M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed

section 40A(3) of the Act. Since a\nsimilar issue has already been decided in assessee's appeal for the assessment\nyear 2016-17, therefore the findings/conclusions rendered therein shall apply\nmutatis mutandis. As a result, ground no.6 raised in assessee's appeal is\nallowed.\n72. The issue arising in ground no.7, raised in assessee's appeal, pertains

RAKESH JAIN,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Section 68 of the Act\ncannot be applied in respect of cash deposits which have been duly recorded\nin the books of account and have already been considered as income in the\nreturn of income filed by the assessee. In assessee's case the assessee had\nduly recorded the cash sales of Rs.3,44,86,172/- excluding

M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

section 142(2A) of\nthe Act at the fag end of the assessment proceedings. Since a similar issue has\nalready been decided in assessee's appeal for the assessment year 2016-17,\ntherefore the findings/conclusions rendered therein shall apply mutatis\nmutandis. Accordingly, ground no.1 is dismissed.\n\n68. The issue arising in grounds no.2-3 raised in assessee's appeal

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

section 40A(3) of the Act. Since a\nsimilar issue has already been decided in assessee's appeal for the assessment\nyear 2016-17, therefore the findings/conclusions rendered therein shall apply\nmutatis mutandis. As a result, ground no.6 raised in assessee's appeal is\nallowed.\n72. The issue arising in ground no.7, raised in assessee's appeal, pertains

SHRI RENUKAMATA MULTI-STATE CO-OPERATIVE URBAN SOCIETY LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(4), MUMBAI

section 40A(3) of the Act. Since a\nsimilar issue has already been decided in assessee's appeal for the assessment\nyear 2016-17, therefore the findings/conclusions rendered therein shall apply\nmutatis mutandis. As a result, ground no.6 raised in assessee's appeal is\nallowed.\n72. The issue arising in ground no.7, raised in assessee's appeal, pertains

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

67 5139 & 5338/Mum/2016 Idhasoft Ltd. held that if the identity of the person providing share application money is established, then the burden is not on the assessee to prove the creditworthiness of the said person. However, the department can proceed against the said company in accordance with law. [Pare16] The position of the present case is identical

UDAY GHANSHYAM NAIK ,MUMBAI vs. ITO CIRCLE 42(1)(1), MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

67,710/– under Section 143(3) of the Act under Section 143(3) of the Act vide order dated 29.09.2021. vide order dated 29.09.2021. 4. Before the Ld. CIT(A), the assessee tendered certain additional d. CIT(A), the assessee tendered certain additional d. CIT(A), the assessee tendered certain additional evidences such as PAN, income evidences such

DCIT-42(1)(1), MUMBAI vs. SRI UDAY GHANSHYAM NAIK, MUMBAI

In the result, the cross

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19

67,710/– under Section 143(3) of the Act under Section 143(3) of the Act vide order dated 29.09.2021. vide order dated 29.09.2021. 4. Before the Ld. CIT(A), the assessee tendered certain additional d. CIT(A), the assessee tendered certain additional d. CIT(A), the assessee tendered certain additional evidences such as PAN, income evidences such

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:

section 68 of the Act introduced with effect from April 1, 2013 will not have retrospective effect and would be effective only from the assessment year 2013-14.” 19. From the above it is therefore amply clear that the requirement to substantiate the source of source of borrowings, brought in by the Finance Act, 2022, is not applicable

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:

section 68 of the Act introduced with effect from April 1, 2013 will not have retrospective effect and would be effective only from the assessment year 2013-14.” 19. From the above it is therefore amply clear that the requirement to substantiate the source of source of borrowings, brought in by the Finance Act, 2022, is not applicable

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:

section 68 of the Act introduced with effect from April 1, 2013 will not have retrospective effect and would be effective only from the assessment year 2013-14.” 19. From the above it is therefore amply clear that the requirement to substantiate the source of source of borrowings, brought in by the Finance Act, 2022, is not applicable

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

68 of the\nAct.\n\n16. The AO also made addition of Rs.28,82,818/- being\ndisallowance u/sec. 14A of the Act by observing and holding as\nunder:-\n\n5.1 From the details filed by the assessee during the course of\nthe scrutiny proceedings. It is noticed in the Balance Sheet of\nthe assessee has made investments in exempt income

DCIT, CIRCLE-2(1)(1), MUMBAI, MUMBAI vs. M/S KUNDAN JEWELLERS PVT LTD , MUMBAI.

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

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaledcit, Circle – 2(1)(1) Vs. M/S. Kundan Jewellers Room No. 561, 5Th Floor Pvt Ltd Aayakar Bhavan, Mk 223, Sm Patil Bldg, Sv Road, Mumbai – 400 020 Road, Andheri (W), Mumbai – 400058. Pan/Gir No. : Aabck5770H Appellant .. Respondent Appellant By : Mr.Nihar Ranjan Samal.Dr Respondent By : Mr.Siddharth Kothari.Ar Date Of Hearing 19.05.2023 Date Of Pronouncement 29 .05.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The National Faceless Appeal Centre (Nfac)/Cit(A), Delhi Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

section 68 was to be deleted - Held, yes". 5.1.6 In pursuance to the above discussion, the appellant gets the relief for which it is entitled to. The Ld. AO is directed to delete the impugned addition of Rs. 13, 29, 50,000. Ground no.1, 2 &3 are, therefore, allowed. M/s. Kundan Jewellers Pvt Ltd, Mumbai. 6.0 As a result

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

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)

68 of the Act. 2 Shri Mahendra H. Shah 2. Briefly stated the facts are that, assessee filed return of income on 19.09.2013 declaring income of ₹.5,30,000/-, return was processed u/s.143(1) of the Act and later the assessment was taken up for scrutiny by issue of notice u/s. 143(2) of the Act pursuant to search

SANTOSH DNYANESHWAR CHAVAN,NAVI MUMBAI vs. ITO WD 22(3)(4), MUMBAI

In the result, appeal by the assessee is partly allowed for statistical

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

Section 68 in the hands of the assessee. 13. We find that subsequent to the aforesaid decision in Mehul V Vyas (supra), which was rendered by Co-ordinate Bench of the Tribunal on 07/04/2017, the Hon’ble jurisdictional High Court in Arunkumar J. Muchhala v. CIT: [2017] 399 ITR 256 (Bombay), vide judgment dated 24/08/2017, after considering the ratio

ITO 19(2)(3), MUMBAI vs. MEENAKSHI N SHAH, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2007-08 Dcit 5(2)(2) Meridian Chem Bond Mumbai Purchase Ltd., बनाम/ 903 Raheja Centre, Free Vs. Press Journal Marg, Nariman Point, Mumbai 400 021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. Aaacr1789G

68 of the Income Tax Act will be that apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the creditworthiness of the creditors. In CIT vs Korlay Trading Company Ltd. 232 ITR 820 (Cal.), it was held that mere mention of file number of creditor will not suffice