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

M/S Abil Infraprojects P. Ltd., Mumbai vs. Dy CIT Central Cir.- 2(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Abil Infraprojects Pvt. Ltd. Dy. Cit, Central Circle 2(3), St. Regis, 33Rd Floor, Mumbai-400 020 Senapati Bapat Marg, Vs. Phoenix Mill Compound, Lower Parel, Mumbai-400 013

…ce on account of helicopter expenses and depreciation thereon, as is evident from the orders of the lower authorities. 10. Hence, in view of the decision of Hon'ble Jurisdictional High Court in the case of Continental Warehousing Corporation Ltd. reported in 374 ITR 645 (Bom), no disallowance on account of helicopter expenses and deprecation thereon could be made for A.Y. 2012-13 in the absence of any incriminating material found during the course of search. Accordingly, the additional ground raised by the assessee is allowed. 11. Since, the additional ground raised by the assessee is allowed; the adjudication…

Jasmin K Ajmera, Mumbai vs. DCIT CC 2(2), Mumbai

The appeal stand allowed

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No. 983/Mum/2020 (धििाारण वर्ा / Assessment Year: 2011-12) Jasmin K. Ajmera Dcit-2(2), 4Th Floor, Ajmera House R. No. 806, 8Th Floor बिाम/ Pathakwadi, L. T. Marg, Old Cgo Building, Vs. Mumbai-400 002 M.K.Road, Mumbai-400 020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aabpa-7827-Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 2. आयकरअपील सं./ I.T.A. No.1140/Mum/2020 (धििाारण वर्ा / Assessment Year: 2011-12) Shri Ashish K. Ajmera Dcit-2(2), Ajmera House, 4Th Floor R. No. 806, 8Th Floor बिाम Pathakwadi, L.T.Marg Old Cgo Building, / Vs. Mumbai – 400 002 M.K.Road, Mumbai-400 020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aabpa-9075-G (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील सं./ I.T.A. No.1113/Mum/2020 (धििाारण वर्ा / Assessment Year: 2011-12) Minal M. Ajmera Dcit-2(2), 4Th Floor, Ajmera House, R. No. 806, 8Th Floor बिाम/ Vs. Pathakwadi, L. T. Marg, Old Cgo Building, Mumbai-400 002 M.K.Road, Mumbai-400020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Adepa-9661-N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 4. आयकरअपील सं./ I.T.A. No. 539/Mum/2020 (धििाारण वर्ा / Assessment Year: 2011-12) Avani J. Ajmera Dcit-2(2), 4Th Floor, Ajmera House, R. No. 806, 8Th Floor बिाम/ Vs. Pathakwadi, L. T. Marg, Old Cgo Building, Mumbai-400 002 M.K.Road, Mumbai-400020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Addpa-9331-J (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

…d on any incriminating material found during the course of search operations and this being non-abated year, the additions are not sustainable in law as per the binding decision of Hon’ble Bombay High Court in CIT V/s Continental Warehousing Corporation [2015 374 ITR 645]. The Ld. AR also submitted that the similar legal issue has been allowed by the SMC bench of the Tribunal in group case of Smt. Reena A. Ajmera V/s DCIT (ITA No.982/Mum/2020 dated 09/02/2021). The copy of the order has been placed on record. The Ld. CIT-DR, on the other hand, referring to the documents found during the course of search operation…

DCIT, Central Cirlcle 1(2), Mumbai vs. M/S. Saudela Constructions Pvt. Ltd., Mumbai

In the result the appeal of the revenue is partly allowed

Bench: Shri Rajesh Kumar & Shri Pavan Kumar Gadale

…ssessment was not in accordance with the facts unearthed during the search ? 3. Whether on the circumstances and facts of the case, the learned CIT(A) was right in relying on the decision of Bombay High Court in the case of Continental Warehousing Corporation(374 ITR 645), even though the Department has not accepted the decision and has filed SLP before Hon'ble Supreme Court on the issue which is still pending ? 4. Whether on the circumstances and facts of the case, the learned CIT(A) was right in deleting disallowance made by the AO with regard to the business expenditure of Rs.3,20,86,059/- debited to Profit &…

Nitan Chhatwal, Mumbai vs. DCIT CC -5(4), Mumbai

In the result, the appeal of the assessee in ITA

Bench: Shri Rajesh Kumar, Am & Shri Ravish Sood, Jm

…the transactions of sale of shares of Ken Financial Services Ltd. were also examined The ld. AR in defence of his arguments relied heavily on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation (Nhava Seva)(374 ITR 645) . The ld. AR also relied on the decision of the Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITA No. 3429/Mum/2019) (Mumbai ITAT), wherein it has been held that no disallowance can be made in case in absence of any incriminating material found during the course of search. The ld. DR, on the other hand, relied heavily on the order of the A.O. and…

DCIT-CC-5(4), Mumbai vs. Shri Nitan Chhatwal, Mumbai

In the result, the appeal of the assessee in ITA

Bench: Shri Rajesh Kumar, Am & Shri Ravish Sood, Jm

…the transactions of sale of shares of Ken Financial Services Ltd. were also examined The ld. AR in defence of his arguments relied heavily on the decision of the Hon’ble Jurisdictional High Court in the case of Continental Warehousing Corporation (Nhava Seva)(374 ITR 645) . The ld. AR also relied on the decision of the Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITA No. 3429/Mum/2019) (Mumbai ITAT), wherein it has been held that no disallowance cannot be made in case of no disallowance can be made in case of any incriminating material found during the course of search. The ld. DR, on the other hand, relied heavil…

Jt. CIT(OSD), CC-7(1), Mumbai vs. Maneesh Pharmaceuticals Ltd, Mumbai

In the result, these appeals by the Revenue stand dismissed

…, common order. Assessment year 2007-08, 2008-09 & 2009-10 2. In these years a common ground raised by revenue learned CIT(appeals) has erred in deleting the addition by relying upon Bombay High Court decision in the case of All Cargo Global Logistics Ltd. (374 ITR 645). 3. It may be gainful to refer to the relevant part of learned CIT(appeals) order wherein he has deleted the addition holding that these additions are 2 M/s. Maneesh Pharmaceuticals Pvt. Ltd. made dehorse any incriminating material as these are non-abated assessments. “A.Y. 2007-08 The A.O., while making the assessment order u/s.153A, has di…

DCIT - CC- 5(2), Mumbai vs. Sudar Inustries Ltd., Mumbai

In the result, appeals are dismissed

Bench: Shri Saktijit Dey () & Shri M. Balaganesh ()

…ice any incriminating material on record which can be even remotely connected to the additions made by the assessing officer. As per the ratio laid down by the Hon’ble jurisdictional High Court in case of CIT vs Continental Warehousing Corporation and Another 374 ITR 645 (Bom), in a case where on the date of search and seizure proceedings the assessment has not abated, no addition can be made in absence of any incriminating material. There are number of other decisions of different High Courts as well as various benches of the Tribunal expressing similar view. While deleting disputed additions, learned 5 ITAs 27…

DCIT CC 7(1), Mumbai vs. Maneesh Pharmaceuticals P. Ltd, Mumbai

In the result, these appeals by the Revenue stand dismissed

…, common order. Assessment year 2007-08, 2008-09 & 2009-10 2. In these years a common ground raised by revenue learned CIT(appeals) has erred in deleting the addition by relying upon Bombay High Court decision in the case of All Cargo Global Logistics Ltd. (374 ITR 645). 3. It may be gainful to refer to the relevant part of learned CIT(appeals) order wherein he has deleted the addition holding that these additions are 2 M/s. Maneesh Pharmaceuticals Pvt. Ltd. made dehorse any incriminating material as these are non-abated assessments. “A.Y. 2007-08 The A.O., while making the assessment order u/s.153A, has di…

Pagasus Properties P. Ltd., Mumbai vs. Dy CIT CC-2(3), Mumbai

In the result, appeals of the assessee are allowed

…turbed by the ld. AO while framing the search assessments either u/s.153A or u/s.153C of the Act. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Continental Warehousing Corporation reported in 374 ITR 645 (Bom). From the perusal of the order of the ld. AO, we find that the ld. AO had not indicated any seized document reference while making addition on M/s. Pegasus Properties Pvt. Ltd., account of deemed rental income in respect of unsold flats lying with the assessee. We also find that the ld. AO had already added the very same addition of deemed…

DCIT Central Circle-8(4), Mumbai vs. M/S Rohan Developers Pvt Ltd, Mumbai

In the result, all the appeals of the Revenue are dismissed and appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2008-09 Assessment Year: 2010-11 Assessment Year: 2011-12 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2014-15

…IT(A) noted that search was conducted on 26.05.2011 and the original assessment was framed under section 143(3) of the Act on 31.12.2010. Therefore, following the decision of Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation 374 ITR 645, Murali Agro Products Ltd. vs. CIT 49 taxmann.com 172 and finally deleted the addition on account of lack of jurisdiction on the part of AO to make the addition. 14. After hearing both the parties and perusing the material on record, we find that undisputedly the assessment has not abated on the date of search since the search was conducted in t…

Rohan Developers P.Ltd, Mumbai vs. DCIT Cen Cir 47, Mumbai

In the result, all the appeals of the Revenue are dismissed and appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2008-09 Assessment Year: 2010-11 Assessment Year: 2011-12 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2014-15

…IT(A) noted that search was conducted on 26.05.2011 and the original assessment was framed under section 143(3) of the Act on 31.12.2010. Therefore, following the decision of Hon’ble Bombay High Court in the case of CIT vs. Continental Warehousing Corporation 374 ITR 645, Murali Agro Products Ltd. vs. CIT 49 taxmann.com 172 and finally deleted the addition on account of lack of jurisdiction on the part of AO to make the addition. 14. After hearing both the parties and perusing the material on record, we find that undisputedly the assessment has not abated on the date of search since the search was conducted in t…