“investigation wing”

DCIT 3(3)(1), Mumbai vs. Reliance General Insurance Company Ltd, Mumbai

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

assessee company. The A.O after deliberating on the aforesaid information and the documents received/information contained in the documents forwarded by the investigation wing, held a conviction that the income of the assessee for the year under consideration had escaped assessment within the meaning ... respect of the veracity of the transactions were liable to be drawn in its hands on the basis of the unsubstantiated report of the investigation wing of the department. However, the A.O not impressed with the contention of the assessee, observed that as Mr. Praveen Agarwal had categorically admitted

DCIT 3(3)(1), Mumbai vs. Reliance General Insurance Company Ltd, Mumbai

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

assessee company. The A.O after deliberating on the aforesaid information and the documents received/information contained in the documents forwarded by the investigation wing, held a conviction that the income of the assessee for the year under consideration had escaped assessment within the meaning ... respect of the veracity of the transactions were liable to be drawn in its hands on the basis of the unsubstantiated report of the investigation wing of the department. However, the A.O not impressed with the contention of the assessee, observed that as Mr. Praveen Agarwal had categorically admitted

DCIT 3(3)(1), Mumbai vs. Reliance General Insurance Company Ltd, Mumbai

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

assessee company. The A.O after deliberating on the aforesaid information and the documents received/information contained in the documents forwarded by the investigation wing, held a conviction that the income of the assessee for the year under consideration had escaped assessment within the meaning ... respect of the veracity of the transactions were liable to be drawn in its hands on the basis of the unsubstantiated report of the investigation wing of the department. However, the A.O not impressed with the contention of the assessee, observed that as Mr. Praveen Agarwal had categorically admitted

DCIT 3(3)(1), Mumbai vs. Reliance General Insurance Company Ltd, Mumbai

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

assessee company. The A.O after deliberating on the aforesaid information and the documents received/information contained in the documents forwarded by the investigation wing, held a conviction that the income of the assessee for the year under consideration had escaped assessment within the meaning ... respect of the veracity of the transactions were liable to be drawn in its hands on the basis of the unsubstantiated report of the investigation wing of the department. However, the A.O not impressed with the contention of the assessee, observed that as Mr. Praveen Agarwal had categorically admitted

DCIT 3(3)(1), Mumbai vs. Reliance General Insurance Company Ltd, Mumbai

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

assessee company. The A.O after deliberating on the aforesaid information and the documents received/information contained in the documents forwarded by the investigation wing, held a conviction that the income of the assessee for the year under consideration had escaped assessment within the meaning ... respect of the veracity of the transactions were liable to be drawn in its hands on the basis of the unsubstantiated report of the investigation wing of the department. However, the A.O not impressed with the contention of the assessee, observed that as Mr. Praveen Agarwal had categorically admitted

Jasamrit Creatins P.Ltd, Mumbai vs. ITO 6(3)(2), Mumbai

Bench: Shri Mahavir Singh & Shri Rajesh Kumarm/S. Jasamrit Creations P. Ltd. Income Tax Officer- 6(3)(2) Flat No. 901, Building ‘B’ Room No. 503, 5Th Floor Vs. Ashok Tower, Near Itc Aayakar Bhavan, M.K. Road Hotel, Parel, Mumbai 400017 Mumbai 400020 Pan – Aabcj8511H Appellant Respondent

Khushara Real Estate Pvt. Ltd. (supra) the reasonableness of share premium in the light of various para meters like information from Investigation Wing of Income Tax Department about the assessee having taken accommodation entries and non- compliance by the Directors/Investor company in the proceedings and non furnishing of documentary evidences ... with by the assessee in the present case.  In the case of Nova Promotors & Finlease Pvt. Ltd. (supra) the AO had received information from Investigation Wing about 16 entry operators who had given accommodation entries to several persons including the assessee. Upon examination, the Assessing Officer found that the material

DCIT Cir 3(3)(2), Mumbai vs. Tulip Hotels P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 3(3)(2) Vs. M/S. Tulip Hotels Pvt.Ltd., R.No.609, 6Th Floor Chandermukhi Building Aayakar Bhavan (Basement), Behind The M.K.Road, Oberoi Nariman Point Mumbai – 400 020 Mumbai – 400 021 Pan/Gir No. Aaact9446Q Appellant) .. Respondent)

merely relied upon the A.O. as order to contend that since there was an information from the Investigation Wing that alt the share applicants were engaged in providing accommodation entries, the A.O. was justified in treating the credit entries as unexplained liable to be taxed in the hands ... merely relied upon the A.O. as order to contend that since there was an information from the Investigation Wing that all the share applicants were engaged in providing accommodation entries, the A.O. was justified in treating the credit entries as unexplained liable to be taxed in the hands

Leela Bhanji Gada, Mumbai vs. It 16(2)(4), Mumbai

In the result, Ground of appeal No

Bench: Shri G.S.Pannu & Shri Amarjit Singh

brings out that the Assessing Officer while recording reasons has failed to apply his mind and has merely referred to the report of the Investigation Wing. The least that was required by the Assessing Officer was to establish a link between the information made available by the Investigation Wing

Kastur H .Gada, Mumbai vs. ITO 16(2)(4), Mumbai

In the result, Ground of appeal No

Bench: Shri G.S.Pannu & Shri Amarjit Singh

brings out that the Assessing Officer while recording reasons has failed to apply his mind and has merely referred to the report of the Investigation Wing. The least that was required by the Assessing Officer was to establish a link between the information made available by the Investigation Wing

Bharat Wire Ropes Ltd, Mumbai vs. DCIT (OSD) 10(3), Mumbai

In the result, this appeal by the assessee stands allowed for statistical purposes

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 5438/Mum/2015 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Bharat Wire Ropes Ltd. Dcit(Osd)-10(3) बनाम/ Aayakar Bhavan, 4Th Floor, A-701, Trade World Building, Kamla City, Lower Parel (W), Room No. 517, M. K. Road, Vs. Mumbai-400 013 Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcb 2180 N (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Mitesh N. Shah ""यथ" क" ओर से/Respondent By : Shri T. A. Khan सुनवाई क" तार"ख / : 14.12.2017 Date Of Hearing घोषणा क" तार"ख / : 05.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 15.10.2015 & Pertains To The Assessment Year 2011- 12. 2. There Are Two Effective Grounds Raised In This Appeal Which Reads As Under: 1. A) On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Addition To The Extent Of 12.5%, Being Profit Element Embedded In The Alleged Bogus Purchases Of Rs.2,66,19,848/-, Made By The 2 M/S. Bharat Wire Ropes Ltd. A.O. To The Income Of The Appellant On The Basis Of Information Of The Sales Tax Department About Suspicious Dealers.

firm engaged in the business of manufacturing of Wire & ire Ropes. Ld. AO made the addition on the basis of information received from the Investigation Wing of the Income Tax Department, Mumbai that the Sales Tax Department had recorded the statements of certain hawala operators who have confirmed to have ... furnish the supporting documentary evidence to support that the purchases were actually made by them such as transportation documents, inward register etc. The Investigation Wing of Mumbai had provided a list of hawala bill racketeers who were involved in issuing biils and also the list of beneficiaries. The Sales

DCIT Cent. Cir. - 1(3), Mumbai vs. Poonam Skyline Construction, Mumbai

direction given by the First Appellate Authority (FAA) to the AO to reduce the closing WIP proportionately .The AO had received information from the investigation wing that the assessee had entered into bogus transaction with 8 parties and the amount involved was Rs.87.66 lakhs.During the assessment proceedings the AO directed ... discretion of the Bench. We have heard the rival submissions and perused the material before us.We find that the AO received information from the investigation wing about bogus purchases made by the assessee,that he made further inquiries in that regard and disallowed the entire bogus purchase of Rs.87.66 lakhs

DCIT Cen Cir 1(3), Mumbai vs. Haresh R. Majethia, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri R C Sharma & Shri Ravish Soodassessment Year : 2006-07 Dcit Cen. Cir 1(3) Haresh R Majethia, Mumbai 7, Pathai Niwas, N S Road, Vs. Mulund (W) Mumbai 400 080 Pan Aeqpm5542P (Appellant) (Respondent)

this addition were explained as follows: (1) Shri Mahesh Bapat Rs. 35,000/- The addition has been made on the basis that the Investigation Wing had carried out enquiry and statement u/s 131 was recorded from certain parties where they have denied advancing any loan to the appellant