“share capital and share premium”

M/S Karma Inddustries Limited, Mumbai vs. Asst. CIT Central Circle-36, Mumbai

In the result, appeal is partly allowed

Bench: Shri Om Prakash Kant () & Kavitha Rajagopal ()

made by the Assessing Officer and confirmed by the Ld.CIT(A) and ground 5 pertains to the addition made of share capital and share premium of Rs.47,34,75,000/- as unexplained cash credit under section 68 made by the Assessing Officer and confirmed by the Ld.CIT ... assessee has failed to prove the identity and financial capacity of the 21 parties, who were said to have invested in share capital and share premium of the assessee company and also on the ground that the genuineness of the said transaction was not proved by the assessee

M/S Karma Inddustries Limited, Mumbai vs. Asst. CIT Central Circle-36, Mumbai

In the result, appeal is partly allowed

Bench: Shri Om Prakash Kant () & Kavitha Rajagopal ()

made by the Assessing Officer and confirmed by the Ld.CIT(A) and ground 5 pertains to the addition made of share capital and share premium of Rs.47,34,75,000/- as unexplained cash credit under section 68 made by the Assessing Officer and confirmed by the Ld.CIT ... assessee has failed to prove the identity and financial capacity of the 21 parties, who were said to have invested in share capital and share premium of the assessee company and also on the ground that the genuineness of the said transaction was not proved by the assessee

Deputy Commissioner of Income Tax Central Circle-4(1), Central Range-4, Mumbai vs. M/S.Runwal Projects Private Limited, Mumbai

Accordingly, the additions in all the 3 assessment years deleted by Ld. CIT (A) are confirmed and the grounds raised by the revenue are dismissed

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman, Am 1. आयकरअपीलसं./ I.T.A. No. 5970/Mum/2017 (ननधधारणवर्ा / Assessment Year: 2009-10) 2. आयकरअपीलसं./ I.T.A. No. 634/Mum/2018 (ननधधारणवर्ा / Assessment Year: 2010-11) 3. आयकरअपीलसं./ I.T.A. No. 6027/Mum/2017 (ननधधारणवर्ा / Assessment Year: 2012-13)

/153A. 2. In all the revenue’s appeal, one common issue relates to addition u/s 68 on account of introduction of share capital and share premium amount from M/s IRF Realty India IX Ltd. The additions involved in all the 3 assessment years are as under ... state as on date) were also furnished. 34. In view of the above discussion, it may be said that the share capital and share premium received by the assessee to the tune of Rs. 160 cr. including Rs. 87.48 cr. in the current year, has come from explained

DCIT-CC-7(3), Mumbai vs. Shri Majni Karamshi Patel, Mumbai

In the result, the cross objections of the assessee and the appeal filed by the revenue is dismissed

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyal, Accountat Member Dcit, Cc-7(3) Vs. Shri Manji Karamshi Room No. 655, Patel Aayakar Bhavan, Office No. 1, Patel M.K.Road, Bhavan-29, Vijaywadi, Mumbai.-400020. Dr. Nagindas N Shah Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent Co No. 45/Mum/2021 (A.Y: 2014-15) Shri Manji Karamshi Vs. Dcit, Cc-7(3) Patel Room No. 655, Aayakar Office No. 1, Patel Bhavan, Bhuvan-29, Vijaywadi, M.K .Road, Dr. Nagindas N Shah Mumbai-400002. Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent

Karmshi Patel, Mumbai. 15. We find that ITAT in assessee's own case for earlier assessment year for similar addition for share capital and share premium from the same sister concern has upheld the order of the ld. CIT(A) deleting the said addition. 16. We further note

DCIT 4(1), Mumbai vs. Aman Infratex Ltd. (Formerly Known As M/S.Aman Agencies Textiles 9I) Pvt. Ltd.), Mumbai

In the result, appeal by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman & Shri Sandeep Singh Karhail

remaining shareholders, the Assessing Officer vide order dated before 24/12/2007 passed under section 143(3) of the Act, inter-alia, treated share capital and share premium received by the assessee of Rs. 3,90,30,000 (i.e. Rs. 3,39,30,000 minus ... present case, as noted above, during the year under consideration there was an increase in share capital (i.e. share capital and share premium) of the assessee. In order to verify the above, the Assessing Officer sought information regarding the shareholders who have bought the shares

Hira Technologies Private Limited, Pune vs. Pr Commissioner of Income Tax -8 Mumbai, Mumbai

In the result, appeal of the assessee is allowed

vide valuation report dated 22/05/2015. The said valuation report is enclosed in page 34 of the paper book. The receipt of share capital and share premium in FDI route from two non-resident shareholders was in compliance with Foreign Exchange Management Act (FEMA) Guidelines and with approval ... complied with, as is evident from the list of documents submitted as tabulated supra. Hence, the ld. AR submitted that the share capital and share premium monies were received from two non-resident shareholders in FDI route with prior approval of the Reserve Bank of India. The shareholders

Ub Ostan (India) P. Ltd, Pune vs. ITO 1(3)(4), Mumbai

Bench: Shri Sanjay Garg () & Shri Om Prakash Kant () Assessment Year: 2012-13 Ub Ostan (India) Private Limited, Income-Tax Officer-1(3)-4, Sahyadri Sadan, Tilak Road, Aayakar Bhavan, Pune-411-030. Vs. Mumbai. Pan No. Aabcu 2815 K Appellant Respondent

30/03/2015, the on 30/03/2015, the Assessing Officer made addition for the share made addition for the share capital and share premium received during the year under capital and share premium received during the year under capital and share premium received during the year under consideration ... support of identity, creditworthiness and genuineness of the transaction in respect of share cap transaction in respect of share capital and share premium received ital and share premium received, however the Ld. CIT(A) however the Ld. CIT(A) also upheld the both the addition

Shiva Shakti Enclaves Pvt. Ltd, Mumbai vs. CIT (A) 49, Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Shiva Shakti Enclaves Pvt. Ltd. Commissioner Of Income-Tax Raigad Darshan (Appeals)–49 Oppsite Indian Oil Company, 605, Pratyakshakar Bhavan, Vs. J.P. Road, Andheri (W) Mumbai-400 050 Mumbai-400 053 (Respondent) (Appellant) Pan No. Aagcs5014B Assessee By : Shri Vimal Punmiya, Ar Revenue By : Shri Himanshu Sharma, Dr Date Of Hearing: 25.05.2022 Date Of Pronouncement : .07.2022

erred in confirming the addition of Rs 41,00,000 received on account of share capital and share premium treating the same as unexplained cash credit under section 68 of the income tax act 1961. 5. The Ld. Commissioner of Income tax 49 initiated penalty proceedings under section ... dismissed. 016. Ground number 4 of the appeal is with respect to the addition of ₹ 41 lakhs received on account of share capital and share premium treating the same as an unexplained cash credit u/s 68 of the income tax act by the learned AO and confirmed

Ayush Multitrade Pvt Ltd., Mumbai vs. ITO Ward 12(1)(2), Mumbai

In the result appeal of the assessee is partly allowed

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalayush Multitrade Pvt. Ltd. Mehta House, A/F-3, Cama Industrial Estate, Off Western Express Highway, Goregaon (E), Mumbai-400063 Pan: Aajca0364M ...... Appellant Vs. The Ito, Ward-12(1)(2), Room No. 146A, 1St Floor, Aayakar Bhavan, M.K. Road, Mumbai-400020. ..... Respondent Appellant By : Sh. Sanjiv M. Shah & Rajesh Chamaria Respondent By : Sh. Indira Adakil, Cit-Dr Date Of Hearing : 13/04/2022 Date Of Pronouncement : 07/07/2022 Order Per Gagan Goyal, A.M:

search and seizures operations u/s 132 in the case of a group involved in providing entries in the form of bogus share capital and share premium and unsecured loan. As per the information, the 3 ITA No. 392/Mum/2020-Ayush Multitrade Pvt. Ltd. appellant was one of the beneficiaries

Dy CIT - 8 (3)(1), Mumbai vs. M/S. Tanish Homes & Construction P. Ltd., Mumbai

this appeal is as to whether the ld. CIT(A) was justified in deleting the addition made on account of share capital and share premium u/s.68 of the Act in the facts and circumstances of the case. 3. We have heard the rival submissions and perused the materials ... issued to the assessee on 22/12/2015. The ld. AO vide notice dated 22/12/2015 directed the assessee to furnish the details of share capital and share premium received during the year under consideration. During the course of search proceedings also, a statement u/s.132(4) of the Act was taken

ACIT Circle-3(1)(2), Mumbai vs. M/S Chemicon Engineering Consultant Pvt Ltd., Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

explain the nature of the credit in its books claims that the credit entry is share application money, share capital and share premium, then the additional requirement of law as per the proviso to section 68 of the Act kicks in and share subscriber should

Chemicon Engineering Consultant Pvt Ltd., Mumbai vs. Asst CIT Circle- 3 (1)(2), Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

explain the nature of the credit in its books claims that the credit entry is share application money, share capital and share premium, then the additional requirement of law as per the proviso to section 68 of the Act kicks in and share subscriber should

Kisan Agro Mart P. Ltd., Mira Road vs. Pr. CIT-1, Mumbai

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.936/मुं/2021 ("न.व. 2011-12) Kisan Agro Mart Private Limited, 604, A, Chandresh Arcade, Laxmi Park, Lodha Road, Mira Road (East) 401 107. Pan: Aaeck-0252F ...... अपीलाथ" /Appellant बनाम Vs. The Principal Commissioner Of Income Tax, Mumbai -1, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri K. Gopal ""तवाद" "वारा/Respondent By : Shri Ajay Chandra सुनवाई क" "त"थ/ Date Of Hearing : 17/03/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 10/06/2022 आदेश/ Order

were in fact their unaccounted money received from M/s. Suvidha Trading Pvt. Ltd. The Assessing Officer treated the aforesaid amount of share capital and share premium as unexplained cash credit under section 68 of the Act . The assessee against the assessment order dated 24/12/2018 passed under section ... Shri Rishabh Jain the directors of the assessee company and the only shareholders have introduced their unaccounted money by way of share capital and share premium, not admitting but presuming that it is the unaccounted money of the directors cum shareholders, there would be no reason for charging

M/S Umang Boards( Mumbai), Mumbai vs. ITO 14(3) (1), Mum

In the result, the appeal of the assessee is treated as allowed for statistical purposes

Bench: Shri Sanjay Garg & Shri Om Prakash Kanti.T.A. No.1463/Mum/2020 Assessment Year: 2012-13 M/S Umang Boards (Mumbai) Pvt. Ltd..…..….…..………………….……Appellant 201, Onyx 36, Union Park Chamber, Mumbai-400071. [Pan:Aabcu0882C] Vs. Ito-14(3)(1), Mumbai.…………………….…………...……………..…..Respondent Appearances By: None Appeared On Behalf Of The Appellant. Shri S. N Kabra, Sr. Ar, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 18, 2022 Date Of Pronouncing The Order : May 18, 2022 Order Per Sanjay Garg:

stated that in this case the total addition of Rs.17345700/- was made by the Assessing Officer on account of share capital and share premium received by the assessee from different parties on account of failure of the assessee to furnish the necessary details to prove the identity

Bini Builders P. Ltd., Mumbai vs. Dy CIT-CC-7(3), Mumbai

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

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 1321/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2009-10) बिधम/ Bini Builders Pvt. Ltd. Dcit Central Circle-7(3) 203-204, Raigad Darshan, Jp Room No.655, Aayakar Vs. Road, Andheri West, Bhawan, M. K. Road, Mumbai-400053. Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccb3447R (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Vimal Punmiya Revenue By: Shri C. T. Mathews (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 20/04/2022 घोषणा की तारीख /Date Of Pronouncement: 28/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.05.2021 Passed By The Commissioner Of Income Tax (Appeals) -49, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009- 10. 2. The Assessee Has Raised The Following Grounds: - “1. On The Facts & Circumstances Of The Case & In Law The Ld Cit(A) Erred In Confirming The Initiation Of The Reassessment Proceeding Under Section 147. A.Y.2009-10 2. On The Facts & Circumstances Of The Case The Ld Cit(A) Erred In Confirming & Creating Reason To Believe For Escaped Assessment U/S. 147 As There Was No Failure On Part Of Assessee To Disclose Fully & Truly Fact.

natural justice 4. The Ld. CIT(A) erred in confirming the addition of Rs. 82,50,000/- received on account of Share Capital and Share premium and thereby erred in confirming and treating the same as unexplained cash credit in view of section 68 of the Income

JCIT OSD-CC-7(4), Mumbai vs. Shalimar Houseing Finance Ltd, Mumbai

In the result, both the appeals filed by the revenue are dismissed

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhita Nos. 4112 & 4083/Mum/2019 (A.Ys: 2014-15 & 2015-16) Jcit (Osd)-Cc-7(4) Vs. M/S. Shalimar Housing Room No. 659, Aaykar & Finance Ltd., Bhavan, Mk Road, 505, Shalimar Morya Mumbai – 400020. Park, Andheri (W), Mumbai – 400053 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs6732N Appellant .. Respondent Appellant By : Shri. B.K.Bagchi.Dr Respondent By : Shri.Vijay Mehta.Ar Date Of Hearing 06.04.2022 Date Of Pronouncement 25.04.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Are The Appeals Filed By The Revenue Against The Separate Orders Of The Commissioner Of Income Tax (Appeals)-49, Mumbai, Passed U/S 143(3) & 250 Of The Act.

appellant cannot be asked to do the impossible. How would the appellant prove the source of source i.e. Source of the Share capital and share premium. The fact that the lenders are assessed to Tax and they would be required to explain their source independently. Similarly, the Proviso

Arvind Hanjarimal Jain, Mumbai vs. Asst CIT 31 (2), Mumbai

In the result, all the appeals filed by the assessee are allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

wherein the AO referred to the materials available with him which prima facie suggested that the assessee company had received share capital and share premium from various companies which were proved to be bogus companies engaged in providing mere accommodation entries and after analysing such materials, he came