SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

gain/ short term capital loss. For preparing this cash trail loss. For preparing this cash trail Investigation Wing, Kolkata has followed the money movement from Investigation Wing, Kolkata has followed the money movement from Investigation Wing, Kolkata has followed the money movement from undisclosed proprietorship accounts, where cash is being deposited

DCIT, CIRCLE-2(1)(1), MUMBAI, MUMBAI vs. M/S KUNDAN JEWELLERS PVT LTD , MUMBAI.

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaledcit, Circle – 2(1)(1) Vs. M/S. Kundan Jewellers Room No. 561, 5Th Floor Pvt Ltd Aayakar Bhavan, Mk 223, Sm Patil Bldg, Sv Road, Mumbai – 400 020 Road, Andheri (W), Mumbai – 400058. Pan/Gir No. : Aabck5770H Appellant .. Respondent Appellant By : Mr.Nihar Ranjan Samal.Dr Respondent By : Mr.Siddharth Kothari.Ar Date Of Hearing 19.05.2023 Date Of Pronouncement 29 .05.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The National Faceless Appeal Centre (Nfac)/Cit(A), Delhi Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

gainfully relied on to adjudicate the issue and to do the required justice. In this case of ACIT Central Circle- Visakhapatnam vs. Heera Panna Jewellers decided by Ld. ITAT, Bench Visakhapatnam it was held "......that assessee had explained source of said amount in question as sales, produced sale bills and admitted same as revenue receipt as well as offered

TATA SONS LTD,MUMBAI vs. CIT 2, MUMBAI

In the result, appeal of the assessee is allowed

capital loss or not.\nThe Hon'ble High Court held that consequent to assessee's\ndefault in not paying the balance of money on allotment, its right\nin the shares stood extinguished on its forfeiture and the loss\nsuffered by the assessee, i.e., non-recovery of share application\nmoney is consequent to the forfeiture of its right in the shares

ACIT 28 (2), MUMBAI vs. SMT. PUNITA SANJAY BIDRA , MUMBAI

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2012-13 Acit-28(2), Smt. Punita Sanjay Bindra, Room No. 307, 3Rd Floor, Tower 505-506, Kesar Solitaire, 5Th Vs. No. 6, Vashi Railway Station Floor, Sanpada, Plot No. 5, Complex, Vashi, Sector-19, Navi Mumbai-400703. Navi Mumbai-400705. Pan No. Acspb 2454 M Appellant Respondent

capital gain. The Assessing Officer however held that the assessee did not satisfy The Assessing Officer however held that the assessee did not satisfy The Assessing Officer however held that the assessee did not satisfy the conditions required for claiming deduction under section 54F of the conditions required for claiming deduction under section 54F of the conditions required for claiming

FAROOQ ABDULLA MERCHANT,MUMBAI vs. ITO 23 (1)(4), MUMBAI

In the result, Ground No. V raised by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Blefarooq Abdulla Merchant V. Income Tax Officer- Ward – 23(1)(4) Matru Mandir, Tardev Road A-1401, Poseidon Tower Mumbai – 400 007 Versova, Yari Road Above Indian Bank, Versova Andheri (W), Mumbai - 400061 Pan: Ahupm7426K (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punamiya Department Represented By : Smt. Vranda U. Matkarni

deposited enclosed in Paper in nationalized bank as required book unutilized capital gain chargeable under section 45 is to be offered for tax only in previous year in which period of three years from date of transfer of original asset expires - Held, yes - Whether letter 'a' in expression' a residential house', used in section 54 should not be construed

HIMMATLAL KANHAIYALAL JAIN,MUMBAI vs. PCIT, MUMBAI-41, MUMBAI

In the result, appeal filed by the Assessee stands allowed

Bench: Shri Narender Kumar Choudhryshri Prabhash Shankarassessment Year: 2017-18

cash deposits corresponding to sales of goods had been credited to audited P & L account and income thereon had been offered to tax. As the order passed u/s 143(3) is not erroneous in so far not prejudicial to the interest of the revenue and since both limbs expressly provided in Sec. 263 are missing, accordingly the proceeding

VERITAS (INDIA) LTD,MUMBAI vs. DCIT - CC- 5(1), MUMBAI

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

deposits as stated above on the ground that in respect of these additions, no material was found during the search carried out u/s.132 and also on the ground that for all the A.Ys. under consideration, the returns filed by the assessee before the search had been processed u/s. 143(1)(a) of the Act. It was also held that

JT. CIT (OSD) ,CC - 5(1), MUMBAI vs. VERITAS INDIA LTD., MUMBAI

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

deposits as stated above on the ground that in respect of these additions, no material was found during the search carried out u/s.132 and also on the ground that for all the A.Ys. under consideration, the returns filed by the assessee before the search had been processed u/s. 143(1)(a) of the Act. It was also held that

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

deposit, it was also not on account of share application money, and the said amount was on account of sale of investment therefore the provisions of Section 68 of the Act were not applicable. Meenu Goel vs. ITO (ITAT Delhi) March 19, 2018 (Date of pronouncement) Capital gains from penny stocks cannot be assessed as unexplained cash

MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

deposits on ground that it was a genuine transaction pf purchase of shares through stock broker 'D' and also the sale thereof through \"K\" and the assesse had assessed the genuine long term capital gain.\n\nIt was held by the High Court that on the basis of the documents produced by the assesse in appeal. The commissioner [appeals], recorded

JT CIT (OSD), CC-3(1), MUMBAI vs. VALLABHBHAI PARSOTTAMBHAI SURANI, SURAT

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blejt. Commissioner Of Income Tax (Osd) V. Vallabhbhai Parsottambhai Surani Central Circle – 3(1) 1, Sundaram Bunglow Room No. 1924, 19Th Floor Lambe Hanuman Road Air India Building, Nariman Point Opp. Saiffe Society Mumbai – 400 021 Gujrat - 395006 Pan: Ajyps2262F (Appellant) (Respondent) C.O. No.164/Mum/2021 [Arising Out Of Ita No. 498/Mum/2021 (A.Y: 2007-08)] Vallabhbhai Parsottambhai Surani V. Jt. Commissioner Of Income Tax (Osd) 1, Sundaram Bunglow Central Circle – 3(1) Room No. 1924, 19Th Floor Lambe Hanuman Road Air India Building, Nariman Point Opp. Saiffe Society Mumbai – 400 021 Gujrat - 395006 Pan: Ajyps2262F (Appellant) (Respondent) Assessee Represented By : Shri Bharat Kumar Department Represented By : Dr. Mahesh Akhade

Capital Gains, House Property and Other Sources. The Assessee had filed his Original Return of Income for the year under consideration u/s. 139(1) on 31.3.2008 declaring total Income of ₹.31,62,790/-. A search action u/s. 132 of the Act was conducted by the DDIT (Inv.), Unit – VII, Mumbai in the case of J.B. Diamond Group on 29.10.2010 including

BHAVANA LALIT JAIN,NAVI MUMBAI vs. INCOME TAX OFFICER, WD-15(1)(1), MUMBAI

The appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shriraj Kumar Chauhan, Jm

deposited in respondent’s bank account. In view thereof, the CIT(A) found there was no reason to add the capital gains as unexplained cash

SHAILY PRINCE GOYAL,MUMBAI vs. INCOME TAX OFFICER-27(3)(1), NAVI MUMBAI

In the result, the appeal of the assessee Shri Yogesh Popatlal Thakkar in ITA No

cash transaction. 1.4. That on the facts and circumstances of the case and in law the Ld. NFAC has erred in relying on the various case laws and observations which are not applicable to the facts of the appellant hence addition confirmed by the NFAC contrary to the ratio laid down by the jurisdictional High Court and Tribunal, the addition

NITESH RAJHANS SINGH,MUMBAI vs. THE INCOME TAX OFFICER -26(2)(3), MUMBAI

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

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

deposited in respondent's bank account. In view thereof, the CIT[A] found there was no reason to add the capital gains as unexplained cash

ITO-28.3.1, NAVI MUMBAI vs. SEEMA NARENDRA BAPNA, NERUL

In the result both the grounds of appeal are dismissed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm A.Y.2014-15 Ito,28.3.1, Seema Narendra Bapna, Mumbai Flat No.A 2701, Plot No. R3 B Emerald Bay, Sector Vs. 14 Nerul, Navi Mumbai, Thane 400706

cash credit and therefore addition under section 68 of the income tax act was made. He further assumed a commission at the rate of 5% of the long-term capital gain amounting to Rs. 1,182,617 for obtaining the accommodation entry under section 69C of the act. 8. Accordingly, the total income of the assessee was assessed

SHRI YOGESH P. THAKKAR,PANVEL vs. THE DCIT , CC-3(4) , MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

depositions or that the investigation has revealed the name of the assessee to be the beneficiary of accommodation entries provided by the operator. f. The claim of the assessee is well backed by cheque payment reflected in the bank statement, delivery of shares reflected in the Demat Statement and the transaction reflected in the Balance Sheet for the year ended

SHRI YOGESH P.THAKKAR,MUMBAI vs. THE DCIT CC-3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

depositions or that the investigation has revealed the name of the assessee to be the beneficiary of accommodation entries provided by the operator. f. The claim of the assessee is well backed by cheque payment reflected in the bank statement, delivery of shares reflected in the Demat Statement and the transaction reflected in the Balance Sheet for the year ended

SMT HARHSA NITIN THAKKAR,MUMBAI vs. THE DY. CITI CENT. CIR -3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

depositions or that the investigation has revealed the name of the assessee to be the beneficiary of accommodation entries provided by the operator. f. The claim of the assessee is well backed by cheque payment reflected in the bank statement, delivery of shares reflected in the Demat Statement and the transaction reflected in the Balance Sheet for the year ended