ITO, WARD-7(1), NEW DELHI vs. DELIGHT RESORTS P.LTD, NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ACIT, NEW DELHI vs. M/S. SUPERSTAR AGENCY PVT. LTD., NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S. SUPREME PLACEMENT SERVICES PVT. LTD., NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S STYLISH CONSTRUCTION PVT. LTD.,, NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

M/S GLOBUS REAL INFRA PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ACIT, NEW DELHI vs. M/S. STAR LIGHT CONSUMER ELECTRONICS PVT. LTD., NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S. SUKHNA STEEL PVT. LTD., NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

KASPER INFORMATION TECHNOLOGY P.LTD,NEW DELHI vs. ITO, WARD-14(2), NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

KASPER INFORMATION TECHNOLOGY PVT. LTD.,NEW DELHI vs. ITO WARD-14(2), NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO WARD - 13(3), NEW DELHI vs. JINGLE BELLS ALUMINIUM PVT. LTD., NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S ANGEL CEMENT PVT. LTD.,, GHAZIABAD

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S. SUKHNA REAL ESTATE PVT. LTD., GHAZIABAD

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

JINGLE BELLS ALUMINIUM,NEW DELHI vs. ITO WARD - 13(3), NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

LANDSKY REAL ESTATES P.LTD,NEW DELHI vs. ITO, WARD-15(1), NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO WARD - 14(2), NEW DELHI vs. KASPER INFORMATION TECHNOLOGY PVT LTD, NEW DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S. SINTEX CONSUMERS ELECTRONICS PVT. LTD., DELHI

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

ITO, NEW DELHI vs. M/S. SUNLIGHT TOUR AND TRAVELS PVT. LTD., SAHIBABAD

Bench: Shri Amit Shukla & Shri Prashant Maharishi

section 68  w.e.f. 01.04.2013 cannot be Amt received through held, or interpreted, to be private placement – retrospective in nature contributors personally  Assessee cannot be known to assessee – must fastened with the liability be aware of whereabouts - u/s 68 unless a causal corporate veil needs to be connection between the lifted – assessee converted cash deposit in the bank its unaccounted

EBRO INDIA PVT.LTD. ,DELHI vs. ACIT CIRCLE-7(1), DELHI

In the result, the ground no 4 raised by the assessee is allowed

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Accountant Member)

section 68 of the Act qua share capital is not sustainable whether the assessee has duly filed Form PAS 3, confirmation, statement of back of subscriber, copy of PPAN card, copy of IT return etc.  To the similar effect are the following decisions:  Orissa Corporation (P) Limited: 159 ITR 78 (SC)  CIT v. Dolphin Canpack