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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

JCIT CENT. CIR. - 1(4), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

The appeal of the Revenue is dismissed whereas appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2010-11 Grasim Industries Limited, The Dcit Cc-1(4), Corporate Finance Division, Room No. 902, 9Th Floor, Old Vs. A-2, Aditya Birla Centre, S.K. Cgo Building, M.K. Road, Ahire Marg, Worli, Mumbai-400020. Mumbai-400030. Pan No. Aaacg 4464 B Appellant Respondent Assessment Year: 2010-11 Jcit (Osd), Central Circle- Grasim Industries Limited, 1(4), A-Wing, 2Nd Floor, Aditya Room No. 902, Pratishtha Vs. Birla Centre, S.K. Ahire Bhavan, 9Th Floor, Old Cgo Marg, Worli, Building Annexe, Mumbai-400030. Mumbai-400020. Pan No. Aaacg 4464 B Appellant Respondent Assessee By : Mr. Yogesh Thar & Mr. Chaitanya Joshi Revenue By : Dr. Kishor Dhule, Cit-Dr Date Of Hearing : 03/04/2024 : Date Of Pronouncement 29/04/2024

disallowance has been made by the AO based on the seized material. based on the seized material. 16.4 The Section 153(1) starts with a non 16.4 The Section 153(1) starts with a non-obstante clause and disregards lause and disregards the normal provisions of the assessment prescribed under the Act in the the normal provisions of the assessment

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

b) Club Expenses Rs. 58,347/- (c) Penalty Expenses Rs. 16,13,694/ (c) Penalty Expenses Rs. 16,13,694/ (d) Depreciation Rs. 92,381/ preciation Rs. 92,381/- (e) Common Expenses related to EOU unit Rs. 1,86,424/ (e) Common Expenses related to EOU unit Rs. 1,86,424/ (e) Common Expenses related to EOU unit Rs. 1

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

b) Club Expenses Rs. 58,347/- (c) Penalty Expenses Rs. 16,13,694/ (c) Penalty Expenses Rs. 16,13,694/ (d) Depreciation Rs. 92,381/ preciation Rs. 92,381/- (e) Common Expenses related to EOU unit Rs. 1,86,424/ (e) Common Expenses related to EOU unit Rs. 1,86,424/ (e) Common Expenses related to EOU unit Rs. 1

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and \nthe value of such asset is Rs.50 lakh or more (in aggregate). \nUnless such a jurisdictional fact exists and is substantiated \nthrough addition of a qualifying asset, the Assessing Officer \ncannot proceed to make any other addition or disallowance (such \nas unexplained credits under Section 68 or disallowance of \nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

Accordingly, the\naddition of Rs.1,34,64,988 made under section 68 is directed to\nbe deleted and the order of the CIT(A) is confirmed. The ground\nraised by the Revenue is dismissed

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

Accordingly, the\naddition of Rs.1,34,64,988 made under section 68 is directed to\nbe deleted and the order of the CIT(A) is confirmed. The ground\nraised by the Revenue is dismissed

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which

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

Accordingly, the\naddition of Rs.1,34,64,988 made under section 68 is directed to\nbe deleted and the order of the CIT(A) is confirmed. The ground\nraised by the Revenue is dismissed

153A(1), has escaped assessment and\nthe value of such asset is Rs.50 lakh or more (in aggregate).\nUnless such a jurisdictional fact exists and is substantiated\nthrough addition of a qualifying asset, the Assessing Officer\ncannot proceed to make any other addition or disallowance (such\nas unexplained credits under Section 68 or disallowance of\nexpenses), which