INCOME TAX OFFICER (IT)-3(2)(1), KAUTILYA BHAWAN vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

149(1) of the Income Tax Act, 1961 as amended by Finance Act, 2021. 4 erred in not considering the judgment of the Hon'ble Supreme Court in the case of Union of India & Ors. Vs. Rajeev Bansal (Civil Appeal No 8629 of 2024) and of the jurisdictional Mumbai Tribunal in the case of ACIT v. Manish Financial (ITA No.5050/Mum/2024

ITO(IT)-3(2)(1), MUMBAI vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

Bench: Shri Amit Shukla & Shri Girish Agrawal

149(1) of the Income Tax Act, 1961 as amended by Finance Act, 2021. 4 erred in not considering the judgment of the Hon'ble Supreme Court in the case of Union of India & Ors. Vs. Rajeev Bansal (Civil Appeal No 8629 of 2024) and of the jurisdictional Mumbai Tribunal in the case of ACIT v. Manish Financial (ITA No.5050/Mum/2024

KETUKUMAR KRISHNAVADAN PARIKH,MUMBAI vs. ITO WARD 42(1)(3), MUMBAI

In the result the appeal filed by the assessee for assessment year 2017-18 and 2018-19 stands allowed

Bench: Smt. Beena Pillai () I.T.A. No. 4503/Mum/2025 Assessment Year: 2017-18 & I.T.A. No. 4502/Mum/2025 Assessment Year: 2018-19

section 149(1)(b) of the old regime. The Revenue accepts that without application of TOLA, the time limit for issuance of reassessment notices after 1 April 2021 expires for assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, and 2017-2018 in the following manner: (i) for the assessment years

KETUKUMAR KRISHNAVADAN PARIKH ,MUMBAI vs. ITO WARD 42(1)(3), MUMBAI

In the result the appeal filed by the assessee for assessment year 2017-18 and 2018-19 stands allowed

Bench: Smt. Beena Pillai () I.T.A. No. 4503/Mum/2025 Assessment Year: 2017-18 & I.T.A. No. 4502/Mum/2025 Assessment Year: 2018-19

section 149(1)(b) of the old regime. The Revenue accepts that without application of TOLA, the time limit for issuance of reassessment notices after 1 April 2021 expires for assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, and 2017-2018 in the following manner: (i) for the assessment years

DCIT-14(1)(1), MUMBAI vs. KALPANA MADHANI SECURITIES PVT. LTD, MUMBAI

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

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhandcit-14(1)(1) M/S. Kalpana Madhani R. No. 432, 4Th Floor, Aayakar Securities Pvt. Ltd. Bhavan, M. K. Road, Vs. 11/1102, Shanti Tower, Shanti Mumbai-400 020 Path, Near Garodia Nagar, Mumbai-400 077 Pan: Aabck2968H

b) was issued on 20.05.2022 along with approval u/s 151 of the Act from PCIT Mumbai-6 wherein the reason for reopening of assessment dated 28.06.2021 was attached. The assessee filed reply to the said notice on 01.07.2022, however vide order u/s. 148A(d) of the Act, the assesse‟s case was re-opened u/s. 148 on presumption that assessee

CLE PRIVATE LIMITED ,MUMBAI vs. DCIT CENTRAL CIRCLE -3(4), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

section 149(1) while applying the six year Rule the limitation for issuing notice u/s 148 of the Act expire on 31.03.2022 which is outside the limit from 20.03.2020 to 31.03.2021 prescribed by the TOLA. . Therefore, notice u/s 148 of the Act for the A.Y. 2015-16 on 31.07.2022 is barred by limitation since the same is not covered

CLE PVT LTD,MUMBAI vs. DCIT CENTRAL CIRCLE 3(4), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

section 149(1) while applying the six year Rule the limitation for issuing notice u/s 148 of the Act expire on 31.03.2022 which is outside the limit from 20.03.2020 to 31.03.2021 prescribed by the TOLA. . Therefore, notice u/s 148 of the Act for the A.Y. 2015-16 on 31.07.2022 is barred by limitation since the same is not covered

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

1 taken by the Bank. On account of this alteration to the arm's length price the capital loss stood reduced to Rs.3,76,99,10,143 as against Rs. 4,42,61,60,143 claimed by the Bank in its return of income resulting in a reduction in the capital loss to the tune of Rs.65

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a)issue notice to such person requiring him to furnish within

R. KUNDAN & CO.,MUMBAI vs. ITO WD 14(3)(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumar

68 of the Income Tax Act,1961 1 Alleged unexplained deposits in Rs.17,06,95,475 India Bank A/C’s through /- Remittances from abroad. 2 Alleged unexplained Remittances Rs.93,47,871/- from Overseas to Genom Biotech Pvt. Ltd. 3 Alleged unexplained deposits in -Rs.1,72,24,053/- Bank A/c’s maintained abroad 4 Alleged unsubstantiated liabilities Rs.7,91,604/- Total

BALAJI UNIVERSAL TRADELINK P.LTD,MUMBAI vs. DCIT CEN CIR 40, MUMBAI

The appeals of the assessee are allowed and that of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri Sanjay Arora

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a)issue notice to such person requiring him to furnish within

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a)issue notice to such person requiring him to furnish within

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a)issue notice to such person requiring him to furnish within

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a)issue notice to such person requiring him to furnish within

MANISHA ANIL SHARMA,VASHI, NAVI MUMBAI vs. THE INCOME TAX OFFICER (INT TAX) - 4 (2) (1), MUMBAI

Accordingly, Ground No.1 raised by the Assessee is allowed while

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

1 (SC), the aforesaid notice was treated as show-cause notice issued in terms of Section 148A(b) of the Act (under new regime introduced by Finance Act, 2024) was issued on 23/07/2022. In response, the Appellant filed return of income on 11/08/2022. The aforesaid reassessment proceedings culminated into Final Assessment Order, dated 31/03/2024, passed under Section

SHANTILAL NAROTTAMDAS PANCHAL,MALAD EAST vs. ITO-41(3)(4), MUMBAI, BANDRA KURLA COMPLEX

Appeal is allowed

Bench: Him.

149 and as has been brought out by Hon'ble Supreme Court in Rajeev Bansal case. Other than above additional arguments were made on behalf of the assessee during the hearing that TOLA will not be applicable in this case, that Rajeev Bansal is not applicable in respect of the sanction by specified Authority, Ashish Agarwal judgment was 4 Assessment

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day May, 2003, the Assessing Officer shall - (a) issue notice to such person requiring him to furnish within such

DCIT CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIVSHANKAR RAMSWAROOP SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day May, 2003, the Assessing Officer shall - (a) issue notice to such person requiring him to furnish within such