CIT (Dy.) v. Daman Ganga Paper Ltd.

GHANSHYAM SHARE & STOCK BROKERS,MUMBAI vs. DCIT 4(1), MUMBAI

In the result, the assessee’s appeal is partly allowed and partly allowed for statistical purposes, and the Revenue’s appeal is dismissed

Bench: Shri Sanjay Arora, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No. 3573/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) Ghanshyam Share & Stock Brokers Dy. Cit, Range 4(1), Aayakar Bhavan, 6Th Floor, Pvt. Ltd., बनाम/ C/O. D. C. Jain & Co., R. N. 640, M. K. Road, 75, Bombay Mutual Bldg., 1St Floor, Mumbai Vs. D. N. Road, Fort, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacg 3561 H (Assessee) (Revenue) : आयकर अपील सं./I.T.A. No. 3762/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) Dy. Cit, Range 4(1), Ghanshyam Share & Stock Brokers बनाम/ Room Ni. 640, 6Th Floor, Pvt. Ltd., 24, 2Nd Fanaswadi, D. A. Lane, Aaykar Bhavan, M. K. Road, Vs. Mumbai Mumbai-400 004 (Revenue) (Assessee) : Assessee By : Shri D. C. Jain Revenue By : Shri Airiju Jaikaran सुनवाई क" तार"ख / : 23.06.2016 Date Of Hearing घोषणा क" तार"ख / : 04.10.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: These Are Cross Appeals, I.E., By The Assessee & The Revenue, Directed Against The Order By The Commissioner Of Income Tax (Appeals)-8, Mumbai (‘Cit(A)’ For Short) Dated 13.03.2014, Partly Allowing The Assessee’S Appeal Contesting It’S

…ccount period. It is the profit for each year, and each year alone, that could be brought to tax for that year; each year being an independent unit of assessment. Reference in this context is made to the decision in CIT (Dy.) vs. Daman Ganga Paper Ltd. [2014] 63 SOT 47 (Mum), based on decisions by the Hon’ble jurisdictional High Court and Supreme Court settling the law in the matter. We may refer to this addition as Addition 1. We may here also mention that though manifest in the form of (the value of) the closing stock, the addition is essentially on account of unexplained credit inasmuch as the source of the cr…

ACIT 10(1), MUMBAI vs. SHIVSHAHI PUNARVASAN PRAKALP LTD, MUMBAI

In the result, the Revenue’s appeals for A

…independent unit of assessment. Further, profit is to be understood in the commercial sense and, subject to the provisions of the Act, computed accordingly. This represents trite law, as explained by the tribunal in CIT (Dy.) vs. Daman Ganga Paper Ltd. [2014] 63 SOT 47 (Mum) and CIT (Dy.) v. Sudhir V. Shetty [2014] 35 ITR (Trib) 115 (Mum) with reference to several decisions by the Hon’ble Apex Court. We have already explained the manner in which the said income is to be computed. As such, irrespective of whether the same has been (A.Ys. 2006-07 to 2009-10) Shivshahi Punarvasan Prakalp Ltd. brought to tax for A.Y.…

SHI vs. HAHI PUNARVASAN PRAKALP LTD,MUMBAIVS.DCIT 10(1), MUMBAI

In the result, the Revenue’s appeals for A

…independent unit of assessment. Further, profit is to be understood in the commercial sense and, subject to the provisions of the Act, computed accordingly. This represents trite law, as explained by the tribunal in CIT (Dy.) vs. Daman Ganga Paper Ltd. [2014] 63 SOT 47 (Mum) and CIT (Dy.) v. Sudhir V. Shetty [2014] 35 ITR (Trib) 115 (Mum) with reference to several decisions by the Hon’ble Apex Court. We have already explained the manner in which the said income is to be computed. As such, irrespective of whether the same has been (A.Ys. 2006-07 to 2009-10) Shivshahi Punarvasan Prakalp Ltd. brought to tax for A.Y.…