DCIT 4 (3)(1), MUMBAI vs. SHRI MOHIT KEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alcpk2213Q (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

DCIT 4 (3)(1), MUMBAI vs. MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

ACIT CIR-6(3)(2), MUMBAI vs. SHRI MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

68. The abundance of these tends to convey the\nimpression that the AO has been vested with vast discretionary powers\nand the application of a provision depends mainly upon how he utilises his\ndiscretion. The question could be asked whether, he, in the exercise of his\ndiscretionary power, is unfettered by any rule of law or procedure and he\ncan

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, which was also furnished by the assessee. Upon perusing the orders impugned before us in light of the documents furnished by the shareholders and assessee, we therefore first deem it fit to look into the facts of each investors which invested money in the assessee company in the form of share capital along with

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, which was also furnished by the assessee. Upon perusing the orders impugned before us in light of the documents furnished by the shareholders and assessee, we therefore first deem it fit to look into the facts of each investors which invested money in the assessee company in the form of share capital along with

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

68. The abundance of these tends to convey the\nimpression that the AO has been vested with vast discretionary powers\nand the application of a provision depends mainly upon how he utilises his\ndiscretion. The question could be asked whether, he, in the exercise of his\ndiscretionary power, is unfettered by any rule of law or procedure and he\ncan

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 because the assessee failed to prove the nature and source of credit entries, and so addition was warranted. And the Ld CIT(A) erred in deleting it. The Ld. DR also referred to and relied on the following decisions : CIT Vs Maithan International 375 ITR 123 (Cal) and Pavankumar Sanghvi

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 because the assessee failed to prove the nature and source of credit entries, and so addition was warranted. And the Ld CIT(A) erred in deleting it. The Ld. DR also referred to and relied on the following decisions : CIT Vs Maithan International 375 ITR 123 (Cal) and Pavankumar Sanghvi

BHISHMA AGRO FOOD PRODUCTS PRIVATE LIMITED,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(2) MUMBAI, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

130,245,908/-. It resulted into an addition of unexplained income under section 68 of the act of ₹ 101,445,908/- and unexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

130,245,908/-. It resulted into an addition of unexplained income under section 68 of the act of ₹ 101,445,908/- and unexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

130,245,908/-. It resulted into an addition of unexplained income under section 68 of the act of ₹ 101,445,908/- and unexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

130,245,908/-. It resulted into an addition of unexplained income under section 68 of the act of ₹ 101,445,908/- and unexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

130,245,908/-. It resulted into an addition of unexplained income under section 68 of the act of ₹ 101,445,908/- and unexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for\n

130,245,908/-. It resulted into an addition\nof unexplained income under section 68 of the act of 101,445,908/- and\nunexplained

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for\n

130,245,908/-. It resulted into an addition\nof unexplained income under section 68 of the act of 101,445,908/- and\nunexplained

INCOME TAX OFFICER-11(3)(4), MUMBAI vs. WESTERN IMAGINARY TRANSCON PRIVATE LIMITED , MUMBAI

In the result, appeal of the Revenue in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kochar

Section 68 of the 1961 Act and the appellate order 29 passed by learned CIT(A) cannot be sustained in view of our aforesaid detailed observations. Thus, under these circumstances we hereby confirm additions to the tune of Rs. 1,77,00,000/- as were made by the Assessing Officer and set aside the appellate order passed

SUMITRA SURENDRA GADODIA,MUMBAI vs. ITO 31(3)(4), BANDRA, MUMBAI

section 68 - On appeal,\nTribunal deleted addition observing that DMAT account and contract note\nshowed credit/details of share transactions; and that revenue had stopped\ninquiry at particular point and did not carry forward it to discharge basic\nonus Whether on facts, transactions in shares were rightly held to be genuine\nand addition made by Assessing Officer was rightly deleted