DCIT CENTRAL CIRCLE-2(2), MUMBAI vs. M/S SUCHIR CHEMICALS PVT LTD, MUMBAI.

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit –Central Circle – 2(2) V. M/S. Suchir Chemicals Pvt. Ltd., Old Cgo Building (Amalgamated Company – Manan Pharma Pvt Ltd. W.E.F 01.04.2013) Room No. 806, 8Th Floor 2Nd Floor, Shiv Ashish M.K. Road, Mumbai - 400020 Andheri Prade, Mumbai - 400005 Pan: Aaccm7533K (Appellant) (Respondent) Assessee By : Ms. Pooja Rander & Shri Rushabh Mehta Department By : Shri Manoj Sinha

68 of the Act was not urged by the Revenue before the Tribunal. (b) It is a settled position in law as held by this court in CIT v. Tata Chemicals Ltd. [2002] 122 Taxman 643/256 ITR 395 (Bom.) that in an appeal under section 260A

ACIT CIRCLE-3(1)(2), MUMBAI vs. M/S CHEMICON ENGINEERING CONSULTANT PVT LTD., 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. Thereafter, it was for the Revenue to bring on record cogent/credible evidence to show that the evidences/material furnished by assessee in support of nature & source and even the source of source of funds of share subscribers were defective/colourable. We however note that the lower authorities failed to undertake any such exercise, except for casting

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. Thereafter, it was for the Revenue to bring on record cogent/credible evidence to show that the evidences/material furnished by assessee in support of nature & source and even the source of source of funds of share subscribers were defective/colourable. We however note that the lower authorities failed to undertake any such exercise, except for casting

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

68", "Section 143(3)", "Section 250", "Section 131", "Section 148", "Section 153A", "Section 260A

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:

68, when the enquiry pertained only to Section 263. In Mysore State Road Transport Corporation v. Mysore Road Transport Appellate Tribunal , the Supreme Court had referred to an essay by Professor A.L. Goodhart for the proposition that the ratio decideni of a case is determined by taking into account the facts treated by the Judge deciding the case

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

260A of the Income Tax Act would not at all be justified. Apart from that, as rightly pointed out by the learned Counsel appearing for the Respagdeni, he CIT Appeals had also noted that proceedings under Section 147 of the Income Tax Act cannot lead to re- verification of the records. These findings of the CIT Appeals have

DCIT 6(2)(2), MUMBAI vs. EDESK SERVICES LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7113/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 6(2)(2) M/S. Edesk Services Ltd. R.No. 563, Aayakar Bhavan, 6-A, Lalwani Indl. Estate M.K Road, Churchgate, 14, G.D. Ambekar Road, V. Mumbai 400020 Wadala, Mumbai 400031 स्थायी ऱेखा सं./ Pan : Aabcb5087H

68 will get invoked when any sum is found credited in books of accounts which could be a credit entry appearing towards payable to creditors for purchases made by the tax-payer. Reference is drawn to the decision of Hon’ble Madhya Pradesh High Court in the case of V.I.S.P. Private Limited v. CIT(2004) 265 ITR 202(MP), wherein

JAY GANGA EXIM INDIA PVT.LTD.,HOWRAH vs. I.T.O.,WARD-13(1), KOLKATA

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

Bench: Shri B.R. Baskaran\Nand\Nshri Narender Kumar Choudhry\Nita No. 964/Kol/2019\N Assessment Year : 2012-13\Njay Ganga Exim India Pvt. Ltd.,\N(Formerly Jay Jyoti India Pvt. Ltd.)\Npanjapara, Mashila,\Nvs.\Nsankrail,\Nhowrah-711302.\Nwest Bengal\Ndcit-4(3), Mumbai\Nnow Ito, Ward-13(1), Kolkata\Naayakar Bhawan,\Np-7, Chowringhee Square,\Nkolkata-700069.\Npan : Aaacj8822E\N(Appellant)\N(Respondent)\Nassessee By : Shri Tejveer Singh,\Nharsh Vijayvargiya\Nrevenue By : Smt. Sanyogita Nagpal, Cit-Dr\Ndate Of Hearing : 20-03-2025\Ndate Of Pronouncement : 08-04-2025\Norder\Nper B.R. Baskaran, A.M :\Nthe Assessee Has Filed This Appeal Challenging The Order Dated\N20-12-2018 Passed By Ld Cit(A)-5, Kolkata & It Relates To The\N Assessment Year (Ay.) 2012-13. The Assessee Is Aggrieved By The Decision\Nof Ld Cit(A) In Confirming The Addition Of Rs.116.50 Crores Relating To\Nshare Capital & Share Premium Made By The Ao As Unexplained Cash\Ncredit U/S 68 Of The Act.\N2. The Facts Relating To The Case Are Stated In Brief. The Assessee Was\Npreviously Known As Jay Jyoti India P Ltd. It Filed Its Return Of Income For\Nthe Year Under Consideration Declaring Loss Of Rs.41.56 Lakhs. During The\Ncourse Of Scrutiny Proceedings, The Ao Noticed That The Assessee Has\Nraised Share Capital Of Rs.6,21,40,500/- Along With Share Premium Of\Nrs.110,28,34,500/- Aggregating To Rs.116,49,75,000/-. The Above Said\Namounts Have Been Received From 35 Subscribers Out Of Which 28\Nsubscribers Were From Kolkatta & The Remaining 7 Subscribers Were From\Nmumbai. All The Share Subscribers Are Private Limited Companies.\N2.

68\ncould not be made once the assessee had produced the documents to\nprove the cash credits. It was further held that non-appearance of the\nshare subscriber before the AO will not change this position.\n15. It is also apt to refer to the decision rendered by Hon'ble Bombay\nHigh Court in the case of PCIT vs. Paradise

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

68 of the Act. The appellant has given all the necessary details in order to establish the identity of the share applicants. After considering the entire material placed on record, it is fair to conclude that theshare applicants were existing parties and the payments were made through banking channels, It is also observed that the Assessing Officer could not point

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

68 of the Act. The appellant has given all the necessary details in order to establish the identity of the share applicants. After considering the entire material placed on record, it is fair to conclude that theshare applicants were existing parties and the payments were made through banking channels, It is also observed that the Assessing Officer could not point

KONARK FIXTURES LTD( SUCCESSOR TO KALINGA FIXTURES PVT LTD),MUMBAI vs. DCIT CIRCLE-6(1)(2), MUMBAI

In the result, the appeal filed by the assesse is allowed

260A of the Income Tax Act would\nnot at all be justified. Apart from that, as rightly pointed out\nby the learned Counsel appearing for the Respondents, the CIT\nAppeals had also noted that proceedings under Section 147 of\nthe Income Tax Act cannot lead to re- verification of the\nrecords. These findings of the CIT Appeals have

BALAJI BUILLION & COMMODITIES (INDIA) PVT. LTD.,MUMBAI vs. DCIT - CC- 7(1), MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Years: 2009-10 M/S Balaji Bullion & Dcit Central Circle-7(1), Commodities (India) Pvt. Ltd., Mumbai. 118/120, 3Rd Floor, Ashoka Vs. House Zaveri Baazar, Mumbai-400 002. Pan No. Aadcb 0236 F Appellant Respondent : Mr. N.M. Porwal Assessee By Revenue By : Mr. S. Srinivasu, Cit-Dr : 27/03/2024 Date Of Hearing Date Of Pronouncement : 03/04/2024

68 of the Act and therefore, now the reopening of the assessment for enquiring the very same credit from reopening of the assessment for enquiring the very same credit from reopening of the assessment for enquiring the very same credit from M/s Bafna Exim Pvt. Ltd. amounts to change of opinion, the Ld. M/s Bafna Exim Pvt. Ltd. amounts

PREETI CHIRANIA,MUMBAI vs. THE INCOME TAX OFFICER WARD - 28(2)(4), NAVI MUMBAI

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

Bench: Shri Sandeep Gosain & Ms. Padmavathy Svs. Ito, Ward – 28(2)(4) Preeti Chirania 309, 3Rd Floor, Tower No. Flat No.3, 1St Floor, 6, Vashi Rly Stn., Mangesh Santa Durga Commercial Complex, Chs, Sector – 17, Nerul Vashi Navi Mumbai – 400 (E), Navi Mumbai – 400 703. 706. Pan/Gir No. Akbpc0636M (Applicant) (Respondent)

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose

KETAN HARILAL MEHTA HUF BY ITS KARTA KETAN H MEHTA,MUMBAI vs. ITO WARD-33(2)(2) MUMBAI PRESENTLY JURIDICTION WITH ITO 42(1)(1) MUMBAI, MUMBAI

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

Bench: Shri B R Baskaran & Shri Pavan Kumar Gadaleketan Harilal Mehta Huf Vs. Ito-42(1)(1), (By Its Karta Kautilya Bhavan, Ketanmehta)No.B/1101, Bkc,Bandra(E), Siddhi Vinayak Tower, Mumbai-400051. Opp Phoenix Hospital, Chikuwadi, Mumbai-400092. Pan/Gir No. : Aaehk3266N Appellant .. Respondent Appellant By : Shri. Nishit Gandhi.Ar Respondent By : Shri. P.D. Chougule.Sr.Dr Date Of Hearing 02.04.2024 Date Of Pronouncement 03.06.2024 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac)(Cit(A)) Delhi Passed U/Sec 143(3) & U/Sec250 Of The Income Tax Act. The Assessee Has Raised The Following Grounds Of Appeal:

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose

JITENDRA UDAYLAL JAIN,MAHARASHTRA vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

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

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawal

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose

NITESH RAJHANS SINGH,MUMBAI vs. THE INCOME TAX OFFICER -26(2)(3), MUMBAI

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

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose

ANJU CHIRANIA,MUMBAI vs. THE INCOME TAX OFFICER, WARD - 4(1)(3), MUMBAI

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

Bench: Shri Pavan Kumar Gadale, Judicialmember & Shri Girish Agrawalanju Chirania, Vs. Ito, Ward –4(1)(3), 301, Sona Chambers, Room No. 637, 507/509, Jss Road, Aayakar Bhavan, Chira Bazar, Marine Lines, M.K.Road, Mumbai – 400 002. Mumbai-400020. Pan/Gir No. Afcpc9073Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose

AMIT SAJJAN KUMAR GUPTA,MUMBAI vs. DCIT 8(2)(1), MUMBAI

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

Bench: Shri Pavan Kumar Gadale & Shri Girish Agrawalamitsajjankumargupta, Dcit-8(2)(1), 110, Ashirwad, Roomno.624, बनाम/ Ahmedabad Street, Aayakar Bhavan, Vs. Carnac Bunder, M.K.Road, Mumbai-400009. Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abrpg2852N (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) Assessee By : Shri Ravikant Pathak.Ar Revenue By : Shri Manoj Kumar Sinha, Sr. Dr सुनवाई की तारीख / Date Of Hearing 08/08/2023 घोषणा की तारीख /Date Of Pronouncement 10/10/2024 आदेश / Order Per Pavan Kumar Gadale - Jm: The Appeal Is Filed By The Assesse Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi / Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal: 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit (A) Nfac, Erred In Confirming Order Made U/S. 143(3) Of The Income Tax Act, 1961 Which Is Bad In Law, Ultra Vires & Without Appreciating The Facts, Submission & Evidences In The Proper Perspective, Without Providing Copies Of Material Used Against The Appellant & Without Providing Opportunity Of Cross Examination, Is Liable To Be Annulled.

68, 260A. Where the High Court dismissed the Department's appeal saying that no question of law arose from the order of the Tribunal affirming the order of the Commissioner (Appeals) allowing relief to the assessee, and the findings of the Commissioner (Appeals) to the effect that there was no adverse comment from the stock exchange or the company whose