Mukesh R.Marolia v. Addl. CIT

Jigar Palm Resorts P.Ltd, Mumbai vs. ITO 8(2)(1), Mumbai

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri D.Karunakara Rao & Shri Pawan Singh

…Foundation Ltd. 51 Taxman.com 98 (Madras), CIT Vs. Kuber Ploritech Ltd. 2 Taxman 136 (Del.) and ACIT Vs. ETC Industries Ltd. (2012) 21 taxman.com 457 (Indore). The ld. AR of the assessee further submitted that in case of Jafferali K. Rattonsey Vs ADIT [2006] 6 SOT 247 (Mum), Ravinderkumar Toshniwal Vs DIT ITA No.5302/M/2008, Mausuma S. Tankiwala Vs ITO [ITA No.1867/M/2014], Jyoti D. Shah Vs ITO [ ITA No.1843/M/2012] and Jatin P. Ajmera Vs ITO 7859/M/2011, the addition on the basis of statement of Mukesh Choksi has been deleted by the Mumbai Tribunal. The ld AR for assessee also elide on the decision of Indore Tr…

Manju P.Gupta, Mumbai vs. ACIT, Circle 16(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm

…or AY. 2003-04. Smt. Manju P. Gupta 6. Order of Hon'ble Mumbai Tribunal in the case of Mayur M. Shah (HUF) v. ITO [ITA No. 2390/Mum/2013] dated 10.07.2013 for A.Y. 2003- 04. 7. Decision of Hon'ble Mumbai Tribunal in the case of Mukesh R. Marolia v. Addl. CIT [6 SOT 247]. 8. Decision of Hon'ble Bombay High Court in the case of CIT v. Shri Mukesh Ratilal Marolia [ITA No.456 of 2007] dated 07.09.201l. 9. Order of Hoh'ble Mumbai Tribunal in the case of ITO v. Mrs. Radhika Ravindrakumar Toshniwal [ITA No. 1331/Mum/2010] dated 13.03.2013 for AY. 2005-06. 10. Order of Hon'ble Mumbai Tribunal in the case of AClT v. Pinak…

Manju P.Gupta, Mumbai vs. ACIT, Circle 16(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm

…or AY. 2003-04. Smt. Manju P. Gupta 6. Order of Hon'ble Mumbai Tribunal in the case of Mayur M. Shah (HUF) v. ITO [ITA No. 2390/Mum/2013] dated 10.07.2013 for A.Y. 2003- 04. 7. Decision of Hon'ble Mumbai Tribunal in the case of Mukesh R. Marolia v. Addl. CIT [6 SOT 247]. 8. Decision of Hon'ble Bombay High Court in the case of CIT v. Shri Mukesh Ratilal Marolia [ITA No.456 of 2007] dated 07.09.201l. 9. Order of Hoh'ble Mumbai Tribunal in the case of ITO v. Mrs. Radhika Ravindrakumar Toshniwal [ITA No. 1331/Mum/2010] dated 13.03.2013 for AY. 2005-06. 10. Order of Hon'ble Mumbai Tribunal in the case of AClT v. Pinak…

Vinod K.Shah, Mumbai vs. ITO 16(1)(1), Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain

…rm capital gain and short term capital gain. He submits that on identical set of facts the issue has been considered by the Tribunal. The Ld. Counsel filed the copies of the Tribunal decision by way of compilation as under: i) Mukesh R. Marolia vs. Addl. CIT -6 SOT 247 ii) Rajnudevi Chowdhary vs. ITO -ITA 6455/M/2007(Bom) iii) ITO vs. Truptic Shah -ITA 6455/M/2007(Bom) iv) Chandrakant Babulal Shah -ITA 6108/M/2009(Bom) v) ACIT vs. Shri Ravindrakumar Thshinwal ITA 5302/M/2008 (Bom) 5. He, therefore, pleaded for accepting the claim of the assessee in respect of long-term capital gain. I have also heard the Ld. D.R.…

Vinod K Shah, Mumbai vs. ITO 16(1)(1), Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain

…rm capital gain and short term capital gain. He submits that on identical set of facts the issue has been considered by the Tribunal. The Ld. Counsel filed the copies of the Tribunal decision by way of compilation as under: i) Mukesh R. Marolia vs. Addl. CIT -6 SOT 247 ii) Rajnudevi Chowdhary vs. ITO -ITA 6455/M/2007(Bom) iii) ITO vs. Truptic Shah -ITA 6455/M/2007(Bom) iv) Chandrakant Babulal Shah -ITA 6108/M/2009(Bom) v) ACIT vs. Shri Ravindrakumar Thshinwal ITA 5302/M/2008 (Bom) 5. He, therefore, pleaded for accepting the claim of the assessee in respect of long-term capital gain. I have also heard the Ld. D.R.…

Anjali Pandit, Mumbai vs. Asst CIT Cen Cir 12, Mumbai

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.3028 To 3032/Mum/2011 (ननधधायण वषा / Assessment Year :2002-03 To 2006-07) Smt.Anjli Pandit, बनाम/ Asstt. Commissioner Of Income Gajanan Building No.8, 178, Tax, Central Circle 12, Vs. Cgo Building, M K Marg, Jawahar Nagar, Mumbai-400020. Goregaon (W), Mumbai-400062 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…passed u/s 143(3) r.w.s. 153A of the Act. In defence of his arguments the ld relied on the following decisions :- F) CIT V/s v. Mukesh Ratilal Marolia (Bombay High Court) (Order dated 7.9.2011) (lTXA No. 456 of 2007) G) Mukesh R. Marolia v. Addl. CIT [2006] 6 SOT 247 (Mum) H) CIT v. Jamnadevi Agrawal [2010]328 ITR 656(Bom) I) ITO v. Mrs. Rasila N. Gada & Others (Mum) (Order dated 8/8/2012) (ITA No.1773/Mum/2010) J) Asstt. CIT v. Pooja Arora (Mum) (Order dated 20.6.2012) (ITA Nos. 2788 & 2790/Mum/2009) K) Asstt. CIT v. L. Jaipal Reddy (Mum) (Order dated 20.l.2012) (ITA Nos. 3607 & 3608/Mum/2009) L) Durqadevi…

Vishalv Shah, Mumbai vs. ITO 16(1)(1), Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri C.N. Prasad Shri Vishal V. Shah Income Tax Officer-16(1)(1) 30 Warden Court Matru Mandir, Tardeo Road Vs. 79-81 August Kranti Marg Mumbai 400007 Mumbai 400036 Pan – Advps8129B Appellant Respondent

…rm capital gain and short term capital gain. He submits that on identical set of facts the issue has been considered by the Tribunal. The Ld. Counsel filed the copies of the Tribunal decision by way of compilation as under: i) Mukesh R. Marolia vs. Addl. CIT -6 SOT 247 ii) Rajnudevi Chowdhary vs. ITO -ITA 6455/M/2007(Bom) iii) ITO vs. Truptic Shah -ITA 6455/M/2007(Bom) iv) Chandrakant Babulal Shah -ITA 6108/M/2009(Bom) v) ACIT vs. Shri Ravindrakumar Thshinwal -ITA5302/M/2008(Bom) 7 Shri Vishal V. Shah 5. He, therefore, pleaded for accepting the claim of the assessee in respect of long-term capital gain. I have a…

Dilipkumar Phoolchand Jain, Thane vs. ACIT Cen Cir 2, Thane

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey() & Shri N.K. Pradhan () Assessment Year: 2006-07 Dilip Kumar Phoolchand Jain Vs. Acit Cen Cir-2 Prop M.S. Globe Enterprises, 102/108 6Th Floor, Ashar It Park Jagannath Chawl, Phanswadi R.No. 16Z, Wagle Indl Estate, Bhiwandi, Dist: Thane Thane(W)- 400604 Thane - 421302 Pan No. Aarpj1996K

…orded behind the back of the assessee but not tested by cross examination, such a statement cannot be allowed to be used to the prejudice of the assessee. The second decision relied on by the assessee before the ld. CIT(A) is Mukesh R. Marolia vs. Addl. CIT, 6 SOT 247(Mum.)(2006). The assessee submits that the Tribunal in this case has upheld the contentions of the assessee with relation to purchase and sale of shares through off market transactions. The third decision relied on by the assessee is CIT v. Anupam Kapoor (2008) 299 ITR 179(P&H). In this case, it has been held that there was no material before the…

ITO 26(2)(2), Mumbai vs. Vishal Vinod Shah, Mumbai

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Jason P Boaz & Shri Sandeep Gosain

…due verification in each case. Thus, statement of Shri Mukesh Chokshi cannot be relied upon blindly without due verification in each case, which the Assessing Officer has failed to do. The decision of jurisdictional High Court in the case of Mukesh R Marolia 6 SOT 247 (Mum) and of Mumbai ITAT in the cases of Mayur M. Shah HUF vs. ITO 25 (3) (I),Mumbai No.2390/Mum/2013 and Hetal K Vasa Vs. ITO 21(1)(3), Murnbai ITA 0.6416/Mum/2012 and Hansa H Vasa Vs.ITO 0 21 (I )(3), Mumbai ITA No..6417/Mum/2012, cited by the AR also cover the issue in favour of the assessee. In view of all the above it is held that the action o…

Neema Thappa, Mumbai vs. ITO -26 (2)(4), Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: S/Shri B.R. Baskaran (Am) & Ramlal Negi (Jm)

…and sold the shares through her de-mat account. The purchase of shares through off- market transactions are not illegal. He submitted that the co-ordinate bench of Tribunal has considered an identical issue in the case of Mukesh R Marolia Vs. ADDL CIT (2006)(6 SOT 247)(Mum) and has decided the issue in favour of the assessee. He submitted that the decision of Tribunal rendered in the above cited case has since been upheld by the Bombay High Court in the decision rendered in ITA No.456 of 2007 dated 7th Sep. 2011 and the SLP preferred by the revenue before Hon’ble Supreme Court has been dismissed. 5. The Ld D.R,…

DCIT 24(3), Mumbai vs. Indervadan Jain, Mumbai

In the result, both appeals of the revenue are dismissed

…dhpur Chandrakant Babulal Shah vs ITO 16(2)(4) Dalpat Singh Choudhary vs ACIT (2012) 143 TT J 500 (Jodhpur Trib) ACIT v Shri Ravlndra Kumar ToshnivallTA No. 5302/Mum/2008 Jafferali K Rallonse v DCIT Central 5 in ITA No. 68/Mum/2009 Mukesh R Marolia v Addl CIT 6 SOT 247 Mrs Rajini devi A. Chowdhary v ITO ITA No. 6455/M/07 Dated 30/0412008 DCIT v Shri Pinakir L Shok in ITA No. 3030 & 3453/M/08 Dated 14/0712009 In the aforesaid decisions the broker through whom the shares were purchased and sold have deposed before the investigation wing and have given statement that these are mere accommodation entry or in some cas…

ITO 24(3)(1), Mumbai vs. Indravadan Jain HUF, Mumbai

In the result, both appeals of the revenue are dismissed

…dhpur Chandrakant Babulal Shah vs ITO 16(2)(4) Dalpat Singh Choudhary vs ACIT (2012) 143 TT J 500 (Jodhpur Trib) ACIT v Shri Ravlndra Kumar ToshnivallTA No. 5302/Mum/2008 Jafferali K Rallonse v DCIT Central 5 in ITA No. 68/Mum/2009 Mukesh R Marolia v Addl CIT 6 SOT 247 Mrs Rajini devi A. Chowdhary v ITO ITA No. 6455/M/07 Dated 30/0412008 DCIT v Shri Pinakir L Shok in ITA No. 3030 & 3453/M/08 Dated 14/0712009 In the aforesaid decisions the broker through whom the shares were purchased and sold have deposed before the investigation wing and have given statement that these are mere accommodation entry or in some cas…

Shantidevi P. Mehta, Mumbai vs. ITO 16(2)(2), Mumbai

Accordingly the appeal filed by the assessee is hereby allowed in part

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2800/M/15 ("नधा"रण वष" / Assessment Year: 2009-10) Smt. Shantidevi P. Mehta Income Tax Officer बनाम/ Prop. Kore Steel (India) 16(2)(2) Vs. 450, Patthe Bapurao Marg, Mumbai Lotwala Building, Near Sindhi Gally, Mumbai - 400004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahpm0722A

…आयकर अपील"य अ"धकरण,“जे” "यायपीठ, मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI "ी आर. सी. शमा", लेखा सद"य, एवं "ी अमरजीत "संह, "या"यक सद"य, के सम" BEFORE SHRI R.C.SHARMA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.2800/M/15 ("नधा"रण वष" / Assessment Year: 2009-10) Smt. Shantidevi P. Mehta Income Tax Officer बनाम/ Prop. Kore Steel (India) 16(2)(2) Vs. 450, Patthe Bapurao Marg, Mumbai Lotwala Building, Near Sindhi Gally, Mumbai - 400004 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAHPM0722A (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by: Shri Rahul Sarda Department by: Shri Vishwa…

Chandrakant G. Patel (HUF), Mumbai vs. ITO 15(1)(1), Mumbai

In the result, the appeal of the assessee is allowed”

Bench: Shri Saktijit Dey, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.2705/Mum/2014 (ननधधारण वषा / Assessment Years : 2005-06) Shri Chandrakang G Patel, बनधम/ Income Tax Officer 15(1)(1), (Huf), Mumbai. Vs. 301, Temple Bells Chs, K M Munshi Marg, Chowpatty, Mumbai-400007 स्थधयी ऱेखध सं./ Pan : Awjps4259E (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

…ee before me, wherein also additions were made on the basis of the statement of Mr.Mukesh Choksi, though the investment companies were different. One such case was the decision of the Mumbai Bench of the Tribunal in the case of Mukesh R. Marolia vs. Addl.CIT, 6 SOT 247 (Mum). The Ld. Representative for the assessee also pointed out that such judgment has since been approved by the Hon’ble Bombay High Court in the case of CIT vs. Shri Mukesh Ratilal Marolia, Income Tax Appeal No.456 of 2007 dated 07/09/2011. 6.6 Considering the aforesaid discussion, in my view, the CIT(A) fell in error in upholding the conclusion…

Kamlesh Mundra, Mumbai vs. ITO WD 19(2)(3), Mumbai

In the result, the Assessee’s appeal is allowed

Bench: Shri R.C. Sharma, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 6248/Mum/2012 ("नधा"रण वष" / Assessment Year: 2003-04)

…6 Kamlesh Mundra vs. ITO term capital gain. He submits that on identical set of facts the issue has been considered by the Tribunal. The Ld. Counsel filed the copies of the Tribunal decision by way of compilation as under: i) Mukesh R. Marolia vs. Addl. CIT -6 SOT 247 ii) Rajnudevi Chowdhary vs. ITO -ITA 6455/M/2007(Bom) iii) ITO vs. Truptic Shah -ITA 6455/M/2007(Bom) iv) Chandrakant Babulal Shah -ITA 6108/M/2009(Bom) v) ACIT vs. Shri Ravindrakumar Thshinwal -ITA5302/M/2008(Bom) 5. He, therefore, pleaded for accepting the claim of the assessee in respect of long-term capital gain. I have also heard the Ld.…

Damayanti Ramesh Gada, Bhiwandi vs. DCIT 1, Kalyan

In the result, appeal filed by the assessee is allowed, as above

Bench: Me, The Ld. Representative For The Assessee Has Made Two Fold Arguments. Firstly, According To Him, The Initiation Of Proceedings Under Section 147/148 Of The Act By Issuance Of Notice Was Bad In Law And, Therefore, The Impugned Assessment Was Liable To Be Quashed. Secondly, It Has Been Also Contended That On Facts, The Action Of The Assessing Officer Is Not Sustainable.

…the same investee companies 5 have been found to be genuine and the stand of the Assessing Officer has been disregarded. In this context the following decisions have been relied upon:- (i) ITAT’s decision in the case of Shri Mukesh Ratilal Marolia (2006) 6 SOT 247 (Bom). (ii)ITAT’s decision in the case of Smt. Amina L. Rangari, ITA No.7543/M/2011 dated 04/09/2015 (iii) ITAT’s decision in the case of M/s. SDB Estate Pvt. Ltd., ITA No.584/M/2015 dated 15/04/2015. (iv) ITAT’s decision in the case of Smt. Durga Devi Mundra, & Shri Mahesh Mundra, ITA No.1175/Mum/2012 & ITA No.1176/Mum/2012 dated 01/06/2012 (v) IT…

Arvind Asmal Mehta, Mumbai vs. ITO 16(2)(2), Mumbai

In the result, the appeal of the assessee is allowed, as above

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEORE SHRI G.S.PANNU, ACCOUNTANT MEMBER Mr. Arvind Asmal Mehta, 450,Lotwala Building, Patthe Bapurao Marg, Near Sindhi Gally, Mumbai 400 004 PAN: AAIPS 2754 B ... Appellant Vs. The Income Tax Officer 16(2)(2), Mumbai 400020 .... Respondent Appellant by : Shri Rahul Sarda Respondent by : Shri Vishwas Jadhav Date of hearing : 10/12/2015 Date of pronouncement : 29/02/2016 ORDER The captioned appeal is preferred by the assessee and is directed against the impugned order dated 27/02/2015 of CIT(A)-30, Mumbai, pertaining to the assessment year 2009-…

Status Credit & Capital P.Ltd, Mumbai vs. ITO 4(3)(4), Mumbai

In the result, the assessee’s appeal for assessment year 2004-05

Bench: Shri Jason P. Boaz & Shri Ram Lal Negistatus Credit & Capital Pvt. Ltd., 158/164, Laxmi Bhavan, 4Th Floor, Kalbadevi Road, Mumbai 400 002 Pan:Aaacs 7377 R ... Appellant Vs. The Ito 4(3)(4), Aaykar Bhavan, Mk Road, Mumbai 400 020 .... Respondent

…m capital gain and short term capital gain. He submits that on identical set of facts the issue has been considered by the Tribunal. The Ld. Counsel filed the copies of the Tribunal decision by way of compilation as under: i) Mukesh R. Marolia vs. Addl. CIT -6 SOT 247 ii) Rajnudevi Chowdhary vs. ITO -ITA 6455/M/2007(Bom) iii) ITO vs. Truptic Shah -ITA 6455/M/2007(Bom) iv) Chandrakant Babulal Shah -ITA 6108/M/2009(Bom) v) ACIT vs. Shri Ravindrakumar Thshinwal-ITA5302/M/2008(Bom) 5. He, therefore, pleaded for accepting the claim of the assessee in respect of long-term capital gain. I have also heard the Ld. D.R.…

ITO 19(3)(2), Mumbai vs. Khalil M Bharwani, Mumbai

In the result, appeal of Revenue is dismissed

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपील सं./Ita No. 223/Mum/2011 (िनधा"रण वष"/Assessment Year: 2006-07) Income Tax Officer-19(3)(2) Room No. 306, 3Rd Floor अपीलाथ"/Appellant Piramal Chambes, Parel Lalbaug, Mumbai 400012 बनाम/ Vs. Ms. Khalil M. Bharwani ""यथ"/Respondent Flat No. 9, Noor-E-Rehmat 59-B.J. Road, Bandra (W) Mumbai 400050 "थायी लेखा सं./Pan - Ajjpb7570L अपीलाथ" क" ओर से / Appellant By: Shri Satya Pal Kumar ""यथ" क" ओर से/ Respondent By: Shri B.V. Jhaveri सुनवाई क" तारीख /Date Of Hearing : 04.11.2015 घोषणा क" तारीख/Date Of Pronouncement : 27.11.2015 आदेश / O R D E R Per Shailendra Kumar Yadav, Jm This Appeal Has Been Filed By Revenue Against The Order Of Cit(A) On Following Grounds: -

…आयकर अपीलीय अिधकरण “ए” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI "ी शैल" कुमार यादव, "याियक सद"य एवं "ी राजेश कुमार, लेखा सद"य के सम" । BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND SHRI RAJESH KUMAR, AM आयकर अपील सं./ITA No. 223/Mum/2011 (िनधा"रण वष"/Assessment Year: 2006-07) Income Tax Officer-19(3)(2) Room No. 306, 3rd Floor अपीलाथ"/Appellant Piramal Chambes, Parel Lalbaug, Mumbai 400012 बनाम/ Vs. Ms. Khalil M. Bharwani ""यथ"/Respondent Flat No. 9, Noor-E-Rehmat 59-B.J. Road, Bandra (W) Mumbai 400050 "थायी लेखा सं./PAN - AJJPB7570L अपीलाथ" क" ओर से / Appellant by: Shri Satya Pal Kum…