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“investigation wing”

ReassessmentSection 147Section 14712,584 judgments

The decision most relied on for investigation wing is PCIT v. RMG Polyvinyl (I) Ltd. (396 ITR 5), cited in 272 judgments on BharatTax.

Leading authorities on investigation wing

PCIT v. RMG Polyvinyl (I) Ltd.
396 ITR 5 · 2017 · High Court
272
citing judgments

Reassessment based solely on information from the Investigation Wing, without the Assessing Officer conducting further inquiry or demonstrating an independent application of mind, is unjustified and invalid.

109 TTJ 700 (Del) SMC Share Brokers Ltd. v. DCIT
293 ITR 43 · 2007 · High Court
264
citing judgments

Where an assessment order is merely a copy-paste of observations from an investigation wing's appraisal report without independent verification, it is not a valid basis for making additions to income.

Sarthak Securities Co. Pvt. Ltd. v. ITO
329 ITR 110 · 2010 · High Court
217
citing judgments

Reassessment proceedings under Section 147 are invalid if the Assessing Officer records satisfaction based on borrowed satisfaction or information without independently applying their mind and forming their own 'reason to believe' that income has escaped assessment. The AO must arrive at an independent conclusion, not merely act on a report from an investigation wing without due diligence.

ITO, 19(3) (4) Mumbai v. Shamim M Bharwani
69 Taxmann.com 65 · 2016 · Reported
142
citing judgments

Long Term Capital Gains (LTCG) from penny stock transactions are liable to be treated as bogus and added back under Section 68 as unexplained cash credits, especially when evidence suggests the involvement of entry operators providing accommodation entries.

1. Harikishan S. Virmani v. DCIT
394 ITR 146 · 2017 · High Court
97
citing judgments

Reassessment proceedings under section 147 cannot be initiated by the Assessing Officer based on borrowed satisfaction, vague information from the Investigation Wing, or incorrect jurisdictional facts without independent application of mind. Reopening beyond four years from the end of the relevant assessment year, especially where an original assessment was completed under section 143(3), requires specific conditions relating to the assessee's failure to disclose material facts.

ITO v. Purushottam Das Bangur
224 ITR 362 · 1997 · Supreme Court
90
citing judgments

Information received from the investigation wing constitutes valid 'reason to believe' for initiating reassessment proceedings under Sections 147/148, provided the Assessing Officer applies their mind to the material and does not act mechanically. Prompt issuance of a notice based on such information does not automatically imply a lack of due diligence or borrowed satisfaction.

AGR Investment v. Additional Commissioner
197 Taxmann 177 · 2011 · High Court
81
citing judgments

A reassessment under Section 147/148 is valid if initiated based on specific, non-vague information, even from an investigation wing, provided the Assessing Officer applies independent mind to form a 'reason to believe' that income has escaped assessment.

56 (Guj.) (para 6) v. Aaspas Multimedia Ltd. v. Dy. CIT
83 Taxmann.com 82 · 2017 · High Court
78
citing judgments

Information received from the Investigation Wing, identifying the assessee as a beneficiary of accommodation entries through share application from a third party, constitutes valid tangible material and 'reasons to believe' for initiating reassessment proceedings under Section 147 of the Income Tax Act.

Judgments citing investigation wing

Darshit Developers, Valsad vs. Income Tax Officer, Ward-5, Valsad

In the result, the appeal of the assessee is allowed

ITA 471/SRT/2023[2010-11]Status: DisposedITAT Surat22 Sept 2023AY 2010-11

Bench: Dr. A. L. Saini, Am आयकर अपीलसं./Ita No.471/Srt/2023 ("नधा"रण वष" / Assessment Year: (2010-11) (Virtual Court Hearing) Darshit Developers Income Tax Officer, Ward-5, C/O Kashmiraben Shaileshbhai Valsad Room No.204/Palak Vs. Patel/ Bhagwati Bunglowes / Arcade, Near Pali Hill, Tithal Maninagar Society, Tithal Cross Road, Valsad-396001 Road, Valsad-396001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aagfd 5807 L (अपीलाथ"/Appellant) (""थ" /Respondent) िनधा"रती की ओर से /Assessee By Shri Rajesh Upadhyay, Ar िनधा"रती की ओर से /Respondent By Shri Vinod Kumar, Sr. Dr सुनवाईकीतारीख/Date Of Hearing 05/09/2023 घोषणाकीतारीख/Date Of Pronouncement 22/09/2023 आदेश / Order Per Dr. A. L. Saini, Am: Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year (Ay) 2010-11, Is Directed Against The Order Passed By The National Faceless Appeal Centre, Delhi (In Short “Nfac/Ld. Cit(A)”], Dated 07.07.2023, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 143(3) R.W.S 147 Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’), Dated 19.12.2017. 2. Grounds Of Appeal Raised By The Assessee Are As Follows: “1. Ld. Cit[A], Nfac, Delhi Has Erred In Law & On Facts To Upheld A.O’S Reopening U/S 147 & Issue Of Notice U/S 148 Of The Act Ignoring The Fact & Law That Incorrect Information Received From Ddit[Inv.] Does Not Give Jurisdictional To The A.O For Invoking Reassessment Proceedings Us/ 147 Of The Act. 2. Ld. Nfac, Delhi Has Erred In Law & On Facts To Upheld Addition Of Partner’S Capital Of Rs.12,50,000/- [Shilpaben Shah] As Well As Another Partner’S Capital Rs.12,50,000/- [Nipaben Shah] + Total Rs.25,00,000/- Ignoring The Fact That There Was No Business Activity Of Firm In The Year Under Assessment As Well As Partner’S Capital Contribution Cannot Be Treated As Income Of The Firm Considering Facts Of Appellant’S Case.”

Section 133(6)Section 142(1)Section 143(3)Section 147Section 148

lower authorities. The Ld. Sr-DR for the Revenue also argued that assessment has been re-opened based on the information received from the Investigation Wing, therefore reasons recorded by the Assessing Officer is based on the report of the Investigation Wing, which is a valid information, hence there

Manoj Jain (HUF), Kolkata vs. ITO, Ward - 35(4), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 1782/KOL/2018[2015-16]Status: DisposedITAT Kolkata21 Sept 2023AY 2015-16

Bench: Shri Sanjay Garg & Dr. Manish Borad

Section 10Section 10(38)Section 143(2)Section 143(3)Section 68

name of 2 Manoj Jain (HUF) this company appears in the list of 84 penny stock companies listed with Bombay Stock Exchange, which the Investigation Wing has found to be managed by unscrupulous brokers, entry operators and money launderers involved in providing bogus accommodation entries of long-term capital gain ... manipulation of price nor has been involved in the price rigging with entry operators as alleged by the ld. Assessing Officer referring to the Investigation Wing report. He also stated that the assessee has entered into this transaction as a normal investor 3 Manoj Jain (HUF) and, therefore, even

Mukesh Kumar Jain, Chennai vs. DCIT Corporate Ward 5(2), Chennai

The appeal stand allowed in terms of our above order

ITA 1698/CHNY/2019[2013-14]Status: DisposedITAT Chennai21 Sept 2023AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1698/Chny/2019 (िनधा*रण वष* / Assessment Year: 2013-14) Shri Mukesh Kumar Jain Dcit बनाम 46, Deewan Rama Road, Corporate Ward-5(2), / Vs. Purasawalkam, Chennai-600 084. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aajpm-5477-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Uttamchand Jain (Ca)-Ld.Ar " थ"कीओरसे/Respondent By : Shri D. Hema Bhupal (Jcit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 12-07-2023 घोषणाकीतारीख /Date Of Pronouncement : 21-09-2023 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri Uttamchand Jain (CA)-Ld.ARFor Respondent: Shri D. Hema Bhupal (JCIT)- Ld. DR
Section 127Section 142(1)Section 143(2)Section 143(3)

this notice, the assessee was directed to explain suspicious transactions of Long-Term Capital Gains on shares as per inputs received from investigation wing. However, scrutiny assessment folder was transferred by DCIT, NCC 5(1) to Deputy / ACIT, Non-Corporate Circle-10 (DCIT/ACIT, NCC 10), Chennai vide letter dated

Hari Consolidate Priate Limited, New Delhi vs. ITO, Ward-11(1), Delhi

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

ITA 850/DEL/2023[2012-13]Status: DisposedITAT Delhi21 Sept 2023AY 2012-13

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2012-13

For Appellant: Shri Deepak Malik, CAFor Respondent: Sh. Vivek Kumar Upadhyay, Sr. DR
Section 143(3)Section 148Section 69

Income Tax Act, 1961 2 (the “Act”). The case was re-opened on the basis of information received from the Investigation Wing coupled with analysis of the record of the assessee revealing that the receipt by the assessee of share application money of Rs. 30,00,000/- from

ACIT, Central Circle- 15, New Delhi vs. Universal Electronics and Communications P. Ltd., New Delhi

ITA 2253/DEL/2018[2011-12]Status: DisposedITAT Delhi21 Sept 2023AY 2011-12

Bench: Shri Shamim Yahya & Shri Anubhav Sharma

Section 132Section 153ASection 53ASection 68

source and availability of fund by investors, I am of the considered view that the AO has merely accepted the appraisal report of the Investigation Wing without meeting the touchstone tests of section 68 like — credit worthiness, identities and genuineness of transaction. Further the AO has made such addition stating

Smt. Kirti B. Thorat, Pune vs. Income-Tax Officer, Ward - 3 (3), Pune

In the result, appeal of the assessee is dismissed

ITA 463/PUN/2019[2014-15]Status: DisposedITAT Pune20 Sept 2023AY 2014-15

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshalismt. Kirti Bipin Thorat, Vs Ito, Ward-3(3), Sr.No.1, Plot No.1, Shriman Pune. Society, Karve Nagar, Pune. Pan: Aeopt 8890 B Appellant Respondent Assessee By : Shri Rishab Jain, Ca Revenue By : Shri Ganesh Budruk, Dr Date Of Hearing : 04/09/2023 Date Of Pronouncement : 20/09/2023 O R D E R Per Partha Sarathi Chaudhury, Jm:

For Appellant: Shri Rishab Jain, CAFor Respondent: Shri Ganesh Budruk, DR
Section 131Section 132Section 147

assessee. The AO had added the same as assessee‟s unaccounted income during the year. The AO had also extracted the findings of the Investigation Wing in the assessment order. In order to verify the issue of cash receipt of Rs. 17,76,960/- in share transactions, summons were issued

Blue Tech Mercantile Pvt Ltd., Mumbai vs. ITO Ward-6(1)(4), NFAC, Delhi

ITA 618/MUM/2023[201-14]Status: DisposedITAT Mumbai20 Sept 2023

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 617/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No. 618/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No. 616/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2017-18) Blue Tech Mercantile Pvt. बिधम/ Ito, Ward-6(1)(4)/Ao-Nfac Ltd. New Delhi. Vs. 6/10 Vijay Nagar Sangh, Shaikh Misree Road, Antop Hill, Mumbai-400037. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecb2778H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mahesh Saboo Revenue By: Shri Dharamvir D Yadav (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 12/07/2023 घोषणा की तारीख /Date Of Pronouncement: 20/09/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 20.02.2023 For Ay. 2012-13, Ay. 2013-14 & Ay. 2017-18. 2. At The Outset, The Ld. Ar Of The Assessee Pointed Out That, Except For Variation In Figures, The Issue Permeating In All The Three (3) Assessment Years Are The Same. With The Consent Of Both The Parties, Ay 2012-13 Is Taken As The Lead Case, Result Of Which Shall Apply Mutatis Mutandis To The Other Two (2) Ays 2013-14 & 2017-18. 3. The Sole Grievance Of The Assessee Relates To The Ld. Cit(A)’S Action Of Confirming The Addition Made By Way Of Undisclosed

For Appellant: Shri Mahesh SabooFor Respondent: Shri Dharamvir D Yadav (Sr. DR)
Section 142(1)Section 147

company which had filed its return of income for AY. 2012-13 on 13.03.2013 declaring total income of Rs.770/-. Based on report of the Investigation Wing, Kolkata, the AO had gathered that the assessee had availed accommodation entries to the tune of Rs.87,00,000/- from M/s Moonlink Dealcomm ... profit in the range of Rs.766/- to Rs.366/-. Having regard to these features of the assessee coupled with the information received from Investigation Wing and assessee’s suo moto submission stating that it was providing accommodation entries/circular trading of funds, for which it offered commission income as well

Blue Tech Mercantile Pvt Ltd., Mumbai vs. ITO Ward-6(1)(4), NFAC, Delhi

ITA 617/MUM/2023[2012-13]Status: DisposedITAT Mumbai20 Sept 2023AY 2012-13

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 617/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No. 618/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No. 616/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2017-18) Blue Tech Mercantile Pvt. बिधम/ Ito, Ward-6(1)(4)/Ao-Nfac Ltd. New Delhi. Vs. 6/10 Vijay Nagar Sangh, Shaikh Misree Road, Antop Hill, Mumbai-400037. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecb2778H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mahesh Saboo Revenue By: Shri Dharamvir D Yadav (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 12/07/2023 घोषणा की तारीख /Date Of Pronouncement: 20/09/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 20.02.2023 For Ay. 2012-13, Ay. 2013-14 & Ay. 2017-18. 2. At The Outset, The Ld. Ar Of The Assessee Pointed Out That, Except For Variation In Figures, The Issue Permeating In All The Three (3) Assessment Years Are The Same. With The Consent Of Both The Parties, Ay 2012-13 Is Taken As The Lead Case, Result Of Which Shall Apply Mutatis Mutandis To The Other Two (2) Ays 2013-14 & 2017-18. 3. The Sole Grievance Of The Assessee Relates To The Ld. Cit(A)’S Action Of Confirming The Addition Made By Way Of Undisclosed

For Appellant: Shri Mahesh SabooFor Respondent: Shri Dharamvir D Yadav (Sr. DR)
Section 142(1)Section 147

company which had filed its return of income for AY. 2012-13 on 13.03.2013 declaring total income of Rs.770/-. Based on report of the Investigation Wing, Kolkata, the AO had gathered that the assessee had availed accommodation entries to the tune of Rs.87,00,000/- from M/s Moonlink Dealcomm ... profit in the range of Rs.766/- to Rs.366/-. Having regard to these features of the assessee coupled with the information received from Investigation Wing and assessee’s suo moto submission stating that it was providing accommodation entries/circular trading of funds, for which it offered commission income as well

Blue Tech Mercantile Pvt Ltd., Mumbai vs. ITO Ward-6(1)(4), NFAC, Delhi

ITA 616/MUM/2023[2017-18]Status: DisposedITAT Mumbai20 Sept 2023AY 2017-18

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 617/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No. 618/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No. 616/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2017-18) Blue Tech Mercantile Pvt. बिधम/ Ito, Ward-6(1)(4)/Ao-Nfac Ltd. New Delhi. Vs. 6/10 Vijay Nagar Sangh, Shaikh Misree Road, Antop Hill, Mumbai-400037. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecb2778H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mahesh Saboo Revenue By: Shri Dharamvir D Yadav (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 12/07/2023 घोषणा की तारीख /Date Of Pronouncement: 20/09/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 20.02.2023 For Ay. 2012-13, Ay. 2013-14 & Ay. 2017-18. 2. At The Outset, The Ld. Ar Of The Assessee Pointed Out That, Except For Variation In Figures, The Issue Permeating In All The Three (3) Assessment Years Are The Same. With The Consent Of Both The Parties, Ay 2012-13 Is Taken As The Lead Case, Result Of Which Shall Apply Mutatis Mutandis To The Other Two (2) Ays 2013-14 & 2017-18. 3. The Sole Grievance Of The Assessee Relates To The Ld. Cit(A)’S Action Of Confirming The Addition Made By Way Of Undisclosed

For Appellant: Shri Mahesh SabooFor Respondent: Shri Dharamvir D Yadav (Sr. DR)
Section 142(1)Section 147

company which had filed its return of income for AY. 2012-13 on 13.03.2013 declaring total income of Rs.770/-. Based on report of the Investigation Wing, Kolkata, the AO had gathered that the assessee had availed accommodation entries to the tune of Rs.87,00,000/- from M/s Moonlink Dealcomm ... profit in the range of Rs.766/- to Rs.366/-. Having regard to these features of the assessee coupled with the information received from Investigation Wing and assessee’s suo moto submission stating that it was providing accommodation entries/circular trading of funds, for which it offered commission income as well

Iwi Stationary Pvt. Ltd., Mumbai vs. ACIT, Circle- 3(2)(1), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 1573/MUM/2023[2015-16]Status: DisposedITAT Mumbai20 Sept 2023AY 2015-16

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleiwi Stationary Pvt. Ltd., V. Dcit – Central Circle – 3(2)(1) Aayakar Bhawan 1213, Maker Chamber V Mumbai - 400020 221, Nariman Point Mumbai - 400021 Pan: Aaaci3710N (Appellant) (Respondent)

Section 133(6)Section 250Section 68

However, the AO has refused to accept those details, only for the reason that the above said company has been categorized by the investigation wing as accommodation entry provider. 9. We noticed from the record that the assessee has filed following documents in order to discharge the burden placed upon

Meridian Jewellery Pvt. Ltd., Mumbai vs. ACIT, CC-1(3), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 356/MUM/2022[2015-16]Status: DisposedITAT Mumbai20 Sept 2023AY 2015-16

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Meenaxi Diamonds Pvt. Ltd., V. Acit - Central Circle – 1(3) 228-229 Pratishtha Bhavan Majestic Shopping Centre Mumbai - 400020 Opera House, Mumbai - 400004 Pan: Aafcm0371A (Appellant) (Respondent) M/S. Milan& Co. V. Acit - Central Circle – 1(3) 3-M, Ambika Darshan Pratishtha Bhavan Moti Dadiya Sheri Mumbai - 400020 Surat, Gujarat – 395003 Pan: Aarfm9959R (Appellant) (Respondent) M/S. Meridian Jewellery Pvt. Ltd., V. Acit - Central Circle – 1(3) 316, Panchratna Pratishtha Bhavan Opera House, Mumbai - 400004 Mumbai - 400020 Pan: Aaacd9904F

filed its original return of income on 5.10.2015 declaring total income of Rs 60,380/- Subsequently, the ld. AO received information from the investigation wing of the Income tax department, Mumbai that assessee is one of the concern controlled and managed by Shri Bhanwarlal Jain who used this concern

Sanjeev Agrawal, New Delhi vs. ACIT, CC-15, New Delhi

In the result, both the appeals of the assessee areallowed

ITA 1519/DEL/2021[2017-18]Status: DisposedITAT Delhi20 Sept 2023AY 2017-18

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

For Appellant: Shri Gautam Jain & Ms. Monika Aggarwal, AdvsFor Respondent: Shri Ramdhan Meena, Sr. DR
Section 10(38)Section 143(3)

assessee was allotted shares of Capital Trade Links (Exempt u/s 10(38)) is also an entity engaged in the scam as revealed by the Investigation Wing as well as SEBI As such, the whole transaction of purchase & sale by the assesses is Sham transaction with an intention to evade taxes ... contended that no addition can be made on the basis of doubts and suspicion which are based merely on the information from Investigation Wing of the Departmentand SEBI.These have never beenconfronted to the assessee, till date. 6.3. According to him, ld. AO did not conduct any independent enquiry to falsify

Sanjeev Agrawal, New Delhi vs. ACIT, CC-15, New Delhi

In the result, both the appeals of the assessee areallowed

ITA 1518/DEL/2021[2016-17]Status: DisposedITAT Delhi20 Sept 2023AY 2016-17

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

For Appellant: Shri Gautam Jain & Ms. Monika Aggarwal, AdvsFor Respondent: Shri Ramdhan Meena, Sr. DR
Section 10(38)Section 143(3)

assessee was allotted shares of Capital Trade Links (Exempt u/s 10(38)) is also an entity engaged in the scam as revealed by the Investigation Wing as well as SEBI As such, the whole transaction of purchase & sale by the assesses is Sham transaction with an intention to evade taxes ... contended that no addition can be made on the basis of doubts and suspicion which are based merely on the information from Investigation Wing of the Departmentand SEBI.These have never beenconfronted to the assessee, till date. 6.3. According to him, ld. AO did not conduct any independent enquiry to falsify

M/S. J.K. Jewellers, Bharuch vs. The ACIT, Circle-1, Bharuch

In the result, ground No.3 raised by the Revenue, is dismissed

ITA 443/SRT/2018[2014-15]Status: DisposedITAT Surat19 Sept 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.440/Srt/2018 Assessment Year: (2014-15) (Virtual Hearing) The Acit, Circle-1, Vs. M/S. J. K. Jewellers, Bharuch. Station Road, Near Rungta School, Bharuch. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj5951F (Assessee) (Respondent) आयकर अपील सं./Ita No.443/Srt/2018 Assessment Year: (2014-15) M/S. J. K. Jewellers, Vs. The Acit, Circle-1, Station Road, Near Rungta Bharuch. School, Bharuch. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj5951F (Assessee) (Respondent)

Section 143(3)

assessing officer noted that during the course of survey proceedings, physical stock and stock as per books of the assessee were examined by the Investigation Wing, Bharuch on 25/02/2014. Details of the same are as follows: Sr. Item description Stock Difference Difference No. (in Grms.) in value As per physical ... there was a mismatch found in the physical stock and stock as per books of account of assessee. The difference as noted by the Investigating Wing, is summarized as under: Sr.No Item description Stock Difference Difference in (in grms) value As per As per physical book

The ACIT, Circle-1, Bharuch vs. M/S. J.K. Jewellers, Bharuch

In the result, ground No.3 raised by the Revenue, is dismissed

ITA 440/SRT/2018[2014-15]Status: DisposedITAT Surat19 Sept 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.440/Srt/2018 Assessment Year: (2014-15) (Virtual Hearing) The Acit, Circle-1, Vs. M/S. J. K. Jewellers, Bharuch. Station Road, Near Rungta School, Bharuch. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj5951F (Assessee) (Respondent) आयकर अपील सं./Ita No.443/Srt/2018 Assessment Year: (2014-15) M/S. J. K. Jewellers, Vs. The Acit, Circle-1, Station Road, Near Rungta Bharuch. School, Bharuch. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj5951F (Assessee) (Respondent)

Section 143(3)

assessing officer noted that during the course of survey proceedings, physical stock and stock as per books of the assessee were examined by the Investigation Wing, Bharuch on 25/02/2014. Details of the same are as follows: Sr. Item description Stock Difference Difference No. (in Grms.) in value As per physical ... there was a mismatch found in the physical stock and stock as per books of account of assessee. The difference as noted by the Investigating Wing, is summarized as under: Sr.No Item description Stock Difference Difference in (in grms) value As per As per physical book

Ketan Jayant Shah, Mumbai vs. DCIT, Circle 1, Thane

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

ITA 568/MUM/2023[2013-14]Status: DisposedITAT Mumbai18 Sept 2023AY 2013-14

Bench: Shri B.R. Baskaran (Am) & Shri Narender Kumar Choudhry (Jm)

Section 10(38)Section 68

Circle Services Ltd and claimed the same as exempt. The AO noticed that it was identified as one of the penny stocks by the Investigation wing of Kolkatta, in which the prices of the shares have been rigged to generate bogus capital 2 Ketan Jayant Shah gains/loss. Accordingly ... proposed to reject the exemption claimed u/s 10(38) of the Act. In this regard, the AO placed reliance on the reports of investigation wing, which have explained the modus operandi adopted in generating capital gains. With regard to M/s Blue Circle Services Ltd, the investigation wing has recorded statement

Smt . Veena Chaturvedi, Mumbai vs. DCIT Cent Cir -2(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 1702/MUM/2021[2013-14]Status: DisposedITAT Mumbai18 Sept 2023AY 2013-14
Section 10(38)Section 139Section 143(3)Section 147Section 148Section 68

assessee’s case was reopened u/s.147 by issuance of notice u/s.148 dated 19/10/2016, on the ground that information has been received from Directorate of Investigation Wing of Kolkata that assessee availed LTCG by showing investment in penny stock company in the scrip of M/s. Shreenath Commercial & Finance Ltd. which ... capital gain of Rs.8,29,88,876/- as bogus and added u/s. 68. First of all, he has referred to the information received from Investigation wing that assessee has taken accommodation entry in the form of bogus LTCG. The sale data as per AIR information about selling of the shares

Om Developers, Navi Mumbai vs. DCIT 28(2), Navi Mumbai

ITA 1837/MUM/2018[2008-09]Status: DisposedITAT Mumbai18 Sept 2023AY 2008-09

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm M/S Om Developers Dcit-28(2), Office No.14, Mahavir Centre, Vs. Sector No.17, Vashi, Navi Mumbai Navi Mumbai 400 705 (Appellant) (Respondent) Pan No. Aaafo9862A

For Appellant: Shri K. Gopal, AdvFor Respondent: Shri Shambhu Yadav, DR
Section 132Section 143Section 144Section 147Section 148

action u/s 132 of the Income-tax Act, 1961 was carried out on 18.02.2009 in the case of M/s Pathik Construction Group by the Investigation Wing Mumbai. M/s Pathik construction Group is engaged in the purchase and sale of land. During the course of the search and survey, some incriminating

Sanjay Kumar Khandelwal, Delhi vs. ACIT, Central Circle-31, New Delhi

In the result, the appeal of the assessee is allowed

ITA 43/DEL/2023[2019-20]Status: DisposedITAT Delhi18 Sept 2023AY 2019-20

Bench: Shri C. M. Gargdr. B. R. R. Kumarassessment Year: 2019-20 Sanjay Kumar Khandelwal, Vs Acit, 3747, Gali Jamadar, Central Circle-31, Pahari Dhiraj, New Delhi. Delhi – 110 006. Pan: Aaipk1803H (Appellant) (Respondent) Assessee By : Shri Rohit Agarwal, Ca Revenue By : Shri H. K. Choudhary, Cit-Dr Date Of Hearing : 05.07.2023 Date Of Pronouncement : 18.09.2023

For Appellant: Shri Rohit Agarwal, CAFor Respondent: Shri H. K. Choudhary, CIT-DR
Section 132Section 143(2)Section 153ASection 69A

duly been recorded in his books of accounts. This fact is evident from the statement on oath of the appellant as recorded by the Investigation wing, wherein the appellant also filed his cash book. 5. All the sales were duly supported by the sale bills issued by the appellant

Santosh Kaushik, New Delhi vs. ITO Ward - 41(5), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 685/DEL/2020[2008-09]Status: DisposedITAT Delhi18 Sept 2023AY 2008-09

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 685/Del/2020 : Asstt. Year : 2008-09 Ms. Santosh Kaushik, Vs Income Tax Officer, 1/27A, Near Hanuman Mandir, East Ward-41(5), Punjabi Bagh, New Delhi-110026 New Delhi-110002 (Appellant) (Respondent) Pan No. Amtpk4230D Assessee By : Sh. Manish Malik, Adv. & Sh. Vinod Gupta, Adv. Revenue By : Sh. Anuj Garg, Sr. Dr Date Of Hearing: 05.07.2023 Date Of Pronouncement: 18.09.2023 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Manish Malik, Adv. &For Respondent: Sh. Anuj Garg, Sr. DR
Section 143(3)Section 147Section 148Section 68

Addl. CIT who was the competent authority in this case. Once, a detailed enquiry and investigation was made by a team of investigation wing and such information was received by the Assessing Officer then the Assessing Officer definitely had prima facie reasons to believe that income has escaped assessment after ... case of Amit Polyprints (P.) Ltd. Vs DCIT (Gujarat) wherein it was field that reassessment proceedings initiated on basis of information received from Investigation wing that assessee had received certain amount from shell companies working as an accommodation entry provider, was justified. Similarly, in the case of Aaspas Multimedia