“investigation wing”

Keyman Advisory Services Pvt Ltd, Mumbai vs. Dy. Commissioner of Income Tax, Centra Circle-7(1), Mumbai

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

Bench: Shri Aby T Varkey & Shri Amarjit Singhkeyman Advisory Vs. Dy. Commissioner Of Services Pvt. Ltd. Income Tax, Central Floor-3, Plot-90, Ganpati Circle-7(1), Niwas, Dhirubhai Parekh Aayakar Bhavan, Marg, Ladwadi, Kalbadevi Mumbai – 400 020 Mumbai – 400002 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aadck2215K Appellant .. Respondent Appellant By : Vimal Punmiya Respondent By : Jagdish Jangid Date Of Hearing 12.10.2022 Date Of Pronouncement 31.10.2022 आदेश / O R D E R Per Amarjit Singh (Am):

appeal.” 2. The assessee had not filed any return of income for the year under consideration. In this case information was received from the investigation wing that there were large value of funds credited by transfer and RTGS and debit by cash, transfers and RTGS in the bank account ... entries. The ld. CIT(A) has also stated that assessee has not filed any submission to negate the findings appearing in the report of investigation wing as well as in the assessment order, therefore, creditworthiness and the genuineness of transaction cannot be said to have been proved

ACIT -6(1)(1), Mumbai vs. M/S. Clothing Culture Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

Bench: This Tribunal By The Revenue During The Covid Period. Hence, In View Of The Relaxation Granted By The Hon’Ble Supreme Court, The Delay Of 123 Days Is Hereby Condoned & Appeal Of The Revenue Is Admitted For Adjudication.

Return for AY 2014-15 is filed showing Short term Capital Gain of 34.05 crore. 09.06.2015 Survey u/s 133A is conducted by the Investigation Wing, Mumbai in the case of M/s Anukaran Commercial Enterprises Ltd 12.06.2015 Survey u/s 133A is conducted by the Investigation Wing, Mumbai consequent of above Survey ... gains offered in the original return. 3.3. The ld. AO in the assessment order observed that statement given by Shri Arvind Poddar before the Investigation Wing, who was main person of the assessee group of companies showed that he was not having any justified answers regarding the transactions in shares

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Manish Vijay Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

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

considering whether they are supposed to file return of income in India or not. 11. The AO has merely acted upon the directions of Investigation Wing of Mumbai and not based upon an enquiry/examination/verification of his own findings. Phool Chand Bajrang ... reopening of assessment can be interfered with. 22. Where reopening is done only on the basis of information received from the investigation wing without application of independent mind by Ld AO, reopening is bad in law and same tantamount to roving/fishing enquiry. PCIT v Shodiman Investments

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Manish Vijay Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

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

considering whether they are supposed to file return of income in India or not. 11. The AO has merely acted upon the directions of Investigation Wing of Mumbai and not based upon an enquiry/examination/verification of his own findings. Phool Chand Bajrang ... reopening of assessment can be interfered with. 22. Where reopening is done only on the basis of information received from the investigation wing without application of independent mind by Ld AO, reopening is bad in law and same tantamount to roving/fishing enquiry. PCIT v Shodiman Investments

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Urvi Manish Mehra, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

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

considering whether they are supposed to file return of income in India or not. 11. The AO has merely acted upon the directions of Investigation Wing of Mumbai and not based upon an enquiry/examination/verification of his own findings. Phool Chand Bajrang ... reopening of assessment can be interfered with. 22. Where reopening is done only on the basis of information received from the investigation wing without application of independent mind by Ld AO, reopening is bad in law and same tantamount to roving/fishing enquiry. PCIT v Shodiman Investments

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Urvi Manish Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

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

considering whether they are supposed to file return of income in India or not. 11. The AO has merely acted upon the directions of Investigation Wing of Mumbai and not based upon an enquiry/examination/verification of his own findings. Phool Chand Bajrang ... reopening of assessment can be interfered with. 22. Where reopening is done only on the basis of information received from the investigation wing without application of independent mind by Ld AO, reopening is bad in law and same tantamount to roving/fishing enquiry. PCIT v Shodiman Investments

M/S. Nikunj Eximp Enterprises, Mumbai vs. ACIT Cent. Cir 2(4), Mumbai

In the result, all the appeals filed by the revenue are dismissed and all the appeals filed by the assessee are allowed

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman,Am आयकरअपीलसं./ I.T.A. No.1823, 1819 & 1821/Mum/2021 (निर्धारणवर्ा / Assessment Year: 2014-15, 2015-16 & 2016-17)

which was duly accepted u/s 143(1) vide intimation dated 20.05.2015. The Ld. AO noted that during the course of search proceedings, the investigation wing has given certain findings. For the sake of ready reference, the same is reproduced below:- The Group follows standard operating procedure (SOP) as explained ... said party did not appear. Similarly with regard to Risa International Ltd., Ronak Overseas, Navaratna Oil Industries, he has again reiterated the report of Investigation Wing and has made observation stating that Risa International was a penny stock company and assessee could not produce the necessary evidence which were acquire

M/S. Nikunj Eximp Enterprises Pvt. Ltd, Mumbai vs. ACIT Cent. Cir. 2(4), Mumbai

In the result, the appeal filed by the assessee is partly allowed and the appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman,Am आयकरअपीलसं./ I.T.A. No.1820/Mum/2021 (निर्धारणवर्ा / Assessment Year: 2017-18)

Eximp Enterprises Pvt. Ltd. 16. Ld. DR submitted before us that Ld. AO has analyzed each and every party based on conclusion drawn by Investigation Wing during the course of search in the case of Nickunj Group. The details which were filed by the assessee have been found lacking which

M/S Nickunj Eximp Enterprises P. Ltd., Mumbai vs. Asstt. CIT, CC-2(4), Mumbai

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 15/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2012-13) Acit Cen. Cir,- 2(4), M/S Nikunj Eximp R. No. 802, Pratistha Enterprises Pvt. Ltd. बनाम/ 4Th Floor, Sri Joravar Bhavan, Bhavan, Old Cgo Vs. 93, M. K. Road, Marine Lines, Annexe, M. K. Marg, Mumbai-400 020 Mumbai-400 020 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aabcn0991K (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Vijay Mehta, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Dr. Mahesh Akhade, Ld. Dr सुनवधईकीतधरीख/ : 13.09.2022 Date Of Hearing घोर्णधकीतधरीख / : 31.10.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Assessee Against The Impugned Order Dated 28.10.2020, Passed Ld. Cit(A)-58, Mumbai For The Quantum Of Assessment Passed U/S 143(3) R.W.S. 153A For Ay 2012-13. The Assessee Has Raised The Following Grounds:-

Commissioner of Income Tax (Appeals) erred in conforming the order of AO, wherein the additions were made based on the alleged findings of the Investigation Wing. The findings were just allegations and there were no corroborative evidences to support the same. Your appellants submit that additions cannot be made ... assessee has filed its return of income on 28.08.2019. Ld. AO noted that during the course of search proceedings, certain findings were recorded by Investigation Wing that certain companies including M/s Rapport Holding and Commercial Pvt. Ltd. were managed and controlled by M/s Nickunj Group and these companies were only

Dy CIT, CC-3(3)(1), Mumbai vs. M/S Reliance Industries Holding P. Ltd., Mumbai

In the result, both the cross-objection are allowed, and both the appeals are dismissed as infructuous

reasons recorded for reopening the assessment are also exactly the same. The reopening was done on the basis of inputs from the investigation wing about the outstanding put options, in respect of which the assessee company is said to have given the guarantee to the ICICI Bank Singapore. The Assessing

Dy CIT, CC-3(3)(1), Mumbai vs. M/S Reliance Industries Holding P. Ltd., Mumbai

In the result, both the cross-objection are allowed, and both the appeals are dismissed as infructuous

reasons recorded for reopening the assessment are also exactly the same. The reopening was done on the basis of inputs from the investigation wing about the outstanding put options, in respect of which the assessee company is said to have given the guarantee to the ICICI Bank Singapore. The Assessing

Ashok Jasraj Jain, HUF, Mumbai vs. ACIT-19(1), Mumbai

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

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2014-15 Ashok Jasraj Jain, Huf, Acit-19(1), 45/12, Rajkotwala Bldg., 2Nd Floor, Matru Mandir Bldg., 1St Carpenter Street, C.P. Tank, Vs. Tardeo Road, Mumbai-400 004. Mumbai-400 007. Pan No. Aaahj 0191 D Appellant Respondent Assessee By : Mr. Mehul Shah, Ar Revenue By : Mr. Manoj Sinha, Dr Date Of Hearing : 23/08/2022 Date Of Pronouncement : 31/10/2022

suspended trading in shares of several penny stock companies consequent suspended trading in shares of several penny stock companies consequent to its investigation. The Investigation Wing Kolkata ha to its investigation. The Investigation Wing Kolkata had carried search d carried search action u/s 132 and survey action u/s 133A ... data, BSE data, money control website, taxman, court rulings, internet ITD data, BSE data, money control website, taxman, court rulings, internet as well as investigation wing report and findings of the SEBI. as well as investigation wing report and findings of the SEBI.” ” Ashok Jasraj Jain

Shri Dharmendra A Babel, Mumbai vs. DCIT Central Circle-8(3), Mumbai

Bench: Shri Kuldip Singhassessment Year: 2009-10

Surat Diamond Group, statement of one Mr. Dharmendra Babel, the assessee, was recorded. During the course of search information was received from the investigation wing that the assessee has stated in his statement on oath that proprietary firm has not done any genuine business and has provided accommodation entries. Consequently

Shri Sanjay Shantilal Jain, Mumbai vs. JCIT, Central Range-8, Mumbai

In the result, the appeal of the In the result, the appeal of the assessee is having ITA No

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Dcit-Cc 8(3), 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Jcit, Central Range-8, 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent : Assessee By Mr. Rushabh Mehta, Ar Revenue By : Mr. Manoj Kumar, Cit- Dr : Date Of Hearing 15/09/2022 Date Of Pronouncement : 31/10/2022

course of the search Appellant, recorded during the course of the search Appellant, recorded during the course of the search operation, by the Investigation Wing o operation, by the Investigation Wing of the Department. f the Department. During the course of search operation, the explanation on During the course

Shri Sanjay Shantilal Jain, Mumbai vs. DCIT, Central Range-8 (3), Mumbai

In the result, the appeal of the In the result, the appeal of the assessee is having ITA No

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Dcit-Cc 8(3), 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Jcit, Central Range-8, 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent : Assessee By Mr. Rushabh Mehta, Ar Revenue By : Mr. Manoj Kumar, Cit- Dr : Date Of Hearing 15/09/2022 Date Of Pronouncement : 31/10/2022

course of the search Appellant, recorded during the course of the search Appellant, recorded during the course of the search operation, by the Investigation Wing o operation, by the Investigation Wing of the Department. f the Department. During the course of search operation, the explanation on During the course

M/S.Shivan Giri Steel Limited, Mumbai vs. Income Tax Officer Ward 13(2)(3), Mumbai

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2008-09 M/S Shivan Giri Steel Limited, The Income Tax Officer, M/S Vss & Associates Chartered Ward-13(2)(3), Accountants, 306, Dalamal Vs. Aayakar Bhavan, Chambers, New Marine Lines, Mumbai. Mumbai-400020. Pan No. Aaics 8440 H Appellant Respondent Assessee By : Mr. Parag Jha & Prateek Jha Revenue By : Mr. Ashok Kumar Kardam, Cit-Dr Date Of Hearing : 26/10/2022 Date Of Pronouncement : 31/10/2022

reopened by assessee. Subsequently, the case of the assessee was reopened by way of issue of notice u/s 148 of the Act. The Investigation Wing of e of notice u/s 148 of the Act. The Investigation Wing of e of notice u/s 148 of the Act. The Investigation Wing ... persons by way of issue of bogus tion entries to various persons by way of issue of bogus sale bills including the assessee. The Investigation Wing found sales sale bills including the assessee. The Investigation Wing found sales sale bills including the assessee. The Investigation Wing found sales bills amounting