TM) Vishnu Jaiswal v. CIT

357 ITR 146High Court2013#294 most cited

What is TM) Vishnu Jaiswal v. CIT authority for?

If the Assessing Officer has not conducted any investigation and thus has not discharged their burden of proof, any addition made by the AO is unsustainable and must be deleted.

272

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2026.

Also referred to as

Vishnu Jaiswal v. CIT · Assessing Officer burden of proof · no investigation by AO · addition unsustainable · deletion of addition · section 143(3)

Sections most often in play

Section 143(3)Section 153A Section 153D Section 14A Section 80IC Section 69B Section 132(1)Section 56(2)(x)

Issues it is cited on

section 115ad section 153a proceedings section 2(1a)section 2(1)section 66 section 60 section 63 section 2(14)(iii)section 131(1a)live link retracted statement section 80ic

Judgments citing TM) Vishnu Jaiswal v. CIT

Hardev Sahai Gupta, New Delhi vs. ITO, Ward-39(4), New Delhi

ITA 1264/DEL/2019[2015-16]Status: DisposedITAT Delhi06 Aug 2019AY 2015-16

Bench: Sh. N. K. Billaiya & Ms. Suchitra Kamble

…ch later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. 27. Our above view is fortified by the decision of the Hon’ble Delhi High Court in the case of Fair Invest Limited reported in 357 ITR 146. The relevant findings of the Hon’ble Jurisdictional High court of Delhi read as under :- "6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(/4ppeals) would reveal that the assessee has filed documents including certified copies issued by the…

Bindu Garg, New Delhi vs. ITO, Ward-39(4), New Delhi

ITA 1168/DEL/2019[2014-15]Status: DisposedITAT Delhi06 Aug 2019AY 2014-15

Bench: Sh. N. K. Billaiya & Ms. Suchitra Kamble

…ch later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. 27. Our above view is fortified by the decision of the Hon’ble Delhi High Court in the case of Fair Invest Limited reported in 357 ITR 146. The relevant findings of the Hon’ble Jurisdictional High court of Delhi read as under :- "6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(/4ppeals) would reveal that the assessee has filed documents including certified copies issued by the…

Bindu Garg, New Delhi vs. ITO, Ward-39(4), New Delhi

ITA 1169/DEL/2019[2015-16]Status: DisposedITAT Delhi06 Aug 2019AY 2015-16

Bench: Sh. N. K. Billaiya & Ms. Suchitra Kamble

…ch later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. 27. Our above view is fortified by the decision of the Hon’ble Delhi High Court in the case of Fair Invest Limited reported in 357 ITR 146. The relevant findings of the Hon’ble Jurisdictional High court of Delhi read as under :- "6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(/4ppeals) would reveal that the assessee has filed documents including certified copies issued by the…

Krishna Devi, New Delhi vs. ITO, Ward-38(3), New Delhi

ITA 1070/DEL/2019[2015-16]Status: DisposedITAT Delhi06 Aug 2019AY 2015-16

Bench: Sh. N. K. Billaiya & Ms. Suchitra Kamble

…ch later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. 27. Our above view is fortified by the decision of the Hon’ble Delhi High Court in the case of Fair Invest Limited reported in 357 ITR 146. The relevant findings of the Hon’ble Jurisdictional High court of Delhi read as under :- "6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(/4ppeals) would reveal that the assessee has filed documents including certified copies issued by the…

Karuna Garg, New Delhi vs. ITO, Ward-39(4), New Delhi

ITA 1069/DEL/2019[2014-15]Status: DisposedITAT Delhi06 Aug 2019AY 2014-15

Bench: Sh. N. K. Billaiya & Ms. Suchitra Kamble

…ch later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. 27. Our above view is fortified by the decision of the Hon’ble Delhi High Court in the case of Fair Invest Limited reported in 357 ITR 146. The relevant findings of the Hon’ble Jurisdictional High court of Delhi read as under :- "6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(/4ppeals) would reveal that the assessee has filed documents including certified copies issued by the…

DCIT Circle-2(1), Gwalior vs. B.P. Edible Oil Pvt Ltd, Gwalior

ITA 347/AGR/2017[2011-12]Status: DisposedITAT Agra30 Jul 2019AY 2011-12

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2011-12

…or the assessment year 2012-13. Nothing has been brought on record and therefore, we do not find any perversity or illegality in the order passed by the ld. CIT(A). Our view is supported by the decision of Delhi High Court in the matter of fair Finvest Ltd., 357 ITR 146 (Del). The relevant finding of Hon’ble High court in paragraph No. 6 is as under : 6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(Appeals) would reveal that the assessee has filed documents including certified copies issued by the…

Income Tax Officer 12(1)(4), Mumbai vs. Cymbal Mercantile Private Limited, Mumbai

In the result, appeal of the revenue is dismissed

ITA 5367/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 Jul 2019AY 2012-13

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhito-12(1)(4) M/S Cymbal Mercantile Pvt. Ltd. Room No. 145A, B-204, Kesar Baug, L.T. Road, Aayakar Bhavan, M.K. Borivali (East), Road, Church Gate, Mumbai-400092. Vs. Mumbai-400020. Pan: Aaecc7675C Appellant Respondent Appellant By : Shri Pramod Nikalje (Dr) Respondent By : Shri V. Chandrasekhar (Ar) Date Of Hearing : 23.04.2019 Date Of Pronouncement : 17.07.2019 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Revenue Under Section 253 Of Income-Tax Act (‘Act’) Is Directed Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-

For Appellant: Shri Pramod Nikalje (DR)For Respondent: Shri V. Chandrasekhar (AR)

Section 253Section 254(1)Section 56(2)(viib)Section 68

…is conclusion including the decision of Delhi High Court in case of Oasis Hospitalities Private Ltd (333 ITR 119 Delhi), Sofia finance Ltd (205 ITR 98 Delhi), CIT Versus Stellar Investment Ltd (192 ITR 287 Delhi), CIT versus Gangeshwari Metal Private Ltd (361 ITR 10), Bombay High Court in case of CIT Versus Creative World Telefilms (ITA No. 2182 of 2009) decided on 12th October 2009 (333 ITR 100). 14. We have seen that the ld CIT(A) has given categorical finding that assessee has proved the identity of investor, creditworthiness and genuineness of transaction. No contrary facts of law is brought to our noti…

SHI vs. Agar Builders P.Ltd, New Delhi

ITA 1554/DEL/2019[2015-16]Status: DisposedITAT Delhi28 Jun 2019AY 2015-16

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2015-16

For Appellant: Shri C.S. Agarwal, Sr. AdvFor Respondent: Shri S.S. Rana, CIT(DR)

…urther submitted that the learned Assessing Officer has made no enquiries in respect of evidences furnished to prove utilization of funds and therefore, in light of the judgments of Hon’ble Delhi High Court in the case of CIT vs. Fair Finvest Ltd. reported in 357 ITR 146 and Pr. CIT vs. Laxman Industrial Resources Ltd. reported in 397 ITR 106, the revenue was incorrect to deny the claim of deduction made by the appellant company. As regards flow charts prepared and relied in the order of assessment, in the written submissions it has been submitted as under: “I Flow Chart ‘A’ prepared by the AO allegedly reflects…

Deepak Nagar, New Delhi vs. ACIT, CC-17, New Delhi

ITA 3212/DEL/2019[2015-16]Status: DisposedITAT Delhi12 Jun 2019AY 2015-16

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastava[A.Y 2015-16] Shri Deepak Nagar Vs. The A.C.I.T C-1/67, Safdarjang Development Area Central Circle -17 New Delhi New Delhi Pan No: Aaipn 5965 B [Appellant] [Respondent]

For Appellant: Shri S.K. Tulsiyan, AdvFor Respondent: Ms. Nidhi Srivastava, CIT-DR

Section 10(38)Section 131Section 68

…ion, neither the Assessing Officer conducted any enquiry nor has brought any clinching evidence to disprove the evidences produced by the assessee. 24. Our above view is fortified by the decision of the Hon'ble Delhi High Court in the case of Fair Invest Ltd 357 ITR 146. The relevant findings of the Hon'ble Jurisdictional High Court of Delhi read as under: “6. This Court has considered the submissions of the parties. In this case the discussion by the CIT(Appeals) would reveal that the assessee has filed documents including certified copies issued by the…

Lakshya Educational Trust, Ghaziabad vs. Addl. CIT, Range-1, Ghaziabad

In the result appeal of the assessee is dismissed

ITA 4128/DEL/2017[2010-11]Status: DisposedITAT Delhi04 Jun 2019AY 2010-11

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishilakshya Educational Trust, Vs. Addl. Cit, Range-1, Akhilesh Kumar, Adv., Chamber Ghaziabad No. 206-207, Ansal Satyam, Rdc Raj Nagar, Ghaziabad, Pan: Aatl6943M (Appellant) (Respondent)

For Appellant: Shri Akhilesh Kumar, AdvFor Respondent: Smt Naina Soin Kapil, Sr. DR

Section 11Section 143(3)Section 68

…to bring material to reject loan CIT V Shalimar Buildwell Pvt. Ltd. [2013] 40 taxmann.com 285 (All) 07-09 CIT VSURENDRA CHAND BANSAL [2014) 42 TAXMANN.COM 201 (ALL) 10-10 CIT S. Kamaljeet Singh (2005) 147 Taxmann 18 (ALL) CIT vGangeshwari Metals P. LTD [2014] 361 ITR 10 (DEL) 11-12 ACIT V Shyam Indus Power solutions P Ltd. (2018) 90 taxmann.com 424(DEL-B) 11A-11Q C. When loan is received before or even at the time of starting of business, addition cant be made in the hands of assessee: CIT V Lai Mohar [2017] 88 taxmann.com 260 (Allahabad) C.I.T. V. BHARAT ENGG. AND CONST.CO. (19721 83 ITR 167 (SC) ABHYUDAYA PHAR…

Vijay Aggarwal, Delhi vs. ITO, Ward- 48(5), New Delhi

In the result, all the appeals of different assessees are partly allowed

ITA 1077/DEL/2019[2010-11]Status: DisposedITAT Delhi30 May 2019AY 2010-11

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2010-11

Section 147Section 148Section 56(2)(vii)Section 68

…dicial pronouncements: i) ITA No. 212/2012 (Del) dated 11.04.2012 CIT vs. Goel Sons Golden Estate (P) Ltd ii) ITA No. 298/2012 (Del) dated 16.05.2012 CIT vs. Dalmia Bros Pvt. Ltd. iii) ITA No. 1257/2011 (Del) dated 20.07.2012 CIT vs. Expo Globe India Ltd iv) 357 ITR 146 (Del) CIT vs. Fair Finvest Ltd. v) 361 ITR 10 (Del) CIT vs. Gangeshwari Metal (P) Ltd. vi) ITA No. 871/D/2010 A.Y. 2003-04 dated 25.05.2012 ITO vs. M/s Excellance Town Planner (P) Ltd. vii) ITA No. 1125/D/2012 A.Y. 2002-03 dated 01.06.2012 ITO vs. M/s Hi tech Accurate Communication (P) Ltd. viii) ITA No. 1177/D/2012 A.Y. 2001-02 dated 05.10.2012…

ITO 12(3)(3), Mumbai vs. Lucas Meyer Industries, Mumbai

In the result, appeal filed by the revenue is allowed, for statistical

ITA 3645/MUM/2017[2008-09]Status: DisposedITAT Mumbai24 May 2019AY 2008-09

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Ito-12(3)(3), Mumbai Vs M/S Lucas Meyer Industries Pvt Ltd 205/D, Veena Nagar, Chincholi Road Malad W), Mumbai 400 064 Pan : Aaacl6818N Appellant Respondednt

Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…t is in bad in law. In the result, reopening of the assessment is quashed and the addition is also deleted on merits. 10. In the result, appeal of the assessee is allowed." 5.10 The Hon'ble Delhi High Court in the case of CIT vs Gangeshwari Metal Pvt Ltd 2014 361 ITR 10 has held that:- 14 ITA 3645/Mum/2017 "In fact, in Nova Promoters and Finlease (P) Ltd. (supra) itself this Court has observed, in the context of Lovely Exports (P) Ltd. (supra), as under: - The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the comple…

Iskon Developers Pvt. Ltd., Ambala Cantt vs. ITO, Ward- 12(4), New Delhi

In the result, appeal of Assessee is allowed

ITA 4762/DEL/2018[2009-10]Status: DisposedITAT Delhi01 Mar 2019AY 2009-10

Bench: Shri Bhavnesh Saini

For Appellant: Shri Rohit Goel, C.AFor Respondent: Shri S.L. Anuragi, Sr. D.R

Section 131Section 148Section 68

…dition could be made in the hands of the assessee. Assessee has, thus, proved all the ingredients of Section 68 of the Income Tax Act, 1961. In support of my findings, I rely upon Judgments of Hon’ble Delhi High Court in the case of CIT vs. Fair Finvest Ltd., 357 ITR 146, CIT vs. Kamdhenu Steel & Alloys Ltd., 361 ITR 220, CIT vs. Dwarakadheesh Invesment Pvt. Ltd., 330 ITR 298 and CIT vs. Winstrall Petro Chemicals Pvt. Ltd., 330 ITR 603. Considering the totality of the facts and circumstances of the case, I do not find any justification to sustain the addition under section 68 of the Income Tax Act, 1961. Further,…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4875/DEL/2014[2010-11]Status: DisposedITAT Delhi21 Feb 2019AY 2010-11

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…(Del) (PB 66-68); • C/T vs Russian Technology Centre P Ltd ITA No.547, 549 & 555/2013 Dt: 15.12.2016 (Del) (PB 69-72); • Pr CIT vs Oriental International Company Pvt Ltd ITA No.9/2018 Dt: 08.01.2018 (Del) (PB 73-74); • CIT v. Gangeshwari Metal (P) Ltd 361 ITR 10 (Del) (PB 85-89) relying on lovely exports (supra) 4.1.5 He further draw our attention to the following judgements wherein it has been conclusively held, relying on the decisions in the case of Lovely Exports Pvt Ltd (216 CTR 195) (SC), that as long as the identity of the share applicant was proved, the burden of proving the creditworthiness wa…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4874/DEL/2014[2009-10]Status: DisposedITAT Delhi21 Feb 2019AY 2009-10

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…(Del) (PB 66-68); • C/T vs Russian Technology Centre P Ltd ITA No.547, 549 & 555/2013 Dt: 15.12.2016 (Del) (PB 69-72); • Pr CIT vs Oriental International Company Pvt Ltd ITA No.9/2018 Dt: 08.01.2018 (Del) (PB 73-74); • CIT v. Gangeshwari Metal (P) Ltd 361 ITR 10 (Del) (PB 85-89) relying on lovely exports (supra) 4.1.5 He further draw our attention to the following judgements wherein it has been conclusively held, relying on the decisions in the case of Lovely Exports Pvt Ltd (216 CTR 195) (SC), that as long as the identity of the share applicant was proved, the burden of proving the creditworthiness wa…

DCIT, New Delhi vs. M/S. Mahesh Wood Products (P) Ltd., New Delhi

In the result, the ITA No

ITA 4873/DEL/2014[2008-09]Status: DisposedITAT Delhi21 Feb 2019AY 2008-09

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishi

Section 132Section 132(4)Section 143(2)Section 153A

…(Del) (PB 66-68); • C/T vs Russian Technology Centre P Ltd ITA No.547, 549 & 555/2013 Dt: 15.12.2016 (Del) (PB 69-72); • Pr CIT vs Oriental International Company Pvt Ltd ITA No.9/2018 Dt: 08.01.2018 (Del) (PB 73-74); • CIT v. Gangeshwari Metal (P) Ltd 361 ITR 10 (Del) (PB 85-89) relying on lovely exports (supra) 4.1.5 He further draw our attention to the following judgements wherein it has been conclusively held, relying on the decisions in the case of Lovely Exports Pvt Ltd (216 CTR 195) (SC), that as long as the identity of the share applicant was proved, the burden of proving the creditworthiness wa…

M/S. Rathi Ceramics Pvt. Ltd., New Delhi vs. ITO, New Delhi

ITA 4540/DEL/2014[2005-06]Status: DisposedITAT Delhi04 Feb 2019AY 2005-06

Bench: Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Sh. Ashish Goel, CAFor Respondent: Sh. Surender Pal, Sr. DR

Section 143(3)Section 147Section 148

…ase of ITO v. Softline Creations (P.) Ltd. in ITA No. 744/Del/2012 dated 10.02.2015, which has been upheld by the Hon’ble jurisdictional High Court in ITA No. 504 of 2016 dated 31.08.2016 (vi) Delhi High Court in the case of CIT v. Fair Finvest Ltd [2013] 357 ITR 146 (vii) Delhi High Court in the case of CIT v. Gangeshwari Metal Pvt. Ltd. [2013] 214 Taxman 423 4. In reply the Ld. DR supported the order of the Ld. CIT(A). It was submitted that the issue is covered in favor of the Revenue by the orders passed by the various authorities including the recent judgment in the case of Pr. CIT NDR Promoters Pvt.…

M/S. Sri Balaji Forgings (P) Ltd., New Delhi vs. Pr. CIT- 8, New Delhi

In the result, appeal of Assessee is allowed

ITA 3216/DEL/2017[2009-10]Status: DisposedITAT Delhi09 Jan 2019AY 2009-10

Bench: Shri Bhavnesh Saini, J.M. & Shri Prashant Maharishi, A.M.

For Appellant: Advocates &For Respondent: Shri S.S.Rana, CIT-D.R

Section 143(1)Section 143(3)Section 147Section 148Section 263

…w Delhi. assessee. In support of the said contention, the Learned Counsel for the Assessee relied upon decisions of Hon’ble Delhi High Court in the case of Pr. CIT vs. Softline Creations P. Ltd., (2016) 387 ITR 636 (Del.) and CIT vs. Fair Finvest Ltd., (2013) 357 ITR 146 (Del.). Learned Counsel for the Assessee, therefore, submitted that since re-assessment order was bad in law because no notice under section 143(2) have been issued to the assessee and that assessee produced sufficient evidences to prove the conditions of Section 68 of the I.T. Act, therefore, revision proceedings under section 263 of the I.T. Ac…

Wood Craft Exports Co. Pvt. Ltd., Saharanpur vs. ITO, Ward- 3(4), Saharanpur

In the result, appeal of Assessee is partly allowed

ITA 3802/DEL/2017[2013-14]Status: DisposedITAT Delhi01 Jan 2019AY 2013-14

Bench: Shri Bhavnesh Saini

For Appellant: Shri Pratiyush Jain, C.AFor Respondent: Shri S.L. Anuragi, Sr. D.R

…t of the genuine share application money received which have not been properly appreciated. He has relied upon decisions of Hon’ble Delhi High Court in the case of CIT vs. Kamdhenu Steel & Alloys Ltd., (2014) 361 ITR 220 (Del.) and CIT vs. Fair Finvest (2013) 357 ITR 146 (Del.), decision of Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd., (1986) 159 ITR 78 (SC) and Judgment of Hon’ble Delhi High Court in the case of CIT vs. Divine Leasing & Finance Ltd., 299 ITR 268. 6. On the other hand, Ld. D.R. relied upon the Orders of the authorities below. 7. I have considered the rival submission…

ITO, New Delhi vs. M/S Signature Build Well Pvt. Ltd., New Delhi

ITA 4249/DEL/2015[2006-07]Status: DisposedITAT Delhi12 Dec 2018AY 2006-07

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2006-07] The Ito Vs. Signature Build Well Pvt. Ltd. Ward-23(4) , 25/33. Iiird Floor, New Delhi East Patel Nagar, New Delhi Pan : Aajcs5402N

For Appellant: Shri Salil Aggarwal, AdvFor Respondent: Smt. Naina Soin Kapil, Sr. DR

Section 131Section 143(3)Section 68

…be beyond their means. The Assessing Officer failed to do so. The Tribunal rightly set aside the addition made under section 68 of the Income-tax Act, 1961.” 22. In another judgment, the Hon'ble jurisdictional High Court of Delhi in the case of Fair Finvest 357 ITR 146 has held as under: “ The assessee had filed documents including certified copies issued by the…