“investigation wing”

DCIT CC, 4(3), Mumbai vs. Nouveau Global Ventures Limited, Mumbai

In the result, the appeals of the Revenue are allowed for statistical purposes whereas cross statistical purposes whereas cross-objections of the assessee are of the assessee are dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

Income carried out u/s 132 of the Income-tax Act, 1961 (in short ‘the Act’) tax Act, 1961 (in short ‘the Act’) by the Investigation Wing, Income by the Investigation Wing, Income-tax Departmental, Delhi tax Departmental, Delhi in the Nouveau Global Ventures Ltd Nouveau Global Ventures ... Query No. 8 - The details of my transaction with Mr. RajkumarKedia The details of my transaction with Mr. RajkumarKedia is already submitted to investigation wing, Delhi and I am not able to is already submitted to investigation wing, Delhi and I am not able to is already submitted to investigation

Shri Vikram N. Chandan, Mumbai vs. ITO, 19(3)(5), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2015-16

Case of the assessee was taken up for scrutiny assessment by issuing notice under section 143(2), dated 29.09.2016 based on information from the Investigation Wing of the Department that the assessee had transacted in certain shares characterised by the Department as penny scrip. After necessary investigation and examination, said ... conclusion by observing that there is unusual rise in the price of the shares sold by the assessee which has been investigated by the Investigation Wing of the Department to establish that cash has been routed from various accounts to provide accommodation to the assessee and that assessee had failed

Dy Commissioner of Income Tax -5(2)(1), Mumbai vs. Nakodiam Diamonds Private Limited, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhan, Juducial Member

Subsequently the case was reopened by issuing of notice u/s 148 of the Act on the basis of information received from the Investigation Wing of the Department that the assessee had received accommodation entries Bhanwarlal Jain Group to the amount of Rs. 1,10,68,895/-The assessment ... Heard both the sides and perused the material on record. The case of the assessee was reopened on the basis of information received from Investigation Wing that assessee had obtained accommodation entries of bogus purchases from the entity that indulged in providing accommodation entries without actual delivery of goods. Therefore

Dy. Commissioner of Income Tax -5(2)(1), Mumbai vs. Nakodiam Diamonds Private Limited, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhan, Juducial Member

Subsequently the case was reopened by issuing of notice u/s 148 of the Act on the basis of information received from the Investigation Wing of the Department that the assessee had received accommodation entries Bhanwarlal Jain Group to the amount of Rs. 1,10,68,895/-The assessment ... Heard both the sides and perused the material on record. The case of the assessee was reopened on the basis of information received from Investigation Wing that assessee had obtained accommodation entries of bogus purchases from the entity that indulged in providing accommodation entries without actual delivery of goods. Therefore

Dy. Commissioner of Income Tax -5(2)(1), Mumbai vs. Nakodiam Diamonds Private Limited, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhan, Juducial Member

Subsequently the case was reopened by issuing of notice u/s 148 of the Act on the basis of information received from the Investigation Wing of the Department that the assessee had received accommodation entries Bhanwarlal Jain Group to the amount of Rs. 1,10,68,895/-The assessment ... Heard both the sides and perused the material on record. The case of the assessee was reopened on the basis of information received from Investigation Wing that assessee had obtained accommodation entries of bogus purchases from the entity that indulged in providing accommodation entries without actual delivery of goods. Therefore

Circumference Designs Private Limited, Mumbai vs. Income Tax Officer, Ward 12(1)(1), Mumbai

In the result the appeal of the assessee is allowed for statistical purpose

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhricircumference Designs V/S. Ito, Ward 12(1)(1), Pvt. Ltd. बनाम Aayakar Bhavan, 402 Lake View Opp. Churchgate, Bandra Talao, Bandra Mumbai-400020 West, Mumbai-400050 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcc6040Q Appellant/अपीलार्थी Respondent/प्रतिवादी ..

filed on 28.09.2011 which was processed u/s 143(1) of the Act. Thereafter, on the basis of information received from the Investigation Wing regarding bogus purchase bills, the case was reopened u/s 147 of the Act. The purchases made by the assessee to the tune ... case was processed u/s 143(1) of the Act. Subsequently on the basis of information received from the sales tax department through the Investigation Wing, the AO had sufficient reason to reopen the case of the assessee u/s 147 of the Act. As such the reopening of the case

Assistant Commissioner of Income Tax Central Circle 1(4), Churchgate Mumbai vs. Shubhendu Amitabh, Delhi

In the result the appeal of the revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sunil Kumar Singh, Juducial Member

pertaining to submission made by the assessee on 15.06.2023 wherein assessee had submitted that a letter dated December 2, 2013 was filed before the Investigation Wing requesting to adjust the seized cash against the tax determined on income disclosed by him in the statement recorded ... course of appellate proceedings before us, the ld. Counsel has also filed paper book comprising copies of letter dated 02.12.2013 and 05.03.2014 addressed to Investigation Wing and the Assessing Officer requesting for adjustment of the seized cash against the tax liability. 7. Heard both the sides and perused the material

Assistant Commissioner of Income Tax Central Circle 1 (4) Mumbai, Prathishtha Bhavan Churchgate vs. Shubhendu Amitabh, Delhi

In the result the appeal of the revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sunil Kumar Singh, Juducial Member

pertaining to submission made by the assessee on 15.06.2023 wherein assessee had submitted that a letter dated December 2, 2013 was filed before the Investigation Wing requesting to adjust the seized cash against the tax determined on income disclosed by him in the statement recorded ... course of appellate proceedings before us, the ld. Counsel has also filed paper book comprising copies of letter dated 02.12.2013 and 05.03.2014 addressed to Investigation Wing and the Assessing Officer requesting for adjustment of the seized cash against the tax liability. 7. Heard both the sides and perused the material

Ajit Metal Syndicate, Mumbai - Gulalwadi vs. Income Tax Officer Ward 19(1)(1), Mumbai, Mumbai Lalbaug

The appeal of the assessee is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm M/S Ajit Metal Syndicate Vs. Income Tax Officer, Ward 19 (1) (1) 123, Kika Street Gulalwadi Piramal Chambers Mumbai – 4 Lal Baug Parel Mumbai-400 012 (Appellant) (Respondent) Pan No. Aaafa1651M Assessee By : Shri Satyaprakash Singh Ca Revenue By : Shri Rajnish Yadav , Sr Dr

section 143 (1) of the income tax act accepting the returned income. 4. Subsequently information was received from The Director General of Income Tax (investigation wing), Mumbai that there was a scam unearthed by the sales tax department regarding issue of hawala business or accommodation entries by several parties where

Gokul Fuelchem Private Limited, Mumbai vs. National Faceless Assement Centre, Delhi

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

Bench: SHRI B.R. BASKARAN (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)

parties and perused the record. We notice from the assessment order that the assessing officer has fully relied upon the report of the investigation wing with regard to the alleged manipulative practices in the F & O transactions, mainly for the reason that the broker through whom the assessee had carried ... been any escapement of income. However, the Ld CIT(A) has also confirmed the disallowance primarily on the basis of report of the investigation wing. Since the transactions are supported by proper documents and since they cannot be disbelieved based on the generalized report of 5 M/s. Gokul Fuelchem

Income Tax Officer, Mumbai vs. Saraswati Trade Centre Private Limited, Borivali, Mumbai

In the result, both appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Sunil Kumar Singh, Juducial Member

that total credits made in these accounts were not found matching with figures of sales and debtors. As per the information received from the Investigation Wing, the AO noticed that assessee had made purchases of Rs. 1,48,19,02,795/- from M/s. Crest Marketing and assessing officer observed since

Income Tax Officer 8(1)(1), Mumbai vs. Saraswati Trade Centre Pvt. Ltd., Borivali, Mumbai

In the result, both appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Sunil Kumar Singh, Juducial Member

that total credits made in these accounts were not found matching with figures of sales and debtors. As per the information received from the Investigation Wing, the AO noticed that assessee had made purchases of Rs. 1,48,19,02,795/- from M/s. Crest Marketing and assessing officer observed since

ITO-19(2)(4), Mumbai vs. Priti Bharat Parekh, Mumbai

In the result, the appeal of the revenue stand dismissed

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary, Ito-19(2)(4) Vs. Priti Bharat Parekh 507, 5Th Floor, Piramal 6C Landsend Chs 29 D Chambers, Parel, Dongersey Road, Mumbai – 400 012 Malabar Hill Maharashtra – 400006 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaepp1784C Appellant .. Respondent Appellant By : B.V. Jhaveri & Ms. Bhargavi Raval Respondent By : H.M. Bhatt Date Of Hearing 14.05.2024 Date Of Pronouncement 26.06.2024 आदेश / O R D E R Per Amarjit Singh (Am): The Present Appeal Filed By The Revenue Is Directed Against The Order Of Ld. Cit(Nfac) Of The Income Tax Act, 1961 For A.Y. 2014-15. The Revenue Has Raised The Following Grounds Before Us: “1. Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit (A) Is Right In Quashing The Reopening By The Ao With The Opinion That The Reopening Is Without Jurisdiction & Bad In Law Without Appreciating That The Facts On Which The Reopening Was Done Are Not Available By The Ao At The Time Of Original Assessment 2. Whether On The Facts & Circumstances Of The Case & In Law, Ld. Cit (A) Is Right In Deleting The Addition Made On Account Of Penny Stock Transaction Without Appreciating The Facts That During The Course Of Investigation, It Was Found That The Scrips In Which The Assessee Traded Is Penny Stock Used For Providing Accommodation Entry Only In Form Of Bogus Ltcg & Stcg & Shared With The Jurisdiction Ao In The Fy 2020-21. 3. Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit (A) Is Right In Deleting The Addition Made On Account Of Penny Stock Transaction Without Appreciating The Facts That The Assessee Has Entered

account of penny stock transaction without appreciating the facts that the action of the AO was based on analysis of information received from investigation wing of the department which is a premier institution. 5. Whether on the facts and circumstances of the case ... referred the reply of the assessee submitted on 20.12.2016 on the specific query raised by the assessee as per the report received from the investigation wing. In reply the assessee has explained the alleged bogus transaction accommodation entry pertaining to long term capital gain amounting to Rs.1

ITO -24(2)(1), Mumbai, Piramal Chambers vs. Kailash Chandra Gupta, HUF, Mumbai

with respect to long term capital gains. The Learned Assessing Officer (Ld. AO in short) received information from the Investigation Wing of Income Tax Department that the assessee manipulated accounts to generate entries of bogus long term capital gains (“LTCG” in short). Hence, after recording reasons in details ... information relating to modus operandi of claiming false LTCG which involved several operator intermediaries and beneficiaries. 6. As per the report of Kolkata Investigation Wing Directorate, the Ld. AO mentioned the modus operandi adopted by all the beneficiaries, as follows:- (para 6 of assessment order) "6.2 The basic

Kaushik Chandravadan Parikh, Mumbai vs. NFAC, Delhi

Bench: Ms. Kavitha Rajagopal (Jm) & Shri Omkareshwar Chidara (Am)

than 700% gain was claimed which is peculiar and abnormal gain. b) The Ld. AO’s comments about detailed search and seizure operations by Investigation Wing of Kolkata, Ahemedabad and Mumbai, had to be taken into consideration where incriminating materials were found and seized relating to manipulation of 84 penny ... lower authorities, Ld. AO and the Ld. CIT(A) and submitted that the addition was properly made based on the information received from Investigation Wing of Income Tax Department. The transactions relating to LTCG claim u/s. 10(38) are sham and all documentary evidences were created to show that claim