Shankar Ind v. CIT

PRODIGY INFOMATICS PRIVATE LIMITED ,MUMBAI vs. ITO, 15(2)(4), MUMBAI

Accordingly, these grounds are dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Jagadishprodigy Infomatics Private Vs. Ito, 15(2)(4), Mumbai Limited Director Ito, 15(2)(4), Mumbai Plot No. D- 388, Midc, Ttc Aayakar Bhavan Industrial Area, Kukshet Mumbai- 400020 Village, Navi Mumbai - 400705 Pan/Gir No. Aadcp3211A (Applicant) (Respondent) Assessee By None Revenue By Shri Virabhadra Mahajan, (Sr. Dr) Date Of Hearing 04.03.2026 Date Of Pronouncement 10.03.2026 आदेश / Order Per Sandeep Gosain, Jm: The Present Appeal Has Been Filed By The Assessee Challenging The Impugned Order 18.02.2025 Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), By The National Faceless Appeal Centre, Delhi (Nfac) For The Assessment Year 2012-13. The Following Grounds Are Reproduced Below: “1. On The Facts & In The Circumstances Of The Case & In Law, The Learned C.I.T. (A) Erred In Dismissing The Appeal.

…ablish the identity of the creditor is not enough. This view finds support in the following judgments of the Hon'ble Courts. (Shankar Industries v. CIT (1978) 114 ITR 689 (Cal), C.Kant & Co. vs. CIT (1980) 126 ITR 63(Cal), Prakash Textile Agency v. CIT (1980) 121 ITR 890 (CAL) Oriental Wire Industries P. Ltd., vs. CIT (1981) 131 ITR 688 (CAL), CIT vs. United Commercial & Industrial Co. (P) Ltd., (1991) 187 ITR 596, 599 (Cal), M.A. Unneeri Kutty vs. CIT, (1992) 198 ITR 147, 150 (Ker.). 5.6 It has also been held in Bharati P.Ltd. vs. CIT. (1978) 111 ITR 951 (Cal.), CIT vs WJ Walker & Co. (1979) 117 ITR 690, 694 (C…

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

…of the creditor to advance money ; and iii. the genuineness of the transaction After 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/v…

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

…n elementary enquiry to verify the claim of the assessee. After the assessee has adduced evidence to establish prima-facie the above, the onus shifts to the department is amply clarified by the decision 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 assessee has adduced evidence to establish prima-facie the loan of Rs.5,00,000/-. The onus shifted to the department. The AO, instead of making enquiry / verification has made…

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

…ty of the creditor to advance money; and (iii) the genuineness of transaction. After 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 contenti…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) 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 Revenue by : Ms. Harkamal Sohi Sandhu, DR Assessee by : Mr. Nishit Gandhi, AR Date of Hearing : 19/09/2019 Date of pronouncement : 25/09/2019 ORDER PER N.K. PRADHAN, AM This is an appeal filed b…

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

…i) the genuineness of transaction. It is also well settled that after the assessee has 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 premiu…

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

…ance money; and (iii) the genuineness of transaction. 11 M/s Jamini Industries After 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…

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

…nuineness of the transaction. M/s Consultshah Financial Services 8 After the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the department as held in the case of 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. We find that in the instant case, the assessee has adduced evidence to establish prima facie the aforesaid. The onus shifted to the department. The AO has not made required investigation to find o…

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

…creditor to advance money; and (iii) the genuineness of the transaction. After the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the department as succinctly held in Shankar Ind v. CIT 114 689, 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. As the Hon’ble Supreme Court laid down in Kalekhan Mohammed Hanif v. CIT 50 ITR 1 the onus is on the assessee to explain the nature and source of cash credits, whether they stand in the asseessee’s…

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

…creditor to advance money; and (iii) the genuineness of the transaction. After the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the department as succinctly held in Shankar Ind v. CIT 114 689, 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. As the Hon’ble Supreme Court laid down in Kalekhan Mohammed Hanif v. CIT 50 ITR 1 the onus is on the assessee to explain the nature and source of cash credits, whether they stand in the asseessee’s…

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

…The law in respect of the above is well settled. We mention it here. After the assessee 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…