“investigation wing”

Asstt. CIT-Central Circle- 1(3), Mumbai vs. M/S. Star One Realcon P. Ltd, Mumbai

Bench: Shri S. Rifaur Rahman & Shri Pavan Kumar Gadale

short "the Act") on 29th September 2011, declaring the total income of Nil. A search and seizure action was conducted by the Investigation Wing, Mumbai, on 3rd October 2013 on Bhanwarlal Jain group of cases. On the basis of information deciphered during course of search on Bhanwarlal Jain group

M/S. Gyanshankar Investment & Trading Co. P. Ltd.(Before Amalgamation M/S. Stellar Credit& E-Trading P. Ltd), Mumbai vs. The DCIT Circle-7(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pavan Kumar Gadaleassessment Year: 2012-13

assessing the total income at Rs.23,67,880/-. Thereafter, a survey action under section 133A of the Act was conducted on the assessee by investigation wing of the department, Mumbai on 21.03.2017 and during the course of survey some evidences were collected and statements were recorded making detailed enquiry about ... along with copy of order dated 29.09.2017. Thereafter, a survey was conducted on the assessee on 21.03.2017 by the Investigation Wing of Income Tax, Mumbai and during the course of survey, the survey team found that assessee has 15 M/s. Gyanshankar Investment & Tradinv Co. Pvt. Ltd. (Before Amalgamation M/s. Stellar

Harinder Kawaljit Singh Chadha, Mumbai vs. ITO 24 (2)(1), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri S. Rifaur Rahman () & Shri Ravish Sood () Harinder Kawaljit Singh Chadha Income Tax Officer-24(2)(1) 201/2A, Horizon View, Seven Vs. Piramal Chambers Lower Parel, Bungalows, Versova, Mumbai – 400 012. Andheri West Mumbai – 400 061 Pan No. Abgpc3910J (Assessee) (Revenue) Assessee By : Shri Ashok Taparia, A.R Revenue By : Shri Sanjay J. Sethi, D.R Date Of Hearing : 03/08/2021 Date Of Pronouncement : 29/10/2021

discernible from the assessment order, the A.O had after considering the facts of the case; investigations made by the Investigation wing of the department at Kolkata regarding 84 penny stocks (the assessee being one of them) a/w investigations conducted by the Directorate of Investigation at Mumbai and Ahmedabad w.r.t routing ... cost price, and as discussed the rise in share prices is not due to any commercial principles and market factors. (c). Findings of Investigation wing: The findings of the Directorate of Investigation of Mumbai and Kolkata as discussed above have proved that thassociated brokers, entry operators and the assessee

Yash Ventures Pvt Ltd., Mumbai vs. ITO 13 (3)(1), Mumbai

In the result, the appeal of the assesse is allowed

Bench: Shri Rajesh Kumar & Shri Pavan Kumar Gadaleassessment Year: 2011-12

materials before the AO. 4. The facts in brief are that the case of the assesse was reopened on the basis of report of Investigation Wing, Jodhpur. The Investigation wing of Jodhpur carried out a search action u/s 132(1) of the Act on Varaha Infra Group and also ... however the ld CIT(A) dismissed the appeal by holding that the re-opening was rightly done on the basis of report from Investigation Wing ,Jodhpur. 6. Having heard both the sides and perusing the material on records including the decisions cited by the ld AR, we find that

ITO 33 (2)(4), Mumbai vs. Nisha G. Shah, Mumbai

In the result, Revenue’s appeal is dismissed

brokers and payment was made through proper banking channels in regular course of investment, without appreciating the fact that during investigation carried out by investigation Wing of the Department these scrips of M/s. VAS Infrastructure were found to be penny stock without sound financials and the assessee was found ... claimed by the assessee on the scrip M/s VAS Infrastructures. In passing the assessment order the Assessing Officer referred to the finding of Investigation Wing and his opinion as under :- “i) Individuals throughout the country identified who have taken such bogus entries of LTCG/loss amounting to several crores from

Prashant Kirit Shah, Mumbai vs. Asstt. CIT 26(2), Mumbai

In the result, these appeals are partly allowed

case information has been received from DGIT (Inv.), Kolkata that a survey u/s. 133A of the Income Tax Act, 1961 was conducted by the Investigation Wing, Kolkata in the following research organizations eligible for deduction u/s. 35(l)(ii) of the Act :- i.) School of Human Genetics & Population Health ... deduction claimed by the assessee was denied by the Assessing Officer on the basis of the allegations contained in the report of the Investigation Wing of Kolkata that the said donations were bogus. The reasons stated therein, in short, were that statements of some key persons of these two donee

Shri Ganpat Pukhraj Jain, Mumbai vs. Income Tax Officer 19(1)(3), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri S. Rifaur Rahman () & Shri Ravish Sood () Shri Ganpat Pukhraj Jain, Shop Income Tax Officer-19(1)(3) No. 2, Sanghvi Galaxy, 10Th Vs. Room No.220, 2Nd Floor, Khethwadi Lane, Khethwadi, Matru Mandir, Tardeo, Mumbai – 400 020 Mumbai – 400 007. Pan No. Aakpj0600R (Assessee) (Revenue) Assessee By : Shri Neelkanth Khandelwal, A.R Revenue By : Shri Sanjay J. Sethi, D.R Date Of Hearing : 10/08/2021 Date Of Pronouncement : 29/10/2021 Order Per Ravish Sood, J.M: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Cit(A)-51, Mumbai Dated 16.05.2018, Which In Turn Arises From The Order Passed By The A.O Under Sec. 143(3) Of The Income Tax Act, 1961 (For Short „Act‟), Dated Nil. 2. Briefly Stated, The Assessee Who Is A Trader In Ferrous & Non-Ferrous Metals Had E-Filed His Return Of Income For A.Y 2014-15 On 16.09.2014, Declaring A Total Income Of Rs.5,91,300/-. Subsequently, The Case Of The Assessee Was Selected For Scrutiny Assessment Under Sec. 143(2) Of The Act. 3. Controversy Involved In The Present Appeal Hinges Around The Declining Of The Assessee‟S Claim For Exemption U/S 10(38) Of The Act Of The Long Term Capital Gain (Ltcg) Of Rs. 23,23,344/- On Sale Of Shares Of M/S Sunrise Asian Ltd. [Earlier Named As M/S Santoshima Lease Finance & Investments (India) Ltd.]. Shorn Of Unnecessary Details, The Assessee Had In Its Return Of Income Claimed To Have Sold 5000 Shares Of M/S Sunrise Asian Ltd. (Supra) For A Consideration Of Rs. 24,48,344/- After Holding The Same For A Period Of 2¼ Years (Approx). Long Term Capital Gain (Ltcg) Of Rs. 23,23,343/- On The Aforesaid Sale Transaction Was Claimed By The Assessee As Exempt U/S 10(38) Of The Act. After Deliberating At Length On The Facts Of Shri. Ganpat Pukhraj Jain Vs. Ito -19(1)(1), Mumbai

circumstantial evidence to show that the LTCG on sale of shares of M/s Sunrise Asian Ltd. is not genuine one. c. Findings of Investigation wing: The findings of the Directorate of Investigation of Mumbai and Kolkata as discussed above have proved that the assessee had worked out an arrangement ... rightly so, the observations of the A.O are found to be more or less backed by information received by him from the Investigation wing and the unsubstantiated statements of third parties who are not connected with the assessee. Also, the A.O instead of disproving the contents of the aforesaid documentary

Azizur Rahman Faizur Rahman, Mumbai vs. ITO-17(1)(3), Mumbai

The appeal stand allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1646/Mum/2019 (धििाारण वर्ा / Assessment Year: 2009-10) Azizur Rahman Faizur Rahman Ito- 17(1)(3) बिाम/ City House, Ground Floor, 55 116, Aaykar Bhavan Maruti Lane, D. N. Road, Fort, M. K. Road Vs. Mumbai-400 001 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aespr-6467-C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Pramod Kumar Parida– Ld Ar Revenue By : Shri Brajendra Kumar- Ld. Sr. Dr ुनवाई की तारीख/ : 14/09/2021 Date Of Hearing घोषणा की तारीख / : 28/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Assessee For Assessment Year (Ay) 2009-10 Arises Out Of The Order Of Learned Commissioner Of Income-Tax (Appeals)-28, Mumbai [Cit(A)], Dated 17/01/2019 In The Matter Of Assessment Framed By Ld. Assessing Officer (Ao) U/S 143(3) R.W.S 147 Of The Act On 27/12/2016 On Certain Grounds. In Ground No.1, The Assessee Has Challenged The Reassessment Jurisdiction Of Ld. Ao & The Ground Read As Under: -

appellate proceedings, the assessee assailed the reassessment proceedings, inter-alia, on the ground that the case was reopened merely upon receipt of information from investigation wing about entering into suspicious transactions. However, there was no independent application of mind by Ld. AO as to formation of belief that the income ... clear cut information that the assessee’s broker had shifted losses through client code modification. The Ld. AO used the information received from investigation wing to arrive at conscious decision that the assessee had obtained fictitious losses. The additions, on merits, were also confirmed after considering the factual matrix. Aggrieved

Aadit Metal Trade Pvt.Ltd., Mumbai vs. PCIT(Central)-3, Mumbai

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

return was passed u/s 143(1) on 09.01.2012. 2. The assessment was reopened on the basis of information from Investigation wing. Assessment u/s 143(3) r.w.s 197 of the IT Act was completed on 29.12.2016 wherein assessed income for A.Y. 2011-12 was determined

DCIT Cen Cir 8(1), Mumbai vs. Shreya Life Sciences P.Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2009-10

notice issued u/s 148 without appreciating that the reopening u/s 147 was( done by the AO on the basis of information received from Investigation Wing, Mumbai and does not constitute change of opinion? 2. Whether on the facts and circumstances of the case