PANKAJ ENTERPRISES,MUMBAI vs. JT CIT RG 25(3), MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

capital Now we come to the second issue of quantum of the capital gain to be taxed in the hand of the assessee gain to be taxed in the hand of the assessee, which has been raised , which has been raised by the revenue in ground No. by the revenue in ground No. 2 and 3 of the appeal

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

Capital Gain exempt under section 4,49,74,987/- 10(38) of the IT Act Share Demat A/c was at India Advantage Securities Ltd. Shares sold through India Advantage Securities Ltd. STT was paid. It is pertinent to not that the Ld. Assessing Officer has been very imprecise about  naming the operator (s) basis whom the investigation was carried

KALPNA MUKESH RUIA,MUMBAI vs. DCIT CC 2 (2), MUMBAI

The appeal stands dismissed

section 69C of Rs. 22,47,3217- on account of interest paid on alleged bogus loans taken in last year and loan taken from Saraf Nivesh Pvt. Ltd. during this year.- Rs. 6,96,670/-. 19. The Appellant craves leave to add to, alter or amend any ground before or at the time of hearing.- NIL 3. In the revenues

DY CIT CC 2 (2), MUMBAI vs. SMT. KALPANA MUKESH RUIA, MUMBAI

The appeal stands dismissed

section 69C of Rs. 22,47,3217- on account of interest paid on alleged bogus loans taken in last year and loan taken from Saraf Nivesh Pvt. Ltd. during this year.- Rs. 6,96,670/-. 19. The Appellant craves leave to add to, alter or amend any ground before or at the time of hearing.- NIL 3. In the revenues

LEKHRAJ JASRAJ JAIN ,MUMBAI vs. DCIT 19(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15

133A of the I.T. Act on vari operators who were indulging in trading in shares of penny stock operators who were indulging in trading in shares of penny stock operators who were indulging in trading in shares of penny stock companies. It was found during the search and survey that the operator companies. It was found during the search

VINOD L. GADHIYA,MUMBAI vs. DCIT CC5(3), MUMBAI

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

capital gain are arranged through these scrips by Shri Jagdish Purohit. The statement is reproduced in para 11.1 of the assessment order. The AO also referred to the statement of Shri Manoj Kumar Aggarwal whose statement was recorded under section 131 during the course of survey operation under section 133A

DEVANG BHUPENDRA SHAH,MUMBAI vs. INCOME TAX OFFICER 32(1)(4), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankardevang Bhupendra Shah, V/S. Income Tax Officer, Ward – B/9, Neminath Apt., बनाम 32(1)(4), Kautilya Bhavan, Shimpoli Road, Borivali Bandra Kurla Complex, West, Mumbai – 400 092, Bandra (East), Mumbai– Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadps1211L Appellant/अपीलार्थी .. Respondent/प्रतिवादी

capital gain on script M/s. Moryo Industries Ltd. (MIL) it was submitted that the assessee had purchased the 1,00,000 shares @25 per share through preferential allotment scheme from the company and he had paid Rs. 25.00,000- from its bank account on 16.10.2012 maintaining in ING Vysya bank by RTGS and said share allotted to assessee

ASHOK JASRAJ JAIN, HUF,MUMBAI vs. ACIT-19(1), MUMBAI

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

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2014-15 Ashok Jasraj Jain, Huf, Acit-19(1), 45/12, Rajkotwala Bldg., 2Nd Floor, Matru Mandir Bldg., 1St Carpenter Street, C.P. Tank, Vs. Tardeo Road, Mumbai-400 004. Mumbai-400 007. Pan No. Aaahj 0191 D Appellant Respondent Assessee By : Mr. Mehul Shah, Ar Revenue By : Mr. Manoj Sinha, Dr Date Of Hearing : 23/08/2022 Date Of Pronouncement : 31/10/2022

section 148 of the Act and consequent assessment is and consequent assessment is bad in law and deserve to be quashed. bad in law and deserve to be quashed. (b) There is no live link of the material relied upon and belief There is no live link of the material relied upon and belief There is no live link

DCIT 4(3)(2), MUMBAI vs. M/S.SHINANO RETAIL PRIVATE LIMITED, MUMBAI

In the result, the appeal of the Revenue is dismissed and the cross objection of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

capital gain on sale of shares of M/s. Eenadu Television Pvt. Ltd. which has been merged with the assessee. 4. The facts in brief are that the assessee filed the return of income on 29.09.2012 claiming loss of Rs.354,98,73,866/-. Thereafter, 8 companies were merged and amalgamated with the assessee company w.e.f. 01.04.2011 pursuant to scheme

MR. ANIL AGRAWAL (HUF),MUMBAI vs. DCIT, CENTRAL CIRCLE 3(4),, MUMBAI

The appeals stand partly allowed

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. Nos.5512-5516/Mum/2019 (धििाारण वर्ा / Assessment Years: 2010-11 To 2014-15) Mr. Anil Agrawal (Huf) Dcit-Central Circle-3(4) Room No.1915, 19Th Floor बिाम/ 2401-2402, Anmol Pride Off. Patel Auto, S.V. Road, Air India Building, Nariman Point Vs. Goregaon (W), Mumbai-400 062. Mumbai-400 021. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacha-9591-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue By : Shri Rajeev Harit-Ld. Cit-Dr Assessee By : Shri Rajiv Khandelwal & Shri Aakash Kumar-Ld. Ars सुनवाई की तारीख/ : 12/01/2021 Date Of Hearing घोषणा की तारीख / : 05/04/2021 Date Of Pronouncement आदेश / O R D E R Per Bench 1.1 Aforesaid Appeals By Assessee For Assessment Years (Ay) 2010-11 To 2014-15 Contest Separate Orders Of Learned First Appellate Authority. However, Facts & Issues Are More Or Less Similar. Therefore, The Appeals Were Heard Together & Are Now Being Disposed-Off By Way Of This Common Order For The Sake Of Convenience & Brevity. It Is Admitted Position That Adjudication In Any Year Would Substantially Apply To All The Other Years Also.

capital gain earned by the assessee was duly reflected in original return filed u/s 139(1) on 28/07/2010. Hence, this being non-abated assessment year, the returned income could not be disturbed in the absence of any incriminating material unearthed during the course of search action. 3.2 The Ld. CIT(A) noted that search action on Shri R.K.Kedia & others

MR. ANIL AGRAWAL (HUF),MUMBAI vs. DCIT, CENTRAL CIRCLE 3(4),, MUMBAI

The appeals stand partly allowed

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. Nos.5512-5516/Mum/2019 (धििाारण वर्ा / Assessment Years: 2010-11 To 2014-15) Mr. Anil Agrawal (Huf) Dcit-Central Circle-3(4) Room No.1915, 19Th Floor बिाम/ 2401-2402, Anmol Pride Off. Patel Auto, S.V. Road, Air India Building, Nariman Point Vs. Goregaon (W), Mumbai-400 062. Mumbai-400 021. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacha-9591-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue By : Shri Rajeev Harit-Ld. Cit-Dr Assessee By : Shri Rajiv Khandelwal & Shri Aakash Kumar-Ld. Ars सुनवाई की तारीख/ : 12/01/2021 Date Of Hearing घोषणा की तारीख / : 05/04/2021 Date Of Pronouncement आदेश / O R D E R Per Bench 1.1 Aforesaid Appeals By Assessee For Assessment Years (Ay) 2010-11 To 2014-15 Contest Separate Orders Of Learned First Appellate Authority. However, Facts & Issues Are More Or Less Similar. Therefore, The Appeals Were Heard Together & Are Now Being Disposed-Off By Way Of This Common Order For The Sake Of Convenience & Brevity. It Is Admitted Position That Adjudication In Any Year Would Substantially Apply To All The Other Years Also.

capital gain earned by the assessee was duly reflected in original return filed u/s 139(1) on 28/07/2010. Hence, this being non-abated assessment year, the returned income could not be disturbed in the absence of any incriminating material unearthed during the course of search action. 3.2 The Ld. CIT(A) noted that search action on Shri R.K.Kedia & others

MR. ANIL AGRAWAL (HUF),MUMBAI vs. DCIT, CENTRAL CIRCLE 3(4),, MUMBAI

The appeals stand partly allowed

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. Nos.5512-5516/Mum/2019 (धििाारण वर्ा / Assessment Years: 2010-11 To 2014-15) Mr. Anil Agrawal (Huf) Dcit-Central Circle-3(4) Room No.1915, 19Th Floor बिाम/ 2401-2402, Anmol Pride Off. Patel Auto, S.V. Road, Air India Building, Nariman Point Vs. Goregaon (W), Mumbai-400 062. Mumbai-400 021. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacha-9591-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue By : Shri Rajeev Harit-Ld. Cit-Dr Assessee By : Shri Rajiv Khandelwal & Shri Aakash Kumar-Ld. Ars सुनवाई की तारीख/ : 12/01/2021 Date Of Hearing घोषणा की तारीख / : 05/04/2021 Date Of Pronouncement आदेश / O R D E R Per Bench 1.1 Aforesaid Appeals By Assessee For Assessment Years (Ay) 2010-11 To 2014-15 Contest Separate Orders Of Learned First Appellate Authority. However, Facts & Issues Are More Or Less Similar. Therefore, The Appeals Were Heard Together & Are Now Being Disposed-Off By Way Of This Common Order For The Sake Of Convenience & Brevity. It Is Admitted Position That Adjudication In Any Year Would Substantially Apply To All The Other Years Also.

capital gain earned by the assessee was duly reflected in original return filed u/s 139(1) on 28/07/2010. Hence, this being non-abated assessment year, the returned income could not be disturbed in the absence of any incriminating material unearthed during the course of search action. 3.2 The Ld. CIT(A) noted that search action on Shri R.K.Kedia & others

MR. ANIL AGRAWAL (HUF),MUMBAI vs. DCIT, CENTRAL CIRCLE 3(4),, MUMBAI

The appeals stand partly allowed

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. Nos.5512-5516/Mum/2019 (धििाारण वर्ा / Assessment Years: 2010-11 To 2014-15) Mr. Anil Agrawal (Huf) Dcit-Central Circle-3(4) Room No.1915, 19Th Floor बिाम/ 2401-2402, Anmol Pride Off. Patel Auto, S.V. Road, Air India Building, Nariman Point Vs. Goregaon (W), Mumbai-400 062. Mumbai-400 021. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacha-9591-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue By : Shri Rajeev Harit-Ld. Cit-Dr Assessee By : Shri Rajiv Khandelwal & Shri Aakash Kumar-Ld. Ars सुनवाई की तारीख/ : 12/01/2021 Date Of Hearing घोषणा की तारीख / : 05/04/2021 Date Of Pronouncement आदेश / O R D E R Per Bench 1.1 Aforesaid Appeals By Assessee For Assessment Years (Ay) 2010-11 To 2014-15 Contest Separate Orders Of Learned First Appellate Authority. However, Facts & Issues Are More Or Less Similar. Therefore, The Appeals Were Heard Together & Are Now Being Disposed-Off By Way Of This Common Order For The Sake Of Convenience & Brevity. It Is Admitted Position That Adjudication In Any Year Would Substantially Apply To All The Other Years Also.

capital gain earned by the assessee was duly reflected in original return filed u/s 139(1) on 28/07/2010. Hence, this being non-abated assessment year, the returned income could not be disturbed in the absence of any incriminating material unearthed during the course of search action. 3.2 The Ld. CIT(A) noted that search action on Shri R.K.Kedia & others

MR. ANIL AGRAWAL (HUF),MUMBAI vs. DCIT, CENTRAL CIRCLE 3(4),, MUMBAI

The appeals stand partly allowed

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. Nos.5512-5516/Mum/2019 (धििाारण वर्ा / Assessment Years: 2010-11 To 2014-15) Mr. Anil Agrawal (Huf) Dcit-Central Circle-3(4) Room No.1915, 19Th Floor बिाम/ 2401-2402, Anmol Pride Off. Patel Auto, S.V. Road, Air India Building, Nariman Point Vs. Goregaon (W), Mumbai-400 062. Mumbai-400 021. स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacha-9591-E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Revenue By : Shri Rajeev Harit-Ld. Cit-Dr Assessee By : Shri Rajiv Khandelwal & Shri Aakash Kumar-Ld. Ars सुनवाई की तारीख/ : 12/01/2021 Date Of Hearing घोषणा की तारीख / : 05/04/2021 Date Of Pronouncement आदेश / O R D E R Per Bench 1.1 Aforesaid Appeals By Assessee For Assessment Years (Ay) 2010-11 To 2014-15 Contest Separate Orders Of Learned First Appellate Authority. However, Facts & Issues Are More Or Less Similar. Therefore, The Appeals Were Heard Together & Are Now Being Disposed-Off By Way Of This Common Order For The Sake Of Convenience & Brevity. It Is Admitted Position That Adjudication In Any Year Would Substantially Apply To All The Other Years Also.

capital gain earned by the assessee was duly reflected in original return filed u/s 139(1) on 28/07/2010. Hence, this being non-abated assessment year, the returned income could not be disturbed in the absence of any incriminating material unearthed during the course of search action. 3.2 The Ld. CIT(A) noted that search action on Shri R.K.Kedia & others

JITENDRA UDAYLAL JAIN,MAHARASHTRA vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

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

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawal

133A of the Act on the share brokers and has doubted the earning of long term capital gains on shares. Further the AO has issued the summons u/sec 131 of the Act on the assessee on 26.11.2008 and the statement was recorded. Further the AO find that there is no correlation of price rise and the financial/ fundamental statements

DCIT 22(2), NAVI MUMBAI vs. RAJESH BUILDERS, MUMBAI

In the result, appeals of assessee in ITA Nos

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

capital gain for AY 2004-05. However, in AY 2005-06, the Tribunal took a different view in assessee’s own case and held that the profit on sale of plot of land is to be assessee as business income. It means there are two view possible and once there are two views possible, the revision under section

RAJESH BUILDER,MUMBAI vs. CIT 22, MUMBAI

In the result, appeals of assessee in ITA Nos

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

capital gain for AY 2004-05. However, in AY 2005-06, the Tribunal took a different view in assessee’s own case and held that the profit on sale of plot of land is to be assessee as business income. It means there are two view possible and once there are two views possible, the revision under section

RAJESH BUILDER,MUMBAI vs. DCIT 22(2), MUMBAI

In the result, appeals of assessee in ITA Nos

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

capital gain for AY 2004-05. However, in AY 2005-06, the Tribunal took a different view in assessee’s own case and held that the profit on sale of plot of land is to be assessee as business income. It means there are two view possible and once there are two views possible, the revision under section