DY. COMMISSIONER OF INCOME TAX -5(2)(1), MUMBAI, MUMBAI vs. NAKODIAM DIAMONDS PRIVATE LIMITED, MUMBAI

In the result, all the appeals of the revenue are dismissed

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhan, Juducial Member

bogus purchases at par with addition made on the estimated basis in the referred judgements ignoring the fact that the Hon'ble Allahabad High Court in the case of ITO Vs. RK Brothers (2003) 87 ITD 649(Al) wherein it was held that concealment of income apparent from records, penalty for concealment can be imposed even on the basis

VARDHA ENTERPRISES PRIVATE LIMITED,MUMBAI vs. ACIT, CENTRAL CIRCLE- 4(3), MUMBAI

In the result, appeal of the revenue vide ITA Nos

bogus and non-genuine accommodation entries. During the year\nthe aseeessee had made following transactions with such entities:\nSl. No\nParty Name\nAmount\n1\nAAKAARS\n2,68,040\n2\nAKAR MARBLE IND\n13,99,031\n3\nAKAR MARBLE & GRANITE\n30,35,241\n4\nANKIT PAINTS\n7,49,546\n5\nFALGUNI ENTERPRISES\n3,54,170\n6\nGENESIS SYSTEMS & SOLUTION

JAYANTILAL RAJMAL SETH,MUMBAI vs. DCIT-CC-4(3), MUMBAI, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19 Jayantilal Rajmal Seth, Dcit-Cc-4(3), A-3, Saibaba Shopping Centre, Bkc, Mumbai-400051. Mumbai Central, Vs. Mumbai-400008. Pan No. Agepj 0499 E Appellant Respondent

292C is a rebuttable presumption. However, in instant case, there is no uttable presumption. However, in instant case, there is no uttable presumption. However, in instant case, there is no contrary documents found in custody of the assessee or anywhere contrary documents found in custody of the assessee or anywhere contrary documents found in custody of the assessee or anywhere

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S HAZEL MERCANTILE LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

HAZEL MERCANTILE LTD.,MUMBAI vs. DCIT , CC- 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S HAZEL MERCANTILE LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

purchase and sales through banking channel and through recognized exchanges cannot be enough to prove the genuineness of the transaction. d) Investment in nondescript company by way of preferential allotment and the financials of the company did not justify the investment and large-scale price fluctuation confirmed by the accommodation entry providers proves that the Long Term Capital Gain earned