PCIT v. Anand Kumar Jain

ACIT, Central Circle- 15, New Delhi vs. Hal Offshore Ltd., New Delhi

In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search

Bench: Shri R.K. Panda & Shri Kul Bharatassessment Year: 2015-16 Acit, Vs Hal Offshore Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Ca Revenue By : Ms Paramita M. Biswas, Cit, Dr Date Of Hearing : 16.09.2021 Date Of Pronouncement : 14.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 2Nd August, 2018 Of The Cit(A)-26, New Delhi, Relating To Assessment Year 2015-16. 2. Facts Of The Case, In Brief, Are That The Assessee Is One Of The Group Companies Of Mmg Group & Has Business Interest In Several Segments Like Chartering & Leasing Of Vessels To Ongc & Shipping, Etc. In This Case, A Search & Seizure Operation U/S 132 Of The It Act, 1961 Was Carried Out On 28Th March, 2015. During The Course Of Search, Documents & Data Storage Devices, Etc., Belonging To The Assessee Were Found & Seized. The Assessee Filed Its Return Of Income On 29Th July, 2016 For The Assessment Year 2015-16 Declaring The Total Income At Rs.12,15,49,580/-. Notice U/S 143(2) Was Issued On 20Th May, 2016 Which Was Duly Served On The Assessee. Subsequently, Notice U/S 142(1) Along With A Questionnaire Was Issued To The Assessee Calling For Certain Information. The Assessee Complied To The Said Questionnaire By Filing The Requisite Details.

…tain evidentiary value, however, the statement cannot be on a stand alone basis and without reference to any other material discovered during the search and seizure operation, empowers the AO to frame the block assessment:- a) PCIT vs. Anand Kumar Jain (HUF), 432 ITR 384 (Del); b) CIT vs. Best Infrastructure (India) (P) Ltd., 397 ITR 82 (Del); c) CIT vs. Harjeev Agarwal, 290 CTR 263 (Del); d) M.S. Aggarwal vs. CIT, 406 ITR 609 (Del); e) Smt. Shivali Mahajan vs. ACIT, ITA No.5585/Del/2015, order dated 19th March, 2019 for AY 2006-07 Delhi ITAT). f) M/s Brahmaputra Finlease (P) Ltd. vs. DCIT, ITA No.3332/Del/2017,…

ACIT, Central Circle- 15, New Delhi vs. Moon Beverages Ltd., New Delhi

In the result, we hold that addition of share capital in the year under consideration has been made without relying on any incriminating material found during the course of search

Bench: Shri R.K. Panda & Shri Kul Bharatassessment Year: 2014-15 Acit, Vs Moon Beverages Ltd., Central Circle-15, 25, Bazar Lane, New Delhi. Bengali Market, New Delhi. Pan: Aaacm1635J Co No.06/Del/2019 (Ita No.6955/Del/2018) Assessment Year: 2014-15 Moon Beverages Ltd., Vs. Acit, 25, Bazar Lane, Central Circle-15, Bengali Market, New Delhi New Delhi. Pan: Aaacm1635J (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate & Shri Lalit Mohan, Ca Revenue By : Ms Paramita M. Biswas, Cit-Dr Date Of Hearing : 16.09.2021 Date Of Pronouncement : 14.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 2Nd August, 2018 Of The Cit(A)-26, New Delhi, Relating To Assessment Year 2014-15. Co No.06/Del/2019 The Assessee Has Filed Co Against The Appeal Filed By The Revenue. For The Sake Of Convenience, These Were Heard & Are Being Disposed Of By This Common Order.

…, however, 20 CO No.06/Del/2019 the statement cannot be on a stand alone basis and without reference to any other material discovered during the search and seizure operation, empowers the AO to frame the block assessment:- a) PCIT vs. Anand Kumar Jain (HUF), 432 ITR 384 (Del); b) CIT vs. Best Infrastructure (India) (P) Ltd., 397 ITR 82 (Del); c) CIT vs. Harjeev Agarwal, 290 CTR 263 (Del); d) M.S. Aggarwal vs. CIT, 406 ITR 609 (Del); e) Smt. Shivali Mahajan vs. ACIT, ITA No.5585/Del/2015, order dated 19th March, 2019 for AY 2006-07 Delhi ITAT). f) M/s Brahmaputra Finlease (P) Ltd. vs. DCIT, ITA No.3332/Del/2017,…

DCIT, New Delhi vs. M/S Pilot Industries Ltd., New Delhi

In the result, all the five appeals filed by the learned assessing officer are dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

…on. He further relied upon the decision of the coordinate bench in 219 TMI 1393 SMC power generation. With respect to the statement, he referred to the decision of the honourable Delhi High Court in principal Commissioner of income tax versus Anand Kumar Jain 432 ITR 384[Delhi]. 17. He further submitted that this issue is squarely covered in favour of the assessee in case of Tegh international versus Asst Commissioner of income tax (2016 (6) TMI 450 (Delhi) and the decision of Angad Exports versus Asst Commissioner of Income Tax (12) TMI 359 of the coordinate benches. He submitted that these are the orders, which…

DCIT, New Delhi vs. M/S Pilot Industries Ltd., New Delhi

In the result, all the five appeals filed by the learned assessing officer are dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

…on. He further relied upon the decision of the coordinate bench in 219 TMI 1393 SMC power generation. With respect to the statement, he referred to the decision of the honourable Delhi High Court in principal Commissioner of income tax versus Anand Kumar Jain 432 ITR 384[Delhi]. 17. He further submitted that this issue is squarely covered in favour of the assessee in case of Tegh international versus Asst Commissioner of income tax (2016 (6) TMI 450 (Delhi) and the decision of Angad Exports versus Asst Commissioner of Income Tax (12) TMI 359 of the coordinate benches. He submitted that these are the orders, which…

DCIT, New Delhi vs. M/S Pilot Industries Ltd., New Delhi

In the result, all the five appeals filed by the learned assessing officer are dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

…on. He further relied upon the decision of the coordinate bench in 219 TMI 1393 SMC power generation. With respect to the statement, he referred to the decision of the honourable Delhi High Court in principal Commissioner of income tax versus Anand Kumar Jain 432 ITR 384[Delhi]. 17. He further submitted that this issue is squarely covered in favour of the assessee in case of Tegh international versus Asst Commissioner of income tax (2016 (6) TMI 450 (Delhi) and the decision of Angad Exports versus Asst Commissioner of Income Tax (12) TMI 359 of the coordinate benches. He submitted that these are the orders, which…

DCIT, New Delhi vs. M/S Pilot Industries Ltd., New Delhi

In the result, all the five appeals filed by the learned assessing officer are dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

…on. He further relied upon the decision of the coordinate bench in 219 TMI 1393 SMC power generation. With respect to the statement, he referred to the decision of the honourable Delhi High Court in principal Commissioner of income tax versus Anand Kumar Jain 432 ITR 384[Delhi]. 17. He further submitted that this issue is squarely covered in favour of the assessee in case of Tegh international versus Asst Commissioner of income tax (2016 (6) TMI 450 (Delhi) and the decision of Angad Exports versus Asst Commissioner of Income Tax (12) TMI 359 of the coordinate benches. He submitted that these are the orders, which…

DCIT, New Delhi vs. M/S Pilot Industries Ltd., New Delhi

In the result, all the five appeals filed by the learned assessing officer are dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

…on. He further relied upon the decision of the coordinate bench in 219 TMI 1393 SMC power generation. With respect to the statement, he referred to the decision of the honourable Delhi High Court in principal Commissioner of income tax versus Anand Kumar Jain 432 ITR 384[Delhi]. 17. He further submitted that this issue is squarely covered in favour of the assessee in case of Tegh international versus Asst Commissioner of income tax (2016 (6) TMI 450 (Delhi) and the decision of Angad Exports versus Asst Commissioner of Income Tax (12) TMI 359 of the coordinate benches. He submitted that these are the orders, which…

Gopal Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

…ating material vis-a-vis the disallowance u/s 10(38) of the Act, the addition was uncalled for in light of the following judgments: i) CIT v. Kabul Chawla 380 ITR 573 (Del) ii) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) iii) PCIT v. Anand Kumar Jain (HUF) 432 ITR 384 (Del) iv) CIT v. Best Infrastructure Ltd. 397 ITR 82 (Del) v) CIT v. Harjeev Agarwal 290 CTR 263 (Del) vi) Pr CIT vs SMC Power Generation Ltd. ITA 406/2019 (Del) dated 23.07.2019 vii) 378 ITR 84 (Bom) CIT vs. Sinhgad Technical Education Society upheld by Apex Court in the case of CIT v. Sinhgad Technical Education Society reported in 397 ITR 344…

Suman Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

…ating material vis-a-vis the disallowance u/s 10(38) of the Act, the addition was uncalled for in light of the following judgments: i) CIT v. Kabul Chawla 380 ITR 573 (Del) ii) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) iii) PCIT v. Anand Kumar Jain (HUF) 432 ITR 384 (Del) iv) CIT v. Best Infrastructure Ltd. 397 ITR 82 (Del) v) CIT v. Harjeev Agarwal 290 CTR 263 (Del) vi) Pr CIT vs SMC Power Generation Ltd. ITA 406/2019 (Del) dated 23.07.2019 vii) 378 ITR 84 (Bom) CIT vs. Sinhgad Technical Education Society upheld by Apex Court in the case of CIT v. Sinhgad Technical Education Society reported in 397 ITR 344…

Mamta Agarwal, New Delhi vs. ACIT, Central Circle-19, New Delhi

…ating material vis-a-vis the disallowance u/s 10(38) of the Act, the addition was uncalled for in light of the following judgments: i) CIT v. Kabul Chawla 380 ITR 573 (Del) ii) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) iii) PCIT v. Anand Kumar Jain (HUF) 432 ITR 384 (Del) iv) CIT v. Best Infrastructure Ltd. 397 ITR 82 (Del) v) CIT v. Harjeev Agarwal 290 CTR 263 (Del) vi) Pr CIT vs SMC Power Generation Ltd. ITA 406/2019 (Del) dated 23.07.2019 vii) 378 ITR 84 (Bom) CIT vs. Sinhgad Technical Education Society upheld by Apex Court in the case of CIT v. Sinhgad Technical Education Society reported in 397 ITR 344…

Kumar Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

…ating material vis-a-vis the disallowance u/s 10(38) of the Act, the addition was uncalled for in light of the following judgments: i) CIT v. Kabul Chawla 380 ITR 573 (Del) ii) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) iii) PCIT v. Anand Kumar Jain (HUF) 432 ITR 384 (Del) iv) CIT v. Best Infrastructure Ltd. 397 ITR 82 (Del) v) CIT v. Harjeev Agarwal 290 CTR 263 (Del) vi) Pr CIT vs SMC Power Generation Ltd. ITA 406/2019 (Del) dated 23.07.2019 vii) 378 ITR 84 (Bom) CIT vs. Sinhgad Technical Education Society upheld by Apex Court in the case of CIT v. Sinhgad Technical Education Society reported in 397 ITR 344…

Raj Gopal Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

…ating material vis-a-vis the disallowance u/s 10(38) of the Act, the addition was uncalled for in light of the following judgments: i) CIT v. Kabul Chawla 380 ITR 573 (Del) ii) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) iii) PCIT v. Anand Kumar Jain (HUF) 432 ITR 384 (Del) iv) CIT v. Best Infrastructure Ltd. 397 ITR 82 (Del) v) CIT v. Harjeev Agarwal 290 CTR 263 (Del) vi) Pr CIT vs SMC Power Generation Ltd. ITA 406/2019 (Del) dated 23.07.2019 vii) 378 ITR 84 (Bom) CIT vs. Sinhgad Technical Education Society upheld by Apex Court in the case of CIT v. Sinhgad Technical Education Society reported in 397 ITR 344…