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

The appeals of the Revenue are dismissed

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

1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed

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

The appeals of the Revenue are dismissed

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

1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed

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

The appeals of the Revenue are dismissed

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

1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ii. Assessments and reassessments pending on the date of the search shall abate. The total income for such AYs will have to be computed

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

39,82,000/-. 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. 10. On the facts and in the circumstances of the case and in law, the Ld. A. O. erred in disallowing Compensation paid of Rs.35

MANOHAR MANAK ALLOYS P.LTD,MUMBAI vs. ACIT 4(2), MUMBAI

Appeal is allowed

39,857/-. 5. Thereafter, notice under Section 263(1) of the Act was issued to the Appellant. The relevant extract of the notice read as under: ―3. From the available records, it is seen that, while conducting enquiry in the subsequent assessment year i.e., AY 2018-19, in response to a specific query raised, with respect to the Interest income

H.K. ENTERPRISES,MUMBAI vs. DY CIT - CC-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K. ENTERPRISES,MUMBAI vs. DY CIT CC - 2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K. ENTERPRISES,MUMBAI vs. DY CIT-CC-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K. ENTERPRISES,MUMBAI vs. DY CIT-CC-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K. ENTERPRISES,MUMBAI vs. DY CIT-CC-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K. ENTERPRISES,MUMBAI vs. DY CIT -CC-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

H.K.ENTERPRISES,MUMBAI vs. DCIT, CENTRAL CIRCLE-2(4), MUMBAI

In the result, all the eight appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment pending on the date of initiating of search shall abate and merge into the assessment proceedings initiation u/s 153A of the Act, and in respect of non-abated assessment year, the assessment can be made only on the basis of incriminating material found in the course of search. Admittedly in the present case no incriminating material was found during

ITO WARD-4(1)(3), MUMBAI vs. M/S ASHIK WOLLEN MILLS LIMITED, MUMBAI

In the result, this appeal of revenue is allowed in terms indicated here

39,000/- relatable to cessation of ‘working capital loan’ and she would be presenting revenue’s case precisely on that footing. Ld. AR representing the assessee could not contradict this submission of Ld. CIT- DR. The present appeal is being decided accordingly. 7. Then, the Ld. CIT-DR straightaway carried us to the relevant portion of section 41(1) which

SWANSTON MULTIPLEX CINEMAS P.LTD,MUMBAI vs. ASST CIT CIR 11(1), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2005-06 Swanston Multiplex Cinemas Acit, Private Limited, Circle-11(1), बनाम/ 9Th Floor, Viraj Towers, W.E. R. No.467, Vs. Highway Next To Andheri Aayakar Bhavan, Flyover Andheri (East), M. K. Road, Mumai-400093 Mumbai-400020 ("नधा"रती/Assessee) (राज"व /Revenue) Pan No.:-Aafcs6295K

39 (P & H), in the initial assessment, the benefit of deduction of the duty drawback and DEPB under section 80-IB was wrongly granted to the assessee, for which it was not entitled. Therefore, reassessment proceedings to withdraw the deduction were held to be valid. Likewise, in CIT v. Hindustan Tools & Forgings

MR NILESH BHARANI,MUMBAI vs. DCIT CC 4(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No. 612/Mum/2020 (निर्धारणवर्ा / Assessment Year: 2011-12)

section 127(1) of the Act. The Ld. A.R. also admitted though there is no necessity at all to give an opportunity of hearing for the same to the assessee yet for the sake of even appreciation, the PCIT may also not pass a reasoned order, yet passing an assessment jurisdiction transfer order u/s 127(1

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

reassessment, no further enquiry or addition is permissible. 20. In light of the above discussion, we are of the considered opinion that the very assumption of jurisdiction under section 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

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)

reassessment, no further enquiry or addition is permissible. 20. In light of the above discussion, we are of the considered opinion that the very assumption of jurisdiction under section 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

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)

reassessment, no further enquiry or addition is permissible. 20. In light of the above discussion, we are of the considered opinion that the very assumption of jurisdiction under section 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