“investigation wing”

Assistant Commissioner of Income Tax, Delhi vs. Vireet Investments Private Limited, Delhi

In the result, the appeal filed by the revenue is partly allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order Per S.Rifaur Rahman,Am: 1. The Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (Nfac) [“Ld. Cit(A)”, For Short] Dated 28.12.2023 For The Assessment Year 2004-05. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income For Assessment Year 2004-05 On 31.10.2004 Declaring Income Of Rs.34,80,69,911/-. The Same Was Processed Under Section 143 (1) Of The 2 Income-Tax Act, 1961 (For Short ‘The Act’) On 28.12.2004. The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted, " The Hon'ble HIGH COURT OF DELHI Principal Commissioner of Income

Decent Agencies Private Limited, Delhi vs. ACIT Central Circle-13, Delhi

In the result, all the three appeals filed by the assessee in AYs 2010-11,

Bench: Shri S. Rifaur Rahman & Shri Sudhir Kumar, Judicialmember Acit, Cc – 13, Vs. M/S. Decent Agencies Pvt. Ltd., Delhi. 1/4233, Plot No.5, S/F, Ansari Road, Darya Ganj, Delhi – 110 076. (Pan: Aaccd6715E)

subsequent dates, in different business and residential premises of Deepak Aggarwal, Mukesh Kumar and others, group of cases. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating papers/documents and seized during the abovesaid search and seizure

Decent Agencies Private Limited, Delhi vs. ACIT Central Circle-13, Central Circle-13, New Delhi

In the result, all the three appeals filed by the assessee in AYs 2010-11,

Bench: Shri S. Rifaur Rahman & Shri Sudhir Kumar, Judicialmember Acit, Cc – 13, Vs. M/S. Decent Agencies Pvt. Ltd., Delhi. 1/4233, Plot No.5, S/F, Ansari Road, Darya Ganj, Delhi – 110 076. (Pan: Aaccd6715E)

subsequent dates, in different business and residential premises of Deepak Aggarwal, Mukesh Kumar and others, group of cases. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating papers/documents and seized during the abovesaid search and seizure

Decent Agencies Private Limited, Delhi vs. ACIT Central Circle-13, Delhi

In the result, all the three appeals filed by the assessee in AYs 2010-11,

Bench: Shri S. Rifaur Rahman & Shri Sudhir Kumar, Judicialmember Acit, Cc – 13, Vs. M/S. Decent Agencies Pvt. Ltd., Delhi. 1/4233, Plot No.5, S/F, Ansari Road, Darya Ganj, Delhi – 110 076. (Pan: Aaccd6715E)

subsequent dates, in different business and residential premises of Deepak Aggarwal, Mukesh Kumar and others, group of cases. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating papers/documents and seized during the abovesaid search and seizure

Aravali Infrabuild Private Limited, Delhi vs. ACIT Central Circle-13, Delhi

In the result, all the three appeals filed by the assessee stand dismissed

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S., Judicialmember

different business and residential premises of Deepak Agarwal, Mukesh Kumar and others, group of cases based at Delhi. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating post-search proceedings, it was found that the group

Aravali Infrabuild Private Limited, Delhi vs. ACIT Central Circle-13, Delhi

In the result, all the three appeals filed by the assessee stand dismissed

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S., Judicialmember

different business and residential premises of Deepak Agarwal, Mukesh Kumar and others, group of cases based at Delhi. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating post-search proceedings, it was found that the group

Aravali Infrabuild Private Limited, Delhi vs. ACIT Central Circle-13, Delhi

In the result, all the three appeals filed by the assessee stand dismissed

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S., Judicialmember

different business and residential premises of Deepak Agarwal, Mukesh Kumar and others, group of cases based at Delhi. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating post-search proceedings, it was found that the group

Archit Gupta, New Delhi vs. ACIT, Centralcircle-29, New Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri S.Rifaur Rahman & Shri Yogesh Kumar U.S.

CRYPTIC: A perusal of the reassessment order clearly shows that the Assessing officer was carried away by the report of the Investigation Wing. It can be seen that the entire assessment has been framed by the Assessing Officer without conducting any enquiry from the relevant parties or independent source ... evidence but has merely relied upon the statements recorded by the Investigation Wing as well as information received from the Investigation Wing. However, even these statements have not been referred in the reassessment order. It is apparent from the reassessment order that the Assessing Officer has not conducted any independent

Archit Gupta, New Delhi vs. ACIT, Central Circle-29, New Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri S.Rifaur Rahman & Shri Yogesh Kumar U.S.

CRYPTIC: A perusal of the reassessment order clearly shows that the Assessing officer was carried away by the report of the Investigation Wing. It can be seen that the entire assessment has been framed by the Assessing Officer without conducting any enquiry from the relevant parties or independent source ... evidence but has merely relied upon the statements recorded by the Investigation Wing as well as information received from the Investigation Wing. However, even these statements have not been referred in the reassessment order. It is apparent from the reassessment order that the Assessing Officer has not conducted any independent

Jyoti Gupta, Delhi vs. ACIT, Central Circle-29, New Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Pareek

acceptable to him. The AO proceeded to treat the transactions as penny stock and relying on the investigation report on penny stock from the Investigation Wing, he disallowed the same u/s 68 of the Act to the extent of Rs.1,28,58,450/-. 5. Aggrieved with the above order, assessee ... recorded. The Ld. AO however, merely reproducing the price movement of the said scrips and placing reliance and quoting the report of the Kolkatta Investigation wing (which was not confronted to the assessee even during sending the show cause notice) and placing reliance on the statement of brokers (which were

DCIT, Central Circle-13, New Delhi vs. Decent Agencies Pvt Ltd., Delhi

In the result, all the three appeals filed by the assessee in AYs 2010-11,

Bench: Shri S. Rifaur Rahman & Shri Sudhir Kumar, Judicialmember Acit, Cc – 13, Vs. M/S. Decent Agencies Pvt. Ltd., Delhi. 1/4233, Plot No.5, S/F, Ansari Road, Darya Ganj, Delhi – 110 076. (Pan: Aaccd6715E)

subsequent dates, in different business and residential premises of Deepak Aggarwal, Mukesh Kumar and others, group of cases. It was found by the Investigation Wing that a group of entry operators were providing accommodation entries to beneficiaries. They found various incriminating papers/documents and seized during the abovesaid search and seizure

ACIT Circle-2(2)(1) International Taxation, New Delhi vs. Lalit Kumar Modi, New Delhi

In the result, both the appeals filed by the assessee and Revenue are dismissed

notice page 5 of the appellate order wherein ld. CIT (A) has elaborately discussed on the issue of utilising the information received from Investigation Wing and he held that information received from Investigation Wing is tangible material and he has elaborately discussed that Assessing Officer has reopened the assessment based ... submitted that the presumption is that the tangible material belongs to the assessee and the assessee has not provided any detail before the Investigation Wing at the time of survey nor before the Assessing Officer. He relied on the findings of the ld. CIT (A) that assessee has not provided

Lalit Kumar Modi, New Delhi vs. DCIT Circle-11(1), New Delhi

In the result, both the appeals filed by the assessee and Revenue are dismissed

Bench: SHRI SAKTIJIT DEY, HON’BLE (Vice President), SHRI S. RIFAUR RAHMAN (Accountant Member)

notice page 5 of the appellate order wherein ld. CIT (A) has elaborately discussed on the issue of utilising the information received from Investigation Wing and he held that information received from Investigation Wing is tangible material and he has elaborately discussed that Assessing Officer has reopened the assessment based ... submitted that the presumption is that the tangible material belongs to the assessee and the assessee has not provided any detail before the Investigation Wing at the time of survey nor before the Assessing Officer. He relied on the findings of the ld. CIT (A) that assessee has not provided

Vishwas Marketing Services Pvt. Ltd., New Delhi vs. ITO Ward 26(4), New Delhi

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

Bench: Shri Saktijit Dey & Shri Saktijit Dey & Shri Saktijit Dey & Shri S.Rifaur Rahmanshri S.Rifaur Rahman

Kolkata d on the detailed investigation carried out by the Kolkata d on the detailed investigation carried out by the Kolkata Investigation Wing, considering considering the unusual loss claimed by the assessee by the assessee. He made the detailed analysis of SRK scrips and relied on the various made ... scrips and relied on the various statement made the detailed analysis of SRK scrips and relied on the various recorded by Kolkata Investigation Investigation Wing from Shri Bidyoot Sarkar, Shri Sanjay m Shri Bidyoot Sarkar, Shri Sanjay Vora, Shri Jai Kishan and Shri Anil Kedia. He came to the conclusion