AAKASH UNIVERSAL LIMITED ( MERGED ENTITY RAJKIRAN TEXTILES PVT LTD),MUMBAI vs. INCOME TAX OFFICER WARD 13(3)(1), MUMBAI

In the result the appeal filed by the assessee stands\npartly allowed

section 68 in respect of\nshare application money by\nholding that identity of\nshare applicants was\nclearly revealed but\nAssessing Officer did not\nconduct any further\nenquiry except resting his\nconclusions on surmises,\nSLP filed against said order\nwas to be dismissed.”\n29.\nCIT vs. Steller\nInvestment Ltd.\n(2001)251\nSC.\nITR 0236\nIt has been observed

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, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties

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, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties

ITO-15(2)(4), MUMBAI vs. M/S PRAVIR POLYMERS PVT LTD., MUMBAI

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2011-12 Income Tax Officer-15(2)(4), M/S Pravir Polymers Pvt. Ltd., Room No. 360, Aayakar Bhavan, M.K. 601/602, Delta, Central Avenue, Road, Marine Lines, Vs. Technology Street, Hiranandani Mumbai-400020. Garden Powai, Mumbai-400076. Pan No. Aaacp 4621 K Appellant Respondent

section 68 of the Act. On further appeal, the Ld. CIT(A) deleted the addition. Aggrieved, the Revenue is by way of the appeal before the Tribunal whereas, the assessee has raised cross objections. 5. Before us, the assessee has filed paperbook into volumes containing pages 1-191 and 192

D.C.I.T. - 15(1)(1), MUMBAI vs. ACADEMY FOR GLOBAL EDUCATION SERVICES PVT. LTD., MUMBAI

In the result, the appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1134/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) The Dy. Commissioner Of Academy For Global Income Tax, Circle 15(1)(1) Education Services Pvt. Ltd, Room No. 470, 4Th Floor, C-09, Konark Indraprastha, Vs. Aayakar Bhavan, Mumbai Sarvoday Nagar, Naur Village, Mulund (W), Mumbai-400 080 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा सं./Pan No. Aahca2596F अपीलाथी की ओर से / Appellant By : Shri B. S. Bist, Dr प्रत्यथी की ओर से / Respondent By : Shri Dinesh R. Shah, Ar सुनवाई की तारीख / Date Of Hearing: 09-05-2019 घोषणा की तारीख / Date Of Pronouncement : 21-05-2019

68 of the Act can he applied where the transaction is proved to be that of a share allotment that here the valuation for charging premium is not justified, it will make the provisions of section 56(2)(viib) of the Act redundant and nugatory. This cannot be the intention of the Legislature especially when the amendments

ITO 7(1)(4), MUMBAI vs. LISHA TRADING P.LTD, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G Manjunathaassessment Year : 2012-13 Ito 7(1)(4), Lisha Trading P. Ltd., Mumbai Ground Floor, Rajguru Apartment, Vs. Baburao Parulekar Marg, Dadar (W), Mumbai 400 028

section 68 of the Act. Further, he argued that share premium by its very definition is a capital receipt and as such not chargeable to tax. 5.1 For the sake of clarity and ease of understanding, I would like to deal with the points raised by the AO and rebutted by the AR in the same order that they

CYQUATOR MEDIA SERVICES PRIVATE LIMITED,MUMBAI vs. DCIT, RANGE .6(2)(1), MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

Section 68 of the Act. Gainful reference may be made in this regard to the following findings recorded by the Hon’ble Delhi High Court in its judgment in the case of CIT Vs Anshika C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd. Consultants Pvt Ltd (62 taxmann.com 192

DCIT, CIRCLE.6(2)(1), MUMBAI vs. CYQUATOR MEDIA SERVICES PRIVATE LIMITED, MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

Section 68 of the Act. Gainful reference may be made in this regard to the following findings recorded by the Hon’ble Delhi High Court in its judgment in the case of CIT Vs Anshika C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd. Consultants Pvt Ltd (62 taxmann.com 192

PRATIK SYNTEX P.LTD,MUMBAI vs. ITO 13(1)(4), MUMBAI

In the result , appeal of the assessee is dismissed

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6690/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ M/S. Pratik Syntex Private Ito 13(1)(4), Mumbai Ltd.,A-51, Rustomji Adarsh Heritage, Adarsh Vihar V. Complex, Opp. Marve Road, Malad (W), Mumbai 400064 स्थायी ऱेखा सं./ Pan : Aaecp3487H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

Section 68 of the 1961 Act to bring to tax share capital including share premium which otherwise were capital receipt to fasten tax liability on the assessee. The learned CIT(A) confirmed additions to the income in the hands of the assessee of Rs. 3,00,00,000/- which was received by the assessee from these three companies namely

DCIT-CC 5(2), CENTRAL RANGE 5, MUMBAI vs. M/S JET PRIVILEGE PRIVATE LIMITED, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Aby T. Varkey () & Ms. Padmavathy S. ()

68 of the Act can he applied where the transaction is proved to be that of a share allotment that here the valuation for charging premium is not justified, it will make the provisions of section 56(2)(viib) of the Act redundant and nugatory. This cannot be the intention of the Legislature especially when the amendments

DCIT-CC-7(3), MUMBAI , MUMBAI vs. SHRI MAJNI KARAMSHI PATEL, MUMBAI

In the result, the cross objections of the assessee and the appeal filed by the revenue is dismissed

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyal, Accountat Member Dcit, Cc-7(3) Vs. Shri Manji Karamshi Room No. 655, Patel Aayakar Bhavan, Office No. 1, Patel M.K.Road, Bhavan-29, Vijaywadi, Mumbai.-400020. Dr. Nagindas N Shah Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent Co No. 45/Mum/2021 (A.Y: 2014-15) Shri Manji Karamshi Vs. Dcit, Cc-7(3) Patel Room No. 655, Aayakar Office No. 1, Patel Bhavan, Bhuvan-29, Vijaywadi, M.K .Road, Dr. Nagindas N Shah Mumbai-400002. Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent

68 of the Act can he applied where the transaction is proved to be that of a share allotment that here the valuation for charging premium is not justified, it will make the provisions of section 56(2)(viib) of the Act redundant and nugatory. This cannot be the intention of the Legislature especially when the amendments

ACADEMY FOR GLOBAL EDUCATION SERVICES PRIVATE LIMITED,MUMBAI vs. ITO, MUMBAI

In the result, the appeal filed by the Assessee stands allowed

Bench: Shri Narender Kumar Choudhry & Shri Omkareshwar Chidaraassessment Year: 2011-12

68 of the Act can he applied where the transaction is proved to be that of a share allotment that here the valuation for charging premium is not justified, it will make the provisions of section 56(2)(viib) of the Act redundant and nugatory. This cannot be the intention of the Legislature especially when the amendments

9X MEDIA P.LTD,MUMBAI vs. ASST CIT 16(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

68,353 ii. Onscreen Broadcasting & Entertainment Pvt. Ltd Rs. 1,15,127 iii. Geetanjali Gems ltd. Rs. 4,55,192 iv.Katha Medimix India Rs. 21,12,301 v.TVC Skyshop Ltd. Rs. 25,781 vi. Vinod Singh [(prop. Khyati communication Ltd.)] Rs. 2,85,200 vii. Ortel Communication ltd. Rs. 1,58,400 viii. Optis Hotels

ACIT 16(1), MUMBAI vs. 9X MEDIA P.LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

68,353 ii. Onscreen Broadcasting & Entertainment Pvt. Ltd Rs. 1,15,127 iii. Geetanjali Gems ltd. Rs. 4,55,192 iv.Katha Medimix India Rs. 21,12,301 v.TVC Skyshop Ltd. Rs. 25,781 vi. Vinod Singh [(prop. Khyati communication Ltd.)] Rs. 2,85,200 vii. Ortel Communication ltd. Rs. 1,58,400 viii. Optis Hotels

9X MEDIA P.LTD,MUMBAI vs. JCIT RG 11(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

68,353 ii. Onscreen Broadcasting & Entertainment Pvt. Ltd Rs. 1,15,127 iii. Geetanjali Gems ltd. Rs. 4,55,192 iv.Katha Medimix India Rs. 21,12,301 v.TVC Skyshop Ltd. Rs. 25,781 vi. Vinod Singh [(prop. Khyati communication Ltd.)] Rs. 2,85,200 vii. Ortel Communication ltd. Rs. 1,58,400 viii. Optis Hotels

ACIT 16(1), MUMBAI vs. 9X MEDIA P.LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

68,353 ii. Onscreen Broadcasting & Entertainment Pvt. Ltd Rs. 1,15,127 iii. Geetanjali Gems ltd. Rs. 4,55,192 iv.Katha Medimix India Rs. 21,12,301 v.TVC Skyshop Ltd. Rs. 25,781 vi. Vinod Singh [(prop. Khyati communication Ltd.)] Rs. 2,85,200 vii. Ortel Communication ltd. Rs. 1,58,400 viii. Optis Hotels

ACIT 30(3), MUMBAI vs. SHREEDHAM BUILDERS, MUMBAI

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2012-13 Acit-30(3), Shreedham Builders, R. No.510, 5Th Floor, 105/106, 1St Floor, बनाम/ Pratayakshkar Bhavan, Vijay Indl. Estate, Vs. Bandra Kurla Complex, Malad (W), Bandra (East), Mumbai-400064 Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Abdfs0133N

Section 68 of the Income Tax act. The assessee has to p r i m a f a c i e p r o v e ( 1 ) t h e i d e n t i t y o f t h e creditor/subscriber; (2) the genuineness of the transaction, namely: whether it has been transmitted through banking

AHMED P. SURANI,MUMBAI vs. ACIT 3(1)(1), MUMBAI

68, 260A.\nWhere the High Court dismissed the Department's appeal\nsaying that no question of law arose from the order of the\nTribunal affirming the order of the Commissioner (Appeals)\nallowing relief to the assessee, and the findings of the\nCommissioner (Appeals) to the effect that there was по\nadverse comment from the stock exchange or the company\nwhose

ITO -13(3)(3), MUMBAI vs. VISHWA VYAPAR TRADING PVT. LTD., MUMBAI

Bench: Shri C.N. Prasad, Hon'Ble & Shri O.P. Meena, Hon'Blei.T.O. – 13(3)(3) V. M/S. Viswa Vyapar Trading Pvt. Ltd., 607, 6Th Floor, Central Plaza Room No. 227, 2Nd Floor, Daftari Road, Shivaji Chowk Aayakar Bhavan, M.K. Road, Malad (E), Mumbai - 400 097 Mumbai-400 020 Pan: Aadcv 9568 L (Appellant) (Respondent) Assessee By : Shri Neelkanth Khandelwal Department By : Shri Rajeev Gubgotra

Section 68 of the Income Tax act. The assessee has to prima facie prove (1) the identity of the creditor / subscriber; (2) the genuineness of the transaction, namely: whether it has been transmitted through banking or other indisputable channels: (3) the creditworthiness or financial strength of the creditor/subscriber: (4) If relevant details of the address or PAN identity