“accommodation entry”

ITO-19(1)(1), Mumbai vs. Diajewel, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm Ito- 19(1)(1) Diajewel Room No.501, Piramal 303-B, 113 Aman Chambers, Chambers, Lalbaug Parel, M.Karve Road, Opera House, Vs. Mumbai-400 012 Mumbai-400 004 (Appellant) (Respondent) Pan No. Aabfd8623K : Shri Bhupendra Shah, Ar Assessee By Revenue By : Smt. Mahita Nair, Dr 14.05.2024 Date Of Hearing: 21.05.2024 Date Of Pronouncement :

DGIT(Inv.) had proved beyond doubt that the party M/s. Mayank Impex, a dummy entity of Rajendra Jain Group, who were involved in providing accommodation entry of Sales & purchases without actual delivery of goods and the assessee was one of the beneficiary who accepting accommodation entries for the purchases ... categorically stated that M/s. Mayank Impex, to whom the assessee claimed to have made purchases are managed and controlled by him for providing the accommodation entry only with no real business? 3. Whether on the facts and circumstances of the case and in law, Ld. CIT(A) is right

Sriman Stocks Managements Pvt Ltd, Mumbai vs. ITO Ward - 2(1), Thane

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

Bench: Shri Vikas Awasthy & Shri Amarjit Singh, Sriman Stocks Vs. Ito Ward-2(1) Management Pvt. Ltd. B Wing, Room No. 26, 302/B, Garden Court, 6Th Floor, Ashar It Park, Temba Hospital Road, Road No. 16, Wagle Bhayander West, Thane, Industrial Estate, Thane, Maharashtra – 401101 Maharashtra – 400604 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aancs3834N Appellant .. Respondent

Subsequently, on the basis of information received from the DDIT(Investigation) Unit 7(4), Mumbai that assessee has obtained accommodation entries from the bogus entities controlled and operated by Shri Vipul Bhatt, the assessing officer reopened the case by issuing of notice ... verification of the information received the assessing officer observed that assessee has taken accommodation entry of loan amount of Rs.4,30,000/- from M/s Lunkad Textiles Pvt. Ltd. during the year under consideration. The AO has stated that merely producing bank account and claiming that payment were made through banking

Aarti Impex, Mumbai vs. Assistant Commissioner of Income Tax 19(1), Mumbai

The appeal of the assessee is partly allowed

ignoring the fact that the DGIT (Inv.), had proved beyond doubt that Shri. Rajendra Jain group concerns were involved in providing accommodation entry of sales & purchases without actual delivery of goods and the assesse was one of the beneficiary accepting accommodation entries for the purchases of goods?" 2. "Whether

Shri Nilesh Haresh Parwani, Mumbai vs. The Assistant Commissioner of Income Tax-22(2), Mumbai

In the result, the appeal of the assessee is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhshri Nilesh Haresh Vs. The Assistant Parwani, 501, Chumchum Commissioner Of Income Saraswati Road, Tax-22 (2) Santacruz West, Room No. 315, Piramal Mumbai – 400 064 Chamber, Lalbaug, Mumbai – 400 012 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Angpp1224L Appellant .. Respondent Appellant By : Sanjay Parikh Respondent By : Anil Sant Date Of Hearing 08.03.2024 Date Of Pronouncement 15.05.2024 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Ld. Cit(A) Nfac For A.Y. 2014-15. The Assessee Has Raised The Following Grounds Before Us: “A. Addition/Disallowance Of Short Term Capital Loss Rs.1,62,91,466/- 1. The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Cit(A)] Erred On Facts & In Law In Confirming The Addition/Disallowance Of Short Term Capital Loss Of Rs. 1,62,91,466/- As Made By The Assistant Commissioner Of Income Tax, 22(2), Mumbai (Ao). 2. While Confirming The Addition/Disallowance Of The Said Loss, The Learned Cit(A) Erred In Holding That The Appellant Had Not Made Out A Case As To How Such Huge Ltcg/Stcl Has Accrued To The Appellant From Shares Of The Company Named Global Infratech Ltd.

mentioned about the detailed investigation carried out by the investigation wing. The AO has also elaborated about the modus operandi adopted for providing accommodation entries for bogus LTCG/STCL in the case of M/s Global Infratech & Finance Ltd. that in such type of arrangement the purchases of shares are made ... into the books as LTCG. For implementing this scheme, shares of some Penny Stock Companies were used. The same modus is adopted for providing accommodation entry of bogus loss. 2.1.3 In this scheme, the shares of the penny stock companies are acquired by the beneficiaries of LTCG at very

ACIT-191, Mumbai vs. Auro Exports, Mumbai

Appeal of the revenue is dismissed and cross objection by the assessee is also dismissed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bleacit – 19(1) V. M/S. Auro Exports Room No. 506, 5Th Floor 401, Mehta Mahal Piramal Chambers, Lalbaug Opp. Roxy Cinema, Charni Road Mumbai - 400012 Opera House, Mumbai – 400004 Pan: Aaafa9339G (Appellant) (Respondent)

ignoring the informative fact that the DGIT(Inv.), had proved beyond doubt that Mr. Bhawarlal Jain & his Group concerns were involved in providing accommodation entries of sales & purchases without actual delivery of goods and the assessee was one of the beneficiary who has accepting accommodation entries for the purchases ... categorically stated that those hawla entities/parties to whom the assessee claimed to have made purchases are managed and controlled by him for providing the accommodation entry only with no real business" 3 "Whether on the fact and in the circumstances of the case

Vinay Anil Lilani, Mumbai vs. Income Tax Officer 20(3)(4), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singh, Vinay Anil Lilani Vs. Income Tax Officer- 20(3)(4) 8/19 Mehul Apartments Room No. 511, 5Th Floor Kanti Nagar, J.B. Nagar Piramal Chambers, Lalbaug Andheri (E), Mumbai 400050 Parel, Mumbai 400051 Pan/Gir No. :Aappl0210L Appellant .. Respondent

Subsequently information was received from DIGT (Inv), Mumbai that as per the communication received from the Sales Tax Department, the assessee has obtained accommodation entries from certain parties who were providing bills of purchases without delivery of any goods. Therefore, the case of the assessee was reopened by issuing ... before us the Id. counsel for the assessee submitted that the AO has neither asked for information nor mentioned any party who has provided accommodation entries of Rs. 66,445/- to the assessee. He, however, submitted that there is no any invoices which reflect that the assessee has obtained

Vinisha Jitendra Adnani, Mumbai vs. ITO Ward 23(3), Mumbai

In the result, based on the above factual observations, proceedings carried out by the AO and further confirmed by the Ld

Bench: Shripavan Kumar Gadale & Shri Gagan Goyalvinisha Jitendra Adnani, 101/104, 1St Floor, Spenta, 3 Road, Khar West, Mumbai-400 052 Pan:Adhpa0316M ...... Appellant Vs. Nfac/Ito Ward 23(3)(6), Earnest House, Mumbai. ..... Respondent

Kolkata that the scrip namely Luminai Tech is penny stock scrip and in connivance with the promoters, brokers, entry operators and exit providers accommodation entry has been provided to various beneficiaries as Long-Term Capital Gain/ Short Term Capital Loss. Based on this information case of the assessee

DCIT-Circle 19.1, Income Tax vs. Concorde International, Mumbai

Accordingly, appeal filed by the AO is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Dcit Concorde International Circle 19(1) Ec-B2, 8010, Room No.506, 5Th Floor, Bharat Diamond House, Piramal Chamber, Vs. Bandra Kurla Complex, Lalbaug, Parel, Bandra (E), Mumbai-400 051 Mumbai-400 012 (Appellant) (Respondent) Pan No. Aabfc9865G Assessee By : Shri Sunil Hirawat, Ar Revenue By : Shri H.M. Bhatt, Dr Date Of Hearing: 25.04.2024 Date Of Pronouncement : 13.05.2024

ignoring the fact that the DGIT (Inv.), had proved beyond doubt that Shri Bhanwarlal Jain group concerns were involved in providing accommodation entry of sales & purchases without actual delivery of goods and the assesse was one of the beneficiary accepting accommodation entries for the purchases of goods? 2. "Whether ... action was conducted on 3/10/2023 on Bhawarlal Jain and group by DCIT (investigation), Mumbai. Based on this, the learned assessing officer received information that accommodation entries have been provided by various dealers operated by the accommodation entry provider to the assessee and assessee is also one of the beneficiaries from

Nawal Basudeo Agarwal, Mumbai vs. National Faceless Appeal Centre (NFAC), Delhi

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

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

Bombay Stock Exchange/National Stock Exchange, the shares could never have been transferred to demat account. Shri Mukesh Choksi may have been providing accommodation entries to various persons but so far as the facts of the case in hand suggest that the transactions were genuine and therefore, no adverse inference should ... penny stocks by the investigation wing of Income tax department. Accordingly, the AO has taken the view that the assessee herein has availed accommodation entry for generating bogus long term capital gains. We notice that the AO has not found fault with any of the evidences furnished by the assessee