MANGAL ROYAL JEWELS PVT. LTD.,MUMBAI vs. ACIT, CENTRAL CIRCLE-1(3), MUMBAI

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the asseees is allowed

Bench: Shri Br Baskaranshri Pavan Kumar Gadalem/S Mangal Royal Vs. Acit-Cc-1(3), Jewels Pvt Ltd. 29C, Room No.905, 9Thfoor, Shyam Kamal Co- Old Cgo Bldg,Annexe, Operative Housing M.K. Road, Society Ltd, Agarwal Mumbai-400020. Market, M.G. Road, Vile Parle (E), Mumbai-400057. Pan/Gir No. : Aaicm0846R Appellant .. Respondent Dy.Cit-Cc 4(3), Vs. M/S Mangal Royal Central Range-4, Jewels Pvt Ltd. 29C, Room No.1921, Shyam Kamal Co- 19Th Floor, Air India Operative Housing Bldg, Nariman Point, Society Ltd, Agarwal Mumbai-400021. Market, M.G. Road, Vile Parle (E), Mumbai-400057 Pan/Gir No. : Aaicm0846R Appellant .. Respondent Appellant/Respondent Mr.Poojan Mehta.Ar By : Respondent/Appellant By Mr.Prakash Kishinchandani.Dr Date Of Hearing 08.09.2023 Date Of Pronouncement 28.11.2023

disallowance are poor financials of the parties concerned. Other observations remain the same. 11.3 On the issue of poor financials of these 14 entities, the appellant has stated before the AO about certain constraints which are implied to be in place/ practice with any jewellery businessman while doing business transaction, especially when the business transaction is of retail segment

RAKESH JAIN,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

section 44AB\nSection 144, read with sections 44AB and\n68, of the Income-tax Act, 1961 Best\njudgment assessment (Scope of)\n Assessment year 2009-10 During\nassessment proceedings, assessee could\nnot produce confirmation letter from large\nnumber of creditors in respect of amount\nborrowed Assessee claimed that it had\nnot maintained books of account and,\ntherefore, amount in question

BHANDARI GOLD AND JEWELLERS PRIVATE LIMITED,MUMBAI vs. CIT (APPEAL), NFAC - DELHI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

139A& Rule 114B, it is nowhere mention that the person making transaction of more than Rs. 2 Lakh is liable to file the Income Tax Return U/s 139 mandatorily. Page No. | 18 ITA NO. 1564& 1619/MUM/2022 (A.Y: 2017-18) M/s. Bandari Gold and Jewellers Pvt. Ltd., Where the act prescribes a rule, it has to be strictly and mandatorily followed

CY. CIT 6(1) (2) , MUMBAI vs. M/S. BHANDARI GOLD & JEWELLERS PVT. LTD, MUMBAI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

139A& Rule 114B, it is nowhere mention that the person making transaction of more than Rs. 2 Lakh is liable to file the Income Tax Return U/s 139 mandatorily. Page No. | 18 ITA NO. 1564& 1619/MUM/2022 (A.Y: 2017-18) M/s. Bandari Gold and Jewellers Pvt. Ltd., Where the act prescribes a rule, it has to be strictly and mandatorily followed