NARENDRA SHANTILAL BAPNA,NAVI MUMBAI vs. INCOME TAX OFFICER, WD-28(2)(3), MUMBAI, MUMBAI

In the result, appeal filed by the assessee stands allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarnarendra Shantilal Bapna V/S. Income Tax Officer, Ward – Flat No. A2501, Plot No. R3 बनाम 28(2)(3) B Emerald Bay, Sector 14, 4Th Floor, Tower No. 6, Vashi Nerul, Navi Mumbai – Station Complex, Vashi, Navi 400 706, Maharashtra Mumbai– 400703, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aclpb8458J Appellant/अपीलार्थी .. Respondent/प्रतिवादी

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned transaction is bogus, sham and part

SHRI BALKRISHNA GAJANAN THOPTE,THANE vs. DCIT CIR 2, KALYAN

In the result, appeal filed by the assessee is allowed

entry operator. Therefore, generation of\nLTCG through the process from purchase to receipt of cheque is\ntotally arranged and actually no capital gain arose, but assessee's\nown cash has been routed through different entities and ultimately\nreached to his hand by cheque in the disguise of sale proceeds of\nlisted security. Accordingly, the claim of assessee

NIKHIL ASHOK SHIVDIKAR,PAREL MUMBAI vs. INCOME TAX OFFICER 20 2 4 MUMBAI , LALBAUG PAREL

Bench: him.

bogus/accommodation entry of Long Term Capital Gains arising from purchase/sale of shares of Splash Media and Infra Ltd. During the assessment

SIRONA DENTAL SYSTEMS PRIVATE LIMITED ,MUMBAI vs. ACIT, CIRCLE 14(1)(2), MUMBAI

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI OMKARESHWAR CHIDARA ( (Accountant Member)

bogus/accommodation entry of Long Term Capital Gains arising from purchase/sale of shares of Splash Media and Infra Ltd. During the assessment

SHRI VIKRAM N. CHANDAN,MUMBAI vs. ITO, 19(3)(5), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2015-16

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned transaction is bogus, sham and part

CHHAYA KETAN MEHTA,MUMBAI vs. INCOME TAX OFFICER - 33(1)(3), MUMBAI

In the result, the appeal is allowed

capital gain declared by the assessee, viz.\nastronomical increase in the price of shares, weak fundamentals of the\nrelevant companies are based on mere conjectures.\n7.2. Reliance placed by the ld. Assessing Officer on the report of investigation\nwing without further corroboration based on cogent material does not justify\nthe conclusion that the impugned transaction is bogus, sham and part

MANOJ KUMAR AGARWAL HUF,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. Manoj Kumar Agarwal., AY 2015-16 & 2014-15 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that

MANOJ KUMAR AGARWAL,MUMBAI vs. INCOME TAX OFFICER, WD-10(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. Manoj Kumar Agarwal., AY 2015-16 & 2014-15 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that

REKHA RAJESH JOGANI,MUMBAI vs. ITO 19(3)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawalassessment Year: 2014-15

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned transaction is bogus, sham and part

ITO-24(3)(1),MUMBAI, PIRAMAL CHAMBER, MUMBAI vs. RAMA RAJIV JAGDALE, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Ms. Kavitha Rajagopal & Shri Girish Agrawalassessment Year: 2014-15

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. 7.2. Reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned transaction is bogus, sham and part

SALONI GIRRAJKISHOR AGRAWAL,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI

In the result, both the appeals of the assessee are allowed

Bench: Justice (Retd.) C. V. Bhadang & Shri Prabhash Shankarsaloni Girrajkishor Agrawal V/S. Income Tax Officer, Ward 1601/1602, Green Acre, बनाम –25(1)(1),Kautilya Bhavan, Lokhandwala Complex, Andheri Bandra Kurla Complex, (West), Mumbai – 400 053, Bandra (East), Mumbai – Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Anupa1692D Appellant/अपीलार्थी .. Respondent/प्रतिवादी

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. 10.3. Also, reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned transaction is bogus, sham

DHARMENDRA JAYANTILAL SHAH ,MUMBAI vs. ACIT-31(1), MUMBAI, MUMBAI

In the result, both the appeals of the assessee are allowed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. AYs 2013-14 & 2014-15 10.3. Also, reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned

DHARMENDRA JAYANTILAL SHAH,MUMBAI vs. ACIT-31(1), MUMBAI, MUMBAI

In the result, both the appeals of the assessee are allowed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

capital gain declared by the assessee, viz. astronomical increase in the price of shares, weak fundamentals of the relevant companies are based on mere conjectures. AYs 2013-14 & 2014-15 10.3. Also, reliance placed by the ld. Assessing Officer on the report of investigation wing without further corroboration based on cogent material does not justify the conclusion that the impugned

MR NILESH BHARANI,MUMBAI vs. DCIT CC 4(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No. 612/Mum/2020 (निर्धारणवर्ा / Assessment Year: 2011-12)

capital gains on sale shares of M/s DB International during F.Y 2010-11 and various persons have taken loan from the assessee and M/s Evergreen Enterprises. The reasons recorded by the AO reads as under:- Reasons for reopening of the assessment in case of Nilesh Bharani (PAR- AABPB4581G for AY 2011-12 u/s. 147 of the Act 1. The assessee

ITO 11(1)(2), MUMBAI vs. REALSTONE EXPORTS LTD, THANE

In the result, the appeal of revenue as well as cross-objection of the assessee are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.2993/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2011-12) Ito-11(1)(2) M/S. Realstone Exports बिधम/ Room No.202, Aayakar Limited Vs. Bhavan, M. K. Marg, C-204, 2Nd Floor, Vishal Mumbai-400020. Apartments, Taki Road, Tulij, Nallasopara (E), Thane, Maharashtra- 401209. Cross Objection No. 162/Mum/2019 Arising Out Of I.T.A. No.2993/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2011-12) M/S. Realstone Exports बिधम/ Ito-11(1)(2) Limited Room No.202, Aayakar Vs. C-204, 2Nd Floor, Vishal Bhavan, M. K. Marg, Apartments, Taki Road, Mumbai-400020. Tulij, Nallasopara (E), Thane, Maharashtra- 401209. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaccr8504K (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri S. H. Usmani (Dr) सुनवाई की तारीख / Date Of Hearing: 22/09/2022 घोषणा की तारीख /Date Of Pronouncement: 31/10/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Has Been Filed By The Revenue & Cross-Objection (Co) Of The Assessee Are Against The Order Of The Commissioner Of Income Tax (Appeals)-18, Mumbai Dated 25.01.2017 For A.Y.2011- 12. 2. The Grounds Of Appeal Raised By The Revenue Are As Under: -

gain comes with a cost. This cost is akin to commission being charged for services rendered which is in respect providing accommodation bill or entry. 41. As stated in the preceding paragraph, it is common knowledge that for providing accommodation entries, operators charge certain percentage of the quantum of transaction shown as their fees/ commission from the beneficiaries

CREATION PUBLICITY PVT. LTD.,MUMBAI vs. ACIT CIR. 2(1)(1), MUMBAI

In the result, appeal filed by the assessee for assessment year 2008-

Bench: Shri S. Rifaur Rahman (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2008-09 M/S Creation Publicity Pvt. Ltd., The Acit, First Floor, Parekh Vora Circel-2(1)(1), Chambers, 66, Mumbai Nagindas Master Road, Fort, Vs. Mumbai - 400001 Pan: Aabcc2192B (Appellant) (Respondent)

bogus/accommodation entries in order to enable the clients to claim speculative profit/loss, short term Assessment Year: 2008-09 capital gain

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

bogus/accommodation entries and not rendered any services, therefore, it could safely be concluded that the assessee had suppressed its profits in the garb of bogus expenses booked on the basis of accommodation entries. The ld. D.R submitted that as the assessee had consciously inflated the expenses with a clear intent to reduce its taxable income/enhance the loss, therefore

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

bogus/accommodation entries and not rendered any services, therefore, it could safely be concluded that the assessee had suppressed its profits in the garb of bogus expenses booked on the basis of accommodation entries. The ld. D.R submitted that as the assessee had consciously inflated the expenses with a clear intent to reduce its taxable income/enhance the loss, therefore

DCIT 3(3)(1), MUMBAI vs. RELIANCE GENERAL INSURANCE COMPANY LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Ita Nos. 7245 To 7249/Mum/2016 (निर्धारण वषा / Assessment Year:2007-08 To 2011-12) Dcit-3(3)(1), M/S Reliance General Room No.609, 6Th Floor, Insurance Company Ltd. बिधम/ Aayakar Bhavan, M.K. Road 570, Rectifier House, Naigum Mumbai-400 020 Cross Road, Next To Royal Vs. Industrial Estate, Mumbai-400 031 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aabcr6747B (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

bogus/accommodation entries and not rendered any services, therefore, it could safely be concluded that the assessee had suppressed its profits in the garb of bogus expenses booked on the basis of accommodation entries. The ld. D.R submitted that as the assessee had consciously inflated the expenses with a clear intent to reduce its taxable income/enhance the loss, therefore