CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd.

M/S. Gigaplex Estate Pvt. Ltd, Mumbai vs. DCIT Cent. Cir 4(2), Mumbai

In the result, the appeal filed by the assessee does not hold merit and is hereby

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2080 & 2081/Mum/2021 (Assessment Years: 2015-16 & 2014-15) M/s. Gigaplex Estate Pvt. Ltd. Dy. CIT, Central Circle – 4(2), Raheja Tower, Plot No. E-30, Block G, Mumbai Vs. Opp. Sidbi, BKC, Bandra (E), Mumbai-400 051 PAN/GIR No. AAACB 1508 R (Appellant) : (Respondent) Appellant by : Shri Manan Mathuria Respondent by : Shri Kailash Kanojia Date of Hearing : 24.08.2022 : 21.11.2022 Date of Pronouncement O R D E R Per Kavitha Rajagopal, J. M.: These appeals has been filed by the assessee…

Pankaj Kantilal Shah, Mumbai vs. Dcitcc-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

…urse of search in the case of “unabated assessment years”. In support of these contentions, the assessees placed their reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd (374 ITR 645)(Bom) and CIT vs. Gurinder Singh Bawa (386 ITR 483)(Bom). However, the Ld CIT(A) rejected the above said contentions of the assessee. The observations made by the Ld CIT(A) in the case of Pankaj K Shah (HUF) are extracted below:- “Hence if the search and seizure action has resulted in identification of certain entities which have indulged in dubi…

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

…urse of search in the case of “unabated assessment years”. In support of these contentions, the assessees placed their reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd (374 ITR 645)(Bom) and CIT vs. Gurinder Singh Bawa (386 ITR 483)(Bom). However, the Ld CIT(A) rejected the above said contentions of the assessee. The observations made by the Ld CIT(A) in the case of Pankaj K Shah (HUF) are extracted below:- “Hence if the search and seizure action has resulted in identification of certain entities which have indulged in dubi…

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

…urse of search in the case of “unabated assessment years”. In support of these contentions, the assessees placed their reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd (374 ITR 645)(Bom) and CIT vs. Gurinder Singh Bawa (386 ITR 483)(Bom). However, the Ld CIT(A) rejected the above said contentions of the assessee. The observations made by the Ld CIT(A) in the case of Pankaj K Shah (HUF) are extracted below:- “Hence if the search and seizure action has resulted in identification of certain entities which have indulged in dubi…

Pankaj K Shah HUF, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

…urse of search in the case of “unabated assessment years”. In support of these contentions, the assessees placed their reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd (374 ITR 645)(Bom) and CIT vs. Gurinder Singh Bawa (386 ITR 483)(Bom). However, the Ld CIT(A) rejected the above said contentions of the assessee. The observations made by the Ld CIT(A) in the case of Pankaj K Shah (HUF) are extracted below:- “Hence if the search and seizure action has resulted in identification of certain entities which have indulged in dubi…

DCIT CC-6(3), Mumbai vs. Pankaj K Shah HUF, Mumbai

In the result, all the appeals of the assessee are allowed

…urse of search in the case of “unabated assessment years”. In support of these contentions, the assessees placed their reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation (Nhava Sheva) Ltd (374 ITR 645)(Bom) and CIT vs. Gurinder Singh Bawa (386 ITR 483)(Bom). However, the Ld CIT(A) rejected the above said contentions of the assessee. The observations made by the Ld CIT(A) in the case of Pankaj K Shah (HUF) are extracted below:- “Hence if the search and seizure action has resulted in identification of certain entities which have indulged in dubi…

Essel Mining & Industries Limited, Mumbai vs. Principal Commissioner of Income Tax-Central-1, Mumbai

In the result, appeal of the assessee is allowed

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER M/s. Essel Mining & Vs. Deputy Commissioner of Industries Limited Income Tax Industry House Central Circle 1 18th Floor, 10, Camac Street Room No.1001, 10th Floor Kolkata, Old CGO Building, Pratishtha West Bengal- 700 017 Bhavan, M.K.Road Mumbai- 400 020 PAN/GIR No.AAACE6607L (Appellant) .. (Respondent) Assessee by Shri Yogesh Thar & Ms. Sukanya Jayaram Revenue by Shri Manoj Kumar Date of Hearing 03/11/2022 Date of Pronouncement 15/11/2022 आदेश / O R D E R PER M.BALA…

Joint Commissioner of Income Tax - Central Circle 1(4), Mumbai vs. Essel Mining & Industries Limited, Mumbai

In the result, appeal of the assessee is allowed in ITA No

Bench: Us:-

…the search assessments without existence of any incriminating material relatable to such assessment year. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation reported in 374 ITR 645. There is yet another decision which was rendered by the Hon’ble Calcutta High Court in the context of section 153C proceedings in the case of CIT vs. Veer Prabhu Marketing Ltd., reported in 73 taxmann.com 149 laying down the similar proposition. 3.14. In view of the aforesaid observations and respectfully following the judicial precedents relie…

Joint Commissioner of Income Tax - Central Circle 1(4), Mumbai vs. Essel Mining & Industries Limited, Mumbai

In the result, appeal of the assessee is allowed in ITA No

Bench: Us:-

…the search assessments without existence of any incriminating material relatable to such assessment year. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation reported in 374 ITR 645. There is yet another decision which was rendered by the Hon’ble Calcutta High Court in the context of section 153C proceedings in the case of CIT vs. Veer Prabhu Marketing Ltd., reported in 73 taxmann.com 149 laying down the similar proposition. 3.14. In view of the aforesaid observations and respectfully following the judicial precedents relie…

Essel Mining & Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(4), Mumbai

In the result, appeal of the assessee is allowed in ITA No

Bench: Us:-

…the search assessments without existence of any incriminating material relatable to such assessment year. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation reported in 374 ITR 645. There is yet another decision which was rendered by the Hon’ble Calcutta High Court in the context of section 153C proceedings in the case of CIT vs. Veer Prabhu Marketing Ltd., reported in 73 taxmann.com 149 laying down the similar proposition. 3.14. In view of the aforesaid observations and respectfully following the judicial precedents relie…

Essel Mining & Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(4), Mumbai

In the result, appeal of the assessee is allowed in ITA No

Bench: Us:-

…the search assessments without existence of any incriminating material relatable to such assessment year. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation reported in 374 ITR 645. There is yet another decision which was rendered by the Hon’ble Calcutta High Court in the context of section 153C proceedings in the case of CIT vs. Veer Prabhu Marketing Ltd., reported in 73 taxmann.com 149 laying down the similar proposition. 3.14. In view of the aforesaid observations and respectfully following the judicial precedents relie…

DCIT CC -7(2), Mumbai vs. M/S. Dewal Engineering Pvt. Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…as notices issued u/s 133(6) were duly replied and the impugned transactions were confirmed by the respective parties. - v; 5 ITA 466/Mum/2021 6 ITA 2268/Mum/2021 6.2.19. The Hon'ble Bombay High Court in case of CIT vs. Continental Warehousing Corporation [374 ITR 645], has held that when the assessment has attained finality, then the AO while passing the independent assessment order u/s 153C of the Act can't disturb the assessment / reassessment order which has attained finality, unless the materials gathered in the course of the proceedings u/s 132 of the Act establish that the reliefs granted under the fina…

DCIT- CC- 6(4), Mumbai vs. Smt. Divya Sameer Gehlaut, Mumbai

In the result, the appeal of the Revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.1428/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Deputy Commissioner Of Income बिधम/ Smt. Divya Sameer Tax, Gehlaut Vs. Central Circle 6(4), 17Th Floor, Tower 1, Room No. 1925, 19Th Floor, Indianbulls Finance Air India Building, Centre, Senapati Bapat Nariman Point, Marg, Elphinstone Mumbai-400021 Road, Mumbai-400013 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Ajbpg2722R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri .Om Kandalkar Revenue By: Shri. T Sankar (Dr) सुनवाई की तारीख / Date Of Hearing: 29/09/2022 घोषणा की तारीख /Date Of Pronouncement: 31/10/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

…erial found during the search, without appreciating that the department has filed an SLP against the decision of the Hon 'ble High Court of Bombay in the case of Continental Warehousing Corporation 1 Smt. Divya Sameer Gahlaut (Nhava Sheva Limited reported in 374 ITR 645 (Bom), which has been admitted and directed to be listed by the Hon 'ble Supreme Court of India, vide order dated 12.10.2015 reported in J20I5] 64 taxmann.com 34 (SC) ? " (2) "Whether, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in allowing the long term capital gain of Rs.13,84,87,515/- without apprecia…

Deputy Commissioner of Income Tax, Centre-Circle-6(4), New Delhi vs. Juventus Estate Ltd., New Dlhi

In the result appeal filed by the learned assessing officer for assessment year 2017 – 18 is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

…99 IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2377 & 2379/Mum/2021 (Assessment Years 2013-14 & 2017-18) ITA Nos. 1423, 1436 & 1424/Mum/2022 (Assessment Years 2011-12 & 2012-13 & 2014-15) The Asst. Commissioner of Juventus Estate Limited Income Tax, Mumbai-400 -62 & 63, 1st Central Circle-6(4), Room No.1925, 19 th Floor, Floor, Connaught Place, Vs. Air India Building, New Delhi- 110001 Nariman Point Mumbai-400021 (Appellant) (Respondent) PAN No. AABCJ7161M Assessee by : Sh. K Gopal, AR Revenue by : Sh. Dharamveer Singh, CIT DR D…