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 69D

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

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

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

KAMAL VYAS ,MUMBAI vs. PR. CIT - 17, MUMBAI

In the result, this appeal stand allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

68, Section 69, Section 69A, Section 69B, Section 69C or Section 69D and reflected in the return

AYYAPPA SEVA SAMGHAM BOMBAY TRUST,MUMBAI vs. CIT (A)-53, MUMBAI

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

Bench: Shri Kuldip Singh & Shri Gagan Goyalayyappa Seva Samgham Bombay-Trust Plot No.185, Shree Ayyappa Temple Bangur Nagar, Goregaon (E) Mumbai-400 104 Pan: Aaata0312K ...... Appellant Vs. Cit (A), 53 634, Aayakar Bhavan, Mumbai-400 020 ..... Respondent

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

ASSISTANT COMMISSIONER OF INCOME TAX- 4(1)(1), MUMBAI vs. CREATIVE GEMS AND JEWELLERY LIMITED, MUMBAI

In the result, Revenue’s appeal inITA 2821/MUM/2024

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return

CREATIVE GEMS AND JEWELLERY LIMITED,GOREGAON EAST MUMBAI vs. CIRCLE 4(1)(1), MUMBAI, AAYAKAR BHAWAN,MUMBAI

In the result, Revenue’s appeal inITA 2821/MUM/2024

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

68, section 69, section 69A, section 69B, section 69C and section 69D of the Act and are subject

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

68, section 69, section 69A, section 69B, section 69C and section 69D of the Act and are subject

ACIT CEN CIR 13, MUMBAI vs. RAHIL AGENCIES, MUMBAI

In the result, the appeal of the revenue is dismissed

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

68, section 69, section 69A, section 69B, section 69C and section 69D of the Act and are subject

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return

M/S. KLAUS WAREN FIXTURES PVT LTD,MUMBAI vs. ACIT CIR-6(3)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return

INNOVATIVE CONSTRUCTION P. LTD,MUMBAI vs. ACIT 12 (2)(2), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blem/S. Innovative Construction Pvt. Ltd., V. Acit – 12(2)(2) 1St Floor, Samir Complex Room No. 145, 1St Floor St. Andrews Road, Bandra (W) Aayakar Bhavan, M.K. Road Mumbai – 400050 Mumbai – 400 020 Pan: Aaaci1573M (Appellant) (Respondent) Assessee By : Shri Yogesh A. Thar Department By : Ms. Shreekala Pardeshi

68 or Section 69 or Section 69A or Section 69C or Section 69D.” The intention of the legislature

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RONAK GEMS PRIVATE LIMITED, MUMBAI

In the result, Ground raised by the assessee is allowed

Bench: Shri Amit Shukla & Shri Gagan Goyaldy. Commissioner Of Income Tax, Central Circle- 2(4), Room No. 802, 8Th Floor, Pratistha Bhawan, M.K. Road, Church Gate, Mumbai - 400 020. ...... Appellant Vs. M/S. Ronak Gems Pvt. Ltd., 311, Mehta Bhawan, Shop No. 5, Opp. Charni Road, Mumbai – 400 020. ..... Respondent

68 to section 69D of the Act. 17. The provisions of Section 115BE are applicable on the income

CY. CIT 6(1) (2) , MUMBAI vs. M/S. BHANDARI GOLD & JEWELLERS PVT. LTD, MUMBAI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

68 as unexplained cash credit and in none of the cases the assessees have admitted the same as income. Therefore, we find that the case laws relied up on by the Ld.DR has no application in the instant case and the same are distinguishable. In view of the foregoing discussion and taking into consideration of all the facts

BHANDARI GOLD AND JEWELLERS PRIVATE LIMITED,MUMBAI vs. CIT (APPEAL), NFAC - DELHI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

68 as unexplained cash credit and in none of the cases the assessees have admitted the same as income. Therefore, we find that the case laws relied up on by the Ld.DR has no application in the instant case and the same are distinguishable. In view of the foregoing discussion and taking into consideration of all the facts

VASUPUJYA FILAMENTS,MUMBAI vs. DCIT-CC-3, THANE, THANE

In the result, all appeals filed by the assessee are allowed

Bench: Shri Amit Shukla & Shri Prabhash Shankar

68 of the Act in respect of unsecured loans, disallowance of interest under section 69C, and the addition u/s. 69D