JAMNADAS VIRJI SHARES AND STOCK BROKERS PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX 4(3)(1), MUMBAI

72,400/-\n20.03.2022\nAlleged bogus purchase of gold from M/s Swastik Corporation treated\nas unexplained business expenditure u/s 37(1)\nRs. 3,25,500/-\nΑ.Υ. 2015-16\n12.09.2015\nRs. 28,33,400/-\n22.03.2022\nRs. 3,83,822/-\nΑ.Υ. 2016-17\n02.09.2016\nRs. 7,34,380/-\n27.03.2022\nRs. 3,91,304/-\nΑ.Υ. 2017-18\n11.10.2017

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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

DCIT CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIVSHANKAR RAMSWAROOP 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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

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)

72,50,751 disallowed under section 37(1) and Rs.2,05,000 treated as unexplained loan under section 68 2014–15 Rs.4,98,90,418 disallowed under section 37(1) and Rs.1,34,64,988 treated as CIT(A) 16. It is evident that these additions pertain either to unexplained credits or disallowances of expenses. None of them fall within

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)

reassessment, then he makes an assessment / reassessment of such income u/s 153A of the Act. 65. Now, the entire procedure is the same except under different sections having two separate contingencies. In our opinion, the Legislature has not left any discretion on the revenue officers to make the assessment /reassessment under any of the said set of provisions

DCIT, CIRCLE-1, , KALYAN vs. M/S ASB INTERNATIONAL PVT LTD, MUMBAI

In the result the appeal of the revenue stand dismissed

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

reassessment proceedings, the AO stated that from A.Y. 2001-02 onward the provisions of section10A of and 10B of the Act have been brought at per with the other section dealing with deductions allowed under chapters VI-A of the Act. From first April 2001 onwards the brought forward losses pertaining to the specified undertaking eligible for deduction

ATUL SHAMJI BHARANI,MUMBAI vs. DCIT CC- 4(1), MUMBAI

In the result, appeal by the assessee for the

reassessment proceedings under section 147 of the Act and\nissued notice under section 148 of the Act. In response to the aforesaid notice,\nthe assessee filed his return of income and statutory notices under section\n143(2) as well as section 142(1) of the Act were issued and served on the\nassessee. The AO vide order dated 28/12/2018 passed

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ADD/JOINT/DEPUTY/ACIT, NATIONAL E-ASSESSMENT CENTRE, DELHI

section 143(1) and needs to be deleted.\nITA No. 4056/Mum/2023 (A.Y.2012-13)\n10. The brief facts of the case are that the assessee filed its e-return of income\ndeclaring total income at Rs. 1299, 92, 77,220/- on 13.04.2017 in response to the\nnotice issued u/s. 148 of the Act. Thereafter, the assessee filed its letter seeking\nreasons

M/S. PATANJALI FOODS LTD (FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD),MUMBAI vs. DY COMM OF INCOME TAX- CENTRAL CIRCLE-7(2), MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

reassessment, if any, relating to any assessment year falling within the period of six assessment years referred to in sub-section (1) is pending on the date of initiation of the search u/s. 132 of the Act shall abate. In the present case before us, however, though the second proviso to sub-section (1) of section 153A would not apply

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

reassessment, if any, relating to any assessment year falling within the period of six assessment years referred to in sub-section (1) is pending on the date of initiation of the search u/s. 132 of the Act shall abate. In the present case before us, however, though the second proviso to sub-section (1) of section 153A would not apply

SHIV SHANKAR SHARMA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15 Rs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT(A)\n16. It is evident that these additions pertain either to\nunexplained

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15 Rs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT(A)\n16. It is evident that these additions pertain either to\nunexplained

SHRI SHIV SHANKAR SHARMA ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15\nRs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT(A)\n16. It is evident that these additions pertain either to\nunexplained

DCIT, CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIVSHANKAR RAMSWAROOP SHARMA, MUMBAI

72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15 Rs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT(A)\n16. It is evident that these additions pertain either to\nunexplained

SHRI SHIV SHANKAR SHARMA ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15\nRs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nITA No.2681/Mum/2025 and others\nShri Shiv Shankar Sharma\n19\nunexplained loan under section\n68, which was deleted by the\nCIT