ACIT I/C ITO - 22(2)(1), MUMBAI, PIRAMAL CHAMBERS, LALBAUG vs. NARESH MANAKCHAND JAIN , PRABHADEVI MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

Penalty amount Year order 2013-14 28.11.2023 271(1)(c) of the Act Rs.2,94,31,534/- 2014-15 28.11.2023 271(1)(c) of the Act Rs.5,58,47,269/- 2015-16 28.11.2023 271(1)(c) of the Act Rs.2,61,12,296/- 2016-17 28.11.2023 271(1)(c) of the Act Rs.2,07,84,459/- 2017-18 12.12.2023 270A

ACIT I/C ITO - 22(2)(1), MUMBAI, PIRAMAL CHAMBERS, LALBAUG, MUMBAI vs. NARESH MANAKCHAND JAIN , PRABHADEVI, MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

Penalty amount Year order 2013-14 28.11.2023 271(1)(c) of the Act Rs.2,94,31,534/- 2014-15 28.11.2023 271(1)(c) of the Act Rs.5,58,47,269/- 2015-16 28.11.2023 271(1)(c) of the Act Rs.2,61,12,296/- 2016-17 28.11.2023 271(1)(c) of the Act Rs.2,07,84,459/- 2017-18 12.12.2023 270A

ACIT I/C ITO - 22(2)(1), MUMBAI, PIRAMAL CHAMBERS, LALBAUG, MUMBAI vs. NARESH MANAKCHAND JAIN , PRABHADEVI, MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

Penalty amount Year order 2013-14 28.11.2023 271(1)(c) of the Act Rs.2,94,31,534/- 2014-15 28.11.2023 271(1)(c) of the Act Rs.5,58,47,269/- 2015-16 28.11.2023 271(1)(c) of the Act Rs.2,61,12,296/- 2016-17 28.11.2023 271(1)(c) of the Act Rs.2,07,84,459/- 2017-18 12.12.2023 270A

ACIT I/C ITO - 22(2)(1), MUMBAI, PIRAMAL CHAMBERS, LALBAUG, MUMBAI vs. NARESH MANAKCHAND JAIN , PRABHADEVI, MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

Penalty amount Year order 2013-14 28.11.2023 271(1)(c) of the Act Rs.2,94,31,534/- 2014-15 28.11.2023 271(1)(c) of the Act Rs.5,58,47,269/- 2015-16 28.11.2023 271(1)(c) of the Act Rs.2,61,12,296/- 2016-17 28.11.2023 271(1)(c) of the Act Rs.2,07,84,459/- 2017-18 12.12.2023 270A

NARESH MANAKCHAND JAIN,MUMBAI vs. ACIT 2(1), MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale

penalty proceedings u/s 271(1)(c) are attracted in the case of the assessee. Accordingly notice u/s. 274 rws 271(1)(c) is being issued separately.” 8. It is evident from the above that the AO has made addition for credit card expenses only on the basis of the Annual Information Return available with the Income Tax Department and there

NARESH MANAKCHAND JAIN,MUMBAI vs. ACIT 2(1), MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale

penalty proceedings u/s 271(1)(c) are attracted in the case of the assessee. Accordingly notice u/s. 274 rws 271(1)(c) is being issued separately.” 8. It is evident from the above that the AO has made addition for credit card expenses only on the basis of the Annual Information Return available with the Income Tax Department and there

NARESH MANAKCHAND JAIN,MUMBAI vs. ACIT-2(1), MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale

penalty proceedings u/s 271(1)(c) are attracted in the case of the assessee. Accordingly notice u/s. 274 rws 271(1)(c) is being issued separately.” 8. It is evident from the above that the AO has made addition for credit card expenses only on the basis of the Annual Information Return available with the Income Tax Department and there

NARESH MANAKCHAND JAIN,MUMBAI vs. ACIT-2(1), MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale

penalty proceedings u/s 271(1)(c) are attracted in the case of the assessee. Accordingly notice u/s. 274 rws 271(1)(c) is being issued separately.” 8. It is evident from the above that the AO has made addition for credit card expenses only on the basis of the Annual Information Return available with the Income Tax Department and there

NARESH MANAKCHAND JAIN,MUMBAI vs. ACIT 2(1), MUMBAI

In the result, the appeals of the assessee are partly allowed

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale

penalty proceedings u/s 271(1)(c) are attracted in the case of the assessee. Accordingly notice u/s. 274 rws 271(1)(c) is being issued separately.” 8. It is evident from the above that the AO has made addition for credit card expenses only on the basis of the Annual Information Return available with the Income Tax Department and there

SHRI DINESHKUMAR C. DOSHI,MUMBAI vs. INCOME TAX OFFICER 19(1)(4), MUMBAI

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

Section 158BB(1) would include material, information and evidence gathered as a result of post-search investigation on the basis of evidence found during the search or found as a result of search. Such information as would be available with the AO can be made the base for computation of undisclosed income of the block period. The term

PUSHPAK AUXICHEM P. LTD,THANE vs. ITO WD 1(3), KALYAN

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Pushpak Auxichem Pvt. Income Tax Officer Ltd. Ward-1(3), बनाम/ 241/Business-2, Kasturi Mohan Plaza, 1St Floor, Vs. Plaza, 2Nd Floor, Manpada Wayle Nagar, Road, Dombivali (East), Khadak Pada, Thane-421201 Kalyan-421301 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcp0099E

Section 158BFA(1). No arguments were advanced by the learned representatives of both sides in relation to this point. The AO is directed to grant consequential relief. 80. Ground No. (7) relates to initiation of penalty proceedings under Section 271(1)(c). No such ground can be raised in an appeal against the assessment order. Separate appeal will lie against

DCIT CIR.7(3)(1), MUMBAI vs. PJL CLOTHING INDIA LTD., MUMBAI

The appeal of the Revenue is allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2010 - 2011 Dcit Circle 7(3)(1) Pjl Clothing India Ltd., Mumbai बनाम/ Unit No.19, Shree Madhu Estate, Pandurang Budhakar Vs. Marg, Worli, Mumbai 400 018 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aaacp2782R

Section 68 nor Section 68 applies in relation to such credit purchases. All these facts and decisions submitted by the learned counsel are not relevant because we are not making any fresh addition in respect of any unexplained cash credit but this vital factor is being taken into consideration while estimating the amount of undisclosed income liable

ITO 6(3)(2), MUMBAI vs. JAYDEEP PROFILES P.LTD, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

Section 158B(b) as amended by the Finance Act, 2002 with retrospective effect from 1st July, 1995. The said provision is reproduced below: "158B--In this Chapter, unless the context otherwise requires,-- (a)......:.... (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account

JAYDEEP PROFILES PVT. LTD.,MUMBAI vs. ITO WD 6 (3)(2), MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

Section 158B(b) as amended by the Finance Act, 2002 with retrospective effect from 1st July, 1995. The said provision is reproduced below: "158B--In this Chapter, unless the context otherwise requires,-- (a)......:.... (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account