RAKESH JAIN,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

68\nthe proceeding itself is bad in law void ab initio and illegal and liable\nto be quashed with consequential relief Even on merits the assessee\nhas proved beyond doubt that the cash deposited of Rs 34900000 is\nout of the sales proceeds and therefore there is no justification for\napplying the section 115

ACIT CIRCLE-3(1)(2), MUMBAI vs. M/S CHEMICON ENGINEERING CONSULTANT PVT LTD., MUMBAI

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

section 68 of the Act [as it stood in AY 2013-14]. 15. In light of the above facts, we first proceed to examine the findings given by the AO qua the above sixteen (16) share subscribers 36 A.Ys.2013-14 Chemicon Engineering for holding it to be unexplained cash credit u/s 68 of the Act. It is noted

CHEMICON ENGINEERING CONSULTANT PVT LTD.,MUMBAI vs. ASST CIT CIRCLE- 3 (1)(2), MUMBAI

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

section 68 of the Act [as it stood in AY 2013-14]. 15. In light of the above facts, we first proceed to examine the findings given by the AO qua the above sixteen (16) share subscribers 36 A.Ys.2013-14 Chemicon Engineering for holding it to be unexplained cash credit u/s 68 of the Act. It is noted

EVEREST INDUSTRIES LTD,NOIDA vs. DY CIT CIRLCE-1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

EVEREST INDUSTRIES LTD, NOIDA vs. DY CIT CIRLCE-1 , THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

EVEREST INDUSTRIES LTD.,NOIDA vs. DY CIT CIRCLE- 1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

68,23,521/- for the purpose of for the purpose of section 115JB of the section 115JB of the Act. The said return of income was revised on . The said return of income was revised on 31/03/2010 declaring loss at Rs.37,97,34, /03/2010 declaring loss at Rs.37,97,34,102/-under the normal under the normal provisions

INCOME TAX OFFICER, MUMBAI vs. K K VENTURA, MUMBAI

In the result, the appeal of the Revenue stands\ndismissed

section 68\nr.w.s 115 BBE of the Income Tax Act, 1961.\n3. Notice under section 133(6) of the Income

ASST. CIT- 5(1)(1), MUMBAI, MUMBAI vs. SHRI DINESH HARICHAND SHAH, MUMBAI

In the result, the appeal of the Revenue for assessment year n the result, the appeal of the Revenue for assessment year n the result, the appeal of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2012-13 & Assessment Year: 2013-14

section 68 of the Act. The finding of the Assessing The finding of the Assessing Officer is summarized by the Ld. CIT(A) is reproduced for ready summarized by the Ld. CIT(A) is reproduced for ready summarized by the Ld. CIT(A) is reproduced for ready reference: “3.3 The AO stated t 3.3 The AO stated that

ACIT 5(1)(1), MUMBAI vs. DINESH HARICHAND SHAH, MUMBAI

In the result, the appeal of the Revenue for assessment year n the result, the appeal of the Revenue for assessment year n the result, the appeal of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2012-13 & Assessment Year: 2013-14

section 68 of the Act. The finding of the Assessing The finding of the Assessing Officer is summarized by the Ld. CIT(A) is reproduced for ready summarized by the Ld. CIT(A) is reproduced for ready summarized by the Ld. CIT(A) is reproduced for ready reference: “3.3 The AO stated t 3.3 The AO stated that

JUST DIAL LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 4(3)(1), MUMBAI, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

section 115 JB(2B) of the Act, the assessee rightly made the adjustment and reduced the book profit by the amount of Deferred Tax Assets amounting to ITAs No.254, 486, 485, 484, 483/MUM/2024 (A.Y.: 2017-18, 2018-19, 2020-21, 2021-22) Just Dial Ltd ₹ 2588 lakh on brought forward losses. Accordingly, the impugned adjustment made

ACIT CIRCLE 4.3.1, MUMBAI vs. JUST DIAL LTD, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

section 115 JB(2B) of the Act, the assessee rightly made the adjustment and reduced the book profit by the amount of Deferred Tax Assets amounting to ITAs No.254, 486, 485, 484, 483/MUM/2024 (A.Y.: 2017-18, 2018-19, 2020-21, 2021-22) Just Dial Ltd ₹ 2588 lakh on brought forward losses. Accordingly, the impugned adjustment made

ACIT CIRCLE 4.3.1, MUMBAI vs. JUST DIAL LTD, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

section 115 JB(2B) of the Act, the assessee rightly made the adjustment and reduced the book profit by the amount of Deferred Tax Assets amounting to ITAs No.254, 486, 485, 484, 483/MUM/2024 (A.Y.: 2017-18, 2018-19, 2020-21, 2021-22) Just Dial Ltd ₹ 2588 lakh on brought forward losses. Accordingly, the impugned adjustment made

ACIT CIRCLE 4.3.1, MUMBAI vs. JUST DIAL LTD, MUMBAI

section 115 JB of\nthe Act. Thus, we are of the considered view that following the provisions of\nsection 115 JB(2B) of the Act, the assessee rightly made the adjustment and\nreduced the book profit by the amount of Deferred Tax Assets amounting to\n13\n2588 lakh on brought forward losses. Accordingly, the impugned adjustment\nmade

DCIT- CIRCLE- 1, THANE vs. DARSHAN ENTERPRISES , THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties

DCIT- CIRCLE- 1 , THANE vs. DARSHAN ENTERPRISES, THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties