DEPUTY COMMISSIONER OF INCOME TAX, DELHI vs. M/S VESTIGE MARKETING PRIVATE LIMITED, DELHI

Bench: Shri Before Shri Satbeer Singh Godarabefore Shri Before Shri Satbeer Singh Godarasatbeer Singh Godara & Satbeer Singh Godara & And & Shri Naveen Chandra Shri Naveen Chandra, , , Shri Naveen Chandra Shri Naveen Chandra

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

THE COMMISSIONER OF INCOME TAX vs. M.S.AGGARWAL

bogus and undisclosed income. Rs.1,80,000/- statedly paid as commission to arrange the gifts was added to treat Rs.61,80,000/- as undisclosed income. 14. Block assessment order refers to incriminating documents found and seized during the course of search and observed that the respondent /assessee had unaccounted business turnover of Rs.26,35,25,144/- from the six benami

DCIT CENTRAL CIRCLE-20 , DELHI vs. BHAGWATI DEVELOPERS PVT. LTD. , KOLKATA

The appeals of the Revenue are dismissed and the appeal of the assessee stands allowed

Bench: Dr. Brr Kumar & Shri Anubhav Sharmaassessment Year: 2016-17 Peerless Consultancy Services Vs Acit, Pvt. Ltd., Kolkata, Central Circle-16, C/O Rc Rai & Associates, New Delhi. 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year: 2016-17 Acit, Peerless Consultancy Services Central Circle-16, Pvt. Ltd., Kolkata, New Delhi. C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year : 2016-17 Acit, Gajanand Development Ltd. Central Circle-16, Kolkata, New Delhi C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aabcg0151G

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

ACIT CENTRAL CIRCLE-16, NEW DELHI vs. VIJAYA FINANCE CORPORATION LTD, KOLKATA

The appeals of the Revenue are dismissed and the appeal of the assessee stands allowed

Bench: Dr. Brr Kumar & Shri Anubhav Sharmaassessment Year: 2016-17 Peerless Consultancy Services Vs Acit, Pvt. Ltd., Kolkata, Central Circle-16, C/O Rc Rai & Associates, New Delhi. 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year: 2016-17 Acit, Peerless Consultancy Services Central Circle-16, Pvt. Ltd., Kolkata, New Delhi. C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year : 2016-17 Acit, Gajanand Development Ltd. Central Circle-16, Kolkata, New Delhi C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aabcg0151G

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

ACIT CENTRAL CIRCLE-16, NEW DELHI vs. THE PEERLESS CONSULTANCY SERVICES PVT LTD, KOLKATA

The appeals of the Revenue are dismissed and the appeal of the assessee stands allowed

Bench: Dr. Brr Kumar & Shri Anubhav Sharmaassessment Year: 2016-17 Peerless Consultancy Services Vs Acit, Pvt. Ltd., Kolkata, Central Circle-16, C/O Rc Rai & Associates, New Delhi. 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year: 2016-17 Acit, Peerless Consultancy Services Central Circle-16, Pvt. Ltd., Kolkata, New Delhi. C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year : 2016-17 Acit, Gajanand Development Ltd. Central Circle-16, Kolkata, New Delhi C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aabcg0151G

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

ACIT CENTRAL CIRCLE-16, NEW DELHI vs. GAJANAND DEVELOPMENT LTD, KOLKATA

The appeals of the Revenue are dismissed and the appeal of the assessee stands allowed

Bench: Dr. Brr Kumar & Shri Anubhav Sharmaassessment Year: 2016-17 Peerless Consultancy Services Vs Acit, Pvt. Ltd., Kolkata, Central Circle-16, C/O Rc Rai & Associates, New Delhi. 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year: 2016-17 Acit, Peerless Consultancy Services Central Circle-16, Pvt. Ltd., Kolkata, New Delhi. C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year : 2016-17 Acit, Gajanand Development Ltd. Central Circle-16, Kolkata, New Delhi C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aabcg0151G

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

PEERLESS CONSULTANCY SERVICES PVT LTD,NEW DELHI vs. ACIT CENTRAL CIRCLE-16, NEW DELHI

The appeals of the Revenue are dismissed and the appeal of the assessee stands allowed

Bench: Dr. Brr Kumar & Shri Anubhav Sharmaassessment Year: 2016-17 Peerless Consultancy Services Vs Acit, Pvt. Ltd., Kolkata, Central Circle-16, C/O Rc Rai & Associates, New Delhi. 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year: 2016-17 Acit, Peerless Consultancy Services Central Circle-16, Pvt. Ltd., Kolkata, New Delhi. C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aacct0544M Assessment Year : 2016-17 Acit, Gajanand Development Ltd. Central Circle-16, Kolkata, New Delhi C/O Rc Rai & Associates, 203, 2Nd Floor, Akash Deep Building, 26A, Barakhamba Road, New Delhi. Pan: Aabcg0151G

158B(b) of the Act, it is at once clear that a statement recorded under Section 132(4) of the Act can be used in evidence for making a block assessment only if the said statement is made in the context of other evidence or material discovered during the search. A statement of a person, which is not relatable

DCIT, CC-31, NEW DELHI vs. REALTIME MARKETING PVT. LTD., DELHI

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

purchase of shares or refund of share application money in our opinion cannot be construed as incriminating since the entries are duly recorded in the books of account. The AO nowhere has disputed or challenged the above submission of the assessee before him as appears at page

DCIT- CC-31, NEW DELHI vs. REALTIME MARKETING PVT. LTD., DELHI

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

purchase of shares or refund of share application money in our opinion cannot be construed as incriminating since the entries are duly recorded in the books of account. The AO nowhere has disputed or challenged the above submission of the assessee before him as appears at page

DCIT, CC-31, NEW DELHI vs. ENN VEE HOLDINGS PVT. LTD., NEW DELHI

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

purchase of shares or refund of share application money in our opinion cannot be construed as incriminating since the entries are duly recorded in the books of account. The AO nowhere has disputed or challenged the above submission of the assessee before him as appears at page

DCIT, CC-31, NEW DELHI vs. ENN VEE HOLDINGS PVT. LTD., NEW DELHI

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

purchase of shares or refund of share application money in our opinion cannot be construed as incriminating since the entries are duly recorded in the books of account. The AO nowhere has disputed or challenged the above submission of the assessee before him as appears at page

DCIT, CENTRAL CIRCLE-1, GURUGRAM vs. PLATINUM TOWERS P.LTD, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

bogus purchases has also accepted the telescoping of personal expenses of the promoters/ directors aggregating to Rs. 16.43 crores. The relevant findings of the Settlement Commission read as under: "An action of Search / Survey was conducted on applicant u/s 132 of the Income Tax Act, 1962 (Act) on 17.02.2016. The applicant submitted letter dt. 11.3.2016 to Ld DD1T- Investigation Unit

DCIT, CENTRAL CIRCLE-1, GURUGRAM vs. DEEPAK KUMAR, GURGAON

In the result, the appeal of the revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kediaassessment Year: 2016-17 The Dcit, Central Circle-1, Gurugram, Deepak Kumar, Haryana 122016 H.No. 13/2, Dlf Phase-1, Lower Vs. Ground Floor, Gurugram, Haryana Pan Aaapk 4112 D (Appellant) (Respondent) For Revenue : Shri T. James Singson, Cit(Dr) For Assessee : Shri Parikshit Aggarwal, Ca Date Of Hearing : 11.05.2023 Date Of Pronouncement : 13.06.2023 Order Per Chandra Mohan Garg, J.M. This Appeal Has Been Filed Against The Order Of Cit(A)-34, New Delhi Dated 27.06.2019 For Ay 2012-13. 2. The Grounds Of Appeal Raised By The Revenue Are As Follows:- I) Whether On The Facts & In The Circumstances Of The Case, The Ld. Cit(4) Has Erred In Deleting The Penalty Us 271D Of The Act Relying On The Order Of The Hon 'Ble

bogus purchases has also accepted the telescoping of personal expenses of the promoters/ directors aggregating to Rs. 16.43 crores. The relevant findings of the Settlement Commission read as under: "An action of Search / Survey was conducted on applicant us 132 of the Income Tax Act, 1962 (Act) on 17.02.2016. The applicant submitted letter d. 11.3.2016 to Ld DD1T- Investigation Unit

PCIT (CENTRAL) - 3 vs. ANAND KUMAR JAIN (HUF)

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares

PCIT (CENTRAL) - 3 vs. ANAND KUMAR JAIN (HUF)

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares

PCIT (CENTRAL) - 3 vs. ANAND KUMAR JAIN (HUF)

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares

PCIT (CENTRAL) - 3 vs. ANAND KUMAR JAIN (HUF)

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares

PCIT (CENTRAL) - 3 vs. ANAND KUMAR JAIN (HUF)

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares