DCIT CIRCLE-15 (3), MUMBAI vs. M/S RANKIN INFRASTRUCTURE PVT LTD. , MUMBAI

In the result, Ground No. 2 and 3 raised by the revenue are dismissed

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle – 15(3)(1) V. M/S. Rankin Infrastructure Pvt. Ltd., Room No. 451, 4Th Floor Next To Classic Marble Aayakar Bhavan, M.K. Road Subash Nagar Road, Bhandup (E) Mumbai - 400020 Mumbai -400078 Pan: Aafcs5275B (Appellant) (Respondent) Assessee By : Shri Rajiv Khandelwal Department By : Shri T. Shankar

68 as against section 56(2)(viib) which deals with issue of shares. In this regard, in view of the reasons given above, I find that the said implication made by the learned AO is merely based on presumptions and does not lay down the’ clear provisions of section 56(2)(viib) and Rule 11UA. The learned

ACIT-5(1)(1), MUMBAI vs. M/S. ESSAR SHIPPING LTD., MUMBAI

In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Acit Circle 5(1)(1), M/S Essar Shipping Ltd., R. No. 568, Aayakar Bhavan, Essar House, 11, K K Marg, Vs. M.K. Road, Mumbai-400020. Mahalaxmi, Mumbai-400034. Pan No. Aacce 3707 D Appellant Respondent

72,255/- has been has been included in while arriving at the tot included in while arriving at the total business income al business income and the business income was set off against losses and the business income was set off against losses and the business income was set off against losses under the head income from other sources

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

68 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 3.35. Similar view has been taken by Lucknow Bench of ITAT in case of Micro fin Security Pvt. Ltd vs. Additional CIT 94 TTJ 767 wherein it was held that in absence of any allocation being made in favour of Additional Commissioner to make an assessment, he cannot

SABRAS INVESTMENT & TRADING P.LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

68 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 3.35. Similar view has been taken by Lucknow Bench of ITAT in case of Micro fin Security Pvt. Ltd vs. Additional CIT 94 TTJ 767 wherein it was held that in absence of any allocation being made in favour of Additional Commissioner to make an assessment, he cannot

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. ACIT 2(2), MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

68 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 3.35. Similar view has been taken by Lucknow Bench of ITAT in case of Micro fin Security Pvt. Ltd vs. Additional CIT 94 TTJ 767 wherein it was held that in absence of any allocation being made in favour of Additional Commissioner to make an assessment, he cannot

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICAL LTD),MUMBAI vs. ASST CIT 2(2), MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

68 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 3.35. Similar view has been taken by Lucknow Bench of ITAT in case of Micro fin Security Pvt. Ltd vs. Additional CIT 94 TTJ 767 wherein it was held that in absence of any allocation being made in favour of Additional Commissioner to make an assessment, he cannot

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

68 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 3.35. Similar view has been taken by Lucknow Bench of ITAT in case of Micro fin Security Pvt. Ltd vs. Additional CIT 94 TTJ 767 wherein it was held that in absence of any allocation being made in favour of Additional Commissioner to make an assessment, he cannot

HUMUZA CONSULTANTS,MUMBAI vs. THE PR. CIT-19, MUMBAI

In the result, appeal filed by the assessee is allowed and the stay application filed by the assessee is dismissed

Bench: Shri Prashant Maharishi () & Shri Pavan Kumar Gadale () Humuza Consultants Vs The Principal Commissioner Of 6Th Floor, Wokhardt Towers Income-Tax-19, Mumbai Bandra Kurla Complex Room No. 228, 2Nd Floor, Bandra East Matru Mandir Mumbai-400 01 Tardeo Road, Pan : Aahfh9240E Mumbai-400 007 Appellant Respondent Appellant By Shri Jd Mistry & Hiten Chande Respondent By Shri K.K. Mishra (Cit,Dr) Date Of Hearing 07-12-2021 Date Of Pronouncement 07-01-2022 O R D E R Per Prashant Maharishi (Am):

72 taxman.com 7 (Kol). Therefore, his argument is that without giving any opportunity to the assessee by the way either of 18 ITA 726/Mum/2021 SA 162/Mum/2021 notice or during the course of revisionary proceedings, the learned PCIT could not have directed the assessing officer to investigate the provisions of section 68 of the Act. He further referred

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

2) Act, 1996, invalidating proceedings initiated by the Income-tax Officer, the action taken by him applying the then existing law could not be said to be invalid. 2.25. Likewise, in CIT v. S.R. Talwar, (2008) 305 ITR 286 (All), the factum of taking advances or loan from T and K, in which the assessee was one of the directors

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

In the result the appeal filed by the assessee stands allowed

section 44AB\nSection 144, read with sections 44AB and\n68, of the Income-tax Act, 1961 Best\njudgment assessment (Scope of)\n Assessment year 2009-10 During\nassessment proceedings, assessee could\nnot produce confirmation letter from large\nnumber of creditors in respect of amount\nborrowed Assessee claimed that it had\nnot maintained books of account and,\ntherefore, amount

LUMINANT INVESTMENTS LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -40, MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2006-07 Luminant Investments Ltd., Dy. Cit Central Circle 40, (Formerly Known As Luminant Aayakar Bhavan, M.K. Road, Vs. Investment Pvt. Ltd.) Mumbai-400020. 121, Radha Bhuvan, 1St Floor, Nagindas Master Road, Fort, Mumbai-400023. Pan No. Aaacl 0834 A Appellant Respondent

Section 68 of the Act is a rule of evidence casting an obligation on t of the Act is a rule of evidence casting an obligation on t of the Act is a rule of evidence casting an obligation on the assessee to satisfactorily explain a credit in its books of account. The to satisfactorily explain a credit

SHRI SANJAY SHANTILAL JAIN,MUMBAI vs. JCIT, CENTRAL RANGE-8, MUMBAI

In the result, the appeals of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2011-12 & Assessment Year: 2011-12 & Assessment Year: 2012-13 & Assessment Year: 2013-14 & Assessment Year: 2014-15

72,611/- after making certain additions/disallowances. after making certain additions/disallowances. after making certain additions/disallowances. 5. On further appeal, the ld. CIT(A) upheld the additions/ appeal, the ld. CIT(A) upheld the additions/ appeal, the ld. CIT(A) upheld the additions/ disallowances made by the Assessing Officer and dismissed the disallowances made by the Assessing Officer and dismissed the disallowances

DY CIT CC-1(4), MUMBAI vs. M/S GRASIM INDUSTRIES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

68 Vol I Factual Paper Book (“FPB”). ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 2. The Hon‟ble National Company Law Tribunal („NCLT‟), Ahmedabad Bench, vide its order dated 1st June 2017 approved the said composite scheme of arrangement (Pg. No. 7 – 24 Vol I FPB). As per the said scheme, the merger was effective from 1st July

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

68 Vol I Factual Paper Book (“FPB”). ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 2. The Hon‟ble National Company Law Tribunal („NCLT‟), Ahmedabad Bench, vide its order dated 1st June 2017 approved the said composite scheme of arrangement (Pg. No. 7 – 24 Vol I FPB). As per the said scheme, the merger was effective from 1st July

INCOME TAX OFFICER 8(3)(3), MUMBAI vs. M/S.VIBGYOR TEXOTECH PRIVATE LIMITED, MUMBAI

In the result, the appeal of the assessee is partly allowed, whereas appeal of the Revenue is allowed

Bench: Shri Amarjit Singh () & Shri Om Prakash Kant () Assessment Year: 2009-10 Income Tax Officer-8(3)(3), M/S Vibgyor Texotech Pvt. Ltd., Room No. 616, 6Th Floor, Aayakar 309, Navyug, T.J. Road, Sewree, Bhavan, M.K. Road, Vs. Mumbai-400015. Mumbai-400020. Pan No. Aaccv 0752 D Appellant Respondent Assessment Year: 2009-10 M/S Vibgyor Texotech Pvt. Ltd., The Asst. Commissioner Of 309, Navyug, T.J. Road, Sewree, Income Tax-8(3)(2), Mumbai-400015. Vs. Mumbai. Pan No. Aaccv 0752 D Appellant Respondent

68,45,911 + 5,10,37,137) . 48. On further appeal, the Ld. CIT(A) observed that the assessee has not produced any material to show correctness of the book results, which were rejected by the Assessing Officer invoking section 145(3) in view of the discrepancies in unaudited accounts enclosed with the return of income

M/S.VIBGYOR TEXOTECH PRIVATE LIMITED,MUMBAI vs. ACIT-8(3)(2), MUMBAI

In the result, the appeal of the assessee is partly allowed, whereas appeal of the Revenue is allowed

Bench: Shri Amarjit Singh () & Shri Om Prakash Kant () Assessment Year: 2009-10 Income Tax Officer-8(3)(3), M/S Vibgyor Texotech Pvt. Ltd., Room No. 616, 6Th Floor, Aayakar 309, Navyug, T.J. Road, Sewree, Bhavan, M.K. Road, Vs. Mumbai-400015. Mumbai-400020. Pan No. Aaccv 0752 D Appellant Respondent Assessment Year: 2009-10 M/S Vibgyor Texotech Pvt. Ltd., The Asst. Commissioner Of 309, Navyug, T.J. Road, Sewree, Income Tax-8(3)(2), Mumbai-400015. Vs. Mumbai. Pan No. Aaccv 0752 D Appellant Respondent

68,45,911 + 5,10,37,137) . 48. On further appeal, the Ld. CIT(A) observed that the assessee has not produced any material to show correctness of the book results, which were rejected by the Assessing Officer invoking section 145(3) in view of the discrepancies in unaudited accounts enclosed with the return of income

DY. COMMISSIONER OF INCOME TAX(E)-2(1), MUMBAI, CUMBALA HILL, MUMBAI vs. THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL, MUMBAI

In the result, appeals of the revenue in ITA nos

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

section 2(15) be invoked and exemption u/s 11 denied for the year under consideration i.e A.Y. 2017-18." The Ld.DR prayed for dismissal of the appeal order and to uphold the addition made by the Ld.AO. 7. Ld.AR filed the written submissions which are kept in the record (in short, 'APB'). The Ld.AR argued vehemently and first placed

SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

72,00210 under section 40(a)(ia) of the Act be deleted. Ground II: Gains in respect of long term capital assets, computed under section 50 of the Act, have been charged to tax at normal rates instead of being charged to tax at the rates mentioned in section 112 of the Act 2.1 On the facts