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 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

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

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

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

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

ACIT-3(4), MUMBAI vs. RELIANCE INDUSTRIES LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Reliance Industries Ltd., Dy. Cit Circle 3(4), 3Rd Floor, Maker Chamber Iv 222 Room No. 559, Aayakar Bhavan, Nariman Point, Vs. Maharshi Karve Road, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent Assessment Year: 2016-17 Acit-3(4), Reliance Industries Ltd., Room No. 481(2), 4Th Floor, 3Rd Floor, Maker Chamber Iv Aayakar Bhavan, N.M. Road, Vs. Nariman Point, New Marine Lines, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent

section 271(1)(c). [Para 9.1] In view of aforesaid, impugned order of the Commissioner (Appeals) deleting penalty was to be upheld..' Thus, respectfully following the decision of Hon'ble Supreme Court in the case of K C Builders (supra), the penalty u/s.271(1)(c) levied by the AO on transfer pricing adjustment is deleted. 7.3.3.7 The levy of penalty

DCIT-CC-7(3), MUMBAI vs. M/S LOTUS BUILDSPACE LLP, 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

M/S ASHTECH (INDIA) PRIVATE LIMITED,MUMBAI CITY vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(4), MUMBAI

The appeal of the Revenue is dismissed

133A of the Act was carried out by the Investigation\nWing of the Income-tax Department, Mumbai at the premises of the\nassessee on 13.08.2019 along with premises of other group\nconcerns. During the survey proceedings, statement of various\npersons including directors of the assessee company were recorded,\nwherein they admitted of recording of entry of bogus bills of fuel

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

transfer under section 127, all proceedings past, pending, and prospective, shift with it, as made abundantly clear in the Explanation to that section. The officer who has lost jurisdiction becomes a persona non grata to that file; any action initiated by such an officer thereafter is bereft of legal sanctity. Consequently, as the very substratum of the reassessment, the notice

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

transfer under section 127, all proceedings past, pending, and prospective, shift with it, as made abundantly clear in the Explanation to that section. The officer who has lost jurisdiction becomes a persona non grata to that file; any action initiated by such an officer thereafter is bereft of legal sanctity. Consequently, as the very substratum of the reassessment, the notice

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

transfer under section 127, all proceedings past, pending, and prospective, shift with it, as made abundantly clear in the Explanation to that section. The officer who has lost jurisdiction becomes a persona non grata to that file; any action initiated by such an officer thereafter is bereft of legal sanctity. Consequently, as the very substratum of the reassessment, the notice

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

transfer under section 127, all proceedings past, pending, and prospective, shift with it, as made abundantly clear in the Explanation to that section. The officer who has lost jurisdiction becomes a persona non grata to that file; any action initiated by such an officer thereafter is bereft of legal sanctity. Consequently, as the very substratum of the reassessment, the notice