(iii) Yash Raj Films Pvt Ltd. v. ACIT

Keystone Realtors Private Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 2(4), Mumbai

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T Varkey & Shri Gagan Goyal

…stant case, the fact of these companies being bogus and only providing entry was not disclosed by assessee, hence what was submitted was not true. Therefore, it was a failure on the part of assessee. Keystone Realtors Pvt. Ltd. Yash Raj Films Pvt Ltd vs ACIT 15 Taxmann.com 275 Bombay High Court: In this case, it was based on survey action that several new facts came to light and several discrepancies in the accounts of assessee were discovered which indicated escapement of income thus reopening was held valid. Yogendra Kumar Gupta Vs. ITO (51 taxmann.com 383 (SC)/[2014] 227 Taxman 374):- Where subsequent to comp…

Mirah Dekor Pvt Ltd, Mumbai vs. DCIT CC 14, Mumbai

The appeals are partly allowed

…tam Das Bangur (90 Taxmann.com 541)(SC) • Phoolchand Bajrang Lal Vs. ITO (69 Taxman 627)(SC) • Nickunj Eximp Enterprises Vs. ACIT (48 Taxmann.com 20(Bombay HC) • Sohar Siraj Lokhandwala Vs. ACIT (77 Taxman 302) (Bombay HC) • Yash Raj Films Pvt. Ltd. Vs. ACIT (15 Taxmann.com 275) (Bombay HC)” Apropos issue of bogus purchase :- 20. As noted above there was survey conducted by the Mumbai sales tax department as per information from sales tax department the assessee indulged in bogus purchases as detailed in ground No. 1 above. The assessee is engaged in the business of dealing in cloth, textile, fabrics, furniture…

Pallavi Pandey, Mumbai vs. DCIT (CC) 2(3), Mumbai

In the result the appeals hereinabove are partly allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2013-14

…nly providing 7 ITA No.7124/M/2019 & ITA No.7581/M/2019 Mrs. Pallavi Pandey & Shri Rajendra Chaturvedi entry was not disclosed by assessee hence what was submitted was not true. Therefore, failure on the part of assessee. (iii) Yash Raj Films Pvt Ltd vs ACIT 15 Taxmann.com 275 Bombay High Court in this case, it was on the basis of survey action that several new facts came to light and several discrepancies in the accounts of assessee were discovered which indicated escapement of income thus reopening was held valid. Hence, ground no. 1 and its sub-parts (a), (b) (c) and (d) are dismissed.” 6. After hearing both…

Shri. Rajendra Chaturvedi, Mumbai vs. DCIT CC 2 (3), Mumbai

In the result the appeals hereinabove are partly allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2013-14

…nly providing 7 ITA No.7124/M/2019 & ITA No.7581/M/2019 Mrs. Pallavi Pandey & Shri Rajendra Chaturvedi entry was not disclosed by assessee hence what was submitted was not true. Therefore, failure on the part of assessee. (iii) Yash Raj Films Pvt Ltd vs ACIT 15 Taxmann.com 275 Bombay High Court in this case, it was on the basis of survey action that several new facts came to light and several discrepancies in the accounts of assessee were discovered which indicated escapement of income thus reopening was held valid. Hence, ground no. 1 and its sub-parts (a), (b) (c) and (d) are dismissed.” 6. After hearing both…