DCITCC 3(2) CEN RG 3, MUMBAI vs. HRISHIKESH D. PAI, MUMBAI

In the result , the appeal of the Revenue in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2766/Mum/2017 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ Dcit, Cc 3(2) Cen Rg 3 Shri Hrishikesh D. Pai, R.No. 1913, 19Th Floor, C/O M/S. Pregnancy Air India Building, Advice & Services, V. Nariman Point, 304, Pearl Centre, Mumbai S.B. Marg, Dadar, Mumbai 400028 स्थायी ऱेखा सं./ Pan : Aabpp2139C (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri. Manoj Kumar Singh, Dr Assessee By : Shri. Vijay Mehta सुनवाई की तारीख /Date Of Hearing : 23.08.2018 घोषणा की तारीख /Date Of Pronouncement :26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 2766/Mum/2017, Is Directed Against Appellate Order Dated 05.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-5, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 30.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.2766/Mum/2017

Section 253(3) of the 1961 Act. The Revenue has submitted an application dated 01-08-2018 praying for condoning delay in filing this appeal with tribunal late by 27 days beyond the time stipulated u/s. 253(3) of the 1961 Act. The Revenue has explained the delay in filing this appeal late with tribunal mainly due to interpretation

TATA SONS LTD,MUMBAI vs. CIT 2, MUMBAI

In the result, appeal of the assessee is allowed

section 48.\n3. Profits or gains must arise from the transfer and must be\nembedded in the consideration.\nSince the point raised in the first argument is not material\nregarding the issue involved before us, therefore, it would suffice\nto point out that the Hon'ble court held that such contribution of\nthe capital by way of transfer of personal

SARAH FAISAL HAWA,MUMBAI vs. ASST CIT 21(3), MUMBAI

In the result the appeal of the assessee is partly allowed

Bench: Sh. P.K. Bansal & Shri Pawan Singh

253 of the Income Tax Act are directed against the consolidated order of ld. CIT(A)-33, Mumbai dated 02.11.2016 for Assessment Year (AY) 2005-06, 2006-07, 2008-09 & 2009-10. The ld. CIT(A) decided the appeal of assessee for AY2005-06, 2006-07, 2008-09 & 2009-10 by a consolidated order, the assessee has raised some common

RAMESH BUILDERS,MUMBAI vs. ITO 12(1)(1), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of person or body of individuals(not being a company or a co-operative society) or otherwise , shall be chargeable to tax as the income of the firm, association or body , of the previous year

RAMESH BUILDERS (INDIA),MUMBAI vs. ITO 12(1)(2), MUMBAI

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of person or body of individuals(not being a company or a co-operative society) or otherwise , shall be chargeable to tax as the income of the firm, association or body , of the previous year

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

3) of the Income Tax Act, 1961 has discussed in detail the general concept of penny stocks etc. and certain prior investigation conducted by investigation wing which has formed main basis to reject the exemption u/s 10(38) of the Act as claimed by assessee and invoke section 68 against long term capital gains earned by assessee on sale

IQBAL AHMAED KHALIL AHMED SUBEDAR,MUMBAI vs. ITO 22(1)(2), MUMBAI

In the result, the appeal of the assessee for the A

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 2135/Mum/2013 (नििाारण वर्ा / Assessment Year : 2009-10 ) आयकर अपीऱ सं./I.T.A. No.4896/Mum/2015 (नििाारण वर्ा / Assessment Year : 2008-09)

253(3). We order accordingly. Appeal No. ITA no. 2135/Mum/2013-Assessment Year 2009-10 3. First we shall take the appeal of the assessee in ITA no. 2135/Mum/2013 for assessment year 2009-10. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called “the tribunal”) read as under

IQBAL AHMED KHALILAMED SUBEDAR,MUMBAI vs. ITO 22(1)(2), NAVI MUMBAI

In the result, the appeal of the assessee for the A

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 2135/Mum/2013 (नििाारण वर्ा / Assessment Year : 2009-10 ) आयकर अपीऱ सं./I.T.A. No.4896/Mum/2015 (नििाारण वर्ा / Assessment Year : 2008-09)

253(3). We order accordingly. Appeal No. ITA no. 2135/Mum/2013-Assessment Year 2009-10 3. First we shall take the appeal of the assessee in ITA no. 2135/Mum/2013 for assessment year 2009-10. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called “the tribunal”) read as under

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

253/- under the head long- -term capital gain and claimed the same as exempt. Therefore, the Assessing Officer has gain and claimed the same as exempt. Therefore, the Assessing Officer has gain and claimed the same as exempt. Therefore, the Assessing Officer has recorded reasons to believe based on incorrect facts merely on the basis of recorded reasons to believe

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

capital gain cannot be denied to the assesse. (A copy of order is placed on page no. 108 to 121) Further reliance is placed on the judgment of Manishkumar Baid Vs ACIT ITAT Kolkatta it was held that rejecting the assesse claim of exemption u/s 10(38) of the Act is not correct. The tribunal has relied upon the judgment

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 143(3) of the Act dated 28/12/2017, the dated 28/12/2017, the Assessing Officer rejected the claim of the assessee of long rejected the claim of the assessee of long rejected the claim of the assessee of long-term capital gain of ₹1,67, 67,45,253

DCIT 3(3)(2), MUMBAI vs. WATERMARK SYSTEMS (INDIA) P. LTD, MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

DCIT 3(3)(2), MUMBAI vs. WATERMARK SYSTEMS (INDIA) P. LTD, MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

DCIT 3(3)(2), MUMBAI vs. WATERMARK FINANCIAL CONSULTANTS LTD, MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

ITO 3(3)(4), MUMBAI vs. WATERMARK SYSTEMS (I) P. LTD., MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

DCIT 3(3)(2), MUMBAI vs. WATERMARK FINANCIAL CONSULTANTS LTD, MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

VIVEK VINOD VAID,MUMBAI vs. ITO 17(3)(5), MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

ITO 3(3)(4), MUMBAI vs. WATERMARK SYSTEMS (I) P. LTD., MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice

DCIT 3(3)(2), MUMBAI vs. WATERMARK FINANCIAL CONSULTANTS LTD, MUMBAI

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

Capital Ltd. (formerly known as Watermark Financial Consultants Ltd.) ITA. No. Asst. Yr Date Income Pecuniary Date- Income AO AO remarks Original declared jurisdiction Return filed declared recording completing return filed as per u/s 148 reasons and assessment A.Y. 2006-07 to 2010-11 M/s Watermark F. Consultants Ltd. M/s. Watermark System India P. Ltd. CBDT issuing 148 Circular notice