DCIT 29(2), MUMBAI vs. SHRI KIRTI RAMJI KOTHARI, MUMBAI

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.3341/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Dcit-29(2) बिधम/ Kirti Ramji Kothari Room No.422, 4Th Floor, A/7, Maheh Krupa Devi Vs. Kautilya Bhavan, B.K.C. Dayal Cross Road, Mulund Bandra (E), Mumbai- (W), Mumbai-400080. 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaepk3216C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Bharti Singh (Sr. Ar) Assessee By: Shri Mandar Vaidya सुनवाई की तारीख / Date Of Hearing: 05/04/2022 घोषणा की तारीख /Date Of Pronouncement: 28/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 14.02.2019 Passed By The Commissioner Of Income Tax (Appeals) -40 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015- 16. 2. The Revenue Has Raised The Following Grounds: - "1. On The Facts & Circumstances Of The Case, The Id. Cit(A) Erred In Allowing The Assessee’S Claim That The Profit Of Rs. 5,75,40,478/- From F & O Trading Was To Be Assessed Either As Business Income Or Under Either Of The Heads Of Income A To F Of Section 14 Of The Lt. Act Without Appreciating The Fact That The Investigation & Analysis Of The A.Y.2015-16 Facts As Borne Out By The A.O. In The Assessment Order Clearly Establish That The Profit Was Bogus & Sham Earned Through Synchronized Trading In Illiquid Stock Option & Accordingly The Same Was Correctly Assessed U/S 68 Of The It Act.

disallowed and added to the income of the assessee u/s 69C of the Act. The total income of the assessee was assessed to the tune of Rs.5,89,78,990/-. Feeling aggrieved, the assessee filed an appeal before the CIT(A) and the CIT(A) allowed the claim of the assessee but the revenue was not satisfied, therefore, filed

M/S. TATA INDUSTRIES LTD,MUMBAI vs. THE ITO 2(3)(3), MUMBAI

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

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

disallowances. The following ratio as per para 12 of Hon’ble Supreme Court order in the case of ACG Associated Capsules Pvt. Ltd. is to be applied. “12. If we now apply Explanation (baa) as interpreted by us in this judgment to the facts of the case before us, if the rent or interest is a receipt chargeable as profits

DCIT 1(3), MUMBAI vs. RANK MERCANTILE P.LTD, MUMBAI

In the result, Department’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

disallow the same. In view of the aforesaid facts and circumstances, finding no infirmity in the order of the learned Commissioner (Appeals) on the issue, we uphold the same by dismissing ground no.1, raised by the Department. 9. In ground no.2, the Department has challenged the decision of the learned Commissioner (Appeals) in deleting the addition made by the Assessing

AYYAPPA SEVA SAMGHAM BOMBAY TRUST,MUMBAI vs. CIT (A)-53, MUMBAI

In the result appeal of the assessee is allowed for statistical purposes

Bench: Shri Kuldip Singh & Shri Gagan Goyalayyappa Seva Samgham Bombay-Trust Plot No.185, Shree Ayyappa Temple Bangur Nagar, Goregaon (E) Mumbai-400 104 Pan: Aaata0312K ...... Appellant Vs. Cit (A), 53 634, Aayakar Bhavan, Mumbai-400 020 ..... Respondent

disallowing the deductions claimed by the appellant and allowed by the Assessing Officer in the assessment order u/s 143(3) made on 26 12 2019. 3. Without prejudice to the generality of the ground of appeal no 1 above, on the facts and in the circumstances of the case and in law, learned Assessing Officer has erred in holding that

ACIT CEN CIR 13, MUMBAI vs. RAHIL AGENCIES, MUMBAI

In the result, the appeal of the revenue is dismissed

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

disallowed claim of loss incurred on subsequent sale of undisclosed unaccounted diamonds found during course of search. The Assessing Officer also added gross profit estimated at 3.3% of sale of unaccounted diamond. In the appellate proceedings the learned CIT(A) deleted both the additions and hence the Revenue has filed this appeal before us. 3. At the time of hearing

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) ..

disallowance of claim of loss on the subsequent sale of undisclosed and unaccounted diamonds found in the course of search. The AO also added an estimated gross profit on this sale of unaccounted diamonds. By the impugned order addition on account of unexplained stock u/s.69A and gross profit was deleted by CIT(A) after observing as under

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) ..

disallowance of claim of loss on the subsequent sale of undisclosed and unaccounted diamonds found in the course of search. The AO also added an estimated gross profit on this sale of unaccounted diamonds. By the impugned order addition on account of unexplained stock u/s.69A and gross profit was deleted by CIT(A) after observing as under

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

In the result, appeal of the assessee is allowed

disallowable on the ground that it was artificial and not business transaction dealt at great length on the terms 'expenditure" and 'loss' while touching upon the provisions of section 14A and section 94(7) of the Act. The Hon'ble Apex Court categorically held 23 M/s. Tata Motors Ltd., that the two terms are conceptually different and cannot be used

ACIT 4(2)(2), MUMBAI vs. GOPALDAS VISRAM & CO. LTD, MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

GOPALDAS VISRAM & CO. LTD,MUMBAI vs. ADDL CIT 4(2), MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

GOPALDAS VISRAM & CO. LTD,MUMBAI vs. DCIT 4(2), MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

ACIT 4(2)(2), MUMBAI vs. GOPALDAS VISRAM & CO. LTD, MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

ACIT 4(2)(2), MUMBAI vs. GOPALDAS VISRAM & CO. LTD, MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

GOPALDAS VISRAM & CO. LTD,MUMBAI vs. ACIT 4(2)(2), MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

GOPALDAS VISRAM & CO. LTD,MUMBAI vs. DCIT 4(2), MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

GOPALDAS VISRAM & CO. LTD,MUMBAI vs. DCIT 4(2)(2), MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

DCIT 4(2), MUMBAI vs. GOPALDAS VISRAM & CO. LTD, MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3

ACIT 4(2)(2), MUMBAI vs. GOPALDAS VISRAM & CO. LTD, MUMBAI

Appeals are disposed off accordingly

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

disallowance of Rs.1,58,40,500/- by CIT(A) being amount paid to Maharashtra Industrial Development Corporation (MIDC) on account of difference between agreement value and ready reckoner rates of the stamp valuation authority. 36. The facts of the issue are that the assessee entered into leasehold agreement with MIDC and paid a premium of Rs.3