“investigation wing”

Svp South West Industries Ltd. (Formerly, Platinum Textile Ltd.), Mumbai-400005 vs. Commissioner of Income Tax, Central Circle-8(2), Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That company had provided corresponding amount ... certain information was received from DDIT(Inv.), Unit 7(2) regarding transactions with One World group. The Ld. AO received an email from the investigation wing on 26.2.2021 at 05.02 PM. In Platinum Textiles Ltd, Ld. AO has mentioned of this email in the Assessment Order which Order itself

Citron Infraproject Ltd., Mumbai-400005 vs. Dy Commissioner of Income Tax, Central Circle-7(2), Mumbai-400020

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That company had provided corresponding amount ... certain information was received from DDIT(Inv.), Unit 7(2) regarding transactions with One World group. The Ld. AO received an email from the investigation wing on 26.2.2021 at 05.02 PM. In Platinum Textiles Ltd, Ld. AO has mentioned of this email in the Assessment Order which Order itself

Citron Infraproject Ltd., Mumbai-400005 vs. Dy Commissioner of Income Tax, Central Circle-7(2), Mumbai-20

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That company had provided corresponding amount ... certain information was received from DDIT(Inv.), Unit 7(2) regarding transactions with One World group. The Ld. AO received an email from the investigation wing on 26.2.2021 at 05.02 PM. In Platinum Textiles Ltd, Ld. AO has mentioned of this email in the Assessment Order which Order itself

Surendrakumar Balakishandas Agarwal, Mumbai vs. ITO Ward-19(3)(1), Mumbai

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

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

generate bogus capital gains/capital losses. The shares of M/s Surabhi chemicals and investments Ltd was identified as one of the penny stocks by the investigation wing. Based on this information, the AO reopened the assessment of the year under consideration on the reasoning that the long term capital gains declared ... reason to suspect the genuineness of long term capital gains declared by him. 5. However, the AO referred to the report given by the investigation wing of Kolkatta, wherein the financials of the above said company were given. Besides the above, the investigation wing had given copies of sworn statements

Sunita Motilal Sinha, Mumbai vs. ITO 25(1)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

long term capital gains on sale of shares of M/s Rutron International Ltd, which was identified as one of the penny stocks by the Investigation wing of Kolkata. As per the information received from the Investigation wing, certain brokers were involved in manipulating the prices of small companies (called “penny ... capital gain of Rs.8.08 crores as exempt u/s 10(38) of the Act. The assessing officer extensively relied upon the report given by the investigation wing in order to arrive at the conclusion that the long term capital gains declared by the assessee is not genuine. He observed that

Sunita Sarwankumar Saraf, Mumbai vs. Commissioner of Income-Tax (Appeals), NFAC

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

Bench: Shri B.R. Baskaran & Shri Aby T. Varkey: A.Y : 2015-16

arose on account of sale of a penny stock named M/s Greencrest. Based on the report given by the Investigation wing of department, the AO disallowed the claim of exemption holding that the long term capital gain declared by the assessee is not genuine and accordingly added Rs.11

M/S Ashtech (India) Private Limited, Mumbai City vs. The Deputy Commissioner of Income Tax, Central Circle 1(4), Mumbai

In the result, the appeals of the assessee from AY 2013-14 to

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

against the returned income of Rs.10,37,95,810/-. Subsequently, a survey action u/s 133A of the Act was carried out by the Investigation Wing of the Income-tax Department, Mumbai at the premises of the assessee on 13.08.2019 along with premises of other group concerns. During the survey proceedings ... other expenses etc in books of accounts. In view of the information of entry of bogus expenses booked by the assessee, received from the Investigation Wing, the Assessing Officer reopened the assessment by way of issue of notice u/s 148 of the Act dated 01.02.2021. In responses to the same

M/S Ashtech (India) Private Limited, Mumbai City vs. Dy. Commissioner of Income Tax, Central Circle-1(4), Mumbai

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

information of entry of bogus expenses booked by the expenses booked by the assessee, received from the Investigation Win received from the Investigation Wing, the Assessing g, the Assessing Officer reopened the assessment by way of issue of notice u/s 148 Officer reopened the assessment by way of issue ... assessee. The assessee however submitted that the persons whose statement whose statement had been recorded by the Investigation been recorded by the Investigation Wing were not responsible for or handling diesel purchase of the not responsible for or handling diesel purchase of the not responsible for or handling diesel purchase

M/S Ashtech (India) Private Limited, Mumbai City vs. Deputy Commissioner of Income Tax, Central Circle-1(4), Mumbai

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

information of entry of bogus expenses booked by the expenses booked by the assessee, received from the Investigation Win received from the Investigation Wing, the Assessing g, the Assessing Officer reopened the assessment by way of issue of notice u/s 148 Officer reopened the assessment by way of issue ... assessee. The assessee however submitted that the persons whose statement whose statement had been recorded by the Investigation been recorded by the Investigation Wing were not responsible for or handling diesel purchase of the not responsible for or handling diesel purchase of the not responsible for or handling diesel purchase