M/S WF ASIAN SMALLER COMPANIES FUND LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.459/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14) M/S. Wf Asian Smaller बिधम/ Acit, Circle-4(3)(2) Companies Fund Ltd Room No. 1611, 16Th Vs. C/O Ankul Goyal, Azb & Floor, Air India Building, Partners A8, Sector-4, Nariman Point, Mumbai- Noida 201301. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacw5648R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Deepak Chopra/Ankul Goyal Revenue By: Shri Soumedu Kumar Dash (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 28/03/2023 घोषणा की तारीख /Date Of Pronouncement: 23/06/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Passed By The Ao Dated 19.01.2023 U/S 147 R.W.S 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel (Drp) For Ay. 2013-14. 2. The Assessee Has Raised The Legal Issue Challenging The Action Of The Ao To Have Reopened The Original-Scrutiny-Assessment U/S 143(3) Of The Act, After Four (4) Years [From The End Of The Relevant Assessment Year] Without Satisfying The Additional Condition Precedent As Prescribed In The Proviso To Section 147(1) Of The Act. Since The Assessee Has Raised The Legal Issue Assailing The Jurisdiction Of Ao To Have Issued Notice U/S 148 Of The Act, Proposing Re-Opening Of The Original Assessment [Framed Under Scrutiny Under Section 143(3) Of The Act], We Will Adjudicate It First. For Appreciating The Legal Issue, Let Us

income from capital gains arising from transfer of shares. It does not lead to exclusion of computation of capital gain of Long term capital asset or Short term capital asset being shares. Accordingly, Long term capital loss on sale of shares would be allowed to be set off against 30 A.Y. 2013-14 M/s. WF Asian Smaller Companies Long term

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

capital gains against the sale of above penny stock shares. Through Through Through the the the said said said transaction, transaction, transaction, the the the assessee assessee assessee converted converted converted undisclosed income

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

Income-tax (investigation), tax (investigation), Kolkatta. For ready reference, relevant part of the assessment order Kolkatta. For ready reference, relevant part of the assessme Kolkatta. For ready reference, relevant part of the assessme is reproduced as under: is reproduced as under: “14. Cash Trail by Investigation Wing, Kolkata: “14. Cash Trail by Investigation Wing, Kolkata: Investigation Wing, Kolkata has prepared

DCIT - 10 (3)(1), MUMBAI vs. NETLINK SOLUTIONS (INDIA) PVT. LTD., MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the learned Assessing Officer is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am The Dy. Commissioner Of M/S Netlink Solutions (India) Income-Tax, Pvt. Ltd. 10(3)(1), 57, Laxmi Plaza, 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. Aayakar Bhawan, New Link Road, M.K. Road, Churchgate, Andheri West, Mumbai-400 020 Mumbai-400 069 (Appellant) (Respondent) Pan No. Aaacv3426V M/S Netlink Solutions (India) The Dy. Commissioner Of Pvt. Ltd. Income-Tax, 57, Laxmi Plaza, 10(3)(1), 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. New Link Road, Aayakar Bhawan, Andheri West, M.K. Road, Churchgate, Mumbai-400 069 Mumbai-400 020 (Appellant) (Respondent)

Gain and Short Term Capital Loss should not be treated as unaccounted income earned from undisclosed sources. 09. Assessee explained

NETLINK SOLUTIONS (INDIA) LIMITED,MUMBAI vs. ACIT CIRCLE 10(3)(1), MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the learned Assessing Officer is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am The Dy. Commissioner Of M/S Netlink Solutions (India) Income-Tax, Pvt. Ltd. 10(3)(1), 57, Laxmi Plaza, 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. Aayakar Bhawan, New Link Road, M.K. Road, Churchgate, Andheri West, Mumbai-400 020 Mumbai-400 069 (Appellant) (Respondent) Pan No. Aaacv3426V M/S Netlink Solutions (India) The Dy. Commissioner Of Pvt. Ltd. Income-Tax, 57, Laxmi Plaza, 10(3)(1), 2Nd Floor, Room No.212, Laxmi Industrial Estate, Vs. New Link Road, Aayakar Bhawan, Andheri West, M.K. Road, Churchgate, Mumbai-400 069 Mumbai-400 020 (Appellant) (Respondent)

Gain and Short Term Capital Loss should not be treated as unaccounted income earned from undisclosed sources. 09. Assessee explained

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

undisclosed income in the garb of long term capital gain. The gain has accordingly to be assessed as undisclosed credit

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

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

SHRI NITIN POPATLAL THAKKAR,MUMBAI vs. THE DCIT CENT.CIR-3(4), MUMBAI

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

SMT. HARSH A NITIN THAKKAR,RAIGAD vs. THE DCIT CENT. CIR -3(4) , MUMBAI

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

DINESHCHANDRA D. CHHAJED,MUMBAI vs. DCIT CC3(4) , MUMBAI

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

NISHA YOGESH THAKKAR,MUMBAI vs. DCIT CC 3(4), MUMBAI

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

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

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

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

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

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

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

undisclosed income in the garb of long term capital gain and that the gain has accordingly to be assessed as undisclosed

ANJALI PANDIT,MUMBAI vs. ASST CIT CEN CIR 12, MUMBAI

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.3028 To 3032/Mum/2011 (ननधधायण वषा / Assessment Year :2002-03 To 2006-07) Smt.Anjli Pandit, बनाम/ Asstt. Commissioner Of Income Gajanan Building No.8, 178, Tax, Central Circle 12, Vs. Cgo Building, M K Marg, Jawahar Nagar, Mumbai-400020. Goregaon (W), Mumbai-400062 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

capital gain as income from other sources. In the case of All Cargo Logistics Ltd Dy.CIT (supra ) the special bench has decided the identical issue in favour of the assessee which has also affirmed by the Hon‟ble Bombay High Court. In the case of CIT V/s Continental Warehousing Corporation (Nhava Sheva) Ltd. in Income Tax Appeal No.523

DY CIT - CC-2(3), MUMBAI vs. AVINASH NIVRUTTI BHOSALE, PUNE

In the result, appeal of the assessee is allowed and appeal of the revenue is dismissed for A

capital gain, the ld. AO had not made any reference to any seized material found during the course of search to justify the said addition. Admittedly, the assessment for A.Y.2012-13 being unabated assessment, there cannot be any disturbance to the originally concluded assessment / appellate proceeding unless there is any incriminating material found during the course of search relatable to such