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

69C of the I.T. Act, without properly appreciating the fact that 3 payments amounting to Rs.1,30,000/- appreciating the fact that 3 payments amounting to Rs.1,30,000/ appreciating the fact that 3 payments amounting to Rs.1,30,000/ does not relate to the appellant, but to one does not relate to the appellant

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

69C of the I.T. Act, without properly appreciating the fact that 3 payments amounting to Rs.1,30,000/- appreciating the fact that 3 payments amounting to Rs.1,30,000/ appreciating the fact that 3 payments amounting to Rs.1,30,000/ does not relate to the appellant, but to one does not relate to the appellant

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

69C of the I.T. Act, without properly appreciating the fact that 3 payments amounting to Rs.1,30,000/- appreciating the fact that 3 payments amounting to Rs.1,30,000/ appreciating the fact that 3 payments amounting to Rs.1,30,000/ does not relate to the appellant, but to one does not relate to the appellant

GNP CONSULTANCY AND SOLUTIONS PRIVATE LIMITED,MUMBAI vs. DCIT, CIRCLE 6 (1), MUMBAI, MUMBAI

Appeal of the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

69C of the Act - Rs. 4,49,32,144/- (iii) Disallowance u/s. 37(1) - Rs. 15,75,000/- 4. The CIT(A) on further appeals gave partial relief to the assessee. Both the assessee and the Revenue are in appeal before the Tribunal Against the order of the CIT(A). The grounds raised by the Revenue and the assessee

ACIT CC 6(1), MUMBAI, BKC, MUMBAI vs. GNP CUNSULTANCY AND SOLUTIONS PVT. LTD., THANE

Appeal of the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

69C of the Act - Rs. 4,49,32,144/- (iii) Disallowance u/s. 37(1) - Rs. 15,75,000/- 4. The CIT(A) on further appeals gave partial relief to the assessee. Both the assessee and the Revenue are in appeal before the Tribunal Against the order of the CIT(A). The grounds raised by the Revenue and the assessee

ACIT CC -6(1), MUMBAI, BKC, MUMBAI vs. GNP CONSULTANCY AND SOLUTIONS PVT. LTD., THANE

Appeal of the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

69C of the Act - Rs. 4,49,32,144/- (iii) Disallowance u/s. 37(1) - Rs. 15,75,000/- 4. The CIT(A) on further appeals gave partial relief to the assessee. Both the assessee and the Revenue are in appeal before the Tribunal Against the order of the CIT(A). The grounds raised by the Revenue and the assessee

ACIT CC 6(1), BKC MUMBAI vs. GNP CONSULTANCY AND SOLUTIONS PRIVATE LIMITED, THANE

Appeal of the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

69C of the Act - Rs. 4,49,32,144/- (iii) Disallowance u/s. 37(1) - Rs. 15,75,000/- 4. The CIT(A) on further appeals gave partial relief to the assessee. Both the assessee and the Revenue are in appeal before the Tribunal Against the order of the CIT(A). The grounds raised by the Revenue and the assessee

GNP CONSULTANCY AND SOLUTIONS PRIVATE LIMITED,NARIMAN POINT, MUMBAI vs. DCIT, CIRCLE 6(1), MUMBAI, MUMBAI

Appeal of the revenue is dismissed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

69C of the Act - Rs. 4,49,32,144/- (iii) Disallowance u/s. 37(1) - Rs. 15,75,000/- 4. The CIT(A) on further appeals gave partial relief to the assessee. Both the assessee and the Revenue are in appeal before the Tribunal Against the order of the CIT(A). The grounds raised by the Revenue and the assessee

L & T TECHNOLOGY SERVICES LIMITED,MUMBAI vs. ACIT CIRCLE 2(2)(1), MUMBAI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blel & T Technology Services Limited V. Acit – Circle – 2(2)(1) L & T House, N.M. Marg Room No. 545, 5Th Floor Mumbai - 400001 Aaykar Bhavan, M.K. Road Mumbai - 400020 Pan: Aaccl4310P (Appellant) (Respondent) Assessee Represented By : Shri Nitesh Joshi Department Represented By : Shri Manoj Kumar

TRANSFER PRICING ISSUES 2. The Assessing Officer erred in adding the premia income on forward contracts to the total income of the Appellant without appreciating the fact that the premia income had already been offered to tax in the earlier years. 3. Without prejudice to Ground No.2, the Assessing Officer erred in adding an amount of Rs.49

DEPUTY CIT-5(1)(1), MUMBAI, MUMBAI vs. M/S ESSAR SHIPPING LIMITED , MUMBAI

In the result, the appeal filed by the revenue stands dismissed

Bench: Shri Amit Shukla, Jm & Shri M Balaganesh, Am आयकरअपीलसं./ I.T.A. No. 821/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2015-16) M/S Essar Shipping Dy. Cit-Circle – 5(3)(1), Limited R. No. 568, Aayakar बिधम/ Essar House, 11, K K Bhavan, M. K. Road, Vs. Marg, Mahalaxmi, Mumbai-400 020 Mumbai-400 034 स्थायीलेखासं./जीआइआरसं./ Pan No. Aacce3707D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Prakash R. Mane, Ld. Dr प्रत्यथीकीओरसे/Respondent By : Shri Manoj Patwari/ Shri Rishav Patwari, Ld. Ars सुनवाईकीतारीख/ : 18.08.2022 Date Of Hearing घोषणाकीतारीख / : 14.11.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against Impugned Order Dated 28.02.2022, Passed By Ld. Cit (Appeals)-56, Mumbai For The Quantum Of Assessment Passed U/S 143(3) R.W.S.

pricing adjustment of Rs. 1.46 crores made by the AO @ 2% which has been restricted to 0.25% by the Ld. CIT (A) in respect of negative lien provided to associated entity. 10. Assessee has given has given ‘No Lien Undertaking’ to lenders (ICICI Bank Ltd, Hong Kong Branch and Singapore Branch) of Essar Global Ltd., wherein it has undertaken that

EXECUTIVE TRADING CO. PVT LTD.,AHMEDABAD vs. COMM OF INCOME TAX (A), NFAC, DELHI, DELHI

69C of the Act chargeable to tax at the rate of 60% in terms of Section 115BBE of the Act. Being aggrieved, the Appellant preferred appeal before the CIT(A) 5. challenging the Assessment Order, dated 29/09/2021, passed under Section 147 read with Section 144B of the Act on the ground of lack of jurisdiction to initiate reassessment proceedings

LANXESS INDIA P.LTD,THANE vs. DCIT CIR 1, THANE

In the result, the present appeal is partly allowed

transfer pricing adjustment of Rs 50,80,855/- should be deleted. 3. On the facts and in the circumstances of the case and in law, the AO erred in making additions of Rs. 4,86,49,361/- under section 69C

ACIT-CC-3.1, MUMBAI, MUMBAI vs. I AHMED & CO.(COLD STORAGE & EXPORTS0 PVT LTD., MUMBAI

In the result, all six appeals filed by the Revenue are partly allowed in\nrespect of purchases from M/s S

price or\naccommodation element, if any.\n10. In the present case, the AO has estimated 12.5% without any\ncomparative GP analysis or industry data. Such flat rate appears arbitrary.\nAt the same time, complete deletion by the Ld. CIT(A) may not be justified\nin view of survey findings and deficiencies pointed out.\n11. Considering the totality of facts, including

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

transfers made and the expenses incurred in cash in relation to Bhisma Agro food products private limited and Unicot food products private limited. xi. Documents shows that the cash receipts are generated from an unaccounted sale made by the assessee and Unicote Food products private limited to the extent of ₹ 20,290,325/- for assessment year

BHISHMA AGRO FOOD PRODUCTS PRIVATE LIMITED,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(2) MUMBAI, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

transfers made and the expenses incurred in cash in relation to Bhisma Agro food products private limited and Unicot food products private limited. xi. Documents shows that the cash receipts are generated from an unaccounted sale made by the assessee and Unicote Food products private limited to the extent of ₹ 20,290,325/- for assessment year

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

transfers made and the expenses incurred in cash in relation to Bhisma Agro food products private limited and Unicot food products private limited. xi. Documents shows that the cash receipts are generated from an unaccounted sale made by the assessee and Unicote Food products private limited to the extent of ₹ 20,290,325/- for assessment year

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, MUMBAI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

transfers made and the expenses incurred in cash in relation to Bhisma Agro food products private limited and Unicot food products private limited. xi. Documents shows that the cash receipts are generated from an unaccounted sale made by the assessee and Unicote Food products private limited to the extent of ₹ 20,290,325/- for assessment year

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), MUMBAI vs. M/S BHISMA AGRO FOOD PRODUCTS PVT LTD, DELHI

In the result ITA number 2376/M/2023 filed by the learned AO for assessment year 2021 – 22 is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

transfers made and the expenses incurred in cash in relation to Bhisma Agro food products private limited and Unicot food products private limited. xi. Documents shows that the cash receipts are generated from an unaccounted sale made by the assessee and Unicote Food products private limited to the extent of ₹ 20,290,325/- for assessment year