KHANGARAM K. DEWASI,MUMBAI vs. DCIT- CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

disallowances on the theory of peak credit. In our isallowances on the theory of peak credit. In our considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained during the survey, are not conclusively proved for any addition. As during the survey

KHANGARAM K. DEWASI,MUMBAI vs. DCIT, CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

disallowances on the theory of peak credit. In our isallowances on the theory of peak credit. In our considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained during the survey, are not conclusively proved for any addition. As during the survey

KHANGARAM K DEWASI,MUMBAI vs. DCIT ,CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

disallowances on the theory of peak credit. In our isallowances on the theory of peak credit. In our considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained considered opinion it is settled law that statements obtained during the survey, are not conclusively proved for any addition. As during the survey

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

132A of of the the Act Act stand stand abated abated and and not not the the assessment/reassessments already finalized for those assessment/reassessments already finalized for those assessment/reassessments already finalized for those assessment years covered under Section 153A of the assessment years covered under Section 153A of the assessment years covered under Section 153A of the Act. By a circular

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

132A of of the the Act Act stand stand abated abated and and not not the the assessment/reassessments already finalized for those assessment/reassessments already finalized for those assessment/reassessments already finalized for those assessment years covered under Section 153A of the assessment years covered under Section 153A of the assessment years covered under Section 153A of the Act. By a circular

MS KALYAN DEVELOPMENT CORPORATION,KALYAN vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2 THANE, THANE

132A of the\nAct, 1961. However, the completed/unabated assessments can be re-opened\nby the AO in exercise of powers under sections 147/148 of the Act, subject\nto fulfilment of the conditions as envisaged/mentioned under sections\n147/148 of the Act and those powers are saved.\nThe question involved in the present set of appeals and review petition is\nanswered accordingly

GOVIND AGARWAL. HUF,MUMBAI vs. ACIT CEN CIR 32, MUMBAI

In the result, the appeals of the assessee’s are allowed in part, in terms indicated hereinabove, whereas the Revenue’s appeals are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sanjay Garg, Jm आयकर अपील सं./Ita No.4531,4566,876,877,878/Mum/2011 ("नधा"रण वष" / Assessment Years :2006-07, 2007-08, 2002-03, 2003-04 & 2005-06) Acit, Cc-32, Mumbai Vs. Manidevi Agarwal, 720, A- 1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aakpa 4962 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.4528/Mum/2011 ("नधा"रण वष" / Assessment Years : 2007-08) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal, 701, A-1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adopa 4038 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.873,874/Mum/2011 ("नधा"रण वष" / Assessment Years : 2003-04 & 2004-05) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal(Huf), 720/A-5, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aiepa 3109 A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) 876,828,4566,4547,218/11 &957/13&Co203.13

132A, it is apparent that: (a) the assessments or reassessments, which stands abated in terms of second proviso to section 153A, the Assessing Officer acts under his original jurisdiction, for which, assessments have to be made; (b) regarding other cases, the addition to the income that has already been assessed, the assessment will be made on the basis of incriminating

ACIT. -CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., KARNATAKA

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

ACIT, CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., BENGALURU

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

ACIT, CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., KARNATAKA

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

ACIT, CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., KARNATAKA

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

ACIT, CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., KARNATAKA

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

ACIT, CC- 2(1), MUMBAI vs. GOLDMEDAL ELECTRICALS PVT. LTD., MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2014-15 & Assessment Year: 2015-16 & Assessment Year: 2016-17 & Assessment Year: 2017-18 & Assessment Year: 2018-19 & Assessment Year: 2019-2020 Acit, Central Circle-2(1), M/S Goldmedal Electricals Pvt. Ltd., Old Cgo Building, 804, No. 7 G.K. Temple Street, Chickpet Vs. 8Th Floor, M.K. Road, Cross Bengaluru, Mumbai-400020. Karnataka-560 053 Pan No. Aaccg 9397 F Appellant Respondent Revenue By : Mr. Ashok Kumar Kardam, Cit- Dr : Assessee By None Date Of Hearing : 27/10/2022 : Date Of Pronouncement 28/11/2022

132A, as the case may be, shall abate. Sub-section (2) of section 153A section (2) of section 153A of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment of the Act provides that if any proceeding or any order of assessment or reassessment

DCIT CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIVSHANKAR RAMSWAROOP SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation

SHRI SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation

DCIT, CENTRAL CIRCLE - 8 (1), MUMBAI, MUMBAI vs. SHIV SHANKAR SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation

DCIT, CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIV SHANKAR SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer has not made any addition on account of undisclosed asset which is sine qua non/pre- condition for assuming valid jurisdiction for making assessment under section 153A for the relevant AY/ AYs' as per „fourth proviso' to section 153A(1) r/w Explanation