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

68 of the Act in the order under section 147 of the Act without appreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in derivatives at BSE and the same is already offered to tax by the Assessee. 3. It is brought to the notice of the Bench that Revenue has inadvertently filed

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

Bench: Shri Amit Shukla & Shri Girish Agrawal

68 of the Act in the order under section 147 of the Act without appreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in derivatives at BSE and the same is already offered to tax by the Assessee. 3. It is brought to the notice of the Bench that Revenue has inadvertently filed

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), MUMBAI

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

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

b) In other cases, in addition to the income that has already at has already been assessed, the assessment us 153A will be made on the been assessed, the assessment us 153A will be made on the been assessed, the assessment us 153A will be made on the basis of incriminating material, which in the context of basis of incriminating

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI

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

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

b) In other cases, in addition to the income that has already at has already been assessed, the assessment us 153A will be made on the been assessed, the assessment us 153A will be made on the been assessed, the assessment us 153A will be made on the basis of incriminating material, which in the context of basis of incriminating

BERMACO ENERGY SYSTEMS LTD,NAVI MUMBAI vs. DCIT CC 47, MUMBAI

In the result, appeal for A

B. It would thus follow that both as regards the source as well as the destination of the amount, the material on the record gave no support to the claim of the department. 15. In support of the proposition that addition cannot be made u/s. 68 of the Act merely on the basis of information received from Investigation Wing when

BERMACO ENERGY SYSTEMS LTD,NAVI MUMBAI vs. DCIT CC 47, MUMBAI

In the result, appeal for A

B. It would thus follow that both as regards the source as well as the destination of the amount, the material on the record gave no support to the claim of the department. 15. In support of the proposition that addition cannot be made u/s. 68 of the Act merely on the basis of information received from Investigation Wing when

BERMACO ENERGY SYSTEMS LTD,NAVI MUMBAI vs. DCIT CC 47, MUMBAI

In the result, appeal for A

B. It would thus follow that both as regards the source as well as the destination of the amount, the material on the record gave no support to the claim of the department. 15. In support of the proposition that addition cannot be made u/s. 68 of the Act merely on the basis of information received from Investigation Wing when

GOVIND AGARWAL. HUF,MUMBAI vs. ACIT CEN CIR 32, MUMBAI

In the result, the appeals of the assessee’s are allowed in part, in terms indicated hereinabove, whereas the Revenue’s appeals are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sanjay Garg, Jm आयकर अपील सं./Ita No.4531,4566,876,877,878/Mum/2011 ("नधा"रण वष" / Assessment Years :2006-07, 2007-08, 2002-03, 2003-04 & 2005-06) Acit, Cc-32, Mumbai Vs. Manidevi Agarwal, 720, A- 1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aakpa 4962 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.4528/Mum/2011 ("नधा"रण वष" / Assessment Years : 2007-08) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal, 701, A-1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adopa 4038 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.873,874/Mum/2011 ("नधा"रण वष" / Assessment Years : 2003-04 & 2004-05) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal(Huf), 720/A-5, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aiepa 3109 A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) 876,828,4566,4547,218/11 &957/13&Co203.13

68 and disallowance of Rs. 1,01,300 under section 14A, are beyond the scope of section 153A / 153C. Consequently, we set aside the impugned order passed by the learned Commissioner (Appeals) and on the preliminary ground itself, both the additions are deleted. Thus, the issues arising out of the ground are treated as allowed.” 10. Considering

DCIT, CENTRAL CIRCLE - 8 (1), MUMBAI, MUMBAI vs. SHIV SHANKAR 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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

DCIT, CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIV SHANKAR 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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

SHRI 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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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)

153A of the Act for the assessment years 2012–13 to 2014–15 is invalid in law. Consequently, any additions made under section 68 or disallowances under section 37(1) are rendered unsustainable and without authority. Accordingly, we hold: (a) ITA No. 2681/Mum/2025 for Assessment Year 2012–13 – Ground No. 5 is allowed. (b

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

153A ’*** (2) The authorisation referred to in clause (a) and clause (b) of sub- section (1) shall be deemed to have been executed,— (a) in the case of search, on the conclusion of search as recorded in the last panchnama drawn in relation to any ITA Nos. 1291 & 1292/Mum/2018 M/s Balaji Universal Tradelinks P. Ltd. & Balaji Bullion & commodities

ANIL MAHAVIR GUPTA,MUMBAI vs. ACIT CEN CIR 45, MUMBAI

In the result, appeal of the assessee allowed

Bench: Shri G.S.Pannu & Shri Sanjay Garg.

1) of the Act. Completeness of the summary assessment is considered and held in favour of the assessee vide many judgments cited above. In the assessment u/s 153A, the AO made (i) Addition u/s 68 on account of artificially inflated investment in house duly disclosed in the balance sheet of the assessee Rs.31,33,070/-; and (ii) disallowance

ACIT CC-45, MUMBAI vs. ANIL M. GUPTA, MUMBAI

In the result, appeal of the assessee allowed

Bench: Shri G.S.Pannu & Shri Sanjay Garg.

1) of the Act. Completeness of the summary assessment is considered and held in favour of the assessee vide many judgments cited above. In the assessment u/s 153A, the AO made (i) Addition u/s 68 on account of artificially inflated investment in house duly disclosed in the balance sheet of the assessee Rs.31,33,070/-; and (ii) disallowance

SHRI MOHAN THAKUR,MUMBAI vs. A.C.I.T. CENT. CIR. 8(4), MUMBAI

In the result, the appeal of the assessee is hereby ordered to be allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.7413 /Mum/2017 (ननधधारण वर्ा / Assessment Years: 2008-09) बनधम/ Shri Mohan Thakur Acit, Central Circle-8(4) 6Th Floor Aayakar Bhavan, 4, Flora Vila, 35, St. Vs. M.K. Road, Mumbai- Andrews Road, Bandra 400020. (W), Mumbai-400050. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. :Aaapt2966N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Durga Dutt/ Akhtar H. Ansari (Dr) Assessee By: Dr. K. Shivaram सुनवाई की तारीख / Date Of Hearing: 15/11.2019 घोषणा की तारीख /Date Of Pronouncement: 09/01/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 30.10.2017 Passed By The Commissioner Of Income Tax (Appeals)-50, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2008- 09. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “The Learned Cit(A) Erred In Upholding The Validity Of Notice U/S 148 Where The Proceedings U/S 153C Had Already Been Initiated Which Were Dropped & Immediately The Reassessment Proceedings Had Been Initiated Without Any Fresh Material On Record & Hence Reopening Is Void- Ab - Initio Merit : Addition Of Rs.237.00.000/- Based On Entries In Diary Of Third Person: 2. No Addition Can Be Made Based On Entries Found In The Books In Third Party'S Premises Since No Search U/S 132 Had Taken Place On The Assessee & Hence S.132(4A) Would Not Be Applicable To The Present Facts Of The Case. In View Of The Same The Entire Addition May Be Deleted.

68,079 Emirates Rupani 09 Total A 6,44,879 Funds given by Mohan Thakur to Desiree Ann Thakur 20.03.2008 43,407 Ireland Hugo Merry 2008-09 37.5367 16,29,355 Stud Farm 18.03.2008 10,713 Unknown Callbrated 2008-09 37.7547 4,04,466 colur 07.11.2007 1,30,659 Hong Kong Golden 2008-09 36.3154 47,44,933 Dragon