GTC Industries Ltd. v. ACIT

65 ITD 380Income Tax Appellate Tribunal1998#892 most cited

What is GTC Industries Ltd. v. ACIT authority for?

Formal cross-examination of witnesses who make adverse reports is not an invariable requirement of natural justice (audi alteram partem) in income tax proceedings. Assessees must have a fair opportunity to meet adverse evidence, but this does not mandate formal cross-examination.

119

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2026.

Also referred to as

GTC Industries Ltd v ACIT · 65 ITD 380 · ITAT Mumbai 1998 · natural justice principles · audi alteram partem · cross-examination of witnesses · adverse evidence · opportunity to rebut · Section 147 · Section 148 · tax assessment procedure

Also reported as

80 Taxmann.com 284

Sections most often in play

Section 148Section 147Section 68Section 132Section 142(1)Section 143(3)Section 10(38)Section 1961

Issues it is cited on

audi alteram partembogus long term capital gainpreponderance of probabilitythird party informationbogus ltcgcircular tradingprice riggingpenny stockviolation of natural justicesection 10(38)long term capital gainsentry operator

Judgments citing GTC Industries Ltd. v. ACIT

Usha Hitesh Sanghvi, Girgaon S.O, Mumbai vs. ITO-19(3)(5), Mumbai, Lal Baug

Appeal of the assessee is allowed

ITA 6172/MUM/2024[2013-14]Status: DisposedITAT Mumbai25 Mar 2025AY 2013-14

Bench: Shri Saktijit Dey & Shri Prabhash Shankar

For Appellant: Shri Rajkumar Singh, ARFor Respondent: Ms. Kavitha Kaushik (Sr. DR)
Section 10(38)Section 143(3)Section 148Section 68Section 69C

…o be corroborated by some evidence to establish a link that the assessee had brought back his unaccounted income in the form of LTCG. Reference has been made to the judgement of Special Bench of Mumbai Tribunal in the case of GTC Industries Ltd. VS ACIT[2017] 164 ITD 1 (Mumbai Tribunal)(SB).Similar view has been taken recently in January 2021by hon'ble Delhi High Court holding & propounding that no addition u/s 68 in respect of alleged penny stock sale is justified in the case of PCIT vs. Smt. Krishna Devi (ITA No. 125/2020, dt. 15/01/2021, Delhi) as below: Page | 8 ITA No. 6172/Mum/2024 Α.Υ. 2013-14 Usha Hitesh…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1132/PUN/2024[2018-19]Status: DisposedITAT Pune06 Mar 2025AY 2018-19

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…strict rules of evidence, as are known to the Indian Evidence Act are not applicable to income-tax proceedings and thus the word 'evidence in the income-tax proceedings has to be understood in the generic sense.” 20.2 In the case of GTC Industries Ltd. v ACIT 65 ITD 380, ITAT Mumbai Bench has relied upon the judgment of Calcutta High Court in the case of Kisanlal Agarwalla v. Collector of Land Customs AIR 1967 & Cal. 80 and has observed - 90. There is a good deal of misconception on this question of the right of cross-examination as part of natural justice. Natural justice is fast becoming the most unnatural and…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1131/PUN/2024[2017-18]Status: DisposedITAT Pune06 Mar 2025AY 2017-18

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…strict rules of evidence, as are known to the Indian Evidence Act are not applicable to income-tax proceedings and thus the word 'evidence in the income-tax proceedings has to be understood in the generic sense.” 20.2 In the case of GTC Industries Ltd. v ACIT 65 ITD 380, ITAT Mumbai Bench has relied upon the judgment of Calcutta High Court in the case of Kisanlal Agarwalla v. Collector of Land Customs AIR 1967 & Cal. 80 and has observed - 90. There is a good deal of misconception on this question of the right of cross-examination as part of natural justice. Natural justice is fast becoming the most unnatural and…

Sunil Garg, New Delhi vs. DCIT Central Circle-II, Faridabad

In the result, appeal of the assessee is partly allowed

ITA 1214/DEL/2023[2011-12]Status: HeardITAT Delhi16 Jan 2025AY 2011-12

Bench: Shri Sudhir Kumar & Shri Manish Agarwal[Assessment Year : 2017-18] Man Mohan Agarwal, Vs Dcit/Acit, 1/8, Shri Laxmi Lok, New Central Circle, Mohanpuri, Sarrafa Bazar, Ghaziabad. Meerut, U.P-250002. Pan-Acapa1883B Appellant Respondent Appellant By Shri Shiv Kumar Gupta, Ca Respondent By Shri Mukesh Jha, Cit Dr Date Of Hearing 03.07.2025 Date Of Pronouncement 30.09.2025 Order Per Manish Agarwal, Am :

Section 132Section 133(6)Section 143(3)Section 250

…ITA No.1214/Del/2024 THE INCOME TAX APPELLATE TRIBUNAL DELHI “E” BENCH: NEW DELHI BEFORE SHRI SUDHIR KUMAR, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER [Assessment Year : 2017-18] Man Mohan Agarwal, vs DCIT/ACIT, 1/8, Shri Laxmi Lok, New Central Circle, Mohanpuri, Sarrafa Bazar, Ghaziabad. Meerut, U.P-250002. PAN-ACAPA1883B APPELLANT RESPONDENT Appellant by Shri Shiv Kumar Gupta, CA Respondent by Shri Mukesh Jha, CIT DR Date of Hearing 03.07.2025 Date of Pronouncement 30.09.2025 ORDER PER MANISH AGARWAL, AM : The present appeal is filed by assessee against the order dated 12.02.2024 passed by Ld.…

Raghav Commodities, Jaipur vs. ITO Ward 6(2), Jaipur

In the result, the appeal of the assessee is partly allowed as indicated

ITA 943/JPR/2024[2015-2016]Status: DisposedITAT Jaipur29 Nov 2024AY 2015-2016

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Tarun Mittal, CAFor Respondent: Sh. Arvind Kumar, CIT-DR
Section 142(1)Section 147Section 148Section 148A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 943/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2015-16 cuke Raghav Commodities ITO Vs. H-8, Chitranjan Marg, C- Ward 6(2), Jaipur Scheme, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AARFR 1409 D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Tarun Mittal, CA jktLo dh vksj ls@ Revenue by : Sh. Arvind K…

Sh. Mukut Behari Agarwal, Jaipur vs. The DCIT, Circle 1, Jaipur

In the result, the appeals of the assessee is allowed as indicated hereinabove

ITA 1067/JPR/2024[2015-2016]Status: DisposedITAT Jaipur28 Nov 2024AY 2015-2016

Bench: DR. S. SEETHA LAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Tarun Mittal, CAFor Respondent: Ms. Alka Gautam CIT-DR
Section 143(3)Section 144BSection 147Section 148Section 149Section 69A

…reiterated here to avoid the duplication but he has mainly considered the various jurisdictional binding decision and based on those findings he allowed the appeal of the assessee. 4. Hon’ble ITAT, Mumbai, Special Bench in the case of GTC Industries vs., ACIT 164 ITD 1 (SB) has observed as under : "46. "Ultimately the entire case of Revenue hinges upon the presumption that assessee is bound to have some large share in so called secret money in the form of premium and its circulation. However, this presumption or suspicion how strong it may appear to be true but needs to be corroborated by some evidence to establi…

Rathod Jewellers, Pune vs. ACIT, Central Circle -2(3), Pune

In the result, appeal of the assessee is dismissed

ITA 1385/PUN/2024[2017-18]Status: DisposedITAT Pune25 Nov 2024AY 2017-18

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: Shri Suhas BoraFor Respondent: Shri Arvind Desai, Addl CIT DR
Section 131Section 143(2)Section 143(3)Section 147Section 148Section 68

…आयकर अपीलीय अधिकरण "बी" न्यायपीठ पुणे में। IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.1385/PUN/2024 धििाारण वषा / Assessment Year: 2017-18 Rathod Jewellers, ACIT, Central Circle-2(3), 660 Raviwar Peth, Pune- Pune 411002 Vs. Maharashtra PAN: AAFFR5463H अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee by: Shri Suhas Bora Department by: Shri Arvind Desai, Addl CIT DR Date of hearing: 25-11-2024 Date of Pronouncement: 21-02-2025 आदेश / ORDER PER MS. ASTHA CHANDRA, JM: The appeal filed by the a…

Dharamendra Bhandari (HUF), Gurgaon vs. Assistant Commissioner of Income Tax, Delhi

In the result, the appeal of the assessee is allowed

ITA 3787/DEL/2023[2013-14]Status: DisposedITAT Delhi28 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Ms Madhumita Roydharamendra Bhandari (Huf), Vs. Cit(A), A-126, Sushant Lok-1, National Faceless Appeal Gurgaon, Haryana Centre, Delhi (Appellant) (Respondent) Pan:Aadhd2238J Assessee By : Shri R. S. Ahuja, Ca Shri Pushpdeep Singh, Adv Revenue By: Shri T James Singson, Cit Dr Date Of Hearing 02/08/2024 Date Of Pronouncement 28/10/2024

For Appellant: Shri R. S. Ahuja, CAFor Respondent: Shri T James Singson, CIT DR
Section 10(38)Section 143(3)Section 69C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND MS MADHUMITA ROY, JUDICIAL MEMBER Dharamendra Bhandari (HUF), Vs. CIT(A), A-126, Sushant Lok-1, National Faceless Appeal Gurgaon, Haryana Centre, Delhi (Appellant) (Respondent) PAN:AADHD2238J Assessee by : Shri R. S. Ahuja, CA Shri PUshpdeep Singh, Adv Revenue by: Shri T James Singson, CIT DR Date of Hearing 02/08/2024 Date of pronouncement 28/10/2024 O R D E R PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.3787 /Del/2023 for AY 2013-14, arises out of the order of the National Faceless Appeal Centre (NFAC…

Habibullah Abbasali Chaudhary, Pune vs. DCIT Central Circle 2(3) Pune, Pune

ITA 971/PUN/2024[2006-07]Status: DisposedITAT Pune10 Oct 2024AY 2006-07

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Suhas P. BoraFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A.Nos.970 & 971/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Central Circle-2(3), No.06, Yashwant Nagar, Income Tax Office, vs. Telco-Bhosari Road, Pimpri, Bodhi Towers, PUNE-411 018. PAN AABPC1577B PUNE – 411 037 Maharashtra. Maharashtra. (Appellant) (Respondent) ITA.Nos.1318 & 1319/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Ce…

Habibullah Abbasali Chaudhary, Pune vs. DCIT Central Circle 2(3), Pune

ITA 970/PUN/2024[F.Y.2005-06]Status: DisposedITAT Pune10 Oct 2024

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Suhas P. BoraFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A.Nos.970 & 971/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Central Circle-2(3), No.06, Yashwant Nagar, Income Tax Office, vs. Telco-Bhosari Road, Pimpri, Bodhi Towers, PUNE-411 018. PAN AABPC1577B PUNE – 411 037 Maharashtra. Maharashtra. (Appellant) (Respondent) ITA.Nos.1318 & 1319/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Ce…

ACIT, Central Circle-2(3), Pune vs. Habibullah Abbasali Chaudhary, Pune

ITA 1319/PUN/2024[2006-07]Status: DisposedITAT Pune10 Oct 2024AY 2006-07

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Suhas P. BoraFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A.Nos.970 & 971/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Central Circle-2(3), No.06, Yashwant Nagar, Income Tax Office, vs. Telco-Bhosari Road, Pimpri, Bodhi Towers, PUNE-411 018. PAN AABPC1577B PUNE – 411 037 Maharashtra. Maharashtra. (Appellant) (Respondent) ITA.Nos.1318 & 1319/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Ce…

ACIT, Central Circle-2(3), Pune vs. Habibullah Abbasali Chaudhary, Pune

ITA 1318/PUN/2024[2005-06]Status: DisposedITAT Pune10 Oct 2024AY 2005-06

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Suhas P. BoraFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A.Nos.970 & 971/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Central Circle-2(3), No.06, Yashwant Nagar, Income Tax Office, vs. Telco-Bhosari Road, Pimpri, Bodhi Towers, PUNE-411 018. PAN AABPC1577B PUNE – 411 037 Maharashtra. Maharashtra. (Appellant) (Respondent) ITA.Nos.1318 & 1319/PUN./2024 Assessment Years 2005-2006 & 2006-2007 Shri Habibullah Abbasali The DCIT, Chaudhary, S.No.99, Plot Ce…

Ishoo Narang, Hyderabad vs. DCIT Circle -2(1), Hyderabad

In the result, appeal filed by the assessee is allowed

ITA 450/HYD/2022[2014-15]Status: DisposedITAT Hyderabad25 Sept 2024AY 2014-15

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.450/Hyd/2022 & S.A. No.1/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Ishoo Narang Vs. Dy. Cit Hyderabad Circle 2(1) Pan:Aaupn9082B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Smt. Th Vijaya Lakshmi, Cit (Dr) सुनवाई की तारीख/Date Of Hearing: 19/08/2024 घोषणा की तारीख/Pronouncement: 25/09/2024 आदेश/Order Per Manjunatha, G. A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 15/07/2022 Of The Learned Cit (A)-Nfac Delhi, Relating To A.Y.2014-15. 2. The Assessee Has Raised The Following Grounds: “1. The Ld. Cit(A) Erred In Dismissing The Appeal. 2. The Ld.Cit(A) Erred In Holding That Al The Mandatory Preconditions Before Reopening Of Assessment U/S 147 Of The Act Were Duly Complied & Met With By The A.O.

For Appellant: Shri P Murali Mohan Rao, CAFor Respondent: : Smt. TH Vijaya Lakshmi, CIT (DR)
Section 10(38)Section 133ASection 147Section 68

…ITA No 450 of 2022 and SA NO 1 of 2024 Ishoo Narang आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri Manjunatha, G. Accountant Member and Shri K. Narasimha Chary, Judicial Member आ.अपी.सं /ITA No.450/Hyd/2022 & S.A. No.1/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Ishoo Narang Vs. Dy. CIT Hyderabad Circle 2(1) PAN:AAUPN9082B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee by: Shri P Murali Mohan Rao, CA राज" व "ारा/Revenue by:: Smt. TH Vijaya Lakshmi, CIT (DR) सुनवाई की तारीख/Date of hearing: 19/08/2024 घोषणा की तारीख/Pronounce…

Tara Soni, Dausa vs. ITO Ward, Dausa

In the result, the appeal filed by the appellant stands allowed with no orders as to cost

ITA 13/JPR/2024[2015-16]Status: DisposedITAT Jaipur17 Sept 2024AY 2015-16
For Appellant: Shri Rohan Sogani, CAFor Respondent: Smt. Monisha Choudhary, Addl. CIT-DR
Section 10(38)Section 143(3)Section 263Section 69ASection 69C

…rt the claim of the assessee that the transactions of the assessee were bonafide and genuine and therefore the ld PCIT was not justified in rejecting the assessee's claim of exemption under section 10(38) of the Act." - g) GTC Industries Ltd. vs. ACIT [2017] 164 ITD 1 (Mumbai Trib.)(SB) - "....Ultimately the entire case of Revenue hinges upon the presumption that assessee is bound to have some large share in so called secret money in the form of premium and its circulation. However, this presumption or suspicion how strong it may appear to be true but needs to be corroborated by some evidence to establish a link…

Pawan Gupta, Kota vs. ITO Ward 1(3) Kota, Kota

ITA 252/JPR/2024[2012-13]Status: DisposedITAT Jaipur07 Aug 2024AY 2012-13
For Appellant: Shri Rajendra Sisodia AdvFor Respondent: Shri Rajesh Kumar Meena, Addl. CIT-DR
Section 10(38)Section 143(3)Section 148Section 68Section 69C

…ds to be corroborated by some evidence to establish a link that the assessee has brought back his unaccounted income in form of LTCG. In this connection, reference can be made to the judgment of Special Bench of Mumbai, ITAT in case of GTC Industries vs. ACIT 164 ITD 1, wherein it has been held that conclusions have to be drawn on the basis of certain admitted facts and materials and not on the basis of presumption of facts that might go against assessee. Once nothing has been proved against the assessee with aid of any direct material especially when various rounds of investigation have been carried out, then no…

Madan Mohan Gupta, Kota vs. ITO Ward 1(3), Kota

ITA 246/JPR/2024[2012-13]Status: DisposedITAT Jaipur07 Aug 2024AY 2012-13
For Appellant: Shri Rajendra Sisodia AdvFor Respondent: Shri Rajesh Kumar Meena, Addl. CIT-DR
Section 10(38)Section 143(3)Section 148Section 68Section 69C

…ds to be corroborated by some evidence to establish a link that the assessee has brought back his unaccounted income in form of LTCG. In this connection, reference can be made to the judgment of Special Bench of Mumbai, ITAT in case of GTC Industries vs. ACIT 164 ITD 1, wherein it has been held that conclusions have to be drawn on the basis of certain admitted facts and materials and not on the basis of presumption of facts that might go against assessee. Once nothing has been proved against the assessee with aid of any direct material especially when various rounds of investigation have been carried out, then no…

Rajrajeshwari Gupta, Kota vs. ITO, Ward 1(1), Kota

In the result, the appeal of the assessee is allowed with no orders as to costs

ITA 245/JPR/2024[2012-13]Status: DisposedITAT Jaipur07 Aug 2024AY 2012-13

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Rajendra Sisodia AdvFor Respondent: Shri Rajesh Kumar Meena, Addl. CIT-DR
Section 10(38)Section 143(3)Section 148Section 68Section 69C

…ds to be corroborated by some evidence to establish a link that the assessee has brought back his unaccounted income in form of LTCG. In this connection, reference can be made to the judgment of Special Bench of Mumbai, ITAT in case of GTC Industries vs. ACIT 164 ITD 1, wherein it has been held that conclusions have to be drawn on the basis of certain admitted facts and materials and not on the basis of presumption of facts that might go against assessee. Once nothing has been proved against the assessee with aid of any direct material especially when various rounds of investigation have been carried out, then no…

Musaddilal Jewellers Private Limited, Hyderabad vs. ACIT, Circle-16(2), Hyderabad

In the result, appeal of the assessee is allowed

ITA 272/HYD/2023[2013-14]Status: DisposedITAT Hyderabad21 May 2024AY 2013-14

Bench: Shri Laliet Kumar, Hon’Ble & Shri Madhusudan Sawdia, Hon’Bleआयकर अपील सं./ I.T.A. No.272/Hyd/2023 ("नधा"रण वष" / Assessment Year:2013-14) Musaddilal Jewellers Private Vs. Acit, Limited, Circle-16(2), Hyderabad. Hyderabad. Pan: Aaecm1213A (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Ca Bhupesh Kumar Dand ""याथ" क" ओर से / Respondent By : Shri Rahul Singhania, Dr

For Appellant: CA Bhupesh Kumar DandFor Respondent: Shri Rahul Singhania, DR
Section 143(3)

…16) 72 taxmann.com 167 (SC) – The Hon’ble Supreme Court while dismissing the SLP against High Court ruling that the evidence of witness was by itself sufficient to draw adverse inference against the assessee. GTC Industries Ltd vs. ACIT of ITAT Mumbai [1998] 65 ITD 380 (Bom.) – Where statements and subordinate material used to buttress main matter connected with amount of addition, it has to be held that there was no denial of principle of natural justice. It is further to state that the assessee needs to substantiate his claim of purchase which is actually made very first time from the said parties which itself…

Sunita Motilal Sinha, Mumbai vs. ITO 25(1)(3), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3662/MUM/2023[2014-15]Status: DisposedITAT Mumbai29 Apr 2024AY 2014-15

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

For Appellant: Shri Mani JainFor Respondent: Shri Manoj Kumar Singh
Section 10(38)Section 131Section 133(6)Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE JUSTICE (RETD.) C V BHADANG, HON’BLE PRESIDENT& SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment Year 2014-15 Sunita Motilal Sinha, B 201, Twin Tower Apartment, Lokhandwala Complex, Andheri West, Mumbai – 400 053. PAN:AFXPS-8836-A - Appellant Vs. ITO 25(1)(3), Mumbai Kautalya Bhavan, Mumbai. - Respondent Appellant by : Shri Mani Jain Respondent by : Shri Manoj Kumar Singh Date of Hearing : 04/03/2024 Date of Pronouncement : 29/04/2024 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER : The assessee has filed this appeal challenging the order…

Alka Dilip Doshi, Mumbai vs. ITO-19(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1837/MUM/2023[2014-15]Status: DisposedITAT Mumbai28 Feb 2024AY 2014-15

Bench: Justice (Retd.) C.V. Bhadang & Shri B.R. Baskaran: A.Y : 2014-15

For Appellant: Shri Dharmesh Shah &For Respondent: Shri Manoj Kumar Sinha
Section 10(38)Section 131Section 143(1)Section 148Section 68Section 69C

…wever, the AO denied the same by observing that the statements were recorded by the Investigation wing at Kolkatta, which is 1200 Kms away from Mumbai. The AO also placed his reliance on the decision rendered by the Tribunal in the case of Golden Tobacco Ltd (65 ITD 380), wherein it was observed that the right of cross examination is not an invariable attribute of the requirement of dictum. The AO further held that the long term capital gain generated by the assessee is beyond the preponderance of human probabilities and a colourable device adopted by the assessee to show artificial income. In this regard, the AO…