ITO 24(2)(5), MUMBAI vs. SHRI. MOHMMED IQBAL MOHD. AFAQUE KHAN, PANVEL

In the result, appeal of the revenue is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 24(2)(5) V. Shri Mohammed Iqbal Mohd. Afaque Khan A-602, Plot No. 447 Room No. 611, Piramal Chambers Highland Park Chs Ltd., Lalbaug, Mumbai – 400 012 Opp. Morarji Takka, Panvel -410206 Pan: Aacpk7522M (Appellant) (Respondent) Assessee By : None Department By : Shri M.P. Ahuja

68 of the Act. Regarding loan repaid to Kings Finance Credit Cropn, all the repayments are by cheque and reflected in the Bank statements. The sources are other borrowings and/ or own sources. The same can be seen from the Bank statements. Two vehicles have been purchased during the year by the assessee. Please find attached herewith the ledger account

AMIRALI AKBARALI ENGINEER,MUMBAI vs. ACIT 24(1), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2012-13 Amirali Akbarali Engineer, Vs Acit, A/201, Senha Apna Ghar, Ward-24(1), Unit No.11, Piramal Chamber, Lalbaug, Swami Samarth Nagar, Mumbai Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacpe9331N

54B and section 54D also use the word ‘any other land’ and ‘any other land and building’ respectively. The expression ‘any other land’ is an expression of widest amplitude and, therefore, its meaning cannot be restricted to any one piece of land. On the other hand, the Legislature has used the word ‘a’ in sections

DY CIT, CC-7(1), MUMBAI vs. MRS. NITTA VINODKUMAR JATIYA , MUMBAI

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

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaledcit, Cc-7(1) Vs. Mrs. Nitta Vinodkumar Room No. 676B, 6Th Jatiya, Floor, Aayakar Bhavan, 1, Pearl Mansion (N), Mk Road, Mumbai – 91, Marine Lines, 400020. Mk Road, Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Accpj8343D Appellant .. Respondent Appellant By : Mr.Sanjiv Jain. Dr Respondent By : Mr.Snehal Shah. C A. Dr Date Of Hearing 15.11.2021 Date Of Pronouncement 11.02.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm:

68 of the Act. Whereas in respect to second ground of appeal of claim of exemption of capital gains u/s 54B of the Act of Rs. 3,08,06,574/-, the CIT(A) has dealt on the facts and remand report and the judicial decisions and allowed the claim of the assessee and partly allowed the assessee appeal. Aggrieved

MOHD RAZA AKBERALI GHUGHARIA,MUMBAI vs. ITO 15(2)(3), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2005-06 Mohd Raza Akberali Ito 15(2)(3), Ghugharia, Matru Mandir Tardeo, बनाम/ M/S. N.S. Virani & Co., C.A. S Mumbai-400034 Vs. 28, Bhanushali Bldg. 35, Mint Road, Mumbai-400001 (Assessee) (Revenue) P.A. No.Aabpg3107B "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta & Shri Anuj Kisnadwala. (Ar) Shri K. V. Vispure ( Dr) राज"व क" ओर से / Revenue By 27/04/2016 सुनवाई क" तार"ख / Date Of Hearing : आदेश क" तार"ख /Date Of Order: 01/07/2016

68 years of Mumbai Indian inhabitant, residing at Al Hilal Bldg., Bandra Reclamation, Bandra (West), Mumbai - 400050 do solemnly affirm and state as under: 1. I say that since my taxation matters are being attended by Shri N. S. Virani, Chartered Accountant, the order of the id. CIT (A) dated 01.07.2011, upon receipt, was forwarded to him in the last

VAIJANTHI MAHAVIR OZA,MUMBAI vs. INCOME TAX OFFICER(IT)-3(3)(1), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5799/Mum/2017 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Vaijanthi Mahavir Oza, Income Tax Officer- C/O. Chhajed & Doshi, (International Taxation)- 101, Hubtown Solaris, 3(3)(1) V. N.S Phadke Marg, Room No. 1628, Near East West Flyover, 16Th Floor Andheri (E), Air India Building Mumbai- 400069 Mumbai स्थायी ऱेखा सं./ Pan: Abepo5631J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Piyush Chhajjed Revenue By: Miss. Deepika Arora (Dr) सुनवाई की तारीख /Date Of Hearing : 09.01.2019 घोषणा की तारीख /Date Of Pronouncement : 03.04.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 5799/Mum/2017, Is Directed Against Appellate Order Dated 23.06.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 23.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. I.T.A. No.5799/Mum/2017

54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable to income- tax under the head 'Capital gains", and shall he deemed to be the income of the previous year in which the transfer took place. This basis of charge as provided in section 45 has the following salient features: i. Profits and gains should arise

SUPERMAX PERSONAL CARE P.LTD,THANE vs. ASST CIT (LTU)-1, MUMBAI

68,71,48,000/-. 2.The assessee has raised two effective grounds of appeal.First one is about validity of the proceedins,whereas in the second ground merits of the order of the First Appellate Authority (FAA)has been challenged. 2.1.During the assessment proceedings,the AO found that,the assessee had entered into the two Business Transfer Agreement (BTA),on 30/12/2010,with

LATE SHRI GORDHANDAS S. GARODIA,MUMBAI vs. DCIT 22(1), MUMBAI

In the result, Revenue’s appeal is dismissed and assessee’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

68 taxmann.com 319. Without prejudice to the aforesaid submissions, the learned Counsel submitted to safeguard the interest of Revenue, the assessee is ready to furnish an undertaking before the Assessing Officer offering to tax the amount of ` 50 crore in case it is received in any future assessment year. 13. Learned Departmental Representative relied upon the observations of the Assessing

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C

DCIT CEN CIR 4(2), MUMBAI vs. SUDHAKAR M. SHETTY, MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C

HUNTSMAN INVESTMENTS (NETHERLANDS),MUMBAI vs. THE DY COMMISSIONER OF INCOME TAX INTERNATIONAL TAX CIRCLE-2(2)(2), MUMBAI, MUMBAI

In the result, appeal of the assessee is allowed

68 taxmann.com 319 (Bombay):\n“8. In the present case, from the reading of the above clauses of the agreement\nthe deferred consideration is payable over a period of four years i.e. 2006-07,\n2007-08, 2008-09 and 2009-10. Further the formula prescribed in the agreement\nitself makes it clear that the deferred consideration to be received

VINOD PARASMAL JAIN ,MUMBAI vs. DY CIT CIRCLE- 3, THANE

In the result, the appeal of the assessee is allowed for a statistical purposes

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2011-12 Vinod Parasmal Jain, Dcit, Circle 3, Thane, 6Th Floor, Ashar It Park, Wagle 1302/A, Vikas Palms, Dr. Vs. Ambedkar Road, Opp. Civil Industrial Estate, Road No. 16Z, Hospital, Thane(W)-400 604. Thane-400 601 Pan No. Aaopj 9371 K Appellant Respondent

68,127/-). During proceedings of the scrutiny of return of income filed by the assessee, the Ld. Assessing Officer observed one of the reason for selection of the case for the scrutiny was to examine taxability of the Vinod Parasmal Jain 3 sale of property. From the submission filed by the assessee, the Assessing Officer observed sale of agricultural land