ITO v. Vijay Kumar Kesar

Dy CIT CC 6(4), Mumbai vs. Arshiya Ltd., Mumbai

Bench: Shri Aby T Varkey & Shri Amarjit Singh

…these transactions are mere accommodation entries and the assessee has received cash against the said payment. 1.8. This view is supported by following decisions: (i) Decision of the Hon. Chattisgarh High court in the case of ITO vs. Vijay Kumar Kesar [2010] 327 ITR 497 (ii) Decision of the Hon. Pune Tribunal in the case of Hotel Kiran vs. ACIT [2002] 77 TIJ 87 2. The second contention of the appellant is that the AO has collected bank statement of ICSA (India) Ltd. from the Axis Bank Ltd. and from the said bank statement he has found that the said company has made payment to 5 different companies. Further, he h…

M/S Arshiya Ltd., Mumbai vs. DCIT CC 6 (4), Mumbai

In the result, the appeal of the revenue vide ITA No

Bench: Shri Aby T Varkey & Shri Amarjit Singhacit, Cc-6(4) Vs. M/S Arshiya Ltd. R. No. 32(1), 308, Level 3, Ceejay Ground Floor, Aayakar House, F Block Shiv Bhavan, M.K. Road, Sagar Estate, Dr. A.B. Mumbai -400 020 Road, Worli, Mumbai – 400018 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent Dcit, Cc-6(4) Vs. M/S Arshiya Ltd. R. No. 1925, 19Th Floor, 308, Level 3, Ceejay Air India Building, House, F Block Shiv Nariman Point, Sagar Estate, Dr. A.B. Mumbai -400 021 Road, Worli, Mumbai – 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent M/S Arshiya Ltd. Vs. Dcit, Cc-6(4) 308, Level 3, Ceejay R. No. 1925, 19Th Floor, House, F Block Shiv Sagar Air India Building, Estate, Dr. A.B. Road, Nariman Point, Worli, Mumbai – 400018 Mumbai -400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent

…these transactions are mere accommodation entries and the assessee has received cash against the said payment. 1.8. This view is supported by following decisions: (i) Decision of the Hon. Chattisgarh High court in the case of ITO vs. Vijay Kumar Kesar [2010] 327 ITR 497 (ii) Decision of the Hon. Pune Tribunal in the case of Hotel Kiran vs. ACIT [2002] 77 TIJ 87 2. The second contention of the appellant is that the AO has collected bank statement of ICSA (India) Ltd. from the Axis Bank Ltd. and from the said bank statement he has found that the said company has made payment to 5 different companies. Further, he h…

Sandesh M. Mayekar, Mumbai vs. ACIT RG. 11(3), Mumbai

In the result, both the appeals assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…ion is based on just a disclosure made during the course of survey without any basis. Now we are placing reliance on one of the authorities relied on by the learned counsel for the assessee of Hon’ble Chattisgarh High court in ITO vs. Vijay Kumar Kesar (2010) 327 ITR 497 (Chattisgarh), wherein Hon’ble High Court after considering the facts dismissed the Revenue’s appeal by holding that the order passed by the CIT(A), which has been subsequently confirmed by the Tribunal. Hon’ble High Court held that the findings recorded by the both the forums below cannot be termed perverse and beyond record. The CIT(A) after co…

Sandesh M. Mayekar, Mumbai vs. ACIT RG. 11(3), Mumbai

In the result, both the appeals assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…ion is based on just a disclosure made during the course of survey without any basis. Now we are placing reliance on one of the authorities relied on by the learned counsel for the assessee of Hon’ble Chattisgarh High court in ITO vs. Vijay Kumar Kesar (2010) 327 ITR 497 (Chattisgarh), wherein Hon’ble High Court after considering the facts dismissed the Revenue’s appeal by holding that the order passed by the CIT(A), which has been subsequently confirmed by the Tribunal. Hon’ble High Court held that the findings recorded by the both the forums below cannot be termed perverse and beyond record. The CIT(A) after co…

ACIT 21(2) vs. Oriental Decorators, Mumbai

In the result appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 820/Mum/2015 (नििाारण वर्ा / Assessment Year: 2009-10)

…on oath, hence, any such statement has no evidentiary value and any admission made during such statement cannot, by itself, be made the basis for addition," 39. In the case of INCOME TAX OFFICER vs. VIJAY KUMAR KESAR, (2010) 231 ITR (Chattisgarh) 165 : (2010) 327 ITR 497 : (2010) 36 DTR 13, recently the Hon’ble High Court has held that "Addition on the basis of statement recorded during survey-Assessee surrendered the cash and value of excess stock found during survey for taxation but did not offer any such amount in his return-He produced his updated books of account and other primary records during the assessme…

Shine Star Impex P.Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

…as based on only rough estimate-CIT{A) made enhancement to income determined by Assessing Officer based on unsworn statement obtained u/s. 133A, in absence of other materials-Thus, Tribunal had rightly set aside order of CIT (A). vi. ITO vs. Vijay Kumar Kesar 327 ITR 497 [Chhattisgarh] Income from undisclosed sources-Addition under s. 69-Addition on the basis of statement recorded during survey-Assessee surrendered the cash and value of excess stock found during survey for taxation but did not offer any such amount in his return-He produced his updated books of account and other primary records during the assessm…

Shine Star Impex P.Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

…as based on only rough estimate-CIT{A) made enhancement to income determined by Assessing Officer based on unsworn statement obtained u/s. 133A, in absence of other materials-Thus, Tribunal had rightly set aside order of CIT (A). vi. ITO vs. Vijay Kumar Kesar 327 ITR 497 [Chhattisgarh] Income from undisclosed sources-Addition under s. 69-Addition on the basis of statement recorded during survey-Assessee surrendered the cash and value of excess stock found during survey for taxation but did not offer any such amount in his return-He produced his updated books of account and other primary records during the assessm…

Sunshine Import & Exports P. Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

…as based on only rough estimate-CIT{A) made enhancement to income determined by Assessing Officer based on unsworn statement obtained u/s. 133A, in absence of other materials-Thus, Tribunal had rightly set aside order of CIT (A). vi. ITO vs. Vijay Kumar Kesar 327 ITR 497 [Chhattisgarh] Income from undisclosed sources-Addition under s. 69-Addition on the basis of statement recorded during survey-Assessee surrendered the cash and value of excess stock found during survey for taxation but did not offer any such amount in his return-He produced his updated books of account and other primary records during the assessm…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…as based on only rough estimate-CIT{A) made enhancement to income determined by Assessing Officer based on unsworn statement obtained u/s. 133A, in absence of other materials-Thus, Tribunal had rightly set aside order of CIT (A). vi. ITO vs. Vijay Kumar Kesar 327 ITR 497 [Chhattisgarh] Income from undisclosed sources-Addition under s. 69-Addition on the basis of statement recorded during survey-Assessee surrendered the cash and value of excess stock found during survey for taxation but did not offer any such amount in his return-He produced his updated books of account and other primary records during the assessm…