“investigation wing”

Premal Gunvant Shah, Mumbai vs. ITO, Ward-19(2)(5), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalshri Premal Gunvant Shah D/W-4021, 4Th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E) Mumbai-400 051 Pan: Aahps4423Q ..... Appellant Vs. Ito-19(2) (5) Matru Mandir, Grant Road, Mumbai- 400 020 ..... Respondent

their suppliers of diamond from whom they avail credit period as well. 10 Shri Premal Gunvant Shah 6. The above finding of the Investigation Wing as summarized in Para No. above clearly establishes the bogus nature of the transaction entered into by the assesse. It also establishes that forming ... basis for re-opening of the case was substantive and not based on mere belief. The Investigation Wing has carried out through Investigation and established beyond doubt that the transactions are bogus. The key persons have also admitted to the fact of the bogus transactions as mentioned in above para

Yogeshkumar Omprakash Agarwal, Borivali East vs. Ward 32(1)(7), Bkc Bandra

In the result, the appeal of the assesse bearing ITA No

sale of Rs.41,83,450/-. a. merely on the basis of borrowed satisfaction, b. presumption and surmises and c. relying upon information from Investigation wing d. Based on wrong reasons because all transactions pertain to Yogeshkumar Agarwal HUF and not to individual MrYogeshkumar Agarwal e. Without hearing f. Without inquiry

DCIT 14.1.1, Mumbai vs. Aadi Industries Ltd, Mumbai

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

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawaldcit – 14(1)(1), Vs. M/S.Aadi Industries Ltd 320/7, Siddhivinayak Room No. 432, 4Th Floor Housing Society, Aayakar Bhavan, Hingwals Lane, M.K.Road, Ghatkopar (East), Mumbai -400020. Mumbai – 400075. Pan/Gir No. Aaacj8256G (अपीलाथ"/Appellant) (""यथ"/Respondent) Appellant By Shri Manoj Kumar Sinha, Sr. Dr Respondent By None सुनवाई क" तार"ख/Date Of Hearing 07.08.2024 घोषणा क" तार"ख/Date Of Pronouncement 12.08.2024 Order Per Pavan Kumar Gadale, Jm: “ The Appeal Is Filed By The Revenue Against The Order Of National Faceless Appeal Centre(Nfac), Delhi / Cit(A) Passed U/Sec143(3) R.W.S263 U/Sec 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

Officer has duly verified the submissions made by the assessee that assessee has only sold the goods and not purchased as alleged by the investigation wing that it has provided accommodation entries and the same was accepted by the Assessing Officer and taken one of the possible views. Further

Sandipkumar Sachidanand Jhunjhunwala, Bhayander vs. ITO, Ward 2(2), Thane

In the result, the appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhrisandipkumar Sachidanand V/S. Ito, Ward 2(2), Thane Jhunjhunwala बनाम 6Th Floor, Ashar It Park, B/706, Dharti Residency, Road No. 16Z, Wagle 150 Feet Road, Next To Estate, Thane-40604 Reena Mehta College, Bhayander (W), Dist. Thane-401101 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabpj7394P Appellant/अपीलार्थी .. Respondent/प्रतिवादी

assessment years. Interest has also been paid on these loans after deducting TDS. The AO has majorly relied on the report received from the Investigation Wing which in turn is based on the confession made in the statement of Shri Bhanwarlal Jain, recorded during the search which has subsequently been ... held that even though confirmations, bank statements and balance sheet have been filed in respect of above parties, the investigation carried out by the Investigation Wing had shown that these parties were engaged in providing accommodation entries. On this account, the AO disallowed the interest

Priyanka Om Prakash Bajaj, Mumbai vs. ITO 34 (3) (2), Mumbai

In the result, appeal of the assesseeITA No

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

long term earned thereon is a bogus transaction except relying upon general and vague contained in the report received from the Kolkata Investigation Wing and correlating the same with the appellant. (c)The id. CIT(A) failed to appreciate that the price and volume of trade are decided ... cost price, and as discussed the rise in share prices is not holding to any commercial principles and market factors. c. Findings of Investigation wing: The findings of the Directorate of Investigation of Mumbai and Kolkata as discussed above have proved that various entry operators and the assessee had worked

Smt. Pawan Paras Jain, Mumbai vs. Income Tax Officer Ward 19(2)(5), Mumbai

In the result, ground number 6 of the appeal of the assessee is allowed with above direction, in view of this, other grounds are not required to be adjudicated hence dismissed

Bench: BeforeShri Prashant Maharishi( (Accountant Member)

without granting an opportunity to cross examine the persons whose testimony was relied upon by the assessing officer and merely following the investigation Wing report of Kolkata. 3. In substance the grievance of the assessee is denial of exemption under section 10 (38) of the act of the above amount ... income tax act to record her statement, but the assessee did not attend. On the basis of this and finding of the investigation wing, failure of the assessee to discharge her onus, cash trail in the accounts of the entry providers, the learned AO held that it is an arranged

ITO 19(2)(4), Mumbai, Income Tax Office, Piramal Chambers vs. Prakashmal Malraj Jain, Mumbai

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

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeeassessment Year 2014-15 Ito-19(2)(4), Prakashmalmalraj Jain, Piramal Chambers, 43/45, Pathan Street, Parel, Vs. 1St Floor, Room No. 7 Mumbai. Mumbai Pan : Acrpj0370M (Appellant) (Respondent) For Assessee : Shri Vishnu Agarwal For Revenue : Shri Yogendra T. Wakare, Sr.Dr Date Of Hearing : 07-08-2024 Date Of Pronouncement : 12-08-2024 Order Per B.R. Baskaran, A.M :

issuing notice u/s. 148 of the Act. In this regard, the AO fully placed his reliance on the report given by the Investigation Wing and accordingly concluded that the Long Term Capital Gainof Rs.59,74,380/- declared by the assessee is bogus in nature. However, he preferred to assess ... enquiry with regard to the transactions carried on by the assessee, i.e., he has simply relied upon the generalised the report given by the Investigation wing. 6. We may refer to the decision rendered by Hon‟ble Bombay High Court in the case of PCIT vs. Ziauddin A Siddique (Income

Atul Shamji Bharani, Mumbai vs. DCIT CC- 4(1), Mumbai

Appeal are allowed

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

mechanical approval without recording any independent reasons u/s 151 of the Act, merely on a borrowed satisfaction on an information supplied by investigation wing with no independent application of mind, and preliminary verification of facts before issuing notice u/s 148 of the Act on 29.03.2018, where the earlier assessment ... also on the basis of modus operandi of providing bogus accommodation entry of LTCG discussed in the investigation report of the Kolkata Directorate of Investigation Wing which was prepared after searches on various constituents. (ji) as the same could only be assessed u/s 153A of the Act by taking recourse