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

In the result, both appeals by the Revenue are dismissed and the\ntwo Cross Objections of the assessee are allowed

68 of the Act in the order under section 147 of the Act without\nappreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in\nderivatives at BSE and the same is already offered to tax by the Assessee.\n\n3.\nIt is brought to the notice of the Bench that Revenue has\ninadvertently filed

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

In the result, both appeals by the Revenue are dismissed and the\ntwo Cross Objections of the assessee are allowed

153A or section 153C, as the case may be, as\nthey stood immediately before the commencement of the Finance Act, 2021”\n\n7.3.\nThis proviso to section 149 provided a defense and limitation on issuance\nof notices under the new regime of re-assessment relating to the Assessment\nYears covered by the old regime. Thus, first proviso

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

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

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

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

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

68\n2013–14 Rs.2,72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15 Rs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT

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

68\n2013–14 Rs.2,72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15 Rs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT

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

68\n2013–14\nRs.2,72,50,751 disallowed\nunder section 37(1) and\nRs.2,05,000 treated as\nunexplained loan under section\n68\n2014–15\nRs.4,98,90,418 disallowed\nunder section 37(1) and\nRs.1,34,64,988 treated as\nunexplained loan under section\n68, which was deleted by the\nCIT

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