DCIT v. Kanakia Hospitality P. Ltd.

DCIT Central Circle-3, Thane vs. Moreshwar Krushna Baria, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

DCIT Central Circle-3, Thane vs. Moreshwar Krushna Baria, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Mumbai vs. Assistant Commissioner of Income Tax, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Moreshwar Krushna Baria, Thane vs. ACIT Central Circle-3, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…t empowered to make a pick and choose by recording the entry beneficial to the Revenue and ignoring the remaining entries pertaining to the amount of Rs.2,00,00,000/-. 15. The co-ordinate Bench of the Tribunal in case of DCIT vs. Kanakia Hospitality (P) Ltd. 179 ITD 1 held that the contents of a seized document are to be read as a whole and it is not permissible to the AO to accept and reject the same on his own whims and fancies. 16. Moreover, when the entire case of the Revenue is based upon the seized document which is otherwise admitted by the assessee denying a benefit of a particular entry to the assessee…

Devendra Rajnikant Ladhani, Mumbai vs. ACIT, Central Circ;E-3, Mumbai

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Pavan Kumar Gadala & Shri Gagan Goyaldevendra Rajnikant Ladhani, 1, Om Building, Opp. Rishi Vihar Complex, Bolinj Road, Virar (W), District-Palghar-401303 Pan: Abfpl5079C ...... Appellant Vs. Acit, Central Circle-3, 6Th Floor, Ashar It Park, Wagle Industrial Estate, Road No.16X, Thane (West)-400604. ..... Respondent Appellant By : Sh. Subhodh Ratnaparkhi Respondent By : Sh. Nimesh Yadav, Cit-Dr Date Of Hearing : 09/05/2022 Date Of Pronouncement : 03/08/2022 Order Per Gagan Goyal, A.M: This Appeal By The Assessee Is Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals) -11, Pune [Hereinafter Referred To As (‘Ld. Cit(A)’) Dated 30.12.2020 For The Assessment Year (Ay) 2015-16. The Assessee Has Raised The Following Grounds Of Appeal: “The Hon. Cit(A) Erred In Upholding The Addition Of Rs.3,82,84,000/- Made U/S 69A Of The It. Act, 1961 As Unexplained Money On Account Of Cash Found At The Residence & From The Bank Lockers Of The Appellant During The Course Of 2 Ita No. 178/Mum/2021- Devendra Ranjikant Ladhani

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI PAVAN KUMAR GADALA, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Devendra Rajnikant Ladhani, 1, Om Building, Opp. Rishi Vihar Complex, Bolinj Road, Virar (W), District-Palghar-401303 PAN: ABFPL5079C ...... Appellant Vs. ACIT, Central Circle-3, 6th Floor, Ashar IT Park, Wagle Industrial Estate, Road No.16X, Thane (West)-400604. ..... Respondent Appellant by : Sh. Subhodh Ratnaparkhi Respondent by : Sh. Nimesh Yadav, CIT-DR Date of hearing : 09/05/2022 Date of pronouncement : 03/08/2022 ORDER PER GAGAN GOYAL, A.M: This appeal by…

M/S Argent Construction, Mumbai vs. DCIT, C.Circle-4(1), Mumbai

In the result, all the appeals are partly allowed

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

…ing decisions:- i) CIT v/s Indeo Airways (P.) Ltd, 349 ITR 85 (Delhi High Court); ii) CIT vs Damac Holdings (P.) Ltd. 401 ITR 495 (Kerala High Court); iii) C.Chander Mohan Mehta v/s ACIT, 71 ITD 245 (Pune Tribunal); iv) DCIT v/s Kanakia Hospitality (P.) Ltd. 179 ITD 1 (Mum.) (Trib.). 18 M/s. Argent Construction 20. Hence, certainly deduction towards unaccounted expenses reflected in the very same seized documents need to be granted. However, what is relevant to be considered is whether those expenditure are revenue in nature, whether they are not personal in nature and allowable as deduction within the meaning…

M/S Argent Construction, Mumbai vs. DCIT, Central Circle - 4(1), Mumbai

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

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm

…e following decisions:- A] CIT vs Indeo Airways (P.) Ltd – 349 ITR 85 (Delhi High Court) B] CIT vs Damac Holdings (P.) Ltd – 401 ITR 495 (Kerala High Court) C] Chander Mohan Mehta vs ACIT – 71 ITD 245 (Pune Tribunal) D] DCIT vs Kanakia Hospitality (P.) Ltd – 179 ITD 1 (Mum Tribunal) 3.12. Hence, certainly deduction towards unaccounted expenses reflected in the very same seized documents need to be granted. M/s. Argent Constructions However, what is relevant to be considered is whether those expenditure are revenue in nature, whether they are not personal in nature and allowable as deduction within the meaning…