DY. COMMISSIONER OF INCOME TAX, CC-4(3) CENTRAL RANGE-4 , MUMBAI vs. M/S GROWMORE RESEARCH AND ASSETS MANAGEMENT LIMITED, MUMBAI

In the result, both the appeals are treated as partly allowed

Unexplained investments.\n\nWhere in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered

THE HINDUSTAN CO OPERATIVE BANK LTD,MUMBAI vs. JT CIT 13(3), MUMBAI

In the result, the assessee’s appeal is partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No. 1501/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009­10) The Hindustan Co­Operative Bank Ltd. Jt. Cit­13(3), बनाम/ 4­A, Devi Galli, Baburao Bobde Marg, Aaykar Bhavan, Vs. Lokhand Bazar, Mumbai­400 009 Mumbai "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabat 4355 R (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Amar Gahlot, Shri S. Sriram ""यथ" क" ओर से/Respondent By : Shri B. Satyanarayana Raja सुनवाई क" तार"ख / : 01.7.2016 Date Of Hearing घोषणा क" तार"ख / : 24.10.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: This Is An Appeal By The Assessee Directed Against The Order By The Commissioner Of Income Tax (Appeals)­24, Mumbai (‘Cit(A)’ For Short) Dated 19.11.2013, Dismissing The Assessee’S Appeal Contesting Its Assessment U/S.143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2009­ 10 Vide Order Dated 21.12.2011. 2. The Assessee, A Co­Operative Bank In The Business Of Banking, Governed By The Banking Regulation Act, 1949 As Well As The Maharashtra State Co­Operative Societies Act, 1960, Claimed ‘Investment Loss Adjusted From Idr’ In The Sum Of Rs.80.991 Lacs In The Computation Of Its Business Income For The Year (Pb Pgs. 24­26). It Is This Claim

investments, as where there is a net depreciation (on marking the securities to market), which is charged to the P&L account. This provision is being regularly allowed in the assessee’s tax assessments. To the extent, therefore, the IDR balance comprises net depreciation, so provided, on the securities under reference, there would be, where so, as also afore­stated, double

STANDARD CHARTERED INVESTMENTS & LOANS (INDIA) LTD,MUMBAI vs. DCIT 1(3), MUMBAI

In the result, this ground of appeal is allowed for statistical

Bench: Shri Pawan Singh & Shri S. Rifaur Rehman

depreciation on investments of Rs. 26,554,000 on the basis that investments in debentures under consideration is shown under the head 'Investments' and not under the head 'Stock-in trade' in its Balance-Sheet. The Appellant submits that the learned CIT(A) failed to appreciate the submissions made by the appellant during the course of appellate proceedings. The learned

ASST CIT 1(2)1, MUMBAI vs. STANDARD CHARTERED INVESTMENTS & LOANS (INDIA) LTD, MUMBAI

In the result, this ground of appeal is allowed for statistical

Bench: Shri Pawan Singh & Shri S. Rifaur Rehman

depreciation on investments of Rs. 26,554,000 on the basis that investments in debentures under consideration is shown under the head 'Investments' and not under the head 'Stock-in trade' in its Balance-Sheet. The Appellant submits that the learned CIT(A) failed to appreciate the submissions made by the appellant during the course of appellate proceedings. The learned

GROWMORE LEASING & INVESTMENT LTD,MUMBAI vs. DCIT CEN CIR 31, MUMBAI

In the result, the appeal of Revenue is dismissed and that of the assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income M/S Growmore Leasing & Tax Cc 4(3) Cen Rg-4 Investment Ltd. 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent M/S Growmore Leasing & Investment Dy. Commissioner Of Income Ltd. Tax Cc 4(3) Cen Rg-4 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent Revenue By .. Dr. P. Daniel, Dr Assessee By .. Shri Vijay Mehta & Dharmesh Shah, Ars’ .. Date Of Hearing 01-09-2017 Date Of Pronouncement .. 17-11-2017 O R D E R Per Mahavir Singh, Jm:

unexplained by the AO. Such decision of the AO appears to be fair and reasonable and should not be questioned by the assessee. Therefore, the addition made by the AG in this regard is upheld.” 13. We have heard the rival contentions and gone through the facts and circumstances of the case. From the facts of the case

DCIT CC 4(3) CEN RG 4, MUMBAI vs. GROWMORE LEASING & INVESTMENT LTD, MUMBAI

In the result, the appeal of Revenue is dismissed and that of the assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income M/S Growmore Leasing & Tax Cc 4(3) Cen Rg-4 Investment Ltd. 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent M/S Growmore Leasing & Investment Dy. Commissioner Of Income Ltd. Tax Cc 4(3) Cen Rg-4 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent Revenue By .. Dr. P. Daniel, Dr Assessee By .. Shri Vijay Mehta & Dharmesh Shah, Ars’ .. Date Of Hearing 01-09-2017 Date Of Pronouncement .. 17-11-2017 O R D E R Per Mahavir Singh, Jm:

unexplained by the AO. Such decision of the AO appears to be fair and reasonable and should not be questioned by the assessee. Therefore, the addition made by the AG in this regard is upheld.” 13. We have heard the rival contentions and gone through the facts and circumstances of the case. From the facts of the case

L,OREAL INDIA PVT. LTD.,MUMBAI vs. DCIT, CIRCLE 7 (1)(2), MUMBAI

In the result, this ground of appeal allowed for statistical purpose

Bench: Shri R.C. Sharma & Shri Pawan Singhl‟Oreal India Pvt. Ltd. Dcit Circle-7(1)(2) A-Wing, 8Th Floor, Marathon Aayakar Bhavan, Futurex, N.M. Joshi Marg, M.K. Road, Lower Parel, Mumbai-400013. Mumbai-400020. Vs. Pan: Aaacl0738K Appellant Respondent Appellant By : Shri Neeraj Seth (Ar) Respondent By : Shri Anand Mohan (Cit-Dr) Date Of Hearing : 03.07.2020 Date Of Pronouncement : 27 .07.2020 Order Under Section 254(1)Of Income Tax Act

depreciation on the goodwill claimed by the assessee. The treated the investment on goodwill as unexplained investment and disallowed depreciation

LATE SUNIL D GULATI,MUMBAI vs. COMMISSIONER OF INCOME TAX -CENTRAL CIRCLE-39, MUMBAI

In the result, the appeals of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2008-09 & Assessment Year: 2009-10 Late Sunil D Gulati, Cit-Central Circle 39, 603, Elco Residency, Almeda Room No. 1924, 19Th Floor, Vs. Park Behind Elco Market, Air India Building, Nariman Bandra (West), Point, Churchgate, Mumbai-400050. Mumbai-400020. Pan No. Aehpg 8703 R Appellant Respondent

unexplained investment, based upon Page no. 49 of as unexplained investment, based upon Page no. 49 of as unexplained investment, based upon Page no. 49 of Annexure-2 seized from Kaveri Building.However, it was the 2 seized from Kaveri Building.However, it was the 2 seized from Kaveri Building.However, it was the proposal made by proposal made by the appellant

LATE SUNIL D GULATI,MUMBAI vs. COMMISSIONER OF INCOME TAX -CENTRAL CIRCLE-39 , MUMBAI

In the result, the appeals of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2008-09 & Assessment Year: 2009-10 Late Sunil D Gulati, Cit-Central Circle 39, 603, Elco Residency, Almeda Room No. 1924, 19Th Floor, Vs. Park Behind Elco Market, Air India Building, Nariman Bandra (West), Point, Churchgate, Mumbai-400050. Mumbai-400020. Pan No. Aehpg 8703 R Appellant Respondent

unexplained investment, based upon Page no. 49 of as unexplained investment, based upon Page no. 49 of as unexplained investment, based upon Page no. 49 of Annexure-2 seized from Kaveri Building.However, it was the 2 seized from Kaveri Building.However, it was the 2 seized from Kaveri Building.However, it was the proposal made by proposal made by the appellant

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-4(3), CENTRAL RANGE-4, MUMBAI vs. M/S.GROWMORE RESEARCH & ASSET MANAGEMENT LIMITED, MUMBAI

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

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

investments made and the names of the buyers/owners of the shares [Page 365-366 of PB No. 3] ii. Confirmation letters from the brokers, M/s. Harshad S. Mehta and M/s. Ashwin S. Mehta [Page 367-372 of PB No. 3] iii. Confirmation letters from the owners and the family members accepting that these investments reflected in the seized page were

M/S. GROWMORE RESEARCH & ASSETS MANAGEMENT LTD.,MUMBAI vs. DCIT CENT. CIR. - 4(3), MUMBAI

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

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

investments made and the names of the buyers/owners of the shares [Page 365-366 of PB No. 3] ii. Confirmation letters from the brokers, M/s. Harshad S. Mehta and M/s. Ashwin S. Mehta [Page 367-372 of PB No. 3] iii. Confirmation letters from the owners and the family members accepting that these investments reflected in the seized page were

ALLIANCE HOTELS,MUMBAI vs. I.T.O. 12(1)(2), MUMBAI

In the result, the appeal of the assessee are allowed and that of revenue is dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.4075/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) M/S Alliance Hotels, बनाम/ Asstt. Commissioner Of Income 121, City Terrace, Tax, Central Circle-12(1), Vs. W H Marg, Fort, Aayakar Bhavan, Mumbai-400001 M K Road, Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4739/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) बनाम/ Asstt. Commissioner Of Income M/S Alliance Hotels, Tax, Central Circle-12(1), 121, City Terrace, Vs. Aayakar Bhavan, W H Marg, Fort, M K Road, Mumbai-400001 Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

investment u/s 69 of the Act and Rs.11,97,000/- as unexplained expenditure u/s 69C of the Act and the AO is directed to delete the same. 11. Ground No.3 is against the disallowance of depreciation

ALLIANCE HOTELS,MUMBAI vs. ACIT 12(1), MUMBAI

In the result, the appeal of the assessee are allowed and that of revenue is dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.4075/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) M/S Alliance Hotels, बनाम/ Asstt. Commissioner Of Income 121, City Terrace, Tax, Central Circle-12(1), Vs. W H Marg, Fort, Aayakar Bhavan, Mumbai-400001 M K Road, Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4739/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) बनाम/ Asstt. Commissioner Of Income M/S Alliance Hotels, Tax, Central Circle-12(1), 121, City Terrace, Vs. Aayakar Bhavan, W H Marg, Fort, M K Road, Mumbai-400001 Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

investment u/s 69 of the Act and Rs.11,97,000/- as unexplained expenditure u/s 69C of the Act and the AO is directed to delete the same. 11. Ground No.3 is against the disallowance of depreciation

ACIT 12(1), MUMBAI vs. ALLIANCE HOTELS, MUMBAI

In the result, the appeal of the assessee are allowed and that of revenue is dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.4075/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) M/S Alliance Hotels, बनाम/ Asstt. Commissioner Of Income 121, City Terrace, Tax, Central Circle-12(1), Vs. W H Marg, Fort, Aayakar Bhavan, Mumbai-400001 M K Road, Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4739/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) बनाम/ Asstt. Commissioner Of Income M/S Alliance Hotels, Tax, Central Circle-12(1), 121, City Terrace, Vs. Aayakar Bhavan, W H Marg, Fort, M K Road, Mumbai-400001 Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

investment u/s 69 of the Act and Rs.11,97,000/- as unexplained expenditure u/s 69C of the Act and the AO is directed to delete the same. 11. Ground No.3 is against the disallowance of depreciation

ALLIANCE HOTELS,MUMBAI vs. ACIT 12(1), MUMBAI

In the result, the appeal of the assessee are allowed and that of revenue is dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.4075/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) M/S Alliance Hotels, बनाम/ Asstt. Commissioner Of Income 121, City Terrace, Tax, Central Circle-12(1), Vs. W H Marg, Fort, Aayakar Bhavan, Mumbai-400001 M K Road, Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4739/Mum/2011 (ननधधायण वषा / Assessment Year :2007-08) बनाम/ Asstt. Commissioner Of Income M/S Alliance Hotels, Tax, Central Circle-12(1), 121, City Terrace, Vs. Aayakar Bhavan, W H Marg, Fort, M K Road, Mumbai-400001 Mumbai-400020. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

investment u/s 69 of the Act and Rs.11,97,000/- as unexplained expenditure u/s 69C of the Act and the AO is directed to delete the same. 11. Ground No.3 is against the disallowance of depreciation

ASST CIT 25(3), MUMBAI vs. RAJUL V. VORA, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri G.S. Pannu & Shri Ram Lal Negi: A.Y : 2012-13

unexplained investments reads as under: "Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered

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) ..

unexplained stock u/s.69A and gross profit was deleted by CIT(A) after observing as under :- 4.2.1 In the course of search action, three loose papers (page 76,77,&78) were found and seized as part of Annexure-5 to the Panchnama prepared on 29/10/11 at the office premises at 114/116, Mittal Court, C-Wing, 11th floor, Nariman Point, Mumbai

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) ..

unexplained stock u/s.69A and gross profit was deleted by CIT(A) after observing as under :- 4.2.1 In the course of search action, three loose papers (page 76,77,&78) were found and seized as part of Annexure-5 to the Panchnama prepared on 29/10/11 at the office premises at 114/116, Mittal Court, C-Wing, 11th floor, Nariman Point, Mumbai