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

DCIT CIR 3(3)(2), MUMBAI vs. TULIP HOTELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 3(3)(2) Vs. M/S. Tulip Hotels Pvt.Ltd., R.No.609, 6Th Floor Chandermukhi Building Aayakar Bhavan (Basement), Behind The M.K.Road, Oberoi Nariman Point Mumbai – 400 020 Mumbai – 400 021 Pan/Gir No. Aaact9446Q Appellant) .. Respondent)

section 68. vi. Shree Barkha Synthetics Ltd. v. Asstt CIT [2006] 283 ITR 377 / 155 Taxman 289 (Raj.), Uma Polymers (P.) Ltd. v. Dy. C/T [2006] 101 TTJ 124(Jodh.)(TM): Where the share application money is received by the assessee- company through banking channel, the assessee has only to prove the existence of person in whose name share

DCIT 29(2), MUMBAI vs. SHRI KIRTI RAMJI KOTHARI, MUMBAI

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.3341/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Dcit-29(2) बिधम/ Kirti Ramji Kothari Room No.422, 4Th Floor, A/7, Maheh Krupa Devi Vs. Kautilya Bhavan, B.K.C. Dayal Cross Road, Mulund Bandra (E), Mumbai- (W), Mumbai-400080. 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaepk3216C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Bharti Singh (Sr. Ar) Assessee By: Shri Mandar Vaidya सुनवाई की तारीख / Date Of Hearing: 05/04/2022 घोषणा की तारीख /Date Of Pronouncement: 28/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 14.02.2019 Passed By The Commissioner Of Income Tax (Appeals) -40 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015- 16. 2. The Revenue Has Raised The Following Grounds: - "1. On The Facts & Circumstances Of The Case, The Id. Cit(A) Erred In Allowing The Assessee’S Claim That The Profit Of Rs. 5,75,40,478/- From F & O Trading Was To Be Assessed Either As Business Income Or Under Either Of The Heads Of Income A To F Of Section 14 Of The Lt. Act Without Appreciating The Fact That The Investigation & Analysis Of The A.Y.2015-16 Facts As Borne Out By The A.O. In The Assessment Order Clearly Establish That The Profit Was Bogus & Sham Earned Through Synchronized Trading In Illiquid Stock Option & Accordingly The Same Was Correctly Assessed U/S 68 Of The It Act.

163 Taxman 175 (Mad). Following the above Judicial Pronouncements, it is concluded that the Credits/Income referred in the present case also to be treated as either Business Income or under either of the head of Income A to F of section 14 of the Act and once it is so decided, then the set off of losses

DCIT 15(2)(2), MUMBAI vs. M/S PREMIER SUPPLIES & SERVICES P LTD, NAVI MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – 15(2)(2) V. M/S. Premier Supplies & Services Pvt. Ltd., Office No. 47, Satya Sai Plaza Room No. 357, 3Rd Floor Sector-11, Plot No. 5 Aayakar Bhavan, M.K. Road Panvel, Navi Mumbai - 410206 Mumbai - 400020 Pan: Aaccg2655A (Appellant) (Respondent) Assessee By : None Department By : Shri Nihar Ranjan Samal

163 TAXMAN 325 (Del. HC)] Section 147 of the Income-tax Act, 1961 Income escaping assessment General - Assessment year 1997-98 - Whether there must be reason to believe warranting issuance of a notice under section 148 by Assessing Officer, if there are no reasons, then entire foundation for initiating proceedings is bad and notice initiating proceedings must

SHRI SANJAY SHANTILAL JAIN,MUMBAI vs. JCIT, CENTRAL RANGE-8 , MUMBAI

In the result, the appeal of the In the result, the appeal of the assessee is having ITA No

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Dcit-Cc 8(3), 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Jcit, Central Range-8, 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent : Assessee By Mr. Rushabh Mehta, Ar Revenue By : Mr. Manoj Kumar, Cit- Dr : Date Of Hearing 15/09/2022 Date Of Pronouncement : 31/10/2022

section 40A(3) of the Income Tax Act e Tax Act,1961 is intended to serve the objective o intended to serve the objective of checking tax evasion f checking tax evasion.” 8. Thus, the ld AO has not only held the purchases Thus, the ld AO has not only held the purchases Thus

SHRI SANJAY SHANTILAL JAIN,MUMBAI vs. DCIT, CENTRAL RANGE-8 (3), MUMBAI

In the result, the appeal of the In the result, the appeal of the assessee is having ITA No

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Dcit-Cc 8(3), 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent Assessment Year: 2010-11 Shri Sanjay Shantilal Jain, Jcit, Central Range-8, 72-7, Kalpataru Residency Tower 6Th Floor, Aayakar Bhavan, Vs. B, Sion Koliwada Road, Sion, M.K. Road, Mumbai-400022. Mumbai-400020. Pan No. Aabpj 3761 A Appellant Respondent : Assessee By Mr. Rushabh Mehta, Ar Revenue By : Mr. Manoj Kumar, Cit- Dr : Date Of Hearing 15/09/2022 Date Of Pronouncement : 31/10/2022

section 40A(3) of the Income Tax Act e Tax Act,1961 is intended to serve the objective o intended to serve the objective of checking tax evasion f checking tax evasion.” 8. Thus, the ld AO has not only held the purchases Thus, the ld AO has not only held the purchases Thus

RAJDHANI TEXTILES PRIVATE LIMITED (SINCE DISHA INFIN CONSULTANTS PVT LTD) ,MUMBAI vs. ASST.CIT CIRCLE 5(1)(2), MUMBAI

In the result, both the appeals of the assessee are allowed

section 44AB, and that he has been assessed to income tax for several decades. The assessee also emphasized that no adverse evidence, no statement, and no material suggesting accommodation entries or introduction of unaccounted money had been brought on record. 7. The assessee’s stand before the Assessing Officer was that once the identity of the creditor, the genuineness

RAJDHANI TEXTILES PRIVATE LIMITED ,MUMBAI vs. ACIT, CIRCLE 5(1)(2), MUMBAI

In the result, both the appeals of the assessee are allowed

section 44AB, and that he has been assessed to income tax for several decades. The assessee also emphasized that no adverse evidence, no statement, and no material suggesting accommodation entries or introduction of unaccounted money had been brought on record. 7. The assessee’s stand before the Assessing Officer was that once the identity of the creditor, the genuineness

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

68-690. Under income from house property, there is concept of deemed to be let out u/s 23(1 )(a) of the Act. Similarly section 41 deals with remission of liabilities as deemed income. Section 44AD to 44BBB deal with presumptive income as does section 50C and 50D in the Act. No doubt the decision

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

68-690. Under income from house property, there is concept of deemed to be let out u/s 23(1 )(a) of the Act. Similarly section 41 deals with remission of liabilities as deemed income. Section 44AD to 44BBB deal with presumptive income as does section 50C and 50D in the Act. No doubt the decision

ACIT CEN CIR 13, MUMBAI vs. RAHIL AGENCIES, MUMBAI

In the result, the appeal of the revenue is dismissed

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

163 Taxman 175 (Mad). 15. From the record we found that CIT(A) has recorded a categorical finding as per material placed on record and after relying on various judicial pronouncements dealt with the issue in great detail. Accordingly, we do not find any reason to interfere in the order of CIT(A). 16. In the result, appeal

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

section 68. There was no evidence or any whisper that some unaccounted money had been routed and hence, sale proceeds should not be added. RELIANCE IS PLACED ON CASES INVOLVING YAMINI INVESTMENTS COMPANY LTD. SN CITATION OBSERVATION 1. IN THE INCOME- 9. After considering the entire facts and TAX APPELLATE circumstances of the case, Ld. CIT(A) has TRIBUNAL

BHAVANA LALIT JAIN,NAVI MUMBAI vs. INCOME TAX OFFICER, WD-15(1)(1), MUMBAI

The appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shriraj Kumar Chauhan, Jm

68 of the act on account of sale of shares of the above company. The assessee submitted reply on 22/12/2017 reiterating the above evidence and also submitting that there is no evidence against the assessee. The learned assessing officer rejected the same and passed reassessment order under section 143 (3) read with section

KEN FINANCIAL SERVICES LTD.,MUMBAI vs. PR. CIT - 4, MUMBAI

Appeal of the assessee is allowed

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanvk-Vk-La- 894@Eaqcbz@2021 ¼Fu-Oa- 2010&11½ Ken Financial Services Ltd. 101, Shah Arcade, A Wing, Shah Archade Sra Chs Ltd Rani Sati Marg, Malad (E) Mumbai-400 097 ..... Vihykfkhz/Appellant Pan No. Aaack4929K Cuke Vs. Principal Commissioner Of Income Tax Room No. 629, 6Th Floor, Aayakar Bhavan, M.K. Road, ..... Izfroknh/Respondent Mumbai-400 020

163/- under section 68 of the said Act?” The Hon’ble High Court after examining the facts and provisions

M/S PODDAR FININ CONSULTANCY P. LTD.,MUMBAI vs. ITO WARD-7(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 1860/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Poddar Finin Consultancy बिधम/ Ito Ward Pvt. Ltd. Maharashtra-410206. Vs. 4A/B, Ground Floor, Tk Industries Estate, Sitaram Palturam Murai Marg, Mumbai- 400015. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcp3938D (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: None Revenue By: Shri R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 16/03/2022 घोषणा की तारीख /Date Of Pronouncement: 07/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 06.08.2020 Passed By The Commissioner Of Income Tax (Appeals)- Thane [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012-13. 2. The Assessee Has Raised The Following Grounds: - “1) The Assessment Order Passed By The Id. Assessing Officer (Ao) Is Invalid & Bad In Law. 2) (A) The Id. Commissioner Of Income Tax (Appeals) [Cit(A)] Erred In Law & Facts In Confirming The Action Of The Ld. Assessing Officer

68 ITR 27/ (AP) 3. HM Muthuwappa 46 ITR 1107 (MAD) 4. Girdhar Javer & Co. 24 ITR 540: p.p. 547 (BOM) 5. Arjan Das 112 ITR 480 (P&H) 6. SR Kalani 120 ITR 163 (MP) ITA. No.1860/Mum/2020 A.Y. 2012-13 8.14 In accordance with detailed discussion in preceding paragraph and placing reliance upon the judgments cited above | am adopting

CLAYTON CHARLES PINTO,MUMBAI vs. INT TAX WARD 3(3)(1) , MUMBAI

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

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleclayton Charles Pinto Mumbai. V. Int Tax Ward 3(3)(1) Mumbai. Air India Building, Mumbai- 400021 303 Palm Beach Apartments, 31 J P Road, Andheri West Mumbai- 400061

section 115BBE. However, the AO has applied the same retrospectively and therefore the addition is not tenable in law. iv) The Appellant would like to further point out that, Where amount withdrawn earlier to demonetization was part of cash balance in the hand of the Appellant, the AO cannot disbelieve a part of such cash balance as being

DCIT CC 8(1), MUMBAI vs. M/S JAINAM INVESTMENTS, MUMBAI

In the result, appeals filed by the revenue are hereby dismissed

163 (Allahabad) (xi) CIT y. UditNarain Agarwal (2013) 255 CTR 102 (Allahabad) (xii) CIT v. Janmadevi Agarwal (2010) 328 ITR 656 (Bombay HC) (xiii) CIT v. Homani M. Vakil in (Tax Appeal No. 1502 of 2011, at. 25-9-2012) (xiv) CIT v. Sumitra Devi (2014) 268 CTR 3 1 (Rajasthan) (xv) Ganeshmull Bijay Singh Baid

DCIT - 14(3)(1), MUMBAI vs. M/S RUPA INFOTECH & INFRASTRUCTURE P. LTD, MUMBAI

In the result, appeals filed by the revenue are dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

68 towards loan received and subsequently repaid Rs 2,00,00,000. The appellant vide letter dt. 30.12.2015 (Page 10-31) submitted the requisite proof for genuineness of loans, following documents: (a) Copy of loan confirmation of parties from whom loan has been received. (A.Ys: 2009-10 & 2013-14) M/s. Rupa Properties and Securities Pvt. Ltd., (b) Copy of bank