Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT

KHETAN TWIST NET P.LTD,MUMBAI vs. ITO 12(3)(2), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08

…the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the Department as held in Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285. In the instant case, the onus clearly shifted to the AO. There was enough material before the AO in the shape of loan confirmation, ledger account, bank account statement to make further inquiry/verification in the above matter. In the instant case, the AO has not done even elemen…

MR.HITENDRA CHUNILAL SHAH,MUMBAI vs. ITO WARD 19(1)(5), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2007-08

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2007-08 Shri Hitendra Chunilal shah Income Tax Officer 54, Gulalwadi, Kika Street Vs. Ward – 19(1)(5) Mumbai – 400 004 Matru Mandir Building, 2nd Floor, Nana Chowk, Bhatia Hospital Lane, PAN No. AADPS9581R Grant Road (W) Mumbai – 400 007 Appellant Respondent Assessee by : Shri Nishit Gandhi (AR) Revenue by : Shri Bhoopathi (DR) Last Date of Hearing : 16/07/2020 Date of pronouncement : 17 /09/2020 ORDER PER N.K. PRADHAN, A.M. This is an appeal…

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI vs. SHRI SARVAJIT PATEL, MUMBAI

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

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10

…the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the Department as held in Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285; MOD Creations P. Ltd. v. ITO 354 ITR 282. In the instant case, the AO has not done even preliminary inquiry to disprove the contentions of the assessee. The AO has failed to disprove the contention of the assessee that (i) the loan taken from Ahuja Group and repaid are genuine an…

ACIT 33(2), MUMBAI vs. J.K. INDUSTRIES, MUMBAI

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

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2012-13 Dcit/Acit-33(2), Room M/S J.K. Industries F1-Gyan No. 608, 6Th Floor, Bldg. C- Darshan, S.V.P. Road, Kandivali Vs. 12, Pratyakshakar Bhavan, (W), Mumbai-400067. Bandra Kurla Complex, Bandra (E), Mumbai- 400051. Pan No. Aaafj0696B Appellant Respondent

…assessee has adduced evidence, the onus shifts to the Department for addition u/s 68 of the Act. It has been held so in Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285. In the instant case, the AO has failed to discharge the onus shifted to him. He has made the addition on surmises. Therefore, we confirm the order of the CIT(A) and dismiss the 1st ground of appeal. 7. The 2nd ground of appeal Whether on the facts and in the circumstances of the c…

ITO 16(1)(5), MUMBAI vs. REALSTONE ENTERTAINMENT P.LTD, MUMBAI

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 Income Tax Officer- M/S Realstone 16(1)(5), Room No. Vs. Entertainment Pvt. Ltd. A- 439, 4Th Floor, Aayakar 601, Crystal Palace, Link Bhavan M.K. Road, Road, Malad (W), Mumbai- Mumbai-400020. 400064. Pan No. Aaccr8558F Appellant Respondent C.O. No. 201/Mum/2018 (Ita No. 1271/Mum/2017) Assessment Year: 2009-10 M/S Realstone Income Tax Officer- Entertainment Pvt. Ltd. C/O Vs. 16(1)(5), Room No. 439, Ajay Daga& Co. Cas, 401-A, 4Th Floor, Aayakarbhavan Pearl Arcade, Opp P K M.K. Road, Mumbai- Jewellers, Dawoodbaug 400020. Lane, Off J P Road, Andheri (W), Mumbai-400058. Pan No. Aaccr8558F Appellant Respondent Revenue By : Mr. Chaitanya Anjaria & Mr. Sachidanand Debe, Drs Assessee By : Mr. R.C. Jain, Ar Last Date Of Hearing : 03/05/2019 Date Of Pronouncement : 24/07/2019

…adduced evidence to establish prima facie the aforesaid, the onus shifts to the department. It is has been held so in Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890 ; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285; MOD Creations P. Ltd. v. ITO 354 ITR 282. As mentioned earlier at para 6, the assessee filed before the AO the relevant details and supporting documents with regard to issue of shares at a premium. A perusal of the assessment order clearly indicates that the AO without making any…

DEPUTY COMMISSIONER OF INCOME TAX-4(2)(2), MUMBAI vs. M/S.JAMINI NIDUSTRIES PRIVATE LIMITED , MUMBAI

In the result, the appeal is allowed for statistical purposes

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2014-15

…the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the Department as held in Shankar Ind v. CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285; MOD Creations P. Ltd. v. ITO 354 ITR 282. In the instant case, in response to the show cause notice dated 23.12.2016, the AR of the assessee filed a written submission dated 26.12.2016 before the AO stating the following : “With reference to the Report of DDIT (Inv.) Unit 1(2), K…

ITO 12(1)(4), MUMBAI vs. CONSULTSHAH FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Sandeed Gosain () & Shri N.K. Pradhan () Assessment Year: 2011-12 Income Tax Officer- M/S Consultshah 12(1)(4), Room No. 145A, Vs. Financial Services Pvt. Aayakar Bhavan, M.K. Ltd., 426, 4Th Floor, Road, Churchgate, Sujata Niketan, Rani Sati Mumbai-400020. Road, Malad East, Mumbai-400097. Pan No. Aadcc3362K Appellant Respondent Revenue By : Mr. Abi Rama Kartikiyen, Dr Assessee By : Dr. Prayag Jha & Mr. Prateek Jha, Ars Date Of Hearing : 21/02/2019 Date Of Pronouncement: 16/05/2019

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI SANDEED GOSAIN (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 Income Tax Officer- M/s Consultshah 12(1)(4), Room No. 145A, Vs. Financial Services Pvt. Aayakar Bhavan, M.K. Ltd., 426, 4th floor, Road, Churchgate, Sujata Niketan, Rani Sati Mumbai-400020. Road, Malad East, Mumbai-400097. PAN No. AADCC3362K Appellant Respondent Revenue by : Mr. Abi Rama Kartikiyen, DR Assessee by : Dr. Prayag Jha & Mr. Prateek Jha, ARs Date of Hearing : 21/02/2019 Date of pronouncement: 16/05/2019 ORDER PER N.K. PRADHAN…

MRS. REENA JAIN,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 8(4), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 & Assessment Year: 2013-14 Mr. Ratnesh Chand Jain, Deputy Commissioner Of 902/903, A Wing, Kalinga Vs. Income Tax, Central Tower, Nirmal Nagar, Circle-8(4), 658, 6Th Link Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. Pan No. Aabpj0683P Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2014-15 Mrs. Reenajain, Deputy Commissioner Of 902/903, A Wing, Kalinga Vs. Income Tax Central Tower, Nirmal Nagar Link Circle-8(4), 658, 6Th Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. Pan No. Aeapj6605C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI PAWAN SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 & Assessment Year: 2013-14 Mr. Ratnesh Chand Jain, Deputy Commissioner of 902/903, A Wing, Kalinga Vs. Income Tax, Central Tower, Nirmal Nagar, Circle-8(4), 658, 6th Link Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. PAN No. AABPJ0683P Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2014-15 Mrs. ReenaJain, Deputy Commissioner of…

MR.RATNESH CHAND JAIN,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(4), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 & Assessment Year: 2013-14 Mr. Ratnesh Chand Jain, Deputy Commissioner Of 902/903, A Wing, Kalinga Vs. Income Tax, Central Tower, Nirmal Nagar, Circle-8(4), 658, 6Th Link Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. Pan No. Aabpj0683P Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2014-15 Mrs. Reenajain, Deputy Commissioner Of 902/903, A Wing, Kalinga Vs. Income Tax Central Tower, Nirmal Nagar Link Circle-8(4), 658, 6Th Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. Pan No. Aeapj6605C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI PAWAN SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 & Assessment Year: 2013-14 Mr. Ratnesh Chand Jain, Deputy Commissioner of 902/903, A Wing, Kalinga Vs. Income Tax, Central Tower, Nirmal Nagar, Circle-8(4), 658, 6th Link Road, Mulund (West), Floor, Aayakar Bhavan Mumbai-400080 Mumbai. PAN No. AABPJ0683P Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2014-15 Mrs. ReenaJain, Deputy Commissioner of…

A.J.M. AND COMPANY ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-15(1)(1), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 M/S A.J.M. & Co. 801, Dy. Cit-15(1)(1), Panchratna Opera House, Aayakar Bhavan, Vs. Mumbai-400004 Churchgate, Mumbai. Pan No. Aakfm0310R Appellant Respondent Assessee By : Ms. Aarti Vissanji, Ar Revenue By : Mr. Manish Kumar Singh, Dr Date Of Hearing : 08/03/2019 Date Of Pronouncement : 25/03/2019

…ee has adduced evidence to establish prima facie his M/s AJM & Co. 8 case, the onus shifts to the department as held in Shankar Ind v CIT 114 ITR 689; Prakash Textile v. CIT 121 ITR 890; CIT v. United 187 ITR 596; Rajshree v. CIT 256 ITR 331; Ashokpal v. CIT 220 ITR 452, 454; CIT v. Metachem 245 ITR 160; CIT v. Shree Gopal 204 ITR 285; MOD Creations P. Ltd. v. ITO 354 ITR 282. We find that the AO incomplete disregard to the details filed by the assessee during the course of assessment proceedings mentioned by him at para 4.3 of the assessment order and without a finding that the party who gave the statement befo…