ZENZI PHARMACEUTICAL INDUSTIES PVT LTD.,MUMBAI CITY vs. CIT (TRANSFER PRICING)-4, MUMBAI CITY

In the result all the four appeals filed by the assessee are dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

transfer-pricing officer to compute the arm‟s- length price of the international transaction on 30/12/2019. The learned TPO passed an order under section 92CA (3) of the Act dated 27/1/2021 stating that the value of the international transaction with its associated enterprises are not being disturbed, since assessee has not filed 3CEB report. Penalty proceedings were initiated under section

ZENZI PHARMACEUTICAL INDUSTIES PVT LTD.,MUMBAI vs. CIT (TRANSFER PRICING)-4, MUMBAI

In the result all the four appeals filed by the assessee are dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

transfer-pricing officer to compute the arm‟s- length price of the international transaction on 30/12/2019. The learned TPO passed an order under section 92CA (3) of the Act dated 27/1/2021 stating that the value of the international transaction with its associated enterprises are not being disturbed, since assessee has not filed 3CEB report. Penalty proceedings were initiated under section

ZENZI PHARMACEUTICAL INDUSTIES PVT LTD.,MUMBAI vs. CIT (TRANSFER PRICING)-4, MUMBAI

In the result all the four appeals filed by the assessee are dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

transfer-pricing officer to compute the arm‟s- length price of the international transaction on 30/12/2019. The learned TPO passed an order under section 92CA (3) of the Act dated 27/1/2021 stating that the value of the international transaction with its associated enterprises are not being disturbed, since assessee has not filed 3CEB report. Penalty proceedings were initiated under section

M/S. NATUREX INDIA PVT. LTD,MUMBAI vs. NFAC, DELHI DCIT-CIR 2(3) (1), MUMBAI

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

Bench: Shri Vikas Awasthy & Shri Gagan Goyalm/S. Naturex India Pvt. Ltd. 502, 5Th Floor, Akruti Centre Point, Midc Central Road, Andheri (East), Chakala Midc S.O. Mumbai-400093 Pan: Aabcv0883A ..... Appellant Vs. Nfac, Delhi/Dcit Cir. 2(3) (1) Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ..... Respondent

Transfer Pricing Officer may, for the purposes of determining the arm's length price under this section, exercise all or any of the powers specified in clauses (a) to (d) of sub-section (1) of section 131 or sub-section (6) of section 133 [or section 133A

PANKAJ ENTERPRISES,MUMBAI vs. JT CIT RG 25(3), MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

price and the book value of share, this ground is similar to Ground No. 4 of grounds of appeal raised by the revenue for the A.Y. 2006-07 and the decision taken therein shall apply mutatis-mutandis to the appeal for the A.Y. 2007-08. We order accordingly. 42. With regard to Ground No. 8 which is in respect

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

price and the book value of share, this ground is similar to Ground No. 4 of grounds of appeal raised by the revenue for the A.Y. 2006-07 and the decision taken therein shall apply mutatis-mutandis to the appeal for the A.Y. 2007-08. We order accordingly. 42. With regard to Ground No. 8 which is in respect

M/S EDELWEISS RURAL & CORPORATE SERVICES PRIVATE LIMITED ,MUMBAI vs. JCIT CENTRAL CIRCLE-1(2), MUMBAI, MUMBAI

In the result, appeal of the assessee for A

133A of the Income Tax Act, 1961, was conducted in this case on 29.12.2015, by the Investigation Wing, New Delhi. The Investigation Wing has given its findings in the Appraisal Report, in respect of the Assessee Company under discussion, which in nutshell is as under As per the findings of the Investigation Wing, the Edelweiss Group of Companies, comprising

M/S EDELWEISS RURAL & CORPORATE SERVICES PRIVATE LIMITED (EARLIER KNOW AS M/S EDELWEISS COMMODITIES SERVICES LIMITED),MUMBAI vs. ACIT CENTRAL CIRCLE-1(2), MUMBAI, MUMBAI

In the result, appeal of the assessee for A

133A of the Income Tax Act, 1961, was conducted in this case on 29.12.2015, by the Investigation Wing, New Delhi. The Investigation Wing has given its findings in the Appraisal Report, in respect of the Assessee Company under discussion, which in nutshell is as under As per the findings of the Investigation Wing, the Edelweiss Group of Companies, comprising

DEVANG BHUPENDRA SHAH,MUMBAI vs. INCOME TAX OFFICER 32(1)(4), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankardevang Bhupendra Shah, V/S. Income Tax Officer, Ward – B/9, Neminath Apt., बनाम 32(1)(4), Kautilya Bhavan, Shimpoli Road, Borivali Bandra Kurla Complex, West, Mumbai – 400 092, Bandra (East), Mumbai– Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadps1211L Appellant/अपीलार्थी .. Respondent/प्रतिवादी

transferred to the beneficiary at a very nominal price, mostly off-line transaction through preferential allotment or off-line sale. The beneficiary held the shares for one year, the statutory period after which LTCG is exempt u/s 10(38) of the Act. In the meantime the operators rigged the price of the stock and gradually raise its price many times

DCIT - CC -7(3), MUMBAI vs. M/S A. M. CONSTRUCTIONS, MUMBAI

In the result, the appeal of the revenue bearing ITA No

transferred 100% shareholding of these entities to the members of Lotus\ngroup itself at a huge discounted price. This very fact clearly establishes that the\napparent is not real and hence the AO was justified in lifting the corporate veil\n11\n3697/Mum/2019 & Others\nLotus Logistic & Developers Pvt Ltd\nand unearth the truth while making addition u/s.68

STANDARD CHARTERED BANK,MUMBAI vs. DDIT (IT) 2(1), MUMBAI

In the result, Appeal filed by the assessee is allowed quashing reopening of assessment and deleting addition on the merits

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Standard Chartered Bank The Dy. Director Of Income- Crescenzo, Tax(International Taxation)- 7Th Floor, C38-39, 2(1), Vs. G Block Bandra Kurla Complex , 1St Floor, Scindia House, Bandra East N.M. Marg, Ballard Pier, Mumbai-400 051 Mumbai-400 038 Appellant .. Respondent Pan No. Aabcs4681D Assessee By : Shri Madhur Agrawal, Advocate Revenue By : Shri Milind Chavan, Dr

133A of The Act conducted in case of Z Square Shopping Mall, Kanpur on 13th May, 2010. During survey, it was noted that premises owned by the assessee was sold to a third party on 23rd April, 2004 by sale deed for a total sum of ₹14,25,00,000/- having market value as per stamp duty

M/S. FDC LIMITED,MUMBAI vs. ADDLL. CIT- 8 (1), MUMBAI

Appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No.6901/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) & 2. आयकरअपील िं./ I.T.A. No.6840/Mum/2018 (धििाारण वर्ा / Assessment Year: 2011-12) M/S Fdc Limited Acit Circle– 8(1) बिाम/ 142-48, S. V. Road {Now Acit Circle 9(3)(1)} Jogeshwari (West) R. No. 215, Aayakar Bhavan Vs. Mumbai – 400 102 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील िं./ I.T.A. No.7016/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) Acit Circle– 8(1) M/S Fdc Limited बिाम/ {Now Acit Circle 9(3)(1)} 142-48, S. V. Road R. No. 215, Aayakar Bhavan Jogeshwari (West) Vs. Mumbai-400 020 Mumbai – 400 102 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri S. S. Nagar, Ld. Ar Revenue By : Shri Sunil Deshpande, Ld. Cit-Dr ुनवाई की तारीख/ : 20/07/2021 Date Of Hearing घोषणा की तारीख / : 08/10/2021 Date Of Pronouncement

section 115JB of the Act. Upon perusal of the same, it is evident that the assessee has made new claims which are admitted in terms of the decision of Hon’ble Apex Court in National Thermal Power Corporation Ltd. V/s CIT (1998; 229 ITR 383). 1.6 For ease of reference, the grounds of assessee’s appeal which fall

DCIT-1(2)1, MUMBAI, MUMBAI vs. BOMBAY RAYON HOLDINGS LIMITED, MUMBAI

In the result, all the four appeals by the Revenue having common ground are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

133A of the Act had taken place in the case of BRFL wherein a statement of its Managing Director, Shri Prashant Agarwal was recorded. Managing Director had offered interest income in his statement so recorded. Bombay Rayon Holdings Ltd., AYs 2014-15, 2013-14, 2011-12 and 2010-11 Pursuant to this statement, case of the assessee was reopened

DCIT-1(2)1, MUMBAI, MUMBAI vs. BOMBAY RAYON HOLDINGS LIMITED, MUMBAI

In the result, all the four appeals by the Revenue having common ground are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

133A of the Act had taken place in the case of BRFL wherein a statement of its Managing Director, Shri Prashant Agarwal was recorded. Managing Director had offered interest income in his statement so recorded. Bombay Rayon Holdings Ltd., AYs 2014-15, 2013-14, 2011-12 and 2010-11 Pursuant to this statement, case of the assessee was reopened

DCIT-1(2)1, MUMBAI, MUMBAI vs. BOMBAY RAYON HOLDINGS LIMITED, MUMBAI

In the result, all the four appeals by the Revenue having common ground are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

133A of the Act had taken place in the case of BRFL wherein a statement of its Managing Director, Shri Prashant Agarwal was recorded. Managing Director had offered interest income in his statement so recorded. Bombay Rayon Holdings Ltd., AYs 2014-15, 2013-14, 2011-12 and 2010-11 Pursuant to this statement, case of the assessee was reopened

DCIT-1(2)1, MUMBAI, MUMBAI vs. BOMBAY RAYON HOLDINGS LIMITED, MUMBAI

In the result, all the four appeals by the Revenue having common ground are dismissed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

133A of the Act had taken place in the case of BRFL wherein a statement of its Managing Director, Shri Prashant Agarwal was recorded. Managing Director had offered interest income in his statement so recorded. Bombay Rayon Holdings Ltd., AYs 2014-15, 2013-14, 2011-12 and 2010-11 Pursuant to this statement, case of the assessee was reopened