention of the Hon'ble High Court. Thus appellant's reliance\non the said judgement is not taken for consideration in view of tribunal's\nobservation.\n6.6 Donation in kind are not subject to benefit of Sec. 80G and therefore, the\ndonor are not eligible to claim any deduction u/s 80G if the donations are\nmade in kin…

NASH FASHION (INDIA) LIMITED,JAIPUR vs. DCIT CIRCLE -2, JAIPUR

In the result, the appeal of the assessee is allowed in ITA no

ITA 159/JPR/2024[2013-14]Status: DisposedITAT Jaipur28 Apr 2025AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Dheeraj Borad, C.AFor Respondent: Shri Anup Singh Addl. CIT a
Section 1Section 143(3)Section 40Section 80G

…e was distinguishable on facts and circumstances being related to exercise of powers of Ld. CIT u/s 263 of the I.T. Act. The Hon'ble ITAT also observed that apparently the decision of the Hon'ble Supreme Court in the case of H.H. Sri Rama Verma quoted at 1991 187 ITR 308 SC was not brought to the attention of the Hon'ble High Court. Thus appellant's reliance on the said judgement is not taken for consideration in view of tribunal's observation. 6.6 Donation in kind are not subject to benefit of Sec. 80G and therefore, the donor are not eligible to claim any deduction u/s 80G if the donations are made in kind. Exp…

ITO, WARD-25(2), NEW DELHI vs. TELPLAY PACKAGING SOLUTIONS P.LTD, NEW DELHI

The appeal of the Revenue is dismissed

ITA 5892/DEL/2017[2012-13]Status: DisposedITAT Delhi07 Mar 2025AY 2012-13

Bench: SHRI ANUBHAV SHARMA (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)

Section 143(3)Section 14ASection 234BSection 68

…or making investment towards share capital. There was no receipt of any sum as provided u/s 68 of the Act in the instant case. It would be pertinent here to refer to the decision of Hon'ble Supreme Court in the case of Shri H.H. Rama Varma vs. CIT reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means ITO vs. Telplay Packaging Solutions Pvt. Ltd. 'sum of money'. We find that ld. CIT(A) had deleted the addition by observing as under: "6. On consideration of the AR's submission, especially the portion reproduced above, it is seen that section 68 of I.T. Act, 1961 does not apply to cases of purchase…

SRI RANGANATHAR INDUSTRIES PVT LTTD,CHENNAI vs. ACIT, CC-1,, COIMBATORE

In the result, appeals filed by the assessee are allowed for all the three assessment years

ITA 457/CHNY/2021[2017-18]Status: DisposedITAT Chennai11 Jan 2023AY 2017-18

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita Nos.455, 456 & 457/Chny/2021 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16 & 2017-18 V. M/S.Sri Ranganathar – The Dy. Commissioner- Industries Pvt. Ltd., Of Income Tax, 12/45, Thadagam Road, Central Circle-1, Edayapalayam, Coimbatore. Coimbatore-641 025. [Pan: Aadcs 0183 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Mr.S.Sathyanarayanan, Adv. ""यथ" क" ओर से /Respondent By : Mr.D. Hema Bhupal, Jcit सुनवाई क" तारीख/Date Of Hearing : 05.01.2023 घोषणा क" तारीख /Date Of Pronouncement : 11.01.2023

For Respondent: Mr.D. Hema Bhupal, JCIT
Section 12ASection 133ASection 147Section 80G

…nd to delete the impugned Section 80G disallowance of Rs.11,11,111/- under challenge…..”. 8. In so far as the decision relied upon by the AO and the Ld.CIT(A) in the case of the Hon’ble Apex Court in the case of H.H. Sri Rama Verma v. CIT reported in [1991] 187 ITR 308 and the Hon’ble Gujarat High Court in the case of Miss. Yeraben R. Amin (supra), no doubt about ratio laid down by the Hon’ble Courts on the issue of deduction u/s.80G of the Act, and held that deduction should be allowed to donations which are in the form of cash and not otherwise and further, the donations should be made during the relevant…

SRI RANGANATHAR INDUSTRIES P LTD,CHENNAI vs. DCIT, CC-1, COIMBATORE

In the result, appeals filed by the assessee are allowed for all the three assessment years

ITA 456/CHNY/2021[2015-16]Status: DisposedITAT Chennai11 Jan 2023AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita Nos.455, 456 & 457/Chny/2021 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16 & 2017-18 V. M/S.Sri Ranganathar – The Dy. Commissioner- Industries Pvt. Ltd., Of Income Tax, 12/45, Thadagam Road, Central Circle-1, Edayapalayam, Coimbatore. Coimbatore-641 025. [Pan: Aadcs 0183 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Mr.S.Sathyanarayanan, Adv. ""यथ" क" ओर से /Respondent By : Mr.D. Hema Bhupal, Jcit सुनवाई क" तारीख/Date Of Hearing : 05.01.2023 घोषणा क" तारीख /Date Of Pronouncement : 11.01.2023

For Respondent: Mr.D. Hema Bhupal, JCIT
Section 12ASection 133ASection 147Section 80G

…nd to delete the impugned Section 80G disallowance of Rs.11,11,111/- under challenge…..”. 8. In so far as the decision relied upon by the AO and the Ld.CIT(A) in the case of the Hon’ble Apex Court in the case of H.H. Sri Rama Verma v. CIT reported in [1991] 187 ITR 308 and the Hon’ble Gujarat High Court in the case of Miss. Yeraben R. Amin (supra), no doubt about ratio laid down by the Hon’ble Courts on the issue of deduction u/s.80G of the Act, and held that deduction should be allowed to donations which are in the form of cash and not otherwise and further, the donations should be made during the relevant…

SRI RANGANATHAR INDUSTRIES PVT LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-1, COIMBATORE

In the result, appeals filed by the assessee are allowed for all the three assessment years

ITA 455/CHNY/2021[2014-15]Status: DisposedITAT Chennai11 Jan 2023AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita Nos.455, 456 & 457/Chny/2021 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16 & 2017-18 V. M/S.Sri Ranganathar – The Dy. Commissioner- Industries Pvt. Ltd., Of Income Tax, 12/45, Thadagam Road, Central Circle-1, Edayapalayam, Coimbatore. Coimbatore-641 025. [Pan: Aadcs 0183 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Mr.S.Sathyanarayanan, Adv. ""यथ" क" ओर से /Respondent By : Mr.D. Hema Bhupal, Jcit सुनवाई क" तारीख/Date Of Hearing : 05.01.2023 घोषणा क" तारीख /Date Of Pronouncement : 11.01.2023

For Respondent: Mr.D. Hema Bhupal, JCIT
Section 12ASection 133ASection 147Section 80G

…nd to delete the impugned Section 80G disallowance of Rs.11,11,111/- under challenge…..”. 8. In so far as the decision relied upon by the AO and the Ld.CIT(A) in the case of the Hon’ble Apex Court in the case of H.H. Sri Rama Verma v. CIT reported in [1991] 187 ITR 308 and the Hon’ble Gujarat High Court in the case of Miss. Yeraben R. Amin (supra), no doubt about ratio laid down by the Hon’ble Courts on the issue of deduction u/s.80G of the Act, and held that deduction should be allowed to donations which are in the form of cash and not otherwise and further, the donations should be made during the relevant…

DCIT, CIR. -11(1), KOLKATA vs. M/S IRIS HEALTH SERVICES LTD., KOLKATA

In the result, the appeal of the Revenue and the cross-objection of the assessee are hereby dismissed

ITA 233/KOL/2021[2012-13]Status: DisposedITAT Kolkata02 Jan 2023AY 2012-13

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.233/Kol/2021 Assessment Year: 2012-13 Dcit, Circle-11(1), Kolkata...………….........…..................….…… Appellant Vs. M/S Iris Health Services Ltd...…..……...…........…...…...…..…..... Respondent 82/1, Raja Subodh Ch. Mullick Road, Kolkata-700047. [Pan: Aabci8499M] Co No.18/Kol/2021 (Arising Out Of Ita 233/Kol/2021) Assessment Year: 2012-13 M/S Iris Health Services Ltd...…..……...…........…...…...…..…..... Cross-Objector 82/1, Raja Subodh Ch. Mullick Road, Kolkata-700047. [Pan: Aabci8499M] Vs. Dcit, Circle-11(1), Kolkata...………….........…..................….…… Respondent Appearances By: Shri Sunil Surana, Ar, Appeared On Behalf Of The Assessee. Shri D.K. Sonawal, Cit-Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : November 24, 2022 Date Of Pronouncing The Order : January 02, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue & Cross-Objection By The Assessee Against The Order Dated 24.09.2020 Of The Commissioner Of Income Tax (Appeals)-4, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

Section 131Section 250Section 68

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘ए’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA "ी संजय गग", "या"यक सद"य एवं "ी "गर"श अ"वाल, लेखा सद"य के सम" Before Shri Sanjay Garg, Judicial Member and Shri Girish Agrawal, Accountant Member I.T.A. No.233/Kol/2021 Assessment Year: 2012-13 DCIT, Circle-11(1), Kolkata...………….........…..................….…… Appellant vs. M/s Iris Health Services Ltd...…..……...…........…...…...…..…..... Respondent 82/1, Raja Subodh Ch. Mullick Road, Kolkata-700047. [PAN: AABCI8499M] CO No.18/Kol/2021 (Arising out of ITA 233/Kol/2021) Assessment Year: 2012-13 M/s Iris Health S…

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, INCOME TAX OFFICE vs. SHRI SURESH KUMAR GUPTA, SRIGANGANAGAR

In the result the appeal of the revenue in ITA No

ITA 55/JPR/2022[2013-14]Status: DisposedITAT Jaipur24 Aug 2022AY 2013-14
For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Sanjay Dhariwal, CIT lquo
Section 132Section 143(3)Section 68

…....” From the plain reading of the provisions of section 68, it is clear that to invoke the deeming provisions of section 68, ‘any sum’ must be found credited in the books of the assessee. Hon'ble Supreme Court in case of Shri H.H. Rama Varma Vs. CIT (1991) 187 ITR 308 (SC) (PB 217-219) held that 'any sum' means 'sum of money'. Therefore, a sum of money i.e. cash or cheque must be received by the assessee during the previous year. There is a difference between a credit representing a liability payable by the assessee and a credit representing monies received from another person– the former not being covered in…

DEPUTY COMMISSIONER OF INCOME TAX, INCOME TAX DEPARTMENT, CENTRAL CIRCLE-3 vs. M/S N. M. AGROFOOD PRODUCTS PVT. LTD., SRIGANGANAGAR

In the result the appeal of the revenue in ITA No

ITA 54/JPR/2022[2013-14]Status: DisposedITAT Jaipur24 Aug 2022AY 2013-14
For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Sanjay Dhariwal, CIT lquo
Section 132Section 143(3)Section 68

…....” From the plain reading of the provisions of section 68, it is clear that to invoke the deeming provisions of section 68, ‘any sum’ must be found credited in the books of the assessee. Hon'ble Supreme Court in case of Shri H.H. Rama Varma Vs. CIT (1991) 187 ITR 308 (SC) (PB 217-219) held that 'any sum' means 'sum of money'. Therefore, a sum of money i.e. cash or cheque must be received by the assessee during the previous year. There is a difference between a credit representing a liability payable by the assessee and a credit representing monies received from another person– the former not being covered in…

ITO, WARD- 27(4), NEW DLEHI vs. ZEXUS AIR SERVICES PVT. LTD., GURGAON

In the result, the appeal filed by the Revenue as well as the CO filed by the assessee are dismissed

ITA 2608/DEL/2018[2014-15]Status: DisposedITAT Delhi23 Apr 2021AY 2014-15

Bench: Shri R.K. Panda & Ms. Suchitra Kambleassessment Year: 2014-15 Ito, Vs Zexus Air Services Pvt. Ltd., Ward-27(4), 148-149, Centrum Plaza, New Delhi. Sector-53, Dlf Phase-V, Gurgaon. Pan: Aaacz6541L Co No.121/Del/2018 (Ita No.2608/Del/2018) Assessment Year: 2014-15 Zexus Air Services Pvt. Ltd., Vs. Ito, 148-149, Centrum Plaza, Ward-27(4), Sector-53, Dlf Phase-V, New Delhi. Gurgaon. Pan: Aaacz6541L (Appellant) (Respondent) Assessee By : Shri Gaurav Bansal, Ca Revenue By : Smt. Sushma Singh, Cit-Dr Date Of Hearing : 31.03.2021 Date Of Pronouncement : 23.04.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 12Th January, 2018 Of The Cit(A)-9, New Delhi, Relating To Assessment Year 2014-15. Co No.121/Del/2018 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.

For Appellant: Shri Gaurav Bansal, CAFor Respondent: Smt. Sushma Singh, CIT-DR
Section 68

…or making investment towards share capital. There was no receipt of any sum as provided u/s 68 of the Act in the instant case. It would be pertinent here to refer to the decision of Hon'ble Supreme Court in the case of Shri H.H. Rama Varma vs. CIT reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means 'sum of money'. We find that ld. CIT(A) had deleted the addition by observing as under: "6. On consideration of the AR's submission, especially the portion reproduced above, it is seen that section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by the…

ITO, NEW DELHI vs. M/S. ELATIVE BUILDING SOLUTIONS PVT. LTD., NEW DELHI

In the result, appeal of assessee is allowed

ITA 2498/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Mar 2021AY 2012-13
For Appellant: Shri Sudesh Garg, AdvocateFor Respondent: Shri Jagdish Singh, Sr. DR

…or making investment towards share capital. There was no receipt of any sum as provided u/s 68 of the Act in the instant case. It would be pertinent here to refer to the decision of Hon'ble Supreme Court in the case of Shri H.H. Rama Varma vs. CIT reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means 'sum of money'. We find that ld. CIT(A) had deleted the addition by observing as under: "6. On consideration of the AR's submission, especially the portion reproduced above, it is seen that section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by the…

I.T.O.,WARD-1(3), KOLKATA vs. M/S TRILOKPATI EXIM PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 477/KOL/2019[2012-13]Status: DisposedITAT Kolkata16 Sept 2020AY 2012-13

Bench: Shri A. T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.477/Kol/2019 ("नधा"रणवष" / Assessment Year:2012-13)

For Appellant: Shri Ram Bilash Meena, CITFor Respondent: ShriVinod Kr. Jain, FCA
Section 143(3)Section 68

…or making investment towards share capital. There was no receipt of any sum as provided u/s 68 of the Act in the instant case. It would be pertinent here to refer to the decision of Hon’ble Supreme Court in the case of Shri H.H. Rama Varma vs. CIT reported in 187 ITR 308 (SC) wherein it was held that ‘any sum’ means ‘sum of money’. We find that ld. CIT(A) had deleted the addition by observing as under: “6. On consideration of the AR’s submission, especially the portion reproduced above, it is seen that section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by the…

ITO, WARD - 6(1), KOLKATA, KOLKATA vs. M/S. DHANKAMAL COMMOSAES PVT. LTD.,, KOLKATA

In the result, appeal of the revenue is dismissed

ITA 2089/KOL/2017[2012-13]Status: DisposedITAT Kolkata17 Jun 2020AY 2012-13

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2012-13

Section 143(3)Section 250Section 68

…er to the u/s 68 of the Act in the instant case. It would be pertinent here to refer to the decision of Hon'ble Supreme Court in the case of decision of Hon'ble Supreme Court in the case of Shri H.H. Rama Varma vs. CIT Shri H.H. Rama Varma vs. CIT reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means 'sum of reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means 'sum of reported in 187 ITR 308 (SC) wherein it was held that 'any sum' means 'sum of money'. We find that ld. CIT(A) had deleted the addition by observing as under: money'. We find that ld. CIT(A) had deleted the addition b…

HIMALAYAN DAIRIES PVT. LTD.,DELHI vs. ITO, WARD- 11(3), NEW DELHI

ITA 3361/DEL/2018[2014-15]Status: DisposedITAT Delhi19 May 2020AY 2014-15

Bench: Ms Suchitra Kamble & Shri Prashant Maharishihimalayan Dairies Pvt. Ltd, Vs. Ito, Flat No. 10, C-1/2, Model Town, Ward-11(3), New Delhi New Delhi Pan: Aaach0252J (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri Jagdish Singh, Sr. DR
Section 68

…le Supreme Court has categorically held that mere book entry without actual receipt of money cannot be covered under the definition of section 68 of IT Act. Reliance is placed on the Hon’ble Supreme Court finding in the case of H.H. Sri Rama Verma vs CIT 1991 187 ITR 308 SC, 1991 Supp (1) SCC 209 wherein it has been held that " The use of the expression "any sums paid" contemplates payment of an amount of money. One of the dictionary meanings of the expression "sum" means any indefinite amount of money. The context in which the expression "sums paid by the assessee" has been used makes the legislative intent clea…

ITO, WARD - 13(2), KOLKATA, KOLKATA vs. M/S. GOURI NANDAN REAL ESTATE PVT. LTD.,, HOWRAH

In the result, we uphold the same and dismiss the appeal of the Revenue

ITA 2102/KOL/2017[2012-13]Status: DisposedITAT Kolkata29 Nov 2019AY 2012-13

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

Section 144Section 250Section 56(2)(vii)Section 68Section 80G

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA [Before Shri J. Sudhakar Reddy, Accountant Member & Shri S.S. Godara, Judicial Member] I.T.A. No. 2102/Kol/2017 Assessment Year: 2012-13 ITO, Ward-13(2), Kolkata.………….....................................…......……................................Appellant Vs. M/s. Gouri Nandan Real Estate Pvt. Ltd..................................................................Respondent [PAN: AAECG 2832 R] C.O. No. 120/Kol/2017 Assessment Year: 2012-13 M/s. Gouri Nandan Real Estate Pvt. Ltd......................................................................Appellan…

M/S. ACCESS GLOBAL LIMITED ,KOLKATA vs. ITO, WARD - 4(3), KOLKATA, KOLKATA

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

ITA 13/KOL/2018[2012-13]Status: DisposedITAT Kolkata24 Apr 2019AY 2012-13

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri S. M Surana, Advocate, ld.ARFor Respondent: Shri A.K. Singh, CIT, ld.Sr.DR
Section 144(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘B’, KOLKATA (Before Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.) ITA No. 13/Kol/2018 : Asstt. Year : 2012-13 M/s. Access Global Limited Vs I.T.O. Ward 4(3), Kolkata PAN: AADCA 8526F (Appellant/Assessee) (Respondent) Assessee by : Shri S. M Surana, Advocate, ld.AR Department by : Shri A.K. Singh, CIT, ld.Sr.DR Date of Hearing : 30-01-2019 Date of Pronouncement: 24-04-2019 ORDER Per Dr. A.L.Saini, A.M.: The captioned appeal filed by the Assessee, pertaining to assessment year 2012- 13, is directed against the order passed by the Commissioner of Income-ta…

M/S ABHIJEET ENTERPRISE LTD.,KOLKATA vs. ITO, WARD 2(2), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed for statistical purpose

ITA 308/KOL/2017[2013-14]Status: DisposedITAT Kolkata27 Mar 2019AY 2013-14

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

Section 68

…of debentures. In this regard he drew our attention to Pages 7 of the Ld. CIT(A)’s order where this finding is available. Relying on the judgments of the Hon’ble Supreme Court in 5 Abhijeet Enterprise Ltd. , AY 2013-14 the case of H.H. Sri Rama Verma vs CIT (187 ITR 308), Hon’ble Calcutta High Court in the case of Jatia Investment Co Vs CIT (306 ITR 718) & Hon’ble Madras High Court in the case of V.R. Global Energy Pvt Ltd Vs ITO (96 taxmann.com 647) he urged that the AO’s invocation of Section 68 in the given set of facts was wholly unsustainable on facts and in law. 7. The Ld. AR alternatively stressed on the…

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