ACIT v. Prabhat Oil Mills

ACIT CC -6(1), Mumbai, Bkc vs. Rucha Consultancy LLP, Pune

In the result, the appeal filed by the assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

…k Garg (72 taxmann.com 355)(Guj); (d) Naren Premchand Nagda vs. ITO (ITA No.3265 (Mum) of 2015.); (e) CIT vs. Sant Lal (2020)(118 taxmann.com 432)(Delhi); (f) Jawaharbhai Atmaram Hathiwala vs. ITO (2010)(128 TTJ 36)(Ahd); (g) ACIT vs. Prabhat Oil Mills (1995)(52 TTJ 533)(Ahd Trib); (h) ACIT vs. Anand Kumar Jain (2023)(147 taxmann.com 124)(Mum Trib); (i) Pramod Pandey vs. ACIT (ITA No.4295 (Delhi) of 2012); (j) Atul Tantia vs.DCIT (ITA No.492/Kol/2021 dated 28-03-2023); 12.3. From the facts discussed above, we notice that the Ld CIT(A) has deleted this addition of Rs.80.00 lakhs for justifiable reasons. In the ea…

Rucha Consultancy LLP, Pune vs. DCIT CC 6(1), Mumbai

In the result, the appeal filed by the assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

…k Garg (72 taxmann.com 355)(Guj); (d) Naren Premchand Nagda vs. ITO (ITA No.3265 (Mum) of 2015.); (e) CIT vs. Sant Lal (2020)(118 taxmann.com 432)(Delhi); (f) Jawaharbhai Atmaram Hathiwala vs. ITO (2010)(128 TTJ 36)(Ahd); (g) ACIT vs. Prabhat Oil Mills (1995)(52 TTJ 533)(Ahd Trib); (h) ACIT vs. Anand Kumar Jain (2023)(147 taxmann.com 124)(Mum Trib); (i) Pramod Pandey vs. ACIT (ITA No.4295 (Delhi) of 2012); (j) Atul Tantia vs.DCIT (ITA No.492/Kol/2021 dated 28-03-2023); 12.3. From the facts discussed above, we notice that the Ld CIT(A) has deleted this addition of Rs.80.00 lakhs for justifiable reasons. In the ea…

ACIT CC -6(1), Mumbai, Bkc vs. Rajendra Sawaleram Rahane, Sangamner, Maharashtra

In the result, appeals filed by Revenue in case of both the assessees are dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2021-22

…could not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'onmoney' was held to be not justified. 7.3.3 In the case of Asstt. CIT v. Prabhat Oil Mills [1995) 52 TTJ 533 (Ahd. - Trib.), the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Ahmedabad Tribunal held that once the assessee denies th…

ACIT CC -6(1), Mumbai, Bkc vs. Ranjit Rajaram Hande, Solapur

In the result, appeals filed by Revenue in case of both the assessees are dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2021-22

…could not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'onmoney' was held to be not justified. 7.3.3 In the case of Asstt. CIT v. Prabhat Oil Mills [1995) 52 TTJ 533 (Ahd. - Trib.), the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Ahmedabad Tribunal held that once the assessee denies th…

ACIT CC -6(1), Mumbai, Bkc vs. Atul Bhikaram Chavan, Aurangabad

In the result appeals filed by the revenue stands dismissed

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND SHRI OMKARESHWAR CHIDARA (ACCOUNTANT MEMBER) I.T.A. No.5663/Mum/2024 Assessment Year: 2021-22 ACIT CC-6(1), Mumbai Vs. Atul Bhikaram Room No. 445, 4th Floor, Chavan BKC, Mumbai-400051 127 Kingaon Fulambari Aurangabad Padali Bo Jalna Maharashtra-431111 PAN:AAWPC9721A (Appellant) (Respondent) & I.T.A. No.5666/Mum/2024 Assessment Year: 2021-22 ACIT CC-6(1), Mumbai Vs. Ajaykumar Baburao Room No. 445, 4th Floor, Bhosale BKC, Mumbai-400051 Bilwadal Police Colony Safal Plot No. 63, Savedi Ahmed Nagar Maharashtra-41…

ACIT CC -6(1), Mumbai, Bkc vs. Ajaykumar Baburao Bhosale, Ahmednagar

In the result appeals filed by the revenue stands dismissed

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND SHRI OMKARESHWAR CHIDARA (ACCOUNTANT MEMBER) I.T.A. No.5663/Mum/2024 Assessment Year: 2021-22 ACIT CC-6(1), Mumbai Vs. Atul Bhikaram Room No. 445, 4th Floor, Chavan BKC, Mumbai-400051 127 Kingaon Fulambari Aurangabad Padali Bo Jalna Maharashtra-431111 PAN:AAWPC9721A (Appellant) (Respondent) & I.T.A. No.5666/Mum/2024 Assessment Year: 2021-22 ACIT CC-6(1), Mumbai Vs. Ajaykumar Baburao Room No. 445, 4th Floor, Bhosale BKC, Mumbai-400051 Bilwadal Police Colony Safal Plot No. 63, Savedi Ahmed Nagar Maharashtra-41…

ACIT CC-6(1), Mumbai, Bkc vs. Sharad Nagnath Rajbhoj, Pune

In the result, the appeal by the Revenue is dismissed

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailacit, Central Circle – 6(1), Room No.445, 4Th Floor, Bkc, Mumbai – 400051 ............... Appellant Pan : Abapr6416N V/S Sharad Nagnath Rajbhoj, 502 Dsk Haiyali Phase-Ii, ……………… Respondent Modi Baug, Shivaji Nagar, Pune - 411005 Assessee By : Shri Rashmikant Modi Ms. Ketki Rajshirke Revenue By : Shri Dr. Kishor Dhule, Cit-Dr

…uld not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'on- money' was held to be not justified. 7.3.3 In the case of Asstt. CIT v. Prabhat Oil Mills [1995) 52 TTJ 533 (Ahd. - Trib.), the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Ahmedabad Tribunal held that once the assessee denies th…

DCIT CC - 6(1), Mumbai vs. Shri Naresh Bhavanji Chheda, Mumbai

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

…proposition:- (i) Naren Premchand Nagda vs. ITO (ITA No.3265 (Mum) of 2015 dated 08-07-2016. (ii) CIT vs, Santlal (2020)(118 taxmann.com 432)(Delhi) (iii) Jawaharbhai Atmaram Hathiwala vs. ITO (2010)(128 TTJ 36 (Ahd) (iv) Asst CIT vs. Prabhat Oil Mills (1995)(52 TTJ 533)(Ahd) (v) ACIT vs. Anand Kumar Jain (2023)( (147 taxmann.com 124)(Mum – Trib) (c) The presumption prescribed u/s 132(4A) or 292C of the Act could be taken only in the case of a person from whose possession the document or material has been found. It was so held in the case of Pramod Pandey vs. ACIT (ITA No. 4295 (Delhi) of 2012 dated 06-12-2013) a…

Naresh Bhavanji Chheda, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 6(1), Mumbai

The appeal of the assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

…proposition:- (i) Naren Premchand Nagda vs. ITO (ITA No.3265 (Mum) of 2015 dated 08-07-2016. (ii) CIT vs, Santlal (2020)(118 taxmann.com 432)(Delhi) (iii) Jawaharbhai Atmaram Hathiwala vs. ITO (2010)(128 TTJ 36 (Ahd) (iv) Asst CIT vs. Prabhat Oil Mills (1995)(52 TTJ 533)(Ahd) (v) ACIT vs. Anand Kumar Jain (2023)( (147 taxmann.com 124)(Mum – Trib) (c) The presumption prescribed u/s 132(4A) or 292C of the Act could be taken only in the case of a person from whose possession the document or material has been found. It was so held in the case of Pramod Pandey vs. ACIT (ITA No. 4295 (Delhi) of 2012 dated 06-12-2013) a…

DCIT 15(2)(2), Mumbai vs. M/S Premier Supplies & Services P Ltd, Navi Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – 15(2)(2) V. M/S. Premier Supplies & Services Pvt. Ltd., Office No. 47, Satya Sai Plaza Room No. 357, 3Rd Floor Sector-11, Plot No. 5 Aayakar Bhavan, M.K. Road Panvel, Navi Mumbai - 410206 Mumbai - 400020 Pan: Aaccg2655A (Appellant) (Respondent) Assessee By : None Department By : Shri Nihar Ranjan Samal

…aries, M/s.Ghanekar & Co., a firm of chartered accountants, used to write regular accounts. The assessee had produced confirmatory letters from all the producers regarding the correctness of payments shown to have been made by them. ACIT vs. Prabhat Oil Mills 52 TTJ 533 (Ahmadabad) In this case a diary was seized from the premises of a third party which indicated the alleged unrecorded sales made to the party by the assessee. The AO relied only on the entries of the said diary and did not bring on record any corroborative material to prove that such sales were made outside the books. It was held that mere entries…

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…rd party or statement of a third party could not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'on-money' was notjustified" iv) ACIT v. Prabhat Oil Mills [52 TTJ 533 (Ahd)] - Pg. nos. 38-43 In this case, the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Tribunal held that once the assess…

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…rd party or statement of a third party could not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'on-money' was notjustified" iv) ACIT v. Prabhat Oil Mills [52 TTJ 533 (Ahd)] - Pg. nos. 38-43 In this case, the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Tribunal held that once the assess…

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…rd party or statement of a third party could not be treated as so sacrosanct so as to read as a positive material against the assessee. Therefore, addition in the hands of the assessee on account of 'on-money' was notjustified" iv) ACIT v. Prabhat Oil Mills [52 TTJ 533 (Ahd)] - Pg. nos. 38-43 In this case, the department relied upon certain notings in the seized diary found from the premises of third party and contended that the assessee had made sales outside the books of accounts. However, the assessee denied of having made any sales outside the books of accounts. The Hon'ble Tribunal held that once the assess…