M/S. SRI BALAJI FORGINGS (P) LTD.,NEW DELHI vs. PR. CIT- 8, NEW DELHI

In the result, appeal of Assessee is allowed

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

68 of the I.T. Act, therefore, revision proceedings under section 263 of the I.T. Act in such circumstances is wholly

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

ACIT, NEW DELHI vs. M/S. SUR BUILDCON 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

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 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

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. 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

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

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

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

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

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, 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

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

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