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Documents citing The Pr. Commissioner Of Income Tax 10 ... vs M/S Orchid Industries Pvt. Ltd. on 23 January, 2020

Income Tax Officer, Chandigarh vs Sanbir Singh, Chandigarh on 18 October, 2024

Ltd', 116 taxmann.com ITA 455/CHD/2023 & C.O. 2/CHD/2023 A.Y. 2018-19 34 113 (SC), dismissed the SLP filed by the department against the judgement of the Hon'ble Bombay High Court in the matter of 'Commissioner of Income Tax Vs. Orchid Industries (P.) Ltd', 88 taxmann.com 502 (Bombay), wherein it was held that the assessee had produced on record documents to establish the genuineness of the party, such as PAN of all the creditors along with the confirmation and their bank statements showing payment of the said amount. The assessee had also produced the entire record regarding the issuance of shares, i.e., allotment of shares to these parties, their share application forms, allotment letters and share certificates, as also the books of account. The balance-sheet and profit and loss account of those persons disclosed that they had sufficient funds in their accounts for investing in the shares of the assessee. It was held that in view of this voluminous documentary evidence, the only fact that those persons had not appeared before the Assessing Officer would not negate the case of the assessee; and that therefore, the addition was liable to be deleted.
Income Tax Appellate Tribunal - Chandigarh Cites 18 - Cited by 0 - Full Document

Acit- Cc- 4(2), Mumbai vs Morpan Merchant Pvt. Ltd., Mumbai on 17 October, 2023

The Tribunal has considered that the Assessee has produced on record the documents to establish the genuineness of the party such as PAN of all the creditors along with the confirmation, their bank statements showing payment of share application money. It was also observed by the Tribunal that the Assessee has also produced the entire record regarding issuance of shares i.e. allotment of shares to these parties, their share application forms, allotment letters and share certificates, so also the books of account. The balance sheet and profit and loss account of these persons discloses that these persons had sufficient funds in their accounts for investing in the shares of the Assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the Assessee. The judgment in case of Gagandeep Infrastructure (P.) Ltd. (supra) would be applicable in the facts and circumstances of the present case."
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 0 - Full Document

Sahil Singla,Chandigarh vs Asstt. Commissioner Of Income Tax, ... on 4 November, 2024

In this case the Hon 'ble Apex court dismissed the SLP filed by the department against the judgement of Hon'ble Bombay High court in the matter of Commissioner of Income Tax Vs. Orchid Industries (P.) Ltd[2017] 88 taxmann.com 502 (Bombay), where it was held that the assessee had produced on record the documents to establish the genuineness of the party such as PAN of all the creditors along with the confirmation, their bank statements showing payment of the said amount. The assessee had also produced the entire record regarding issuance of shares, i.e., allotment of shares to these parties, their share application forms, allotment letters and share certificates, so also the books of account. The balance-sheet and profit and loss account of those persons disclosed that they had sufficient funds in their accounts for investing in the shares of the assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the assessee. Therefore, the addition was liable to be deleted.
Income Tax Appellate Tribunal - Chandigarh Cites 21 - Cited by 0 - Full Document

M/S Titivate Vyapaar Pvt. Ltd.,Kolkata vs Ito, Ward-91(1), Kolkata on 27 November, 2024

7.3. Similar ratio has been laid down by the Hon'ble Mumbai High Court in the case of CIT Vs Orchid Industries (P) Ltd (supra) by holding that provisions of section 68 of the Act can not be invoked for the reasons that the person has not appeared before the AO where the assessee had produced on records documents to establish genuineness of the party such as PAN ,financial and bank statements showing share application money .
Income Tax Appellate Tribunal - Kolkata Cites 12 - Cited by 0 - Full Document

Acit- Cc-4(2), Mumbai vs Inter Publicity Pvt. Ltd., Mumbai on 17 October, 2023

The Tribunal has considered that the Assessee has produced on record the documents to establish the genuineness of the party such as PAN of all the creditors along with the confirmation, their bank statements showing payment of share application money. It was also observed by the Tribunal that the Assessee has also produced the entire record regarding issuance of shares i.e. allotment of shares to these parties, their share application forms, allotment letters and share certificates, so also the books of account. The balance sheet and profit and loss account of these persons discloses that these persons had sufficient funds in their accounts for investing in the shares of the Assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the Assessee. The judgment in case of Gagandeep Infrastructure (P.) Ltd. (supra) would be applicable in the facts and circumstances of the present case."
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 0 - Full Document

Ritudhara Distributors Pvt. ... vs I.T.O., Ward - 4(1), Kolkata, Kolkata on 24 February, 2025

015. In the instant case before us also, the assessee has furnished all the evidences proving identity and creditworthiness of the investors and genuineness of the transactions but AO has not commented on these evidences filed by the assessee. Besides the investors have also furnished complete details/evidences before the AO which proved the identity , creditworthiness of investors and genuineness of the transactions. Under these facts and circumstances and considering underlying facts in the light of ratio laid down in the decisions as discussed above , we are inclined to set aside the order of Ld. CIT(A) by directing the AO to delete the addition.
Income Tax Appellate Tribunal - Kolkata Cites 15 - Cited by 0 - Full Document
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