SWARAN NADHAN SALARIA,MUMBAI vs. DICT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

RAMESH PREMJI SHAH,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX , MUMBAI

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

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.1985/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2012-13) Ramesh Premji Shah बिधम/ Dcit 3-6 Shreeji Apartments 45 Aayakar Bhavan, Marine Vs. Jp Road Andheri (W), Lines, Mumbai-400020. Mumbai-400058. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aadps2715F (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Subhas Bains Revenue By: Ms. Mahita Nair (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 19/10/2022 घोषणा की तारीख /Date Of Pronouncement: 09/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 15.07.2022 For The Assessment Year 2012-13. 2. The Grounds Of Appeal Raised By The Assessee Are As Under: - “1The Cit(A)/Nfac Has Erred On The Facts & In The Circumstances Of The Case, In As Much As Upholding The Reassessment Order Passed By The Assessing Officer U/S 143(3) Rws 147 Of The It Act Dated 09.12.2019 Which Was Requested To Be Held As Illegal & Bad In Law As No Reassessment Can Be Made For Making Addition U/S 2(22)(E) Of The It Act U/S 147 Especially When The Disallowance Was Made From All The Details & Facts Available On Record And, Therefore, The Main Condition For Reopening The Case Beyond Four Years Which Is Failure On The Part Of Appellant To Disclose Fully & Truly All Material Facts Was Not Established By The Ao. Hon’Ble Itat Is Requested To Reverse The Order

section 71(2A) of the IT Act. Hon’ble ITAT is requested to reverse the order of CIT (A) NFAC on this account and allow the ground.” 6.“On the facts and in the circumstances of the case, the CIT(A) NFAC has failed to appreciate the facts to uphold the initiating proceedings through issuing penalty notice u/s 271

MADISON TEAMWORKS FILM PROMOTIONS AND ENTERTAINMENT PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX- 10(2)(2), MUMBAI, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Vikram Singh Yadav & Shri Rahul Chaudharyassessment Year : 2013-14 Madison Teamworks Film Deputy Commissioner Of Promotions & Entertainment Income Tax-10(2)(2), Private Limited, Vs. Aayakar Bhavan, 1St Floor, 349 Business Point, M.K. Road, Western Express Highway, Mumbai-400020. Andheri (East), Mumbai-400069. Pan : Aaecm1006B (Appellant) (Respondent) For Assessee : Mr. Siddesh Chaugule & Ms. Manmeet Kaur Saini For Revenue : Shri Annavaram Kosuri, Sr.Dr

penalty proceedings u/s. 271(1)(c) of the Act were initiated while issuance of notice u/s. 274 r.w.s. 271(1)(c) of the Act, dt. 30-10-2015. 3. The assessee thereafter carried the matter in appeal before the Ld.CIT(A) challenging the addition on account of mismatch of income vis-à- vis Form-26AS and it was partly

ILA JITENDRA MEHTA,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4), MUMBAI

In the result, the appeal of the Assessee is allowed

Bench: Shri Narender Kumar Choudhry & Smt Renu Jauhriassessment Year: 2014-15

E R Per : Narender Kumar Choudhry, Judicial Member: This appeal has been preferred by the Assessee against the order dated 06.08.2024, impugned herein, passed by the Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2014-15. 2 Ms. Ila Jitendra Mehta 2

VINITA PAWANKUMAR SARAF,MUMBAI vs. INCOME TAX OFFICER WARD 42(1)(5), MUMBAI

Appeal of the assessee is allowed

Bench: Shri Pawan Singh, Jm & Ms Padmavathy S, Am

section 2(22)(e) squarely attached in assesee's case calling thereby taxation of deemed dividend u/s. 2(22)(e) in the hands of the assessee to the extent of loan taken of Rs. 25,58,638/ is less than the reserves/accumulated profit of Rs. 1,73,89,054/-, the quantum and deemed divided which is taxable in the hands

M/S SANJEEV CHIRANIA HUF,MUMBAI vs. INCOME TAX OFFICER, WARD-28(3)(1) , MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2015-16 M/S Sanjeev Chirania Huf, Ito-28(3)(1), 301, Sona Chambers, 507/509 Tower No. 6, Vashi Railway Vs. Jss Road, Chira Bazar, Station Commercial Marine Lines – East, Complex, Vashi, Mumbai-400 002. Navi Mumbai-400703 Pan No. Aarhs 4527 D Appellant Respondent Assessee By : Ms. Ritu Kamalkishor, Ar Revenue By : Mr. Milind S. Chavan, Cit-Dr : Date Of Hearing 23/03/2023 : Date Of Pronouncement 31/03/2023 Order

2) (ITA No: 1338 to 1343/Del/2011) No: 1338 to 1343/Del/2011) d. M/s Hubli Dharwad Stock Trading House vs Dy. d. M/s Hubli Dharwad Stock Trading House vs Dy. d. M/s Hubli Dharwad Stock Trading House vs Dy. Commissioner of Income Tax, Circle Commissioner of Income Tax, Circle- 1(1), Hubli (ITA 1(1), Hubli (ITA No: 891 to 902/Bang/2017

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

271(1)(c) of the Act which being premature at this stage, same are dismissed as premature at this stage, same are dismissed as premature at this stage, same are dismissed as infructuous. 12. The grounds raised in assessment year 2017 The grounds raised in assessment year 2017 The grounds raised in assessment year 2017-18 are reproduced as under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

271(1)(c) of the Act which being premature at this stage, same are dismissed as premature at this stage, same are dismissed as premature at this stage, same are dismissed as infructuous. 12. The grounds raised in assessment year 2017 The grounds raised in assessment year 2017 The grounds raised in assessment year 2017-18 are reproduced as under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

271(1)(c) of the Act which being premature at this stage, same are dismissed as premature at this stage, same are dismissed as premature at this stage, same are dismissed as infructuous. 12. The grounds raised in assessment year 2017 The grounds raised in assessment year 2017 The grounds raised in assessment year 2017-18 are reproduced as under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

271(1)(c) of the Act which being premature at this stage, same are dismissed as premature at this stage, same are dismissed as premature at this stage, same are dismissed as infructuous. 12. The grounds raised in assessment year 2017 The grounds raised in assessment year 2017 The grounds raised in assessment year 2017-18 are reproduced as under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

271(1)(c) of the Act which being premature at this stage, same are dismissed as premature at this stage, same are dismissed as premature at this stage, same are dismissed as infructuous. 12. The grounds raised in assessment year 2017 The grounds raised in assessment year 2017 The grounds raised in assessment year 2017-18 are reproduced as under

DCIT(CENTRAL CIRCLE)-7(1), MUMBAI vs. PANTHER INVESTRADE LIMITED, MUMBAI

In the result, both the Cross appeals no

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

22. On this issue again this court is unable to find any error having been committed by the ITAT." 12. It is, therefore, clear that for the AO to assume jurisdiction u/s 271(1)(c), proper notice is necessary and the defect in notice u/s 274 of the Act vitiates the assumption of jurisdiction by the learned Assessing Officer

DCIT CENTRAL CIRCLE 7 (1) MUMBAI , MUMBAI vs. PANTHER INVESTRADE LIMITED, MUMBAI

In the result, both the Cross appeals no

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

22. On this issue again this court is unable to find any error having been committed by the ITAT." 12. It is, therefore, clear that for the AO to assume jurisdiction u/s 271(1)(c), proper notice is necessary and the defect in notice u/s 274 of the Act vitiates the assumption of jurisdiction by the learned Assessing Officer

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT, CENTRAL CIRCLE 1(2), MUMBAI

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

22[ 6[Principal Chief Commissioner or] Chief Commissioner or\n"[Principal Commissioner or] Commissioner] before the said date ; or\n(2) he, in the course of the search 4, makes a statement under sub-section (4) of section 132 that\nany money, bullion, jewellery or other valuable article or thing found in his possession or under\nhis control, has been

DCIT, CENTRAL CIRCLE - 7(1), MUMBAI , MUMBAI vs. TRIUMPH SECURITIES LTD, MUMBAI

In the result, the appeal of the revenue bearing ITA No

E”, MUMBAI\nBEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER AND\nSHRI ANIKESH BANERJEE, JUDICIAL MEMBER\nITA No.962/Mum/2024\n(Assessment Year: 2003-04)\nDCIT, Central Circle-7(1), vs TRIUMPH SECURITIES LTD,\nMumbai, 121, Radha Bhavan, 1ST Floor,\nRoom No.676B, 6th Floor, Nagindas, Master Road, Fort,\nAayakar Bhavan, M.K. Road, Mumbai-400 023\nMumbai-400 020\nPAN: AABCT1510A\nAPPELLANT\nRESPONDENT\nAssessee

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT, CENTRAL CIRCLE 1(2), MUMBAI

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

22[ 6[Principal Chief Commissioner or] Chief Commissioner or\n'[Principal Commissioner or] Commissioner] before the said date ; or\n(2) he, in the course of the search 4, makes a statement under sub-section (4) of section 132 that\nany money, bullion, jewellery or other valuable article or thing found in his possession or under\nhis control, has been

ANAND RATHI SHARE AND STOCK BROKERS LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

u/s 271FA of the Act for delay in filing the A of the Act for delay in filing the statement of foreign accounts transaction. For ready reference, statement of foreign accounts transaction. For ready reference, statement of foreign accounts transaction. For ready reference, section 271FA of the Act is reproduced as under: e Act is reproduced as under: “[Penalty