RAHEJA LEGENCY TRUST,MUMBAI vs. ACIT, CIR-22(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

Section 68 with respect to the loans falling under this category is that the lender had miniscule income which did not match with the loans given by the lender to the appellant. However, the fact remains that the said lenders have at least filed their returns of income and they are the assessees before the revenue. What

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

68 would be called for. [Para 15] The contention that the Assessing Officer had merely and mechanically acted on the report of the investigation wing also cannot be accepted. One has reproduced the reasons recorded by the Assessing Officer and noted the gist of his reasons for resorting to reopening of the assessment. The Assessing Officer had perused the materials

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

68 of the\nAct.\n\n16. The AO also made addition of Rs.28,82,818/- being\ndisallowance u/sec. 14A of the Act by observing and holding as\nunder:-\n\n5.1 From the details filed by the assessee during the course of\nthe scrutiny proceedings. It is noticed in the Balance Sheet of\nthe assessee has made investments in exempt income

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, which was also furnished by the assessee. Upon perusing the orders impugned before us in light of the documents furnished by the shareholders and assessee, we therefore first deem it fit to look into the facts of each investors which invested money in the assessee company in the form of share capital along with

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, which was also furnished by the assessee. Upon perusing the orders impugned before us in light of the documents furnished by the shareholders and assessee, we therefore first deem it fit to look into the facts of each investors which invested money in the assessee company in the form of share capital along with

DCIT- CIRCLE- 1, THANE vs. DARSHAN ENTERPRISES , THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties

DCIT- CIRCLE- 1 , THANE vs. DARSHAN ENTERPRISES, THANE

In the result, the both appeals filed by the revenue stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकरअपीलसं/ I.T.A. No.462 /Mum/2019 & I.T.A.No.463/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2010-11) बिधम/ Dy. Commissioner Of Income Tax M/S Darshan Enterprises Circle-1,6Th Floor, Ashar It Park, 2Nd Floor, Rosa Vista, Vs. B Wing Wagle Industrial Estate Ghodbunder Road, Thane- 400604 Opp. Suraj Water Park, Thane(West) 400615 स्थधयीलेखधसं./जीआइआरसं./Pan/Gir No. : Aadfd8612N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Tulsian Revenue By: Ms. Mahita Nair, Sr Ar सुनवाईकीतारीख / Date Of Hearing: 26/10/2022 घोषणाकीतारीख /Date Of Pronouncement: 13/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Revenue Against The Action Of The Ld.Cit(A)-Nashik Dated 5-11-2018 For Ay 2010-11. [One I.E. Ita 462 Is Against The Quantum Deleted By Ld.Cit(A) & Ita 463 Is Against The Penalty U/S 271(1)(C) Of The Income Tax Act, 1961(Hereinafter “The Act”) Deleted By Ld.Cit(A)]. 2. First Of All We Will Take Up The Quantum Appeal Preferred By The Revenue Wherein The Revenue Challenges The Action Of The Ld. Cit(A) To Have Deleted The Addition Made By The Assessing Officer (Hereinafter Referred To As Ao) Under Section 68 Of The Act. 3. Brief Facts Of The Case Are That The Assessee Partnership Firm Had Filed Return Of Income On 22.09.2010 Declaring Income Of Rs. Rs. 1,47,73,191/-. Later The Case For The Relevant Assessment Year Was Selected For Scrutiny & The Ao Noted That

section 68 of the Act, the AO without even pointing out any infirmity in the documents 14 ITA. 462& 463/MUM/2019 AY 2010-11 M/s Darshan Enterprises filed by the assesse regarding the lenders who were regular income tax assessees, the AO has made high pitched assessment by just giving 24 hours notice to produce all the 127 parties

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. On perusal of the financial statements filed by the appellant to assessing officer your honour will note that all seven companies are active in the website of Ministry of Corporate Affairs. a copy "enclosed herewith. This fact has been further supported by the letter of AO wherein the AO has accepted that these companies

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

The appeal stands dismissed

68.- NIL 14. The learned Commissioner of Income Tax (Appeals) further erred in confirming the disallowance made by assessing office under section 69C of Rs. 28,49,509/- being 5% of commission paid for alleged bogus long term capital gain - Rs. 8,83

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

The appeal stands dismissed

68.- NIL 14. The learned Commissioner of Income Tax (Appeals) further erred in confirming the disallowance made by assessing office under section 69C of Rs. 28,49,509/- being 5% of commission paid for alleged bogus long term capital gain - Rs. 8,83

ACIT CC 7(3), MUMBAI vs. TRISHUL REALTY INFRA LLP, MUMBAI

In the result, the appeal filed by the Revenue and the COs filed by the Assessee stand dismissed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

83,00,000/- was added in the hands of Assessee under Section 68 of the Act. In a separate

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

In the result, this appeal stand allowed

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

section 68 of the Act, referred to by your Honor in the show cause. Of course the creditworthiness of such payer is vouched by their registration with the concerned stock exchange and SEBI. 8. Attention of your Honor is brought to various pronounced rulings stated below: a. The Apex Court in the case of Malabar Industrial Co Ltd (supra

CYQUATOR MEDIA SERVICES PRIVATE LIMITED,MUMBAI vs. DCIT, RANGE .6(2)(1), MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

Section 56(1) could not have been invoked under any circumstances. However, as we have upheld the validity of the scheme of amalgamation and reversed the findings of the AO in holding the scheme to be a colourable device to tax the receipt of shares u/s 56(1) of the Act, we do not find it necessary to adjudicate

DCIT, CIRCLE.6(2)(1), MUMBAI vs. CYQUATOR MEDIA SERVICES PRIVATE LIMITED, MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

Section 56(1) could not have been invoked under any circumstances. However, as we have upheld the validity of the scheme of amalgamation and reversed the findings of the AO in holding the scheme to be a colourable device to tax the receipt of shares u/s 56(1) of the Act, we do not find it necessary to adjudicate

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

section 68 of the Act and assessed the total income of Rs.2,86,14,290/-and passed the order u/s 143(3) r.w.s 147 of the Act dated 22.12.2017. 4. Aggrieved by the order, the assessee has filed an appeal before the CIT(A), the CIT(A) has considered the grounds of appeal, findings of the A.O,written

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

83,50,000/- as unexplained investment u/s. as unexplained investment u/s. 69 of the Act and ground no. 4 of the appeal relates to the interest 69 of the Act and ground no. 4 of the appeal relates to t 69 of the Act and ground no. 4 of the appeal relates to t on such alleged loans given. income

RAMESH PURSHOTTAM MODI ,MUMBAI vs. INCOME TAX OFFICER CIRCLE 22(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarramesh Purshottam Ito Circle 22(1) Modi Income Tax 303, Modi House, Linking Vs. Department, Road, Khar West, Piramal Chamber, Mumbai-400 052 Dr. Ss Rao Marg, Parel, Mumbai 0 400 012 Pan/Gir No. Aahpm2793F (Applicant) (Respondent) Assessee By Shri Ashwani Kumar A/W Ms. Deepali Aggarwal, Ld. Ars Revenue By Shri Umashankar Prasad, Ld. Dr Date Of Hearing 12.02.2026 Date Of Pronouncement 19.02.2026

68 read with section 115BBE of the Act. Consequently, the total income of the assessee was determined at Rs. 40,10,83