Narayan N. Boos v. ACIT, Circle

339 ITR 192High Court2011#2035 most cited

What is Narayan N. Boos v. ACIT, Circle authority for?

Additions made by the Assessing Officer solely on the basis of a retracted statement under section 132(4) cannot be sustained without corroborating evidence, such as the recovery of assets, at the time of the search.

56

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

Narayan N. Boos v. ACIT · section 132(4) · retracted statement · corroboration · search and seizure · addition based on confession · independent evidence

Sections most often in play

Section 153ASection 143(3)Section 132Section 132(4)Section 69CSection 132(4A)Section 153DSection 142A

Issues it is cited on

section 132(5)retracted statementsection 100bogus share capitalsection 153(c)(1)statement under section 132(4)section 131(1)section 269tsection 94section 114abatement of assessmentsection 158bc

Judgments citing Narayan N. Boos v. ACIT, Circle

R. Kantilal & Co., Mumbai vs. DCIT, CC-6(1), Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 7090/MUM/2018[2012-13]Status: DisposedITAT Mumbai27 Sept 2022AY 2012-13

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

R. Kantilal & Co., Mumbai vs. DCIT, CC-6(1), Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 7089/MUM/2018[2009-10]Status: DisposedITAT Mumbai27 Sept 2022AY 2009-10

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

R. Kantilal & Co., Mumbai vs. DCIT, CC-61(1), Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 7088/MUM/2018[2008-09]Status: DisposedITAT Mumbai27 Sept 2022AY 2008-09

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT CC -5(1), Mumbai vs. M/S. R. Kantilal & Company, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6779/MUM/2018[2009-10]Status: DisposedITAT Mumbai27 Sept 2022AY 2009-10

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT CC -5(1), Mumbai vs. M/S. R. Kantilal & Company, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6778/MUM/2018[2008-09]Status: DisposedITAT Mumbai27 Sept 2022AY 2008-09

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT, CC - 5(1), Mumbai vs. Parag Suresh Kothari, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6773/MUM/2018[2010-11]Status: DisposedITAT Mumbai27 Sept 2022AY 2010-11

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT, CC - 5(1), Mumbai vs. Parag Suresh Kothari, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6772/MUM/2018[2009-10]Status: DisposedITAT Mumbai27 Sept 2022AY 2009-10

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT, CC- 5 (1), Mumbai vs. Pratik Suresh Kothari, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6761/MUM/2018[2013-14]Status: DisposedITAT Mumbai27 Sept 2022AY 2013-14

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT, CC 5 (1), Mumbai vs. Pratik Suresh Kothari, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6759/MUM/2018[2011-12]Status: DisposedITAT Mumbai27 Sept 2022AY 2011-12

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT, CC- 5 (1), Mumbai vs. Pratik Suresh Kothari, Mumbai

In the result the appeal of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6757/MUM/2018[2009-10]Status: DisposedITAT Mumbai27 Sept 2022AY 2009-10

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.7088 To 7090/Mum/2018 (A.Ys. 2008-09, 2009-10 & 2012-13) M/S R. Kantilal & Co. Vs. Dcit, Cc-6(1) Tower-F(W),Office No. Income Tax Office, 7030, Bharat Diamond 19Th Floor, Air India Bourse, Block, Bandra Building, Nariman Point, Kurla Complex, Mumbai – 400 021 Bandra (E), Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aacfr5384C Appellant .. Respondent

For Appellant: Nishit GandhiFor Respondent: Dharm Veer Singh &
Section 153ASection 68

…ted these submissions specifically filed by the assessee and the ld. CIT(A) also has neither controverted these judicial pronouncements nor made any reference in his findings. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

DCIT CC 8(1), Mumbai vs. Shri. Suresh Gurubuxsing Wadhwa, Navi Mumbai

In the result, all the appeals filed by the Revenue stand dismissed

ITA 78/MUM/2020[2012-13]Status: DisposedITAT Mumbai24 Jun 2022AY 2012-13

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh

For Appellant: Mani JainFor Respondent: Amol B. Kirtane
Section 132Section 132(4)Section 153Section 68

…ased on the statement of Shri Bhanwarlal Jain and that once the same has been retracted the statement of the assessee does not survive. The ld. CIT(A) has also referred the decision of Hon’ble Madras High Court in the case of M. Narayan and Brothers Vs. ACIT 339 ITR 192 wherein it is held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence, material or recovery of any movable or immovable assets at the time of search corroborated by the assessee. 3 Appeals DCIT, CC8(1) VS. Shri Suresh Gurbuxsing Wadhwa 10 The ld. CIT(A) has r…

DCIT, CC- 8 (1), Mumbai vs. Surinder Anantram Sabhlok, Mumbai

In the result, all the appeals filed by the Revenue stand dismissed

ITA 56/MUM/2020[2011-12]Status: DisposedITAT Mumbai24 Jun 2022AY 2011-12

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh

For Appellant: Mani JainFor Respondent: B.K. Bagchi &
Section 132Section 132(4)Section 68

…e same has been retracted the statement of the assessee does not survive. 5 Appeals DCIT, CC-8(1) Vs. Shri Surinder Anantram Sabhlok 11 The ld. CIT(A) has also referred the decision of Hon’ble Madras High Court in the case of M.Narayan and Brothers Vs. ACIT 339 ITR 192 wherein it is held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence, material or recovery of any movable or immovable assets at the time of search corroborated by the assessee. The ld. CIT(A) has referred the decision of Hon’ble Supreme Court in the case of…

ACIT Central Cir-4(4), Mumbai vs. Nadiadwala Grandson Entertainment Pvt. Ltd, Mumbai

In the result, the appeals of the assessee i

ITA 2238/MUM/2021[2015-16]Status: DisposedITAT Mumbai07 Jun 2022AY 2015-16

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

ACIT Central Cir-4(4), Mumbai vs. Nadiadwala Grandson Entertainment Pvt. Ltd, Mumbai

In the result, the appeals of the assessee i

ITA 2237/MUM/2021[2016-17]Status: DisposedITAT Mumbai07 Jun 2022AY 2016-17

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

ACIT Cent. Cir-4(4), Mumbai vs. Nadiadwala Grandson Entertainment Pvt. Ltd, Mumbai

In the result, the appeals of the assessee i

ITA 2223/MUM/2021[2013-14]Status: DisposedITAT Mumbai07 Jun 2022AY 2013-14

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

ACIT Cent. Cir -4(4), Mumbai vs. Nadiadwala Grandson Entertainment Pvt. Ltd, Mumbai

In the result, the appeals of the assessee i

ITA 2221/MUM/2021[2010-11]Status: DisposedITAT Mumbai07 Jun 2022AY 2010-11

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

Nadidwala Grandson Entertainment Pvt. Ltd, Mumbai vs. DCIT CC-4(4), Mumbai

In the result, the appeals of the assessee i

ITA 1497/MUM/2021[2016-17]Status: DisposedITAT Mumbai07 Jun 2022AY 2016-17

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

Nadidwala Grandson Entertainment Pvt. Ltd, Mumbai vs. DCIT CC-4 (4), Mumbai

In the result, the appeals of the assessee i

ITA 1496/MUM/2021[2015-16]Status: DisposedITAT Mumbai07 Jun 2022AY 2015-16

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

Nadidwala Grandson Entertainment Pvt. Ltd, Mumbai vs. DCIT CC 4(4), Mumbai

In the result, the appeals of the assessee i

ITA 1495/MUM/2021[2014-15]Status: DisposedITAT Mumbai07 Jun 2022AY 2014-15

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…

Nadidwala Grandson Entertainment Pvt. Ltd, Mumbai vs. DCIT CC-4(4), Mumbai

In the result, the appeals of the assessee i

ITA 1494/MUM/2021[2013-14]Status: DisposedITAT Mumbai07 Jun 2022AY 2013-14

Bench: Shri Amarjit Singh & Ms.Kavitha Rajagopalita Nos.1492 To 1497/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14 To 2016-17) Nadiadwala Grandson Vs. Dcit, Cc-4(4), Entertainment Pvt. Ltd. 19Th Floor, Air India 1701, 17Th Floor, Lotus Building, Nariman Point, Grandeur, Off Veera Desai Mumbai - 400021 Road, Andheri West, Mumbai – 400053 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Ita Nos.2221 To 2223, 2237 & 2238/Mum/2021 (A.Ys. 2010-11, 2011-12 & 2013-14, 2015-16 & 2016-17) Asst. Commissioner Of Vs. Nadiadwala Grandson Income Tax, Central Circle- Entertainment Pvt. Ltd. 4(4),Central Range-4 Nadiadwala Villa, Ocean Pr.Cit(C)-2,R.No. 1922, View, Jp Road, Versova, 19Th Floor, Air India Andheri (West), Building, Nariman Point, Mumbai - 400061 Mumbai - 400021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No: Aaccn0909J Appellant .. Respondent Appellant By : Mani Jain & Prateek Jain Respondent By : Dr. Mahesh Akhade Date Of Hearing 24.03.2022 Date Of Pronouncement 07.06.2022

For Appellant: Mani Jain &For Respondent: Dr. Mahesh Akhade
Section 132(1)Section 68

…f employees were recorded u/s 132(4) of the Act and on the basis of their statements the A.O observed that the assessee had inflated the expenses to reduce the taxable profits. The Hon‟ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. The Hon‟ble Supreme Court in Vinod Solanki Vs. Union of India (92 SCL 157…