ISHARES MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES EMERGING MARKETS INDEX MAURITIUS CO ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

gains u/s\n111A amounting to Rs.88,08,601 twice and taxed at 15% with surcharge and\ncess in the computation sheet.\n9. Without prejudice to above, erred in not setting off the net long term capital\ngains chargeable to tax against brought forward long term capital loss in the\ncomputation sheet as done so in the impugned order.\n10. Without

SCHWAB EMERGING MARKETS EQUITY ETF ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -4(2)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

gains u/s\n111A amounting to Rs.88,08,601 twice and taxed at 15% with surcharge and\ncess in the computation sheet.\n9. Without prejudice to above, erred in not setting off the net long term capital\ngains chargeable to tax against brought forward long term capital loss in the\ncomputation sheet as done so in the impugned order.\n10. Without

ISHARES INDIA 50 ETF (AS A SUCCESSOR TO ISHARES INDIA MAURITIUS CO ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

gains u/s\n111A amounting to Rs.88,08,601 twice and taxed at 15% with surcharge and\ncess in the computation sheet.\n9. Without prejudice to above, erred in not setting off the net long term capital\ngains chargeable to tax against brought forward long term capital loss in the\ncomputation sheet as done so in the impugned order.\n10. Without

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF(AS A SUCCESSOR TO ISHARES MSCI ALL COUNTRY ASIA EX JAPAN MAURITIUS CO),MUMBAI vs. DCIT (INT)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

gains u/s\n111A amounting to Rs.88,08,601 twice and taxed at 15% with surcharge and\ncess in the computation sheet.\n9. Without prejudice to above, erred in not setting off the net long term capital\ngains chargeable to tax against brought forward long term capital loss in the\ncomputation sheet as done so in the impugned order.\n10. Without

ASSISTANT COMMISSIONER OF INCOME TAX-24(1), MUMBAI vs. ANIL GULABDAS SHAH, MUMBAI

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5134/Mum/2017 & Co. No. 319/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Acit – 24(1) Shri Anil Gulabdas Shah, Room No. 604, 6Th Floor, B-1601, Titanium Towers बनाम/ 16Th Floor, Jai View Chsl Piramal Chamber, Parel Vs. Sahakar Nagar, Andheri (W) Mumbai. Mumbai – 400 058 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Bmfps-8959-E (अपीलाथ"/Appellant)/Respondent (""थ" / Respondent)/Appellant : Revenue By : Shri Satish Chandra Rajore- Ld. Dr Assessee By : Shri Anil G. Shah – Assessee-In-Person सुनवाई की तारीख/ : 05/08/2019 Date Of Hearing घोषणा की तारीख / : 09/08/2019 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Revenue For Assessment Year [In Short Referred To As ‘Ay’] 2012-13 Contest The Order Of Ld. Commissioner Of Income- Tax (Appeals)-36, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-36/It-217/Acit-24(1)/15-16 Dated 26/05/2017 On Following Grounds Of Appeal: -

section 45. While examining the treatment of capital receipt from settlement and extinguishment of right to sue as gains the Gujarat High Court in Baroda Cement and Chemicals V/s CIT (158

SKF INDIA LTD,MUMBAI vs. ASST CIT 4(3)4, MUMBAI

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

section 50 is to be restricted only to the method of computing the capital gain and not for determining the nature of capital assets. " . The fact that assessee has disclosed the facts and legal position along with the computation of total income is also recognized by the assessing officer at Para 7 of the assessment order dated December

SKF INIDA LTD( SINCE MAY 19 2004 NAME HAS BEEN CHANGED FROM SKF BEARING INDIA LTD),MUMBAI vs. DCIT RG 4(3), MUMBAI

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

section 50 is to be restricted only to the method of computing the capital gain and not for determining the nature of capital assets. " . The fact that assessee has disclosed the facts and legal position along with the computation of total income is also recognized by the assessing officer at Para 7 of the assessment order dated December

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

158,20,785 357,55,020 297,47,206 299,64,323 16,04,32,675 Mercantile Ltd. M/s. Aspen 15,03,340 99,24,463 29,49,332 85,05,399 198,10,394 4,26,92,856 International Ltd. M/s. Sanman 31,60,227 105,96,724 246,95,532 3,84,52,483 Trade Impex

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT. LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

158,20,785 357,55,020 297,47,206 299,64,323 16,04,32,675 Mercantile Ltd. M/s. Aspen 15,03,340 99,24,463 29,49,332 85,05,399 198,10,394 4,26,92,856 International Ltd. M/s. Sanman 31,60,227 105,96,724 246,95,532 3,84,52,483 Trade Impex

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

158,20,785 357,55,020 297,47,206 299,64,323 16,04,32,675 Mercantile Ltd. M/s. Aspen 15,03,340 99,24,463 29,49,332 85,05,399 198,10,394 4,26,92,856 International Ltd. M/s. Sanman 31,60,227 105,96,724 246,95,532 3,84,52,483 Trade Impex

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT. LTD , MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

158,20,785 357,55,020 297,47,206 299,64,323 16,04,32,675 Mercantile Ltd. M/s. Aspen 15,03,340 99,24,463 29,49,332 85,05,399 198,10,394 4,26,92,856 International Ltd. M/s. Sanman 31,60,227 105,96,724 246,95,532 3,84,52,483 Trade Impex

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD., MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

158,20,785 357,55,020 297,47,206 299,64,323 16,04,32,675 Mercantile Ltd. M/s. Aspen 15,03,340 99,24,463 29,49,332 85,05,399 198,10,394 4,26,92,856 International Ltd. M/s. Sanman 31,60,227 105,96,724 246,95,532 3,84,52,483 Trade Impex

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

capital gain and to rebut that these are not in\nthe nature of accommodation entries.\niv. It is submitted that the learned Assessing Officer failed to collect and bring\non record the evidences from MrAnil B Agarwal which was later retracted\nback by him. If at all said evidences are collected, copies of same have not\nbeen provided

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

Capital gains from penny stocks Delhi) cannot be assessed as unexplained cash credit u/s 68 if the assesse has produced documentary evidence to prove the source, identity and genuineness of the transaction and the AO has not found any fault with it. The fact that the investigation dept has alleged that there is a modus operandi of bogus LTCG scheme

SHRI RAJESH RAMCHANDRA DAKE,PANVEL vs. DY CIT CC-1, MUMBAI

capital gain and other sources, ultimately vide assessment order dated March 31, 2016 under Section 143(3) read with Section 153A of the Act, made various additions including the addition of Rs.6,81,11,103/- on account of brokerage income and added the same to the total income of the Assessee by concluding as under:\n\n\"08. Brokerage

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 and to rebut that these are not in the nature of accommodation entries. vii. It is submitted that the learned Assessing Officer failed to collect and bring on record the evidences from operators. If at all said evidences are collected, copies of same have not been provided to the appellant before using the same against the appellant

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

capital gain.” 12. Accordingly, AO made the addition of Rs. 2,00,76,725/- in the hands of the assessee company as unexplained credit under Section 68 of the Act; and he also added 5% commission amounting to Rs.10,03,836/- on the LTCG which according to him, has been paid by assessee to facilitate accommodation entry to the entry

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

capital gain.” 12. Accordingly, AO made the addition of Rs. 2,00,76,725/- in the hands of the assessee company as unexplained credit under Section 68 of the Act; and he also added 5% commission amounting to Rs.10,03,836/- on the LTCG which according to him, has been paid by assessee to facilitate accommodation entry to the entry