AJAY JAIN,GURGAON vs. ACIT CIRCLE-63(1), NEW DELHI

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

Bench: Shri Kul Bharat[Assessment Year : 2011-12] Ajay Jain, Vs Acit, W2A026, Wellingtom Estate, Dlf Circle-63(1), City, Phase-5, Gurgaon-122009. New Delhi. Pan-Aagpj8481L Appellant Respondent Appellant By S/Shri Ved Jain, Adv. & Ms. Supriya Mehta, Ca Respondent By Shri Sanjay Nargas, Sr.Dr Date Of Hearing 16.02.2023 Date Of Pronouncement 07.03.2023

reassessment proceedings initiated by the learned AO without obtaining approval of the prescribed authority under the Act is bad in law and liable to be quashed. 10. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law, in confirming the addition of Rs. 38,79,684/- on account

HINDUSTAN AQUA LTD.,NEW DELHI vs. DCIT, CIRCLE- 12(1), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh & Shri Yogesh Kumar Usm/S. Hindustan Aqua Ltd, Vs. Dcit, 25, Bazar Lane, Bengali Circle-12(1), Market, New Delhi New Delhi (Appellant) (Respondent) Pan: Aaach3298J

reassessment proceedings and observed that the assessee had indeed taxable business profits in Asst Years 2008-09 and 2009-10 and accordingly the business loss of Asst Year 2005-06 should have been set

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT CC-2 , FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

INFRA ENGINEERS LTD.,GURGAON vs. DCIT, CC-2, FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. CCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

A2Z MAINTENANCE & ENGINEERING SERVICES LTD.,GURGAON vs. DCIT, CENTRAL CIRCLE-II, FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

A2Z INFRA ENGINEERING LIMITED,GURGAON vs. DCIT- CENTRAL CIRCLE-2, FARIDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

DCIT-CENTRAL CIRCLE-2, FARIDABAD vs. A2Z INFRA ENGINEERS LTD., GURGAON

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

DCIT CC-2 , FARIDABAD vs. A2Z MAINTENANCE AND ENGINEERING SERVICES LTD., GURGAON

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

loss of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1). This amendment will take effect retrospectively

INCOME TAX OFFICER, WARD 43(6), NEW DELHI vs. MUNISH BAJAJ AND SONS HUF, DELHI

Bench: Ms. Madhumita Roy & Shri Manish Agarwalassessment Year: 2010-11

set off/adjust speculation business loss of Rs.3,47,97,111/- against income earned from undisclosed sources of Rs.4,03,83,930/-'. First, no particulars were concealed by the assesse and there is no omission any alleged information on the part of the assesse. All disclosures as required by law, were made by the assesse in his return as well

RISHI GOYAL,NEW DELHI vs. DCIT, NEW DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

set-off of carry forward Short Term Capital Loss incurred by the assessee in Assessment Year 2009-10 and reassessed

ANAVYA INVESTMENTS PVT. LTD.,NEW DELHI vs. ITO WARD-2(4), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri C. N. Prasad & Shri M. Balaganeshm/S. Anavya Investments Pvt. Ltd, Vs. Ito, C/O. Sanjay & Sanjay, A-1-A, 14B, Ward-2(4), Janakpuri, New Delhi New Delhi (Appellant) (Respondent) Pan:Aahc4820A Assessee By : Shri Sanjay Garg, Ca Shri Akarsh Garg, Adv Revenue By: Shri Kanv Bali, Sr. Dr Date Of Hearing 11/01/2024 Date Of Pronouncement 08/04/2024

set off these profits against huge losses. 3. As per the above information and list of beneficiaries provided therein, it is seen that the assessee company is one such beneficiary who has availed of such non-genuine client code modification services from brokers M/s. Anavya Investments Pvt. Ltd and booked net non-genuine losses to the tune of Rs.46

RAKESH KUMAR GUPTA,DELHI vs. LD. ITO, WARD 35(1), DELHI, DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2021-22] Rakesh Kumar Gupta, Income Tax Officer, Ward-35(1), B-2/38, Ground Floor, E-2, Civic Centre, Delhi-110002 Ashok Vihar, Phase-Ii, Vs Delhi-110052 Pan-Aafhr8657H Appellant Respondent

loss, the amount of tax calculated on the under- reported income as if it were the total income; (c) in any other case, determined in accordance with the formula— (X-Y) where, X = the amount of tax calculated on the under-reported income as increased by the total income determined under clause (a) of sub- section (1) of section

GLOBUS POWER GENERATION LTD (FORMELY KNOWN AS CUMULATIVE INVESTMENTS & TRADING CO. PVT LTD),NEW DELHI vs. ACIT CIRCLE-6(2), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri C.M. Garg & Shri M. Balaganeshglobus Power Generation Ltd Vs. Acit, (Formerly Known As Cumulative Circle-6(2), Investments & Trading Co. Pvt. Ltd, New Delhi A-60, Naraina Industrial Area, Phase-1, New Delhi-110028 (Appellant) (Respondent) Pan: Aaacg6734E

set off these profits against huge losses. 3. As per the above information and list of beneficiaries provided therein, it is seen that the assessee company is one such beneficiary who has availed of such non-genuine client code modification services from brokers and booked net non-genuine losses to the tune of Rs.46

SUKSHAM FINLEASE & INVESTMENT P.LTD,NEW DELHI vs. ITO, WARD-24(3), NEW DELHI

In the result, appeal of the assessee is allowed

set off these\nprofits against huge losses.\n3. As per the above information and list of beneficiaries provided therein, it is\nseen that the assessee company is one such beneficiary who has availed of\nsuch non-genuine client code modification services from brokers and booked\nnet non-genuine losses to the tune of Rs.46

PREET INTERNATIONAL PVT LTD,NEW DELHI vs. ACIT CIRCLE-20(1), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh & Shri Vimal Kumarpreet International Pvt. Ltd, Vs. Acit, 240, Ff, Dda Office Complex Circle-20(1), Cycle Market, Jhandewalan New Delhi Extn, New Delhi (Appellant) (Respondent) Pan: Aaaco9321J Assessee By : Shri Ved Jain, Adv Ms. Supriya Mehta, Ca Revenue By: Shri Vivek Vardha, Sr. Dr Date Of Hearing 05/06/2024 Date Of Pronouncement 28/08/2024

set it off against contrived losses through CCM. An important finding of the survey is trend analysis The trend analysis show that the profits are shifted out when the person is original client and losses are shifted in when the client is modified client. This trend show that the CCM has been carried out for nongenuine purposes in the case

JOGINDER PAL SINGH,NEW DELHI vs. ITO WARD 16(4), NEW DELHI

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

set off the loss against their profits with a view to reduce their tax liability by misusing the Client Code Modification facility in F&O Segment from the broker M/s Integrated Master Securities Pvt. Ltd. during the FY -2009-10 relevant to AY-2010-11. Therefore, the aggregate reduction in the income of the assessee comes to Rs.20

SUCCESS INTERNATIONAL,NEW DELHI vs. ITO WARD- 51(4), NEW DELHI

The appeal is allowed

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmasuccess International, Vs. Ito, C/O. Raj Kumar & Associates, Ward-51(4), Ca L-7A, )Lgf), South Extn, New Delhi Part-Ii, New Delhi (Appellant) (Respondent) Pan: Aaxfs3915K

loss which has been set off against business income. Return declaring an income of Rs. 7,99,750/- was filed on 24.09.2009. The Ld. AO has initiated the reassessment