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

DCIT Cen Cir 8(1), Mumbai vs. Allcargo Logistics Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

Bench: Shri G. S. Pannu & Shri Pawan Singhdcit. Cc -8(1), M/S Allcargo Logistics Ltd. Room No. 656, 6Th Floor, 5Th Floor, Diamond Square, Cst Aayakar Bhavan, M. K. Road, Vs. Ropad, Kalina, Santacruz(E), Mumbai-400020 Mumbai-400098 Pan: Aacca2894D (Appellant) (Respondent)

…own case for AY 2004-05 to 2009-10. It was further argued that against the decision of Special Bench, the Revenue filed appeal before the Hon’ble jurisdictional High Court and the same has been dismissed vide order dated 21.04.2015 in ITA No. 1969 of 2013 [374 ITR 645 (Bom.)]. 23. Considering the contention of ld. representatives of the parties wherein both the parties agreed that the grounds of appeal is covered in favour of assessee. Thus, the ground no. 20 raised by Revenue is dismissed. 24. In the result the appeal filed by the revenue is dismissed. CO No. 108/Mum/2016 25. Considering the facts that the a…

Jt CIT, Cent Cir-7(2), Mumbai vs. M/S.Benco Finance and Investments Private Limited, Mumbai

Appeal is PARTLY ALLOWED

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 2071/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2007-08) The Jt. Commissioner Of Benco Finance & Investments Income Tax, Pvt. Ltd. Central Circle-7(2), Room No. Vs. 621, Tulsiani Chambers, Nariman 655, 6Th Floor, Aayakar Bhavan, Point, Mumbai-400 021 M.K. Road, Mumbai-400 020 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aabcb9349R अपीलाथी की ओर े / Appellant By : Shri Awungshi Gimson, Cit Dr प्रत्यथी की ओर े / Respondent By : Shri Madhur Agarwal, Ar ुनवाई की तारीख / Date Of Hearing: 13.08.2019 घोषणा की तारीख / Date Of Pronouncement : 21.08.2019 Aadosa / O R D E R

…d there is no incriminating material found during the course of search. Hence, the assessment on this addition was deleted in view of the decision of Hon’ble Bombay High Court in the case of CIT vs Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015) 374 ITR 645 (Bom). For this, Revenue has raised the following two grounds: - “a) Whether on the facts and in the circumstances of the case and in law, the ld. CIT(A) was justified in deleting the addition of ₹ 3,91,55,000/- under section 68 of the Act in respect of share application money and addition of ₹ 11,24,964/- under section 14A made by the Assessing…

Shri Amish Modi, Mumbai vs. DCIT CC-2(1), Mumbai

Bench: Shri Shamim Yahya (Am)

…h has been done. It is clear that search was conducted on 27.10.2014 and assessment year involved A.Y. 2010-11 was not abated assessment. Hence on the touchstone of Hon'ble Jurisdictional High Court decision in the case of Continental Warehousing Corporation (374 ITR 645), no addition was permissible dehorse incriminating material found. Since no incriminating material has been mentioned with respect to addition made, I set aside the orders of the authorities below and delete the addition. A.Y. 2011-12 5. In this appeal the assessee is aggrieved by the addition of Rs. 30,743/- as commission income and Rs. 12,36,…

Uni Design Jewellery P.Ltd, Mumbai vs. DCIT Cen Cir 9, Mumbai

In the result, this appeal of assessee is allowed

Bench: Shri Mahavir Singh & Shri Rajesh Kumar

…submitted that the addition made by the AO in the assessment framed u/s.143(3) r.w.s.153A of the Act are without jurisdiction and has to be deleted. Ld.AR in defense of his argument, relied on the decision of CIT Vs. Continental Warehousing Corporation Ltd., [374 ITR 645] (Bom) and prayed for the Bench that the assessment framed by the AO may kindly be set aside as without jurisdiction. 6. Ld. DR on the other hand, relied on the orders of authorities below. 7. We have heard the rival contentions and perused the material on record as placed before us. We observe that in this case the assessment u/s.143(3) of the…