ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Depreciation as per chart 315127 3210878 u/s.32 65918392 Income from other sources Fixed deposit interest 2895751 Gross Total Income 68814143 Total income (rounded off 68814140 u/s.288A) 4.3. The AO observed that though the appellant had declared undisclosed income of Rs.13,47,63,640/- in the form of stock of polished diamonds under the head profit and gains of the business

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Depreciation as per chart 315127 3210878 u/s.32 65918392 Income from other sources Fixed deposit interest 2895751 Gross Total Income 68814143 Total income (rounded off 68814140 u/s.288A) 4.3. The AO observed that though the appellant had declared undisclosed income of Rs.13,47,63,640/- in the form of stock of polished diamonds under the head profit and gains of the business

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

Depreciation-Rs. 1,316.80 crores and unabsorbed Business Loss - Rs. 799.37 crores 7.8. It is submitted that even 'Long term Capital Gains' is taxable at the rate of 20% or 10%, as the case may be, whereas business income is taxable at marginal rate of 30%, however, still set-off of such loss is permissible as per the provisions

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3424/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2013-14)

depreciation - Rs. 1,360.51 crores and Unabsorbed Business Loss - Rs. 2,113.98 crores 4.7. It is submitted that even 'Long term Capital Gains' is taxable at the rate of 20% or 10%, as the case may be, whereas business income is taxable at marginal rate of 30%, however, still set-off of such loss is permissible as per the provisions

M/S. KLAUS WAREN FIXTURES PVT LTD,MUMBAI vs. ACIT CIR-6(3)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

depreciation of earlier years as accepted by the Revenue amounts to denying the legitimate adjustment in the computation of Book profit u/s 115JB, hence, the Order u/s. 154 is bad in law and the benefit of adjustment may be granted. ii) Without prejudice to above, the amended provision of Sec. 115BBE(2) applicable w.e.f AY 2017-18 is prospective

AGNELO GUSTAVO EUGENIO RODRIGUES,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE 24 1 MUMBAI , MUMBAI

In the result, the appeal of the assessee is partly allowed

Section 69C of the Act.\n7.3 In another case of Shree Ganesh Constructionin ITA No.719/2028(Bom) dated 05.03.2025 and also in Drisha Impex in ITA no.1240 and 2087/2018 dated 7.4.2025, similar decisions have been rendered by the hon'ble jurisdictional High Court in respect of such bogus/unproved purchases after taking into consideration the ratio laid down in the case

SVP SOUTH WEST INDUSTRIES LTD. (FORMERLY, PLATINUM TEXTILE LTD.),MUMBAI-400005 vs. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(2), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

SVP GLOBAL TEXTILES LTD FORMERLY SVP GLOBAL VENTURES LTD MUMBAI ,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI , MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-7(2), MUMBAI vs. M/S CITRON INFRAPROJECTS LTD , MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

HELLIOS EXPORTS LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

SVP SOUTH WEST INDUSTRIES LTD. (FORMERLY, PLATINUM TEXTILE LTD.),MUMBAI vs. DCIT, CC- 8(2), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

ACIT (CC)-8(2) , MUMBAI vs. HELIOS EXPORTS LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

SHRIVALLABH PITTIE INDUSTRIES LTD ,MUMBAI. vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-7(2), MUMBAI vs. M/S CITRON INFRAPROJECTS LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

ASSTT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI vs. HELIOS MERCANTILE LIMITED, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-7(2)., MUMBAI vs. M/S CITRON INFRAPROJECTS LTD , MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

SVP GLOBAL TEXTILES LTD FORMERLY SVP GLOBAL VENTURES LTD,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI MUMBAI MUMB, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account

CITRON INFRAPROJECT LTD.,,MUMBAI-400005 vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-7(2), MUMBAI-400020

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

section under which the addition was proposed. No other opportunity was provided to the appellant and the addition was made u/s 69C of the Income Tax Act, 1961 when the payment was made to the above-mentioned parties through proper banking channels. j. In the case of Shrivallabh Pittie Southwest Industries, for AY 2018-19, addition u/s 69C on account