M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

demonetized notes from\n14.11.2016 onwards. Accordingly, the Ld. A.R. submitted that the above\nsaid deposits were collected by the assessee prior to 14.11.2016 and it\ncannot be considered as violation of any of the Provisions of the Act.\nAccordingly, he submitted that the A.O. was not justified in invoking the\nprovisions of section 68

SHRI RENUKAMATA MULTI-STATE CO-OPERATIVE URBAN SOCIETY LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(4), MUMBAI

demonetized notes from\n14.11.2016 onwards. Accordingly, the Ld. A.R. submitted that the above\nsaid deposits were collected by the assessee prior to 14.11.2016 and it\ncannot be considered as violation of any of the Provisions of the Act.\nAccordingly, he submitted that the A.O. was not justified in invoking the\nprovisions of section 68

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

demonetized notes from\n14.11.2016 onwards. Accordingly, the Ld. A.R. submitted that the above\nsaid deposits were collected by the assessee prior to 14.11.2016 and it\ncannot be considered as violation of any of the Provisions of the Act.\nAccordingly, he submitted that the A.O. was not justified in invoking the\nprovisions of section 68

DCIT, CIRCLE-2(1)(1), MUMBAI, MUMBAI vs. M/S KUNDAN JEWELLERS PVT LTD , MUMBAI.

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaledcit, Circle – 2(1)(1) Vs. M/S. Kundan Jewellers Room No. 561, 5Th Floor Pvt Ltd Aayakar Bhavan, Mk 223, Sm Patil Bldg, Sv Road, Mumbai – 400 020 Road, Andheri (W), Mumbai – 400058. Pan/Gir No. : Aabck5770H Appellant .. Respondent Appellant By : Mr.Nihar Ranjan Samal.Dr Respondent By : Mr.Siddharth Kothari.Ar Date Of Hearing 19.05.2023 Date Of Pronouncement 29 .05.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The National Faceless Appeal Centre (Nfac)/Cit(A), Delhi Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

demonetization was unaccounted money in hands of assessee Held, yes [Paras 15 to 18] [In favour of assessee/Matter remanded] 5. Shree Sanand Textiles Industries Ltd. V. DCIT vide ITA No. 1166/AHD/2014. It was held that the provisions of section 68

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

demonetized notes from 14.11.2016 onwards. Accordingly, the Ld. A.R. submitted that the above said deposits were collected by the assessee prior to 14.11.2016 and it cannot be considered as violation of any of the Provisions of the Act. Accordingly, he submitted that the A.O. was not justified in invoking the provisions of section 68

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

demonetized notes from 14.11.2016 onwards. Accordingly, the Ld. A.R. submitted that the above said deposits were collected by the assessee prior to 14.11.2016 and it cannot be considered as violation of any of the Provisions of the Act. Accordingly, he submitted that the A.O. was not justified in invoking the provisions of section 68

DCIT, CENTRAL CIRCLE-4(3), MUMBAI vs. MANGAL ROYAL JEWELS PVT. LTD., MUMBAI

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the asseees is allowed

Bench: Shri Br Baskaranshri Pavan Kumar Gadalem/S Mangal Royal Vs. Acit-Cc-1(3), Jewels Pvt Ltd. 29C, Room No.905, 9Thfoor, Shyam Kamal Co- Old Cgo Bldg,Annexe, Operative Housing M.K. Road, Society Ltd, Agarwal Mumbai-400020. Market, M.G. Road, Vile Parle (E), Mumbai-400057. Pan/Gir No. : Aaicm0846R Appellant .. Respondent Dy.Cit-Cc 4(3), Vs. M/S Mangal Royal Central Range-4, Jewels Pvt Ltd. 29C, Room No.1921, Shyam Kamal Co- 19Th Floor, Air India Operative Housing Bldg, Nariman Point, Society Ltd, Agarwal Mumbai-400021. Market, M.G. Road, Vile Parle (E), Mumbai-400057 Pan/Gir No. : Aaicm0846R Appellant .. Respondent Appellant/Respondent Mr.Poojan Mehta.Ar By : Respondent/Appellant By Mr.Prakash Kishinchandani.Dr Date Of Hearing 08.09.2023 Date Of Pronouncement 28.11.2023

section 68 of the Act alleging the cash sales made during the year under reference to be fictitious. 6.2. The Assessing Officer has made the impugned addition for the following reasons 6.2.1. Substantial quantity of gold/ jewellery is sold in cash just prior to demonetization

MANGAL ROYAL JEWELS PVT. LTD.,MUMBAI vs. ACIT, CENTRAL CIRCLE-1(3), MUMBAI

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the asseees is allowed

Bench: Shri Br Baskaranshri Pavan Kumar Gadalem/S Mangal Royal Vs. Acit-Cc-1(3), Jewels Pvt Ltd. 29C, Room No.905, 9Thfoor, Shyam Kamal Co- Old Cgo Bldg,Annexe, Operative Housing M.K. Road, Society Ltd, Agarwal Mumbai-400020. Market, M.G. Road, Vile Parle (E), Mumbai-400057. Pan/Gir No. : Aaicm0846R Appellant .. Respondent Dy.Cit-Cc 4(3), Vs. M/S Mangal Royal Central Range-4, Jewels Pvt Ltd. 29C, Room No.1921, Shyam Kamal Co- 19Th Floor, Air India Operative Housing Bldg, Nariman Point, Society Ltd, Agarwal Mumbai-400021. Market, M.G. Road, Vile Parle (E), Mumbai-400057 Pan/Gir No. : Aaicm0846R Appellant .. Respondent Appellant/Respondent Mr.Poojan Mehta.Ar By : Respondent/Appellant By Mr.Prakash Kishinchandani.Dr Date Of Hearing 08.09.2023 Date Of Pronouncement 28.11.2023

section 68 of the Act alleging the cash sales made during the year under reference to be fictitious. 6.2. The Assessing Officer has made the impugned addition for the following reasons 6.2.1. Substantial quantity of gold/ jewellery is sold in cash just prior to demonetization

ASSISTANT COMMISSIONER OF INCOME TAX- 4(1)(1), MUMBAI vs. CREATIVE GEMS AND JEWELLERY LIMITED, MUMBAI

In the result, Revenue’s appeal inITA 2821/MUM/2024

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

section 68 of the Act to the total income of the Assessee. This cash pertained to bank deposits post demonetization

CREATIVE GEMS AND JEWELLERY LIMITED,GOREGAON EAST MUMBAI vs. CIRCLE 4(1)(1), MUMBAI, AAYAKAR BHAWAN,MUMBAI

In the result, Revenue’s appeal inITA 2821/MUM/2024

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

section 68 of the Act to the total income of the Assessee. This cash pertained to bank deposits post demonetization

CY. CIT 6(1) (2) , MUMBAI vs. M/S. BHANDARI GOLD & JEWELLERS PVT. LTD, MUMBAI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

demonetization period as arising out of unexplained sources (as against the accepted position in the past and the subsequent periods) is to somehow trigger the provisions of section 115BBE read with section 68

BHANDARI GOLD AND JEWELLERS PRIVATE LIMITED,MUMBAI vs. CIT (APPEAL), NFAC - DELHI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

demonetization period as arising out of unexplained sources (as against the accepted position in the past and the subsequent periods) is to somehow trigger the provisions of section 115BBE read with section 68

AYYAPPA SEVA SAMGHAM BOMBAY TRUST,MUMBAI vs. CIT (A)-53, MUMBAI

In the result appeal of the assessee is allowed for statistical purposes

Bench: Shri Kuldip Singh & Shri Gagan Goyalayyappa Seva Samgham Bombay-Trust Plot No.185, Shree Ayyappa Temple Bangur Nagar, Goregaon (E) Mumbai-400 104 Pan: Aaata0312K ...... Appellant Vs. Cit (A), 53 634, Aayakar Bhavan, Mumbai-400 020 ..... Respondent

68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of— (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent; and (ii) the amount

ASST. COMMISSIONER OF INCOME TAX- 14(1)(2), MUMBAI, AAYAKAR BHAVAN MUMBAI vs. FOODLINK SERVICES INDIA PVT LTD, MUMBAI

In the result, the appeals of the Revenue for

demonetization period out of the cash available in books\nof accounts. But the Assessing Officer rejected the contention of the\nassessee and in the assessment order passed under section 143(3)\nof the made addition of ₹2,58,78,235/- as unexplained cash credit\nunder section 68

ASST. COMMISSIONER OF INCOME TAX- 14(1)(2), MUMBAI, AAYAKAR BHAVAN MUMBAI vs. FOODLINK SERVICES INDIA PVT LTD, MUMBAI

In the result, the appeals of the Revenue for

demonetization period out of the cash available in books\nof accounts. But the Assessing Officer rejected the contention of the\nassessee and in the assessment order passed under section 143(3)\nof the made addition of ₹2,58,78,235/- as unexplained cash credit\nunder section 68

ASST. COMMISSIONER OF INCOME TAX- 14(1)(2), MUMBAI, AAKAR BHAVAN vs. FOODLINK SERVICES INDIA PVT LTD, MUMBAI

In the result, the appeals of the Revenue for

demonetization period out of the cash available in books\nof accounts. But the Assessing Officer rejected the contention of the\nassessee and in the assessment order passed under section 143(3)\nof the made addition of ₹2,58,78,235/- as unexplained cash credit\nunder section 68

VARSHA RATAN BHALWANKAR,MUMBAI vs. ITO WARD 13(3)(3), MUMBAI

In the result, the appeal of the assessee is allowed

demonetization period. The ld. AR drew our\nattention to para 5.2 of the CIT(A)'s order where while giving relief on the\nlandscaping income the CIT(A) observed that no addition under section 68

LALIT R JAGAWAT HUF,MUMBAI vs. DCIT 23(2), MUMBAI

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

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarआयकर अपील सुं./Ita No. 634/Mum/2025 (नििाारण वर्ा / Assessment Year :2017-18) Lalit R Jagawat Huf V/S. Dcit, 23(2), 80B Patwa Chawl, Room बिाम Mantru Mandir, Room No. No. 41, 3Rd Floor, Sheikh 114, 1St Floor, Tardeo Road, Momon Street, Zaveri Mumbai-400007 Bazar, Mumbai-400002 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aachj7165D Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Satya Prakash Singh राजस्व की ओर से /Revenue By: Shri Aditya Rai

demonetization period as arising out of unexplained sources(as against the accepted position in the past and the subsequent periods) is to somehow trigger the provisions of section 115BBE read with section 68