RAHEJA LEGENCY TRUST,MUMBAI vs. ACIT, CIR-22(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

43 parties by issuing summons u/s. 131 of the Act. With respect to the remaining parties (leaving aside the parties in respect of which PAN was not available), no addition was made under Section 68

ACIT CIRCLE-22(1), MUMBAI vs. RAHEJA LEGACY TRUST, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

43 parties by issuing summons u/s. 131 of the Act. With respect to the remaining parties (leaving aside the parties in respect of which PAN was not available), no addition was made under Section 68

DCIT 4 (1)(1), MUMBAI vs. DHARAMSHI SECURITIES P LTD., MUMBAI

The appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकर अपील िं./ I.T.A. No.6789/Mum/2019 (धििाारण वर्ा / Assessment Year: 2014-15) Dcit-4(1)(1) M/S Dharamshi Securities Limited 6Th Floor, 640, Aaykar Bhawan बनाम/ 1073, Quest, Behind Beau Monde Towers M.K.Road, Mumbai – 400 020 Rajabhau Desai Marg, Prabhadevi Vs. Mumbai – 400 025 Pan No.: Aaacd-3924-G (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Paresh Shaparia- Ld. Ar Revenue By : Shri Sunil Jha- Ld. Cit-Dr ुनवाई की तारीख/ : 25/05/2021 Date Of Hearing घोषणा की तारीख / : 27/07/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal ()

68,41,119/- incurred in the trading activity on account of derivative segment (futures and options) against the business income during the year without appreciating the fact that AO has rightly treated the losses as speculative loss and not allowed to set off by invoking the provisions of Section 73(1) of the Income

ACIT - 4(2)(1), MUMBAI vs. PROGRESSIVE SHARE BROKERS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit-4(2)(1), M/S Progressive Share Room No.642, 6Th Floor, Brokers Pvt. Ltd. बनाम/ Aayakar Bhavan, B, 1St Floor, Fort Chambers, Vs. M. K. Road, Homi Modi Cross Street, Mumbai-400020 Off. Hamam Street, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacp6712H

43 (Bom.). On the other hand, shri Rohit Golecha, Ld. counsel for the assessee defended the impugned order by inviting 3 M/s Progressive Share Brokers Pvt. Ltd. our attention to page-12 onwards. Reliance was placed upon the decision of the Tribunal in the case of J. M. Financial Services Ltd. & Ors. Vs JCIT (2017) 54 ITR (Trib

DCIT 4(2)(1), MUMBAI vs. SPS SHARE BROKERS P.LTD, MUMBAI

In the result Revenue fails in this appeal

Bench: Shri Saktijit Dey & Shri Ramit Kochar

43(5) of the 1961 Act. While on the other hand the Ld. AR relied upon the decision of the Tribunal in the case of IVF Advisors Pvt. Ltd. v. ACIT, ITA no. 4798/Mum/2012, AY 2009-10 and decision in the case of Rajshree Sugar & Chemicals Ltd. v. Axis Bank Ltd., AIR 2011 (Mad) 144 . He also relied upon

IDHASOFT LTD.,MUMBAI vs. DCIT - 15(2)(1), MUMBAI

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2007-08 M/S Idhasoft Ltd. Dcit-15(2)(1), 3, Narayan Building, Room No.357, 3Rd Floor बनाम/ 23 L. N. Road, Dadar East, Aayakar Bhavan, Vs. Mumbai-400014 M. K. Road, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aabci6090G Assessment Year: 2007-08 Dcit-15(2)(1), M/S Idhasoft Ltd. Room No.357, 3Rd Floor 3, Narayan Building, बनाम/ Aayakar Bhavan, 23 L. N. Road, Dadar East, Vs. M. K. Road, Mumbai-400014 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aabci6090G

section 68 of the Act, by the Ld. Assessing Officer has been challenged ignoring the finding of FIBP. 3.1. During hearing, Shri B. Srinivas, Ld. CIT-DR read over the order of the First Appellate Authority in detail by inviting our attention to the various paras of the impugned 43

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 stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

section. Therefore, the contention of the assessee is not acceptable on this count as well. 10.1 From the above, it is amply clear that the assessee is unable to prove & establish the genuineness of any services rendered and also about consultancy income. It is pertinent to mention here that, already during the course of Survey u/s 133A, Mr. Vincent

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 stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

section. Therefore, the contention of the assessee is not acceptable on this count as well. 10.1 From the above, it is amply clear that the assessee is unable to prove & establish the genuineness of any services rendered and also about consultancy income. It is pertinent to mention here that, already during the course of Survey u/s 133A, Mr. Vincent

DCIT 4 (3)(1), MUMBAI vs. SHRI MOHIT KEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alcpk2213Q (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

DCIT 4 (3)(1), MUMBAI vs. MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

ACIT CIR-6(3)(2), MUMBAI vs. SHRI MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

68 of the Act. Aggrieved by the order of the AO, the assessee preferred an appeal before the Ld. CIT(A) who A.Ys. 2010-11 & 2012-13 Mohit Deepak Kamboj partly allowed the appeal. Being aggrieved by the same, the Revenue is now in appeal before us on the following grounds: “1. On the facts and in the circumstances

JM FINANCIAL SERVICES LTD,MUMBAI vs. JCIT (OSD) 4(3), MUMBAI

Accordingly dismissed. However, in view of our findings given above, the appeal of the assessee is treated as partly allowed

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. J.M. Financial Services The Joint Commissioner Of Ltd., Income-Tax (Osd)-4(3), (Formerly Jm Financial Room No.635, Services Pvt. Ltd.), Aayakar Bhavan, Vs. 7Th Floor, Cnergy, M.K. Road, Appasaheb Marathe Marg, Mumbai - 400020 Prabhadevi, Mumbai – 400 025 Pan: Aaacj5977A (Appellant) (Respondent) Assessment Year: 2009-10

68, 428/- on BSE membership rights and of Rs.2,61,528/- on NSE membership rights be directed to be allowed. 5. We have gone through the order 28.2.2014 of the ITAT in the own case of the assessee for AY 2008-09. We notice that the Tribunal has allowed the similar claim of the assessee for depreciation

INCOME TAX OFFICER, MUMBAI vs. PRITI NILESH JAIN DAGA, MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

43. We would like to refer the decision Gujrat High Court in case of Principal Commissioner of Income-tax V/s. Mamta Rajivkumar Agarwal reported in [2023] 155 taxmann.com 549 (Gujarat) whereas held as under. Section 10(38) of the Income-tax Act, 1961 Capital gains - Income arising from transfer of long term securities (Share dealings) - Assessment year

PRITI NILESH JAIN DAGA ,MUMBAI vs. INCOME TAX OFFICER 19(2)(4), MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

43. We would like to refer the decision Gujrat High Court in case of Principal Commissioner of Income-tax V/s. Mamta Rajivkumar Agarwal reported in [2023] 155 taxmann.com 549 (Gujarat) whereas held as under. Section 10(38) of the Income-tax Act, 1961 Capital gains - Income arising from transfer of long term securities (Share dealings) - Assessment year

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

Section 68 of the I.T. Act which\nassessee has failed to do so. Without fulfillment of the onus\ncast u/s.68 of the I.T. Act, the CIT(A) has allowed relief to the\nassessee which is prejudicial to the interest of revenue. In\nview of the discussion in the pre paragraphs it is humbly\nrequested that the order

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

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, 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

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

Section 68 of the I.T. Act which\nassessee has failed to do so. Without fulfillment of the onus\ncast u/s.68 of the I.T. Act, the CIT(A) has allowed relief to the\nassessee which is prejudicial to the interest of revenue. In\nview of the discussion in the pre paragraphs it is humbly\nrequested that the order