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 IT Act, which provides that the sum so credited in the books and which is not sufficiently explained may be charged to the income tax as income of the assessee of "that previous year " also lends support to the contentions of Dr. Daniel. 13. For all the aforesaid reasons, we answer the first substantial question

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 IT Act, which provides that the sum so credited in the books and which is not sufficiently explained may be charged to the income tax as income of the assessee of "that previous year " also lends support to the contentions of Dr. Daniel. 13. For all the aforesaid reasons, we answer the first substantial question

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 IT Act, which provides that the sum so credited in the books and which is not sufficiently explained may be charged to the income tax as income of the assessee of "that previous year " also lends support to the contentions of Dr. Daniel. 13. For all the aforesaid reasons, we answer the first substantial question

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

PRITI NILESH JAIN DAGA ,MUMBAI vs. INCOME TAX OFFICER 19(2)(4), MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

Section 68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income

INCOME TAX OFFICER, MUMBAI vs. PRITI NILESH JAIN DAGA, MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

Section 68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income

DCIT, CENTRAL CIR-8(4), MUMBAI vs. M/S. AMAZON METALS PRIVATE LIMITED, MUMBAI

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

801 and also decision of Hon’ble Delhi High Court in the case of CIT vs Nova promoters & Finlease Pvt.Ltd. (2012) 18 taxmann.com 2017 held that the assesee has failed to conclusively prove receipt of share premium as a genuine transaction in light of provision section 68

DCIT CENTRAL CIR-8(4), MUMBAI vs. M/S.ACRO EXPORTS TRADE PRIVATE LIMITED, MUMBAI

In the result, appeal filed by the revenue is dismissed and cross objection filed by the assessee is also dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Acro Exports Trade Room No. 658, 6Th Floor Pvt.Ltd. 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road Mumbai-400 020 37-40 Subash Road Vile Parle(E) Mumbai-400 057

801 and also decision of Hon’ble Delhi High Court in the case of CIT vs Nova promoters & Finlease Pvt.Ltd. (2012) 18 taxmann.com 2017 held that the assesee has failed to conclusively prove receipt of share premium as a genuine transaction in light of provision section 68

DCIE CENTRAL CIRCLE-8(4), MUMBAI vs. M/S.PALI FABRICS PRIVATE LIMITED, MUMBAI

In the result appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit, Cc-8(4) Vs. M/S Pali Fabrics Pvt.Ltd. Room No. 658, 6Th Floor 5Th Floor, Sunteck Centre, Aaykar Bhawan, M.K.Road 37-40 Subash Road Mumbai-400 020 Vile Parle(E) Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent) & C.O. No. 77/Mum/2019 (Arising Out Of Ita No.904/Mum/2018) (Assessment Year: 2009-10) M/S Pali Fabrics Pvt.Ltd. Vs. Dcit, Cc-8(4) 5Th Floor, Sunteck Centre, Room No. 658, 6Th Floor 37-40 Subash Road Aaykar Bhawan, M.K.Road Vile Parle(E) Mumbai-400 020 Mumbai-400 057 Pan/Gir No.Aafcp0089G (Appellant) .. Respondent)

801 and also decision of Hon’ble Delhi High Court in the case of CIT vs Nova promoters & Finlease Pvt.Ltd. (2012) 18 taxmann.com 2017 held that the assesee has failed to conclusively prove receipt of share premium as a genuine transaction in light of provision section 68

NISA INDUSTRIAL SERVICES PVT. LTD.,MUMBAI vs. ACIT- WD -10(3)(1), MUMBAI

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am

section 68 of the Act. 6. By relying on the decision of Hon’ble Apex Court in the case of CIT versus Durga Prasad More (82 ITR 540) and Sumati Dayal versus CIT (214 ITR 801

KALPNA MUKESH RUIA,MUMBAI vs. DCIT CC 2 (2), MUMBAI

The appeal stands dismissed

section 68 without bringing on record any material or evidence to prove that the long term capital gain claimed by the Appellant is an accommodation entry against which appellant paid cash.- NIL 13. The learned Commissioner of Income Tax (Appeals) further erred in relying of the decision of Hon'ble Supreme Court in the case of CIT v/s Durga

DY CIT CC 2 (2), MUMBAI vs. SMT. KALPANA MUKESH RUIA, MUMBAI

The appeal stands dismissed

section 68 without bringing on record any material or evidence to prove that the long term capital gain claimed by the Appellant is an accommodation entry against which appellant paid cash.- NIL 13. The learned Commissioner of Income Tax (Appeals) further erred in relying of the decision of Hon'ble Supreme Court in the case of CIT v/s Durga

ITO-15(2)(4), MUMBAI vs. M/S PRAVIR POLYMERS PVT LTD., MUMBAI

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2011-12 Income Tax Officer-15(2)(4), M/S Pravir Polymers Pvt. Ltd., Room No. 360, Aayakar Bhavan, M.K. 601/602, Delta, Central Avenue, Road, Marine Lines, Vs. Technology Street, Hiranandani Mumbai-400020. Garden Powai, Mumbai-400076. Pan No. Aaacp 4621 K Appellant Respondent

801) held that if the explanation offered by the assessee about the nature and source thereof of any sum credited in the books of accounts are not satisfactory, then the same is chargeable to tax as income of the assessee. The proviso to section 68

ITO 3(30(3), MUMBAI vs. SOLID MACHINERY CO.P.LTD, MUMBAI

In the result, the appeal is allowed

section 68 will came into effect. Thus there is no provision when the goods purchased in credit will amount to cash credit. Further I find that the A.O. has accepted the purchases as genuine and also nowhere objected to the sale consideration shown by the appellant company, which was subjected to statutory Audit u/s 44AB of the Act. Further

ITO-13(2)(1), MUMBAI, MUMBAI vs. SETHIA INFRASTRUCTURE PVT. LTD, MUMBAI

In the result, appeal filed by the revenue is allowed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleito-13(2)(1) V. Sethia Infrastructure Pvt. Ltd 701, Central Plaza 147, 1St Floor, Aayakar Bhavan Daftari Road, Malad (East) M. K. Marg, Mumbai Mumbai, Maharashtra -400097 Maharashtra-400020 Pan: Aalcs9354B (Appellant) (Respondent) Assessee Represented By : Jaiprakash Bairaga & Rupa Nanda Department Represented By : Dr. Kishor Dhule

Section 68. Those are: (i) identity of the investors; (ii) their creditworthiness/investments; and (iii) genuineness of the transaction. Only when these three ingredients are established prima facie, the department is required to undertake further exercise.” It has been held that merely proving the identity of the investors does not discharge the onus of the assessee, if the capacity

PRAVEEN SITARAM AGARWAL,MUMBAI vs. INCOME TAX OFFICER, WD-24(3)(3), MUMBAI, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 68 for LTCG on penny stocks was deleted. The appellant contended that since SEBI did not specifically name him in any fraud report, the AO's reliance on general findings was unjustified. However, the AO distinguished the appellant's case from that decision, stating that each case must be examined on its own facts. In the present case

INCOME TAX OFFICER-11(3)(4), MUMBAI vs. WESTERN IMAGINARY TRANSCON PRIVATE LIMITED , MUMBAI

In the result, appeal of the Revenue in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kochar

Section 68 of the 1961 Act and the appellate order 29 passed by learned CIT(A) cannot be sustained in view of our aforesaid detailed observations. Thus, under these circumstances we hereby confirm additions to the tune of Rs. 1,77,00,000/- as were made by the Assessing Officer and set aside the appellate order passed

DCIT-CC-7(3), MUMBAI , MUMBAI vs. SHRI MAJNI KARAMSHI PATEL, MUMBAI

In the result, the cross objections of the assessee and the appeal filed by the revenue is dismissed

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyal, Accountat Member Dcit, Cc-7(3) Vs. Shri Manji Karamshi Room No. 655, Patel Aayakar Bhavan, Office No. 1, Patel M.K.Road, Bhavan-29, Vijaywadi, Mumbai.-400020. Dr. Nagindas N Shah Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent Co No. 45/Mum/2021 (A.Y: 2014-15) Shri Manji Karamshi Vs. Dcit, Cc-7(3) Patel Room No. 655, Aayakar Office No. 1, Patel Bhavan, Bhuvan-29, Vijaywadi, M.K .Road, Dr. Nagindas N Shah Mumbai-400002. Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent

801(SC) has held genuineness could validity be tested on the ground or principle of preponderance of human possibilities which form a valid ground or parameter for determining the genuineness." 2. The brief facts of the case are that the assessee is an individual and derives income from salary, income from house property and income from other sources. The assessee