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

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

section 68 of the Act and also the commission income estimated by\nlearned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in\nassessee's appeal are allowed, while grounds no.1-2 raised in Revenue's\nappeal are dismissed.\n\n20. The issue arising in ground no.5, raised in assessee's appeal, pertains to\ndisallowance

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

NAV CONSEC P.LTD,MUMBAI vs. ITO 9(2)(3), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri. Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.3258/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S Nav Consec Pvt Ltd बिधम/ Income Tax Officer, Ward 9(2)(3) Mumbai. Vs. C/O Sanjay Shah, 108, 1St Floor Sujata Niketan, Rani Sati Marg Malad East, Mumbai-400097 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcn1435A (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Anil Surana, Ca (Written Submission) Assessee By: Dr Mahesh Akhade, Cit Dr

section 68 of the Act. ITA 3258/Mum/2016 M/s Nav Consec Pvt Ltd AY 2011-12 3. The brief facts are that the Assessing Officer noted that assessee had increased its paid up capital by Rs.20,49,900/- and the security premium account showed amount of Rs.9,97,50,100/-. The Assessing Officer noted that the shares were issued

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

75 (Del); d. OPG Metals & Finsec Ltd. v. CIT, (2013) 358 ITR 144 (Del). 2.15. In the case of Venus Industrial Corporation v. Asst. CIT, (1999) 236 ITR 742, 746 (P & H) [Where initiation was started within four years for re-examining the deduction under section 80HHC, was held to be wrongly allowed in the original assessment. Identically

DCIT CENTRAL CIRCLE-2(2), MUMBAI vs. M/S SUCHIR CHEMICALS PVT LTD, MUMBAI.

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit –Central Circle – 2(2) V. M/S. Suchir Chemicals Pvt. Ltd., Old Cgo Building (Amalgamated Company – Manan Pharma Pvt Ltd. W.E.F 01.04.2013) Room No. 806, 8Th Floor 2Nd Floor, Shiv Ashish M.K. Road, Mumbai - 400020 Andheri Prade, Mumbai - 400005 Pan: Aaccm7533K (Appellant) (Respondent) Assessee By : Ms. Pooja Rander & Shri Rushabh Mehta Department By : Shri Manoj Sinha

75,000/- was received prior to 01.04.2009 i.e., prior to AY 2010-11. The receipts with dates are as below- 7 M/s. Suchir Chemicals Pvt. Ltd., 8 M/s. Suchir Chemicals Pvt. Ltd., Admittedly, as far as AY 2010-11 is concerned, disallowance u/s section 68

INCOME TAX OFFICER-12(3)(1), MUMBAI, MUMBAI vs. MANJU DIAMONDS PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is allowed for statistical purposes whereas the application under Rule 27 of statistical purposes whereas the application under Rule 27

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2017-18 Ito-12(3)(1), Manju Diamonds Pvt. Ltd., R.No. 145, 1St Floor, Aayakar 57/59, 1St Floor, Nagdevi Street, Vs. Bhavan, M.K. Road, Maszid Bunder, Mumbai-400020. Mumbai-400 003. Pan No. Aaecm 6609 G Appellant Respondent

75,50,000/-made under Section 68 of the Income Tax Act, made under Section 68 of the Income

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

section 68 of the Act, the\nAssessee is required to explain the nature and also the source of\nthe credit appearing in its books. The explanation offered by the\nAssessee is, in his opinion is not satisfactory and therefore, the sum\nso credited may be charged to income tax, as the income of the\nAssessee of that previous year

DCIT-14(1)(1), MUMBAI vs. JAYMALA INFRASTRUCTURE PRIVATE LIMITED, MUMBAI

In the result, the appeal of the Revenue is dism

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2012-13

section 68 of the Act. The relevant proviso is reproduced as is reproduced as under: “Provided further further that] where the assessee is a company (not being a where the assessee is a company (not being a company in which the public are substantially interested), and the sum company in which the public are substantially interested

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 was discharged or not; as noted above at Para 15(i) to (xvi), the assessee and the shareholders had furnished relevant evidences in support of the ‘source of source’ of funds of the share subscription monies. These details are noted to have been examined by the Ld. CIT(A), who after analyzing the money

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 was discharged or not; as noted above at Para 15(i) to (xvi), the assessee and the shareholders had furnished relevant evidences in support of the ‘source of source’ of funds of the share subscription monies. These details are noted to have been examined by the Ld. CIT(A), who after analyzing the money

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)

Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law." (vi) In the case of CIT vs. Creative World Telefilms Ltd reported in 333 ITR 100. Hon'ble Bombay High Court decided that :- 36 Shri Mahendra H. Shah “……the Tribunal was pleased to follow the judgment

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

section 68 of the Act and also the commission income estimated by learned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in assessee’s appeal are allowed, while grounds no.1-2 raised in Revenue’s appeal are dismissed. 20. The issue arising in ground no.5, raised in assessee’s appeal, pertains to disallowance of provision

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

section 68 of the Act and also the commission income estimated by learned CIT(A) are directed to be deleted. As a result, grounds no.3-4 raised in assessee’s appeal are allowed, while grounds no.1-2 raised in Revenue’s appeal are dismissed. 20. The issue arising in ground no.5, raised in assessee’s appeal, pertains to disallowance of provision

ACIT, CENTRAL CIRCLE-2(1), MUMBAI vs. M/S LUXORA REALTORS P. LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bleacit – Central Circle – 2(1) V. M/S. Luxora Realtors Pvt. Ltd., Room No. 804, 8Th Floor Soham House, Hari Om Nagar Aayakar Bhavan, M.K. Road Opp. Eastern Express Highway Mumbai - 400020 Mulund(E), Mumbai – 400081 Pan: Aabco3197J (Appellant) (Respondent) Assessee By : Shri Kishore Dewani Department By : Ms. Shailja Rai

68 of the Act only if assessee is unable to explain the credits appearing in the books. 28. Hon'ble ITAT, Delhi in the case of ACIT Vs. TRN Enersv Pvt Ltd held that share application money cannot be treated as unexplained credit if the AO does not make any investigation on the documentary evidences filed by the assessee

DCIT CIR 3(3)(2), MUMBAI vs. TULIP HOTELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 3(3)(2) Vs. M/S. Tulip Hotels Pvt.Ltd., R.No.609, 6Th Floor Chandermukhi Building Aayakar Bhavan (Basement), Behind The M.K.Road, Oberoi Nariman Point Mumbai – 400 020 Mumbai – 400 021 Pan/Gir No. Aaact9446Q Appellant) .. Respondent)

section 68. vi. Shree Barkha Synthetics Ltd. v. Asstt CIT [2006] 283 ITR 377 / 155 Taxman 289 (Raj.), Uma Polymers (P.) Ltd. v. Dy. C/T [2006] 101 TTJ 124(Jodh.)(TM): Where the share application money is received by the assessee- company through banking channel, the assessee has only to prove the existence of person in whose name share