M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed

68 of the Act and also the commission income estimated by\nlearned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in\nassessee's appeal are allowed, while grounds no.1-2 raised in Revenue's\nappeal are dismissed.\n20. The issue arising in ground no.5, raised in assessee's appeal, pertains to\ndisallowance of provision for standard

M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

68 of the Act and also the commission income estimated by\nlearned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in\nassessee's appeal are allowed, while grounds no.1-2 raised in Revenue's\nappeal are dismissed.\n\n20. The issue arising in ground no.5, raised in assessee's appeal, pertains to\ndisallowance of provision

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

68 of the Act and also the commission income estimated by\nlearned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in\nassessee's appeal are allowed, while grounds no.1-2 raised in Revenue's\nappeal are dismissed.\n20. The issue arising in ground no.5, raised in assessee's appeal, pertains to\ndisallowance of provision for standard

SHRI RENUKAMATA MULTI-STATE CO-OPERATIVE URBAN SOCIETY LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(4), MUMBAI

68 of the Act and also the commission income estimated by\nlearned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in\nassessee's appeal are allowed, while grounds no.1-2 raised in Revenue's\nappeal are dismissed.\n20. The issue arising in ground no.5, raised in assessee's appeal, pertains to\ndisallowance of provision for standard

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

Section 68 of the I.T. Act which assessee has failed to do so. Without fulfillment of the onus cast u/s. 68 of the I.T. Act, the CIT(A) has allowed relief to the assessee which is prejudicial to the interest of revenue. In view of the discussion in the pre paragraphs it is humbly requested that the order

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

Section 68 of the I.T. Act which assessee has failed to do so. Without fulfillment of the onus cast u/s. 68 of the I.T. Act, the CIT(A) has allowed relief to the assessee which is prejudicial to the interest of revenue. In view of the discussion in the pre paragraphs it is humbly requested that the order

DCIT-42(1)(1), MUMBAI vs. SRI UDAY GHANSHYAM NAIK, MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

Section 68, observing that the lenders were bereft of financial capacity, that the transactio bereft of financial capacity, that the transactions were devoid of any ns were devoid of any commercial rationale, and that no interest had been paid thereon. commercial rationale, and that no interest had been paid thereon. commercial rationale, and that no interest had been paid thereon

UDAY GHANSHYAM NAIK ,MUMBAI vs. ITO CIRCLE 42(1)(1), MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

Section 68, observing that the lenders were bereft of financial capacity, that the transactio bereft of financial capacity, that the transactions were devoid of any ns were devoid of any commercial rationale, and that no interest had been paid thereon. commercial rationale, and that no interest had been paid thereon. commercial rationale, and that no interest had been paid thereon

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

Section 68 of the I.T. Act which\nassessee has failed to do so. Without fulfillment of the onus\ncast u/s.68 of the I.T. Act, the CIT(A) has allowed relief to the\nassessee which is prejudicial to the interest of revenue. In\nview of the discussion in the pre paragraphs it is humbly\nrequested that the order

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

Section 68 of the I.T. Act which\nassessee has failed to do so. Without fulfillment of the onus\ncast u/s.68 of the I.T. Act, the CIT(A) has allowed relief to the\nassessee which is prejudicial to the interest of revenue. In\nview of the discussion in the pre paragraphs it is humbly\nrequested that the order

ITO 28 (1)(1), MUMBAI vs. GAHLOT CONSTRUCTION, MUMBAI

In the result, the appeal of the revenue & CO of the assessee is dismissed

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T. A. No. 2475/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2008-09) Ito-28(1)(1) बिधम/ M/S. Gahlot Construction Room No. 329, Tower No. Plot No-28A, Gahlot Vs. 6, 3Rd Floor, Vashi Railway Complex, Sector-10, Station, Navi Mumbai- Nerul, Navi Mumbai- 400703. 400703. Cross Objection No. 82/Mum/2023 Arising Out Of I.T.A. No.2475/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Gahlot Construction बिधम/ Ito-28(1)(1) Plot No-28A, Gahlot Room No. 329, Tower Vs. No. 6, 3Rd Floor, Vashi Complex, Sector-10, Nerul, Navi Mumbai-400703. Railway Station, Navi Mumbai-400703. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaofm5698J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Ms. Ritika Agarwal Revenue By: Shri Raj Singh Meel (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 30/01/2024 घोषणा की तारीख /Date Of Pronouncement: 23/02/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue; & The Assessee Has Filed A Cross Objection (Co) Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [Hereinafter Referred To As The “Cit(A)”] Dated 30.10.2021 For The Ay. 2008-09. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) Deleting The Addition Of Rs.5 Cr Which Was Added By The

section 68 of the Act, we find that the assessee had taken a loan of Rs.2.5 cr from M/s. Mohit International & Rs.2.5 cr from M/s. Natasha Enterprises. And when called upon by the AO to prove the “nature & source” of the credit entry of Rs.5 cr, the assessee filed (i) PAN number (ii) Copies of the returns of income

MAHENDRA H. SHAH ,MUMBAI vs. ITO - WARD- 4 (1)(3), MUMBAI

Bench: Shri C.N. Prasad, Hon’Bleshri Mahendra H. Shah V. Income Tax Officer – 4(1)(3) 6Th Floor, Aayakar Bhavan C/O. The Presscopper Industries M.K. Road, Mumbai - 400020 175, Kika Street Mumbai – 400004 Pan: Aafps0929R (Appellant) (Respondent)

section 68 merely relying on the statement of an alleged entry operator where identity, creditworthiness of the lender and genuineness of transaction was proved. 8. It is a settled law that it is mandatory for the Ld. AO to confront the assessee with any material collected by the Assessing Officer at the back of the assessee, and in case

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

68 of the Act and also the commission income estimated by learned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in assessee’s appeal are allowed, while grounds no.1-2 raised in Revenue’s appeal are dismissed. 20. The issue arising in ground no.5, raised in assessee’s appeal, pertains to disallowance of provision for standard

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

68 of the Act and also the commission income estimated by learned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in assessee’s appeal are allowed, while grounds no.1-2 raised in Revenue’s appeal are dismissed. 20. The issue arising in ground no.5, raised in assessee’s appeal, pertains to disallowance of provision for standard

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)

68,890/-. The assessee's assessment was completed u/s. 143 (3) of the Income-tax Act, 1961 ('the Act') dated 15.03.2014, assessing an income of 2 M/s.Tulip Hotels Pvt.Ltd., Rs.61,16,28,856/-. The A.O. while completing the assessment made the following additions:- 1. Disallowance u/s.14A of the Act of Rs. 11,31,075/- 2. Non-acceptance of the assessee

ITO 19(2)(3), MUMBAI vs. MEENAKSHI N SHAH, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2007-08 Dcit 5(2)(2) Meridian Chem Bond Mumbai Purchase Ltd., बनाम/ 903 Raheja Centre, Free Vs. Press Journal Marg, Nariman Point, Mumbai 400 021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. Aaacr1789G

section the initial burden of proof lies on the assessee. Amount appearing in the books of alcs. of the assessee is considered a proof against him. He can prove the identity 10 Meridian Chem Bond P Ltd. & Meenakshi N Shah ITA No.7385 & 7082/Mum/2016 & C.O. No.86 & 85/Mum/2018 of the creditors by either furnishing their PANs or assessment orders. Similarly, genuineness

DCIT- CIRCLE- 1, THANE vs. DARSHAN ENTERPRISES , THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act cannot be used by the AO to charge the credit appearing in the books of the assessee as income for taxation. 30. Coming back to the present case in hand, the issue is regarding addition of loan u/s 68 of the Act by the AO which was deleted by Ld CIT(A) which impugned action

DCIT- CIRCLE- 1 , THANE vs. DARSHAN ENTERPRISES, THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act cannot be used by the AO to charge the credit appearing in the books of the assessee as income for taxation. 30. Coming back to the present case in hand, the issue is regarding addition of loan u/s 68 of the Act by the AO which was deleted by Ld CIT(A) which impugned action