ASSISTANT COMMISSIONER OF INCOME TAX, KOLHAPUR vs. NATHMAL RUPCHAND JAIN, KOLHAPUR

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2020-21

purchases made by the assessee to the tune of Rs.2,24,40,000/- are bogus, the Assessing Officer rejected the books of account by applying the provisions of section 145(3

M.M. PATEL PUBLIC CHARITABLE TRUST,SOLAPUR vs. PCIT- CENTRAL, PUNE, PUNE

In the result, the appeal of the assessee is partly allowed

section (3) of section 143 for any\nprevious year; or\nc) Such case has been selected in accordance with the risk\nmanagement strategy, formulated by the Board from time to\ntime, for any previous year;\nThe Principal Commissioner or Commissioner shall—\ni.\ncall for such documents or information from the trust\nor institution, or make such inquiry as he thinks

DY. COMMISSIONER OF INCOME TAX (EXEMPTIONS), CIRCLE, PUNE, SWARGATE, PUNE vs. SHREE CHANAKYA EDUCATION SOCIETY, AUNDH, PUNE

In the result, both the appeals filed by the Revenue and the Cross Objection filed by the assessee are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2014-15

purchases to extent of Rs.1,84,99,795/- are fictitious/bogus and claimed as expenditure in I&E account of Assessee trust. Considering the above facts, it is clear that assessee trust has claimed bogus expenditure resulting in incorrect claim of application of income leading to underassessment of total income of Assessee trust to extent of Rs.1,84,99,795/-. Therefore

DY. COMMISSIONER OF INCOME TAX (EXEMPTIONS), CIRCLE, PUNE, SWARGATE, PUNE vs. SHREE CHANAKYA EDUCATION SOCIETY, AUNDH ,PUNE

In the result, both the appeals filed by the Revenue and the Cross Objection filed by the assessee are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2014-15

purchases to extent of Rs.1,84,99,795/- are fictitious/bogus and claimed as expenditure in I&E account of Assessee trust. Considering the above facts, it is clear that assessee trust has claimed bogus expenditure resulting in incorrect claim of application of income leading to underassessment of total income of Assessee trust to extent of Rs.1,84,99,795/-. Therefore

DCIT CIRCLE- 5, PUNE vs. SAILAB MARKETING SERVICES PVT. LTD., PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

SAILAB MARKETING SERVICES PVT LTD,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), PUNE, PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

DCIT, CIRCLE-5, PUNE vs. SHRI PURUSHOTTAM R MOGHE, PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

PURUSHOTTAM R MOGHE,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), PUNE, PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

PURUSHOTTAM R MOGHE,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), PUNE, PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

DCIT, CIRCLE-5, PUNE vs. SHRI PURUSHOTTAM R MOGHE, PUNE

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

40(A)(3). These 3 suppliers have made payments after getting the LCs discounted in the similar way as M/s. SDPL. These 3 parties have supplied goods directly to the assessee and they have not stored it. He further noted that these 3 parties except M/s. Laukik Paper Industries Pvt. Ltd. are new in this trade and are not aware

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD -1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amount of bogus profit on sale of shares. 7. We find nothing to indicate failure to disclose any material fact. Upon examining the order u/s 143(3) we find that the AO has considered these very

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

bogus long term capital gains on account of trading in shares of a penny stock companies which is\nexempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased and sold\nand LTCG is claimed as exempt in the return of income thereby routing her undisclosed income / into the\naccounts. In view