M/S CRESCENT ORGANICS PVT. LTD.,MUMBAI vs. DCIT 14 (1)(2), MUMBAI

Bench: Shri M. Balaganesh & Shri Ravish Soodita Nos.1252 & 1253/Mum/2019 (Assessment Years: 2011-12 & 2012-13) M/S Crescent Organics Pvt. Ltd. Dy. Commissioner Of Income Tax Windsor,2Nd Floor, Cst Road, 14(1)(2), Aayakar Bhavan, Vs. Kalina,Santacruz (East), Mumbai – 400 020 Mumbai – 400 098 Pan – Aaacc1690D (Appellant) (Respondent) Appellant By: Shri Piyush Chhajed, A.R Respondent By: Ms. Shreekala Pardeshi, D.R Date Of Hearing: 10.12.2020 Date Of Pronouncement: 14.12.2020

reassessment on the ground that the same was based on a mere change of opinion which was not permissible under law. However, the CIT(A) not finding any merit in the contentions advanced by the assessee in context of the validity of the jurisdiction assumed by the A.O u/s 147 of the Act, therein, rejected the same. On merits

KROSSOVER ENTERTAINMENT PVT LTD,MUMBAI vs. DY CIT 12(3)(1), MUMBAI

In the result, appeal filed by the assessee is allowed

ii) of the Act. Therefore, the AO had the reason to believe that income of Rs. 35,00,000/- had escaped assessment. The appellant's contention that the AO did not make enquiry before reopening the assessment is not tenable because under the Scheme of the Act the AO has little power to make enquiry when proceedings are not pending

POOJA HARDWARE PVT. LTD.,MUMBAI vs. ACIT - 13 (1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2012-13

35(1)(ii) of Income-tax Act, 1961 tax Act, 1961 by relying on the information received from Kolkata Directorate by relying on the information received from Kolkata Directorate by relying on the information received from Kolkata Directorate and the statements of the key per and the statements of the key persons of the institute SHG&PH, sons

PJL CLOTHING INDIA PRIVATE LIMITED,MUMBAI vs. DCIT 8 2 1, MUMBAI

In the result,the appeal of the In the result,the appeal of the assessee is dismissed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarpjl Clothing India Pvt. V/S. Nfac/Dcit 8 2 1 Ltd. Aayakar Bhavan, M.K. बनाम 505, 506 Dalamal Road, Churchgate, Chambers, New Marine Mumbai-400020 Lines, Vitthaldasthackersey Marg, Churchgate, Maharashtra-400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacp2782R .. Appellant/अपीलाथ" Respondent/""तवाद"

reassessed the income of Rs. 3,07,32,590/- as declared in the ITR as declared in the ITR. He also initiated penalty procee initiated penalty proceedings u/s 271(1)(c) of the Act for furnishing for furnishing in accurate particulars of income in respect in accurate particulars of income in respect of deduction u/s 35(1)(ii

DCIT CEN CIR 8(4), MUMBAI vs. SAVITA OIL TECHNOLOGIES LTD, MUMBAI

Appeal is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11)

reassessment, the assessee shall be entitled to receive, in addition to the interest payable under sub-section (1), an additional interest on such amount of refund calculated at the rate of three per cent per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section

AAKASH VALUE REALTY PRIVATE LIMITED,MUMBAI vs. DCIT CC-1(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

reassessment framed under section 147 of the Income-tax Act, 1961 for the assessment year 2016–17. 2. In the grounds of appeal, the assessee has challenged both the validity of notice issued under section 148 and, on merits, the disallowance of deduction amounting to ₹1,79,37,500/- claimed under section 35(1)(ii

NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

reassessment proceedings even when intimation under section 143(1) had been issued. 19. Inevitable conclusion is that High Court has wrongly applied Adani Exports case (supra) which has no application to the case on the facts in view of the conceptual difference between section 143(1) and section 143(3) of the Act. 24 Navnidhi Steel & Engg

PID P.LTD,MUMBAI vs. ASST CIT CIR 11(1), MUMBAI

In the result the Cross Objection of the assessee is allowed for statical purpose

Bench: Shri B.R.Baskaran & Shri Pawan Singh

reassessment u/s 143(3) r.w.s. 147 of the Act, made the disallowance of cost of entire purchases made from four parties i.e. (1) Disha Enterprises (2) Manav Impex (3) Dhiren Mercantile P Ltd. & (4) Sachi Mercantile P Ltd. The AO not given any finding on the documentary evidence filed by assessee consisting invoices, delivery challan, bank statement

M/S HYPACK INDUSTRIES,MUMBAI vs. ACIT 26 (1), MUMBAI

In the result, appeal by the assessee is partly allowed in the terms aforesaid

Bench: Shri Vikas Awasthyआअसं. 5713/मुं/2019 ("न.व 2012-13) आअसं. 5714/मुं/2019 ("न.व 2014-15)

reassessment proceedings for similar reasons. The ld.Authorized Representative of the assessee had made a statement that he is not pressing ground No.1 of the appeal challenging validity of notice issued under section 148 of the Act. 11. Since, the facts germane to withdrawal of assessee’s claim of weighted deduction under section 35(1)(ii

KUDOS FINANCE AND INVESTMENT PVT LTD,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX-6, MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

ii) in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction. 10. The claim for deduction for the „Provision

ESTATE OF VANDRAVAN P SHAH,MUMBAI vs. ASSISTANT COMISSIONER OF INCOME TAX, CIRCLE 19(3), MUMBAI

In the result all the three captioned appeals are dismissed

Bench: Sandeep Gosain () & Shri Om Prakash Kant ()

35(1)(ii) has to be added to the total income of Vandravan P Shah of AY 2012 Vandravan P Shah of AY 2012-13. Estate of Vandravan P Shah Estate of Vandravan P Shah ITA No. 5401, 5402 & 5403/MUM/2024 5. Basis of forming reason to believe and details of 5. Basis of forming reason to believe and details

KUDOS FINANCE AND INVESTMENTS PVT. LTD.,PUNE vs. ITO, WARD-14 (2)(1), MUMBAI

ii) in respect of which the information required to be furnished\nunder this Act to substantiate such entry has not been so furnished;\nor (iii) in respect of a deduction, where such deduction exceeds\nspecified statutory limit which may have been expressed as\nmonetary amount or percentage or ratio or fraction.\n10. The claim for deduction for the 'Provision

VORA FINANCIAL SERVICES PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX 2(3)(1), MUMBAI

In the result, the appeal filed by the assessee is allowed

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S. Vora Financial Services P. Ltd. A C I T - 2(3((1) 801/806, 8Th Floor, Elite Square Aayakar Bhavan Vs. 274, Perin Nariman, St. Bazar Gate M.K. Road Fort, Mumbai 400001 Mumbai 400020 Pan – Aaacv1975E Appellant Respondent

35(1)(ii) as on date of receipt of donation, no matter that the approval was cancelled subsequently with retrospective effect. It is pertinent to note that the Chennai bench of Tribunal has placed its reliance on the decision rendered by Hon’ble Bombay High Court in the case of Seksaria Biswan Sugar Factory Ltd vs. Inspecting Assistant Commissioner

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. The AO will exercise normal assessment powers in respect of the six years previous to the relevant AY in which the search takes place

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. The AO will exercise normal assessment powers in respect of the six years previous to the relevant AY in which the search takes place

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed by the AOs as a fresh exercise. iii. The AO will exercise normal assessment powers in respect of the six years previous to the relevant AY in which the search takes place

WIN CABLE & DATACOM P.LTD,MUMBAI vs. ASST CIT (TDS) 3(1), MUMBAI

In the result, appeals filed by the assessee are hereby allowed

Bench: S/Shri R.C. Sharma (Am) & Amarjit Singh (Jm) I.T.A. No. 3635/Mum/2016(Assessment Year 2001-02)

ii) of subsection (3) of section 153 and of Explanation 1 to section 153 shall, so far as may, apply to the time limit prescribed in subsection (3).] [Explanation.For the purposes of this section, the expression "accountant" shall have the meaning assigned to it in the Explanation to subsection (2) of section 288.]” 35 Once same provisions are invoked

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

35,83,500/- on account of Alleged Negative Stock as taxable income. Looking to the facts and in the circumstances of your Appellant's case the said disallowance made by the Ld. A.O. is incorrect and invalid and ought to be deleted. 11. On the facts and in the circumstances of the case

ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

35) of section 10 Total 32,27,17,773/- 100% 3.14. Ld. CIT(A) observed that as per clause (f) of Explanation 1 to Sec. 115JB(2), only the expenditure relating to income other than income assessable u/s 10(38) was to be added while calculating book profits u/s 115JB profits. He, accordingly, directed the AO to add only