Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v. Lovely Exports (P) Ltd.

256 ITR 795Supreme Court of India2002#7807 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2021.

Issues it is cited on

onus of proofpaper companysource of sourceaddition under section 68share application moneyaccommodation entrycommissioner (appeals)section 131genuineness of the transactionsection 133(6)section 139(1)undisclosed income

Judgments citing Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v. Lovely Exports (P) Ltd.

THE ITO, WARD-3(1)(2),, AHMEDABAD vs. M/S. PARSOLI MOTOR WORKS PVT. LTD.,, AHMEDABAD

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

ITA 2127/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2012-13

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

For Appellant: Shri M. K. Patel, AdvocateFor Respondent: Shri Mohd. Usman, CIT DR
Section 143Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD [CONDUCTED THROUGH VIRTUAL AT AHMEDABAD] BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER& Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No. 2127/Ahd/2016 (Assessment Year: 2012-13) ITO Vs. M/s. Parsoli Motor Works Pvt. Ltd., B-7, 4th Floor, Shalimar Ward-3(1)(2), Ahmedabad Complex, Mahalixmi Cross Road, Pladi, Ahmedabad-380007 [PAN No. AAECP3634Q] (Appellant) .. (Respondent) Revenue by : Shri Mohd. Usman, CIT DR Assessee by : Shri M. K. Patel, Advocate Date of Hearing 23.11.2021 Date of Pronouncement 30.11.2021 O R D E R PER Ms. MADHUMITA ROY - JM: The instan…

DCIT, NEW DELHI vs. M/S. JAGUAR BUILDCON PVT. LTD., NEW DELHI

In the result, both the appeals of the Revenue are dismissed

ITA 284/DEL/2015[2012-13]Status: DisposedITAT Delhi31 Aug 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Ms. Sunita Singh, CIT-DRFor Respondent: Shri Rakesh Joshi, CA
Section 127Section 132Section 133(6)Section 139(1)Section 143(1)Section 153ASection 68

…the assessee’s case is that …………. of loan by way of subscription to OFCDs. The nature of both the receipts is similar as money is received in both cases from the subscribers. Hence, the ratio of the above case is quite applicable to the instant case. -[2002] 256 ITR 795(SC) CIT v. Gujarat Heavy Chemicals Ltd. Hon’ble Supreme Court expressed its opinion in this case that in case where the share applicants were to be considered genuine, the right course for the Assessing Officer is to identify the real person to whom the money belongs and assess him to tax instead of assessing the company and as such there was no…

DCIT, NEW DELHI vs. M/S. JAGUAR BUILDCON PVT. LTD., NEW DELHI

In the result, both the appeals of the Revenue are dismissed

ITA 283/DEL/2015[2011-12]Status: DisposedITAT Delhi31 Aug 2021AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Ms. Sunita Singh, CIT-DRFor Respondent: Shri Rakesh Joshi, CA
Section 127Section 132Section 133(6)Section 139(1)Section 143(1)Section 153ASection 68

…the assessee’s case is that …………. of loan by way of subscription to OFCDs. The nature of both the receipts is similar as money is received in both cases from the subscribers. Hence, the ratio of the above case is quite applicable to the instant case. -[2002] 256 ITR 795(SC) CIT v. Gujarat Heavy Chemicals Ltd. Hon’ble Supreme Court expressed its opinion in this case that in case where the share applicants were to be considered genuine, the right course for the Assessing Officer is to identify the real person to whom the money belongs and assess him to tax instead of assessing the company and as such there was no…

ITO, NEW DELHI vs. M/S. ARIZONA VENUTRES PVT. LTD., NEW DELHI

In the result, both the appeals of the Revenue are dismissed

ITA 1428/DEL/2016[2012-13]Status: DisposedITAT Delhi26 Mar 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Shri Satpal Gulati, CIT-DRFor Respondent: Shri Rakesh Joshi, CA
Section 139(1)Section 143(1)Section 143(2)Section 143(3)Section 68

…````of loan by way of subscription to OFCDs. The nature of both the receipts is similar as money is received in both cases from 80 I.T.As.1428 & 1429/D/2016 the subscribers. Hence, the ratio of the above case is quite applicable to the instant case. -[2002] 256 ITR 795(SC) CIT v. Gujarat Heavy Chemicals Ltd. Hon’ble Supreme Court expressed its opinion in this case that in case where the share applicants were to be considered genuine, the right course for the Assessing Officer is to identify the real person to whom the money belongs and assess him to tax instead of assessing the company and as such there was no…

SHAKTI SHARE SHOPPEE PVT. LTD.,MUMBAI vs. ITO ,WD-13(2)(3), MUMBAI

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

ITA 4100/MUM/2017[2008-09]Status: DisposedITAT Mumbai23 Dec 2020AY 2008-09

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

For Appellant: Shri Vishnu Agarwal, A.RFor Respondent: Shri T.S. Khalsa, D.R
Section 143(1)Section 147Section 148Section 56(2)(vii)Section 68

…) Ltd. 216CTR195(SC) 7. CIT v/s. Steller Investment Ltd. 115Taxman99(SC) 8. CIT v/s. Creative World Telefilms Ltd. 15 Taxman.com 183 (HC-Bom) 9. CIT v/s. Goa Sponge and Power Ltd. Tax Appeal No. 1 6 of 20 1 2 (HC-Bom) 10. CIT v/s. Gujarat Heavy Chemicals Ltd. 256 ITR 795 (SC) 11. CIT v/s. Aquatic Remedies Pvt. Ltd. ITA No. 904 of 2016(HC- Bom) 12. CIT v/s. GP International Ltd. 186 Taxman 229 (HC- Punjab & Haryana) 13. CIT v/s. Electro Poiychem Ltd. ITR 661 (HC-Madras) 14. CIT v/s. AKJ Granites P. Ltd. 501 ITR 298 (HC- Raj) 15. CIT v/s. Oasis Hospitalities (P.) Ltd. 298 Taxman 247 (HC - Delhi) 16. CIT v/s. Supert…

INCOME TAX OFFICER 12(2)(2), MUMBAI vs. M/S. EAST ASIATIC INFRASTRUCTURE CORP. PRIVATE LIMITED , MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 5884/MUM/2017[2012-13]Status: DisposedITAT Mumbai18 Feb 2020AY 2012-13

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

For Appellant: Shri Amit Pratap Singh, A.RFor Respondent: Shri Bhupendra Shah, D.R
Section 143(1)Section 143(2)Section 143(3)Section 68

…3(6) to these parties. The Ld. A.R. relied heavily on the decision as followed by the Ld. CIT(A) while passing the order. The Ld. A.R. specifically referred to the CIT vs. Jignesh Exports Pvt. Ltd. 216 CTR 195 SC and CIT vs Gujarat Heavy Chemicals Ltd. (2002) 256 ITR 795 SC and also the instruction No.2/2015 F.No.500/15/2014-APA-I dated 29.01.2015. The Ld. A.R. therefore prayed that the order passed by Ld. CIT(A) is a very detailed, reasoned and speaking one and passed in consonance 5 M/s. East Asiatic Infrastructure Corp. Pvt. Ltd. with the ratio laid down by the various courts and Apex Court and accordingly th…

INCOME TAX OFFICER-13(3)(3), MUMBAI vs. VARAD VINAYAK ESTATES PRIVATE LIMITED , MUMBAI

ITA 5133/MUM/2017[2010-11]Status: DisposedITAT Mumbai28 Jan 2020AY 2010-11

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2009-10 Ito-13(3)(3), Mumbai

For Appellant: Surabhi Sharma, Sr. DRFor Respondent: Hariom Tulsiyan, Advocate
Section 133(6)Section 139(1)Section 143(1)Section 147Section 148

…rwise, merely, doubting or pointing out some discrepancy is not the foundation for discarding the genuineness of the deposit or share money or substance of the matter, held by the Hon'ble Supreme Court in the case of CIT v. Gujarat Heavy Chemicals Ltd. (2002) 256 ITR 795 (SC). In view of the above the question of making any addition u/s. 68 of the Act does not arise." 13. Further, Hon 'ble jurisdictional ITAT in the case of ITO-10(2)(3) vs. M/s J.J. Multitrade Pvt.Ltd. ITA No.2158 & 2159/Mum/2014 order dated 11.03.2015 7 Varad Vinayak Estates P. Ltd. ITA No.5820/MUM/2016 & ITA No.5133/MUM/2017 & CO No.166 & 167/…

ITO 13(3)(3), MUMBAI vs. VARAD VINAYAK ESTATES P.LTD, MUMBAI

ITA 5820/MUM/2016[2009-10]Status: DisposedITAT Mumbai28 Jan 2020AY 2009-10

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2009-10 Ito-13(3)(3), Mumbai

For Appellant: Surabhi Sharma, Sr. DRFor Respondent: Hariom Tulsiyan, Advocate
Section 133(6)Section 139(1)Section 143(1)Section 147Section 148

…rwise, merely, doubting or pointing out some discrepancy is not the foundation for discarding the genuineness of the deposit or share money or substance of the matter, held by the Hon'ble Supreme Court in the case of CIT v. Gujarat Heavy Chemicals Ltd. (2002) 256 ITR 795 (SC). In view of the above the question of making any addition u/s. 68 of the Act does not arise." 13. Further, Hon 'ble jurisdictional ITAT in the case of ITO-10(2)(3) vs. M/s J.J. Multitrade Pvt.Ltd. ITA No.2158 & 2159/Mum/2014 order dated 11.03.2015 7 Varad Vinayak Estates P. Ltd. ITA No.5820/MUM/2016 & ITA No.5133/MUM/2017 & CO No.166 & 167/…

ITO -13(3)(3), MUMBAI vs. VISHWA VYAPAR TRADING PVT. LTD., MUMBAI

ITA 2888/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Apr 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Blei.T.O. – 13(3)(3) V. M/S. Viswa Vyapar Trading Pvt. Ltd., 607, 6Th Floor, Central Plaza Room No. 227, 2Nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 Pan: Aadcv 9568 L (Appellant) (Respondent) Assessee By : Shri Neelkanth Khandelwal Department By : Shri Rajeev Gubgotra

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Rajeev Gubgotra
Section 133(6)Section 68

…rwise, merely, doubting or pointing out some discrepancy is not the foundation for discarding the genuineness of the deposit or share money or substance of the matter, held by the Hon'ble Supreme Court in the case of CIT v. Gujarat Heavy Chemicals Ltd. (2002) 256 ITR 795 (SC). In view of the above the question of making any addition u/s. 68 of the Act does not arise.” 18. Further, Hon'ble jurisdictional ITAT in the case of ITO-10(2)(3) vs. M/s J.J. Multitrade Pvt. Ltd. ITA No. 2158 & 2159/Mum/2014 order dated 11.03.2015 has deleted additions on similar facts. Further, the Hon'ble jurisdictional ITAT in the 12 M/s…

KAMAKSHI HOSPITALITY PVT. LTD.,JAIPUR vs. DCIT, JAIPUR

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

ITA 481/JPR/2016[2010-11]Status: DisposedITAT Jaipur15 Dec 2017AY 2010-11
For Appellant: Shri Rajeev Sogani, CAFor Respondent: Shri R.A. Verma, Addl. CIT - DR &
Section 132Section 153ASection 69

…) 107 TTJ (JD) 395 87 10 Zakir Hussain v/s CIT (2006) 202 CTR (Raj.) 40 87-88 11 ITO v/s Dr. R.L. Narang (2008) 174 Taxman 96 (Mag.) (Chd.) 88-89 12 Eagle Seeds & Biotech Ltd. V/s ACIT (2006) 100 ITD 301 (Ind.) 89 13 CIT v. Gujarat Heavy chemicals Ltd. (2002) 256 ITR 795 (SC) 89-90 14 Shri J.R.C. Bhandari v. ACIT (2003) 79 TTJ (Jd) 90-91 15 Narayan Dass Singhi v/s Income Tax Officer (2004) 87 TTJ (JD) 615 91-92 16 Dr. Chetan Prakash Ranka v/s ITO (2005) 33 Tax World 72 (Jp.) 92-93 17 Unique Organisers & Developers (P) Ltd. v/s DCIT (2001) 70 TTJ (Ahd) 131 93 18 Kishanchand Sobhrajmal v/s Assistant Commissioner of…

G.L. CONSTRUCTIONS P.LTD,MUMBAI vs. DCIT 8(1) OR DCIT CITY 8, MUMBAI

In the result, appeal of assessee is allowed in part, in terms indicated hereinabove

ITA 2269/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Jun 2016AY 2010-11
For Appellant: Shri N.R.Agrawal & Pavan VedFor Respondent: Ms. Anupama Shukla
Section 131Section 133ASection 133A(6)Section 143(3)

…llowing Supreme Court and High Court judgements which are binding in nature. a) CIT v/s Stallar Investment Ltd. 164 CTR 287( SC) b) CIT v/s Lovely Exports (P) Ltd. 216 CTR 195 (SC), 6 DTR 308 SLP dismissed 319 ITR (St 5) c) CIT v/s Gujrat Heavy Chemicals Ltd. 256 ITR 795 (SC) d) CIT v/s Dwarikadish Investment Ltd. 167 Taxman 321 (Del) S.C dismissed SLP 314 ITR 3 e) CIT v/s Creative World Telefilms Ltd 333 ITR 100 (Bombay.) Page No. 242 to 243 f) CIT v/s Tania Investment 322 ITR 394 (Born) Page No. 244 to 245 g) Recent judgement of Hon'ble Gujrat High Court in CIT v/s Ujala Dying & Printing Mills Pvt. Ltd. Reporte…

ITO 5(1)(2), MUMBAI vs. GENESIS TRADING P. LTD, MUMBAI

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5334/MUM/2014[2007-08]Status: DisposedITAT Mumbai08 Jun 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…to those and follow these judgements. The list of such judgements are given as under : In Hon'ble Supreme Court CIT v/s Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v/s Lovely Exports (P) Ltd. 216 CTR 195 (SC), 6 DTR 308) CIT v/s Gujrath Heavy Chemicals Ltd. 256 ITR 795 (S.C.) In Honble High Court CIT v/s Creative World Telefilms Ltd 333 ITR 100 (Bombay.) CIT v/s Rohini Builders 256 ITR 360 (Guj) Saraogi Credit Corporation vis CIT 103 ITR 344 (Patna) CIT v/s Misra Preservers (P) Ltd., 350 ITR 222 (All) 14 ITA No.5332-5334/14 & CO No.40/16 CIT v/s Jay Dee Securities & Finance Ltd. 350 ITR 220 (All) CIT v. Samir…

ITO 5(1)(2), MUMBAI vs. GENESIS TRADING P. LTD, MUMBAI

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5333/MUM/2014[2006-07]Status: DisposedITAT Mumbai08 Jun 2016AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…to those and follow these judgements. The list of such judgements are given as under : In Hon'ble Supreme Court CIT v/s Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v/s Lovely Exports (P) Ltd. 216 CTR 195 (SC), 6 DTR 308) CIT v/s Gujrath Heavy Chemicals Ltd. 256 ITR 795 (S.C.) In Honble High Court CIT v/s Creative World Telefilms Ltd 333 ITR 100 (Bombay.) CIT v/s Rohini Builders 256 ITR 360 (Guj) Saraogi Credit Corporation vis CIT 103 ITR 344 (Patna) CIT v/s Misra Preservers (P) Ltd., 350 ITR 222 (All) 14 ITA No.5332-5334/14 & CO No.40/16 CIT v/s Jay Dee Securities & Finance Ltd. 350 ITR 220 (All) CIT v. Samir…

ITO 5(1)(2), MUMBAI vs. GENESIS TRADING P. LTD, MUMBAI

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

ITA 5332/MUM/2014[2005-06]Status: DisposedITAT Mumbai08 Jun 2016AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

For Appellant: Shri N.R.AgrawalFor Respondent: Shri S.K.Bepari
Section 132(1)Section 143(3)Section 68

…to those and follow these judgements. The list of such judgements are given as under : In Hon'ble Supreme Court CIT v/s Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v/s Lovely Exports (P) Ltd. 216 CTR 195 (SC), 6 DTR 308) CIT v/s Gujrath Heavy Chemicals Ltd. 256 ITR 795 (S.C.) In Honble High Court CIT v/s Creative World Telefilms Ltd 333 ITR 100 (Bombay.) CIT v/s Rohini Builders 256 ITR 360 (Guj) Saraogi Credit Corporation vis CIT 103 ITR 344 (Patna) CIT v/s Misra Preservers (P) Ltd., 350 ITR 222 (All) 14 ITA No.5332-5334/14 & CO No.40/16 CIT v/s Jay Dee Securities & Finance Ltd. 350 ITR 220 (All) CIT v. Samir…

Stellar Investment Ltd. 164 CTR 287 ( SC) CIT v. Lovely Exports (P) Ltd. (256 ITR 795) — Cited in 14 Judgments | BharatTax