DCIT 29(2), MUMBAI vs. SHRI KIRTI RAMJI KOTHARI, MUMBAI

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

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.3341/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Dcit-29(2) बिधम/ Kirti Ramji Kothari Room No.422, 4Th Floor, A/7, Maheh Krupa Devi Vs. Kautilya Bhavan, B.K.C. Dayal Cross Road, Mulund Bandra (E), Mumbai- (W), Mumbai-400080. 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaepk3216C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Bharti Singh (Sr. Ar) Assessee By: Shri Mandar Vaidya सुनवाई की तारीख / Date Of Hearing: 05/04/2022 घोषणा की तारीख /Date Of Pronouncement: 28/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 14.02.2019 Passed By The Commissioner Of Income Tax (Appeals) -40 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015- 16. 2. The Revenue Has Raised The Following Grounds: - "1. On The Facts & Circumstances Of The Case, The Id. Cit(A) Erred In Allowing The Assessee’S Claim That The Profit Of Rs. 5,75,40,478/- From F & O Trading Was To Be Assessed Either As Business Income Or Under Either Of The Heads Of Income A To F Of Section 14 Of The Lt. Act Without Appreciating The Fact That The Investigation & Analysis Of The A.Y.2015-16 Facts As Borne Out By The A.O. In The Assessment Order Clearly Establish That The Profit Was Bogus & Sham Earned Through Synchronized Trading In Illiquid Stock Option & Accordingly The Same Was Correctly Assessed U/S 68 Of The It Act.

68 or section 69 or section 69A or section 69B or section 69C or section

BHAVIKA RAVI SUKHIJA,MUMBAI vs. ACIT (CENTRAL)-CIRCLE-2, MUMBAI

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17

68 is upheld. 7.2 Decision on Ground No.2: In Ground No.2, the appellant has 7.2 Decision on Ground No.2: In Ground No.2, the appellant has 7.2 Decision on Ground No.2: In Ground No.2, the appellant has challenged the addition of Rs. 60,000/ challenged the addition of Rs. 60,000/- under Section 69C

BALAJI BULLIONS AND COMMODITIES INDIA PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE 7(1), MUMBAI

The appeal of the Revenue is allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18

69C of the Act was directed to be deleted. of the Act was directed to be deleted. 4.5 The learned CIT(A), having concluded that the assessee was not The learned CIT(A), having concluded that the assessee was not The learned CIT(A), having concluded that the assessee was not engaged in any genuine trading activity and that

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 68, 69, 69A, 69B, 69C or 69D of the Act. The income declared by the assessee is unrecorded

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 68, 69, 69A, 69B, 69C or 69D of the Act. The income declared by the assessee is unrecorded

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(4), MUMBAI vs. SHRI YOGENDRA KANODIA, MUMBAI

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

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalacit-Cc-5(4), Vs. Mrs.Rashmiyogendra Room No.1924,19Th Kanodia(Legal Heir Of Floor, Air Late Shri Yogendra Indiabuilding, Surajmal Kanodia) Nariman Point, 1 St Floor,Samudra Mumbai-400021. Tarang, Keluskarroad, Northshivajipark,Dadar, Mumbai-400028. Pan/Gir No. : Aadpk4863A Appellant .. Respondent

68, section 69, section 69A, section 69B, section 69C or section 69D, if such 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:

68, read with section 69C, of the Income-tax Act, 1961 - Cash credits (Share capital money) years 2012-13 to 2017-18 - - Assessment

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for\n

69C of the\nact.\n11.\nConsequently, assessment order under section 153C of the Act was\npassed on 31/3/2022 wherein the returned income of a loss of\n19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition\nof unexplained income under section 68

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

69C of the act. 11. Consequently, assessment order under section 153C of the Act was passed on 31/3/2022 wherein the returned income of a loss of ₹ 19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition of unexplained income under section 68

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

69C of the act. 11. Consequently, assessment order under section 153C of the Act was passed on 31/3/2022 wherein the returned income of a loss of ₹ 19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition of unexplained income under section 68

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

69C of the act. 11. Consequently, assessment order under section 153C of the Act was passed on 31/3/2022 wherein the returned income of a loss of ₹ 19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition of unexplained income under section 68

BHISHMA AGRO FOOD PRODUCTS PRIVATE LIMITED,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(2) MUMBAI, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

69C of the act. 11. Consequently, assessment order under section 153C of the Act was passed on 31/3/2022 wherein the returned income of a loss of ₹ 19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition of unexplained income under section 68

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

69C of the act. 11. Consequently, assessment order under section 153C of the Act was passed on 31/3/2022 wherein the returned income of a loss of ₹ 19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition of unexplained income under section 68

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for\n

69C of the\nact.\n11. Consequently, assessment order under section 153C of the Act was\npassed on 31/3/2022 wherein the returned income of a loss of\n19,714,768/- was assessed at ₹ 130,245,908/-. It resulted into an addition\nof unexplained income under section 68

DCIT - CC -3(2), MUMBAI vs. MANGALKALASH TRADING PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is allowed

sections": ["68", "69C", "132", "153A", "143(1)", "143(3)"], "issues": "Whether the protective additions under Section 68 and Section

AAKASH UNIVERSAL LIMITED ( MERGED ENTITY RAJKIRAN TEXTILES PVT LTD),MUMBAI vs. INCOME TAX OFFICER WARD 13(3)(1), MUMBAI

In the result the appeal filed by the assessee stands\npartly allowed

69C is not\nsustainable in law\nSection 68 of the Income-tax\nAct, 1961 - Cash credit\n(Proviso) - Assessment years\n2009-10, 2010-11, 2011-12\nand 2012-13 - Whether\nproviso inserted to section

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 115BE are applicable on the income taxable under\nsection 68, 69, 69A, 69B, 69C or 69D of the Act. The income

DY C.I.T.CENTRAL CIR-6(2), MUMBAI vs. SHRI SURENDRA B.JIWRAJKA, MUMBAI

In the result, the appeals by the Revenue for the assessment years 2014-15

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

68 and section 69C of the Act on the account of long-term capital gains and short-term capital