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

bogus/accommodation entries without supplying any material. The large number of said concerns were operating from 2-3 premises owned by Mr Bhanwarlal Jain as detailed in preceding para’s of this order. During search u/s 132(1) of 1961 Act, neither books of accounts of these benami concerns were recovered from their registered premises nor any stock of diamond

DEPUTY COMMISSIONER OF INCOME TAX-4(3)(1), MUMBAI vs. QMAX SYNTHETICS PRIVATE LIMITED, MUMBAI

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhailacit-4(3)(1) Vs. M/S Qmax Synthetics R. No. 649, 6Th Floor, Pvt. Ltd., 5-B/174, Aayakar Bhavan, Sanjay Building, Mittal Mumbai – 400 020 Industrial Estate, Andheri (E), Mumbai 400 059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacq0206D Respondent .. Appellant

bogus/accommodation entries on loan of Rs.1,64,00,000/- from the following 7 parties related to Shri Pravin Kumar Jain as under: Sr. Name of the concern Amount(Rs.) Interest (Rs.) No. 1. Casper Enterprises P. Ltd. 24,00,000 14,597 (Ostwal Trading (I) P. Ltd.) 2. Duke Business P. Ltd. (JPK 20,00,000 28,932 Trading

SWASTIK REALTORS,MUMBAI vs. A.C.I.T.15(3), MUMBAI

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner Of Income V. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, Lbs Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./Pan : Abafs2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

bogus/accommodation entries. From the facts found by the authorities, it was clear that the amount of loan was advanced through the account payee cheques and PANs were also furnished. The amount has been repaid through account payee cheques and the lenders has sufficient funds in their bank accounts not by cash deposited on the preceding date or when the cheques

SWASTIK REALTORS,MUMBAI vs. ASST CIT 15(3), MUMBAI

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.800/Mum/2012 & 6314/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2008-09) Swastik Realtors The Assistant बनाम/ 312, Swastik Disha Commissioner Of Income V. Corporate Park , Kohinoor Tax – 15(3), Textile Printing Compound Matru Mandir I T Office Opp. Shreyas Cinema, Lbs Nana Chowk Marg, Ghatkopar(W) Grant Road Mumbai-400 086 Mumbai. "थायी लेखा सं./Pan : Abafs2576A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

bogus/accommodation entries. From the facts found by the authorities, it was clear that the amount of loan was advanced through the account payee cheques and PANs were also furnished. The amount has been repaid through account payee cheques and the lenders has sufficient funds in their bank accounts not by cash deposited on the preceding date or when the cheques

CHHAYA KETAN MEHTA,MUMBAI vs. INCOME TAX OFFICER - 33(1)(3), MUMBAI

In the result, the appeal is allowed

section 68 of the Act was wrongly\nPage 5\nITA No. 6543/Mum/2025\nΑ.Υ. 2014-15\nChhaya Ketan Mehta\napplied as, admittedly, the nature and source were duly explained in as\nmuch as the nature of the credit was the amount received on sale of\nshares and the sourceis through the broker from the Bombay Stock\nExchange on account

NIKHIL ASHOK SHIVDIKAR,PAREL MUMBAI vs. INCOME TAX OFFICER 20 2 4 MUMBAI , LALBAUG PAREL

Bench: him.

bogus/accommodation entry of Long Term Capital Gains arising from purchase/sale of shares of Splash Media and Infra Ltd. During the assessment proceedings, the Assessing Officer noted that the Assessee has earned Long Term Capital Gains on sale of shares of Splash Media and Infra Ltd. [hereinafter referred to as ‘the Shares’] of INR.51,92,689/- which was claimed

SIRONA DENTAL SYSTEMS PRIVATE LIMITED ,MUMBAI vs. ACIT, CIRCLE 14(1)(2), MUMBAI

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI OMKARESHWAR CHIDARA ( (Accountant Member)

bogus/accommodation entry of Long Term Capital Gains arising from purchase/sale of shares of Splash Media and Infra Ltd. During the assessment proceedings, the Assessing Officer noted that the Assessee has earned Long Term Capital Gains on sale of shares of Splash Media and Infra Ltd. [hereinafter referred to as ‘the Shares’] of INR.51,92,689/- which was claimed

SHRI VIKRAM N. CHANDAN,MUMBAI vs. ITO, 19(3)(5), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalassessment Year: 2015-16

section 133A by the DDIT (Inv.), Kolkata to state that he had provided accommodation entries in the alleged penny scrip. 4.1. Assessee had submitted that transaction in the said shares were subjected to STT levy and consideration of sale and purchase for the said scrip had been routed through normal banking channel and no addition can be made without backing

MANOJ KUMAR AGARWAL HUF,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

bogus/accommodation entry as alleged by the ld. AO. It is also important to note that the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process

MANOJ KUMAR AGARWAL,MUMBAI vs. INCOME TAX OFFICER, WD-10(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

bogus/accommodation entry as alleged by the ld. AO. It is also important to note that the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process

ITO-24(3)(1),MUMBAI, PIRAMAL CHAMBER, MUMBAI vs. RAMA RAJIV JAGDALE, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Ms. Kavitha Rajagopal & Shri Girish Agrawalassessment Year: 2014-15

section 133(6) to the purchaser of the 6 Rama Rajiv Jagdale., AY 2014-15 shares sold by the assessing, referred to as “exit providers” which according to him remained un-complied. Ld. Assessing Officer also referred to statement of various persons who according to him were running the racket of providing accommodation entries by manipulating the share prices

MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

entries\nobtained amounting to Rs.3,03,05,713/- in shape of sale of\nshares of Capital Trade Links should not be added in your total\nincome for the year under consideration.” Further, while\ndrawing conclusion in para 7 for making the assessment, ld. AO\nagain writes in similar manner as “In view of the elaborate\ndiscussion made above, I hereby

NARENDRA SHANTILAL BAPNA,NAVI MUMBAI vs. INCOME TAX OFFICER, WD-28(2)(3), MUMBAI, MUMBAI

In the result, appeal filed by the assessee stands allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarnarendra Shantilal Bapna V/S. Income Tax Officer, Ward – Flat No. A2501, Plot No. R3 बनाम 28(2)(3) B Emerald Bay, Sector 14, 4Th Floor, Tower No. 6, Vashi Nerul, Navi Mumbai – Station Complex, Vashi, Navi 400 706, Maharashtra Mumbai– 400703, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aclpb8458J Appellant/अपीलार्थी .. Respondent/प्रतिवादी

section 68 of the Act. The Tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

DCIT, CENTRAL CIRCLE-8(1), MUMBAI vs. ATUL RAMCHANDRA KSHIRSAGAR, PUNE

In the result, the appeal filed by the Revenue Department stands dismissed

Bench: Shri Br Baskaran & Shri Narender Kumar Choudhryassessment Year: 2019-20

Section 68 of the Act was called for.” II. The Honb’le Allahabad High Court in case of Rahul Vineet Traders (41 taxmann.com 86) has held as under- “The submission is wholly mis-conceived. In the search operation carried on in M/s Ganga Ram Agarwal and Companies, there is no admission by the assessee therein that they were involved giving

REKHA RAJESH JOGANI,MUMBAI vs. ITO 19(3)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawalassessment Year: 2014-15

section 133(6) to the purchaser of the shares sold by the assessing, referred to as “exit providers” which according to him remained un-complied. Ld. Assessing Officer also referred to statement of various persons who according to him were running the racket of providing accommodation entries by manipulating the share prices of alleged penny scrip of SRK Industries

SALONI GIRRAJKISHOR AGRAWAL,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI

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

Bench: Justice (Retd.) C. V. Bhadang & Shri Prabhash Shankarsaloni Girrajkishor Agrawal V/S. Income Tax Officer, Ward 1601/1602, Green Acre, बनाम –25(1)(1),Kautilya Bhavan, Lokhandwala Complex, Andheri Bandra Kurla Complex, (West), Mumbai – 400 053, Bandra (East), Mumbai – Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Anupa1692D Appellant/अपीलार्थी .. Respondent/प्रतिवादी

section 68 of the Act. The Tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

DHARMENDRA JAYANTILAL SHAH,MUMBAI vs. ACIT-31(1), MUMBAI, MUMBAI

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

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

bogus/accommodation entry as alleged by the ld. AO. Also, the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process into the pre-identified bank account

DHARMENDRA JAYANTILAL SHAH ,MUMBAI vs. ACIT-31(1), MUMBAI, MUMBAI

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

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

bogus/accommodation entry as alleged by the ld. AO. Also, the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process into the pre-identified bank account