DCIT(CENTRAL CIRCLE)-3(3), MUMBAI, MUMBAI vs. JUICY INTERNATIONAL PVT. LTD. (NOW KNOWN AS AVAADA VENTURES PVT. LTD.), MUMBAI

Section\n11538 of the Act. However, since the entire business loss of\nRs.14,68,364/- is being disallowed in para 6 below of this\norder, no separate addition is being made in this respect. In\ncase, at any of the appellate stages, the disallowance of\nbusiness loss is held to be allowable, then disallowance u/s\n14A of Rs.14,68

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

68, 69, 69A, 69B, 69C or 69D of the Act. The income declared by\nthe assessee is unrecorded stock of diamond found during the course of\nsearch. The assessee is in the business of diamond trade and such\nstock was part of the business affair of the company. Therefore, since\nincome declared is in the nature of business income

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue\nstands dismissed

68. Reliance in this regard is being placed\nupon the decision of ACT Central Circle-13 Mumbai v. Rahil\nAgencies, order dated 23 November, 2016, wherein the Tribunal\nheld that section 115BBE does not apply to business\nreceipts/business turnover and the operative portion of the order\nof the Tribunal is reproduced herein below:\n\n13. In the case

MAHENDRA H. SHAH ,MUMBAI vs. ITO - WARD- 4 (1)(3), MUMBAI

Bench: Shri C.N. Prasad, Hon’Bleshri Mahendra H. Shah V. Income Tax Officer – 4(1)(3) 6Th Floor, Aayakar Bhavan C/O. The Presscopper Industries M.K. Road, Mumbai - 400020 175, Kika Street Mumbai – 400004 Pan: Aafps0929R (Appellant) (Respondent)

section 68 of the Act is bad in law." It is not out of place to bring under your honours kind notice, that the assessee has discharged the onus cast upon it u/s 68 of the Act by submitting the number of documentary evidences during the course of assessment proceedings. The Ld. CIT (A) has failed to demonstrate

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

DCIT, CENTRAL CIR-8(4), MUMBAI vs. M/S. AMAZON METALS PRIVATE LIMITED, MUMBAI

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

68 of the Act, the assessee had filed elaborate written submission which has been reproduced at para 11 on pages 16 to 35 of the ld. CIT(A) order. The sum and substance of arguments of the assessee before the ld. CIT(A) are that transaction between the assessee and share holders in respect of allotment of equity shares

DCIT CENTRAL CIR-8(4), MUMBAI vs. M/S.ACRO EXPORTS TRADE PRIVATE LIMITED, MUMBAI

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

68 of the Act, the assessee had filed elaborate written submission which has been reproduced at para 11 on pages 16 to 35 of the ld. CIT(A) order. The sum and substance of arguments of the assessee before the ld. CIT(A) are that transaction between the assessee and share holders in respect of allotment of equity shares

DCIE CENTRAL CIRCLE-8(4), MUMBAI vs. M/S.PALI FABRICS PRIVATE LIMITED, MUMBAI

In the result appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Pali Fabrics Pvt.Ltd. Room No. 658, 6Th Floor 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road 37-40 Subash Road Mumbai-400 020 Vile Parle(E) Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent) & C.O. No. 77/Mum/2019 (Arising Out Of Ita No.904/Mum/2018) (Assessment Year: 2009-10) M/S Pali Fabrics Pvt.Ltd. Vs. Dcit, Cc-8(4) 5Th Floor, Sunteck Centre, Room No. 658, 6Th Floor 37-40 Subash Road Aaykar Bhawan, M.K.Road Vile Parle(E) Mumbai-400 020 Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent)

68 of the Act, the assessee had filed elaborate written submission which has been reproduced at para 7 on pages 4 to 35 of the ld. CIT(A) order. The sum and substance of arguments of the assessee before the ld. CIT(A) are that transaction between the assessee and share holders in respect of allotment of equity shares

INCOME TAX OFFICER-11(3)(4), MUMBAI vs. WESTERN IMAGINARY TRANSCON PRIVATE LIMITED , MUMBAI

In the result, appeal of the Revenue in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kochar

Section 68 of the 1961 Act and the appellate order 29 passed by learned CIT(A) cannot be sustained in view of our aforesaid detailed observations. Thus, under these circumstances we hereby confirm additions to the tune of Rs. 1,77,00,000/- as were made by the Assessing Officer and set aside the appellate order passed

K.B. J JEWELLERY P. LTD,MUMBAI vs. ITO 6(2)(1), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2008-09 K.B.J. Jewellery Pvt. Ltd. Income Tax Officer-6(2)(1) 66/66, Kbj Plaza, Mumbai बनाम/ Zaveri Bazar, Vs. Mumbai-400002 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacck8066F "नधा"रती क" ओर से / Assessee By Shri Hari Raheja Shri A. Ramachandran-Dr राज"व क" ओर से / Revenue By 28/07/2016 सुनवाई क" तार"ख / Date Of Hearing : 07/09/2016 आदेश क" तार"ख /Date Of Order:

section, in case the assessee has not been able to give satisfactory explanation in respect of certain expenditure or where any sum is found credited in the books of accounts, the AO can treat the same as undisclosed income and add to the income of the assessee. The assessee is required to give satisfactory explanation about the "nature

DY CIT 15(1)(2), MUMBAI vs. M/S LEENA POOWER TECH ENGINEERS P LTD., NAVI MUMBAI

In the result, the appeal is allowed

Bench: Us Is A Private Limited Company Stated To Be Engaged In The Business As 'Investment Company' In Column 10, Page 1, Of The Impugned Assessment Order. Its Assessment Under Section 143(3)

section 147, on receipt of the information subsequently. The subsequent information on the basis of which the ITO acquired reasons to believe that income chargeable to tax had escaped assessment on account of the omission of the assessee to make a full and true disclosure of the primary facts was relevant, reliable and specific

AADESH COMMODITIES PVT LTD,MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI, MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

section 68 of the Act. As noted elsewhere, the assessee filed its return of income declaring a total loss of Rs.54,269, and if total profit from sale of shares ofNYSSA Corporation Ltd and M/s ACI Infocom Ltd amounting to Rs.15,08,339 (Rs.9,65,221

DCIT CC-5(2) CENTRAL RANGE-5, MUMBAI vs. JAYANAND RELIGIOUS TRUST, MUMBAI

In the result, appeal filed by the assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm Jayananad Religious Trust Dcit Cc-5(2) Shop No. 1, 148, Rasik Kunj, Central Range-5, Room No. 1908, Air India Bldg, Jain Society, Sion (W), Vs. Nariman Point, Mumbai-400 021 Mumbai-400 022 (Respondent) (Appellant) Pan No. Aaatj8901F Assessee By : Sh. Sanjay Kapadia, Ar Revenue By : Sh. Nishant Somaiya, Dr Date Of Hearing: 22.09.2022 Date Of Pronouncement : 30.09.2022

221,734/–, however voluntary contribution received was ₹ nil. Further, in F.Y. 2013–14 to F.Y. 2015 –16 no cash is deposited in the bank account. Therefore, deposit of voluntary contribution of ₹2.90 crores in cash in this period is not explained. Further, online response shows that assessee has received above sum in donation box. A statement under Section

KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 6(3)(2), MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

221 CTR 435 (Bombay)[09-01-2009], where in case of mixed funds the presumption is that the assessee has given interest free loan out of the own funds. The ld. CIT(A) also relied on the decision of the Tribunal in assessee’s own case for earlier years where on identical issue on disallowance of Section

INCOME TAX OFFICER-WARD-6(3)(1), MUMBAI vs. KOHINOOR PLANET CONSTRUCTIONS PVT. LTD., MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

221 CTR 435 (Bombay)[09-01-2009], where in case of mixed funds the presumption is that the assessee has given interest free loan out of the own funds. The ld. CIT(A) also relied on the decision of the Tribunal in assessee’s own case for earlier years where on identical issue on disallowance of Section

KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 6(3)(1), MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

221 CTR 435 (Bombay)[09-01-2009], where in case of mixed funds the presumption is that the assessee has given interest free loan out of the own funds. The ld. CIT(A) also relied on the decision of the Tribunal in assessee’s own case for earlier years where on identical issue on disallowance of Section

INCOME TAX OFFICER WARD-6(3)(1), MUMBAI vs. KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED, MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

221 CTR 435 (Bombay)[09-01-2009], where in case of mixed funds the presumption is that the assessee has given interest free loan out of the own funds. The ld. CIT(A) also relied on the decision of the Tribunal in assessee’s own case for earlier years where on identical issue on disallowance of Section