THE NEW INDIA ASSURANCE CO. LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(2)(2), MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV , ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

3 to 6 raised by the Assessee are \nallowed.\n65. Thus, appeal preferred by the Assessee [ITA \nNo.2616/Mum/2025] is partly allowed.\nITA No.2845/Mum/2024 [Revenue’s Appeal]\n& Cross Objection No.97/Mum/2024 [in Revenue’s \nAppeal]\n66. Now we would take up appeal preferred by the Revenue for the \n Assessment Year 2012-2013 (ITA No.2845/Mum/2024) which is \ndirected against the Order

THE NEW INDIA ASSURANCE CO. LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(2)(2), MUMBAI

Section 37(1) of the Act would not\napply. In this context, we respectfully agree with the\nobservations made by the coordinate Bench in case of\nMilestone Real Estate Fund (Supra). Pertinently, in case of\nM/s Cholamandalam MS General Insurance Co. Ltd. [2025]\n174 taxmann.com 603 (Mad.), identical issue of\ndisallowance of payment made to motor vehicle dealers\nu/s.37

THE NEW INDIA ASSURANCE CO. LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -3(2)(2), MUMBAI

3/- paid by\nthe assessee was to be amortized over the\nremaining period of three years. The basis behind\nthis Rule, in our humble understanding, is to value\nthe investment only at its face value which is what\nthe assessee would get at the end of the period\nand any excess paid over the face value while\nacquiring the security

SILMOHAN GEMS PVT LTD. COMPANY,MUMBAI vs. DCIT, CIRCLE-5(3)(1), MUMBAI

In the result, the appeals of the assessee

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

reassessment proceedings the Act accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147

SILMOHAN GEMS PVT LTD. COMPANY,MUMBAI vs. DCIT, CIRCLE-5(3)(1), MUMBAI

In the result, the appeals of the assessee

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

reassessment proceedings the Act accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147

DCIT 5(3)(1), MUMBAI vs. SILMOHAN GEMS PRIVATE LIMITED, MUMBAI

In the result, the appeals of the assessee

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

reassessment proceedings the Act accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147

DCIT 5(3)(1), MUMBAI vs. SILMOHAN GEMS PRIVATE LIMTED , MUMBAI

In the result, the appeals of the assessee

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

reassessment proceedings the Act accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order accordingly. The Assessing Officer in the assessment order dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147 of the Act estimated 3% of the dated 11.03.2016 passed u/s 147

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, the assessee was asked to furnish the details of loans and advances taken from the group companies of Shri Bhavarlal Jain. The assessee vide reply dated 03/03/2015 claimed that the loan creditor M/s Mahalaxmi Gems Pvt. Ltd. has informed the assessee that they have received notices u/s 133(6) of the Act and have filed the relevant details

ITO 19(2)(3), MUMBAI vs. MEENAKSHI N SHAH, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2007-08 Dcit 5(2)(2) Meridian Chem Bond Mumbai Purchase Ltd., बनाम/ 903 Raheja Centre, Free Vs. Press Journal Marg, Nariman Point, Mumbai 400 021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. Aaacr1789G

40A(3) of the Act; however, deleted addition made by the AO towards MVAT u/s 43B of the Act. Aggrieved by the order of CIT(A), the assessee is in appeal before us. 4. The first issue that came up for our consideration is addition made by the AO towards unsecured loan u/s 68 of the Act. The AO made

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

u/s 133A and no other material was found, in that situation, it was held that the such statement has no evidentiary value. 34 & 2698/Mum/2016 Jaydeep Profiles P.Ltd 4.28. In the case of Aradhna Estate Pvt. Ltd. vs DCIT (2018) 91 taxmann.com 119 (Gujarat), the Hon'ble High Court observed/held as under:- “In reasons recorded by the Assessing Officer for reopening

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

u/s 133A and no other material was found, in that situation, it was held that the such statement has no evidentiary value. 34 & 2698/Mum/2016 Jaydeep Profiles P.Ltd 4.28. In the case of Aradhna Estate Pvt. Ltd. vs DCIT (2018) 91 taxmann.com 119 (Gujarat), the Hon'ble High Court observed/held as under:- “In reasons recorded by the Assessing Officer for reopening

VIPUL IMPEX & INFRABUILD LTD.,MUMBAI vs. ACIT-4(2), MUMBAI

The appeals of the Revenue are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunatha

40A(3) of the Act. On the other hand, the Ld. CIT-DR. Shri Abhijit Patankar, strongly defended the reopening of assessment by arguing that it was validly done. It was pleaded that certain information were received from the investigation wing. Our attention was invited to the reasons for reopening of case u/s 148, which has been reproduced

DCIT CIR. 4(3)(2), MUMBAI vs. VIPUL IMPEX & INFRABUILD LTD., MUMBAI

The appeals of the Revenue are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunatha

40A(3) of the Act. On the other hand, the Ld. CIT-DR. Shri Abhijit Patankar, strongly defended the reopening of assessment by arguing that it was validly done. It was pleaded that certain information were received from the investigation wing. Our attention was invited to the reasons for reopening of case u/s 148, which has been reproduced

DCIT CIR. 4(3)(2), MUMBAI vs. VIPUL IMPEX & INFRABUILD LTD., MUMBAI

The appeals of the Revenue are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunatha

40A(3) of the Act. On the other hand, the Ld. CIT-DR. Shri Abhijit Patankar, strongly defended the reopening of assessment by arguing that it was validly done. It was pleaded that certain information were received from the investigation wing. Our attention was invited to the reasons for reopening of case u/s 148, which has been reproduced

DCIT CIR. 4(3)(2), MUMBAI vs. VIPUL IMPEX & INFRABUILD LTD., MUMBAI

The appeals of the Revenue are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunatha

40A(3) of the Act. On the other hand, the Ld. CIT-DR. Shri Abhijit Patankar, strongly defended the reopening of assessment by arguing that it was validly done. It was pleaded that certain information were received from the investigation wing. Our attention was invited to the reasons for reopening of case u/s 148, which has been reproduced

VIPUL IMPEX & INFRABUILD LTD.,MUMBAI vs. ACIT-4(2), MUMBAI

The appeals of the Revenue are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunatha

40A(3) of the Act. On the other hand, the Ld. CIT-DR. Shri Abhijit Patankar, strongly defended the reopening of assessment by arguing that it was validly done. It was pleaded that certain information were received from the investigation wing. Our attention was invited to the reasons for reopening of case u/s 148, which has been reproduced