“investigation wing”

Aakash Films Pvt. Ltd, Mumbai vs. CIT -50, Mumbai

In the result, Ground No. 2 raised by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Aakash Films Private Limited V. Income Tax Officer – 16(1)(1) Room No. 436A, Plot No. A-51, Midc Aayakar Bhavan, M.K. Road Marol Industrial Area Next To Aipma Andheri (E), Mumbai - 400093 Mumbai - 400020 Pan: Aahca5657K (Appellant) (Respondent) M/S. Aakash Ashish Realtors Limited V. Cit – 50, Central Circle – 8(3) Cts No. 766, 534 Mumbai S.V. Road, New Oshiwara Station Jogeshwari (W), Mumbai – 400102 Pan: Aaack7241C (Appellant) (Respondent)

consideration for examination, but the appellant failed to comply with said request of the Ld. AO. The Ld. AO has also stated that the Investigation Wing had carried out a survey u/s 133A of the Act on M/s Aakash Universal Ltd and the survey report stated that M/s Aakash Univeral

Deputy Commissioner of Income Tax 13(2)(2), Mumbai vs. Sun Metallics & Alloys Private Limited, Mumbai

In the result, ITA No. 2628/Mum/2018 for A

Bench: Shri Kuldip Singh & Shri Gagan Goyal

Assessee is a company engage into the business of manufacturing, import and trading of ferrous and nonferrous metal. Thereafter information was received from the investigation wing of the department that a survey action u/s. 133A of the act had been carried out at its different premises ... 2629/Mum/2018, C.O. 95/Mum/2019 M/s. Sun Metallics & Alloys Pvt. Ltd. ferrous and nonferrous metal. Thereafter information was received from the investigation wing of the department that a survey action u/s. 133(A) of the act had been carried out at its different premises on 31-08-2015, where it was found

Deputy Commissioner of Income Tax 13(2)(2), Mumbai vs. Sun Metallics & Alloys Private Limited, Mumbai

In the result, ITA No. 2628/Mum/2018 for A

Bench: Shri Kuldip Singh & Shri Gagan Goyal

Assessee is a company engage into the business of manufacturing, import and trading of ferrous and nonferrous metal. Thereafter information was received from the investigation wing of the department that a survey action u/s. 133A of the act had been carried out at its different premises ... 2629/Mum/2018, C.O. 95/Mum/2019 M/s. Sun Metallics & Alloys Pvt. Ltd. ferrous and nonferrous metal. Thereafter information was received from the investigation wing of the department that a survey action u/s. 133(A) of the act had been carried out at its different premises on 31-08-2015, where it was found

Pankaj Kantilal Shah, Mumbai vs. Dcitcc-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

years under consideration. The AO noticed that all the shares purchased and sold by these assessees have been identified as “penny stocks” by the investigation wing of the Income tax department. It is the allegation of the revenue that some people have manipulated the prices of penny stocks to take ... meaning of “incriminating materials” by making his own inferences, which is not legally correct. 8. The Ld D.R, on the contrary, submitted that the investigation wing of the Income tax department has identified large scale of rigging in the prices of penny stocks. The prices of all these penny stocks

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

years under consideration. The AO noticed that all the shares purchased and sold by these assessees have been identified as “penny stocks” by the investigation wing of the Income tax department. It is the allegation of the revenue that some people have manipulated the prices of penny stocks to take ... meaning of “incriminating materials” by making his own inferences, which is not legally correct. 8. The Ld D.R, on the contrary, submitted that the investigation wing of the Income tax department has identified large scale of rigging in the prices of penny stocks. The prices of all these penny stocks

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

years under consideration. The AO noticed that all the shares purchased and sold by these assessees have been identified as “penny stocks” by the investigation wing of the Income tax department. It is the allegation of the revenue that some people have manipulated the prices of penny stocks to take ... meaning of “incriminating materials” by making his own inferences, which is not legally correct. 8. The Ld D.R, on the contrary, submitted that the investigation wing of the Income tax department has identified large scale of rigging in the prices of penny stocks. The prices of all these penny stocks

Pankaj K Shah HUF, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, all the appeals of the assessee are allowed

years under consideration. The AO noticed that all the shares purchased and sold by these assessees have been identified as “penny stocks” by the investigation wing of the Income tax department. It is the allegation of the revenue that some people have manipulated the prices of penny stocks to take ... meaning of “incriminating materials” by making his own inferences, which is not legally correct. 8. The Ld D.R, on the contrary, submitted that the investigation wing of the Income tax department has identified large scale of rigging in the prices of penny stocks. The prices of all these penny stocks

DCIT CC-6(3), Mumbai vs. Pankaj K Shah HUF, Mumbai

In the result, all the appeals of the assessee are allowed

years under consideration. The AO noticed that all the shares purchased and sold by these assessees have been identified as “penny stocks” by the investigation wing of the Income tax department. It is the allegation of the revenue that some people have manipulated the prices of penny stocks to take ... meaning of “incriminating materials” by making his own inferences, which is not legally correct. 8. The Ld D.R, on the contrary, submitted that the investigation wing of the Income tax department has identified large scale of rigging in the prices of penny stocks. The prices of all these penny stocks

Magan Vadhaji Prajapati, Mumbai vs. Income Tax Officer WD 19(2) (3), Mumbai

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

Bench: Shri B. R. Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.1215/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2011-12) Magan Vadhaji Prajapati बिधम/ Ito Ward-19(2)(3) Room No.15, 2Nd Floor, Matru Mandir Building, Vs. 39/41, Kamal Niwas 1St & 2Nd Floor, Nana Bhandari Street, Mumbai- Chowk, Bhatia Hospital 400004. Lane, Javji Dadaji Marg, Grant Road West, Mumbai-400007. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Anwpp7146B (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Bharat Kumar Revenue By: Shri V. K. Chaturvedi (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 03/10/2022 घोषणा की तारीख /Date Of Pronouncement: 18/11/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) (Nfac), Delhi Dated 22.03.2022 For Ay. 2011-12. The Ground Of Appeal Raised By The Assessee Is As Under: - 2. “1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Not Considering The Facts Whereas Some Suppliers Is Not Belonging To Assessee & Confirm The Addition Made By Ao. 2. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Confirming Addition Rs.17,38,432/- Which Was 12.5% Of Alleged Bogus Purchases.”

have heard the rival submissions and perused the material available on record. In the present case, on the basis of information received from investigation wing, Mumbai that assessee is one of the beneficiary of bogus purchases from parties who were found by the Sales Tax Department of Maharashtra ... opposes this prayer of assessee and submitted that if the assessee has not shown the purchases from these four (4) parties, and the investigation wing has received regarding the purchases, then it is a clear case of undisclosed transaction/undisclosed purchases, and consequently the entire undisclosed purchases ought to be added