sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
From the Courts »
 DCIT Circle 2(1) Gurgaon vs Kellog Brown & Roof Engineering & Construction India Pvt. Ltd. 16th Floor, Tower-A, DLF Building, Nos. 5, DLF Cyber Terraces, DLF Phase-III, Gurgaon
 Dharam Pal, Garg R Kumar & Associates, 7, Adv. Chambers, RDC, Raj Nagar, Ghaziabad vs ITO, Ward-1(2), Ghaziabad
 Satish Singhal, 6, Patpar Road, Shivpuri, New Delhi vs ITO, Ward-11(1), New Delhi
 Vodafone Mobile Services Limited vs. Commissioner Of Service Tax, Delhi
 Anupam Sushil Garg, S/o Shri Vijay Garg, C/o Venus Cinema, Railway Road, Saharanpur. vs. Income-tax Officer, Ward-2, Saharanpur.
 Oriental Building & Furnishing Co.Ltd. C/o. Ravi Gupta, Advocate E-6A, Kailash Colony New Delhi vs. DCIT Circle-13(1) New Delhi.a
 Housing Board Haryana, Panchkula, Haryana
 Broadcast Engineering Consultants India Limited, Multi Location, Multi State
 Ranjana Sen Gupta Raghavan, H-1592, Chittaranjan Park, New Delhi-110019 vs. Income Tax Officer, Ward-71(2), New Delhi
 M/s Sony India Private Limited A-31 , Mohan Cooperative Industrial Estate New Delhi -44 vs. The Deputy Commissioner of Income tax , Circle 24 (1), New Delhi
 Manik Singh S/o. Dr. Meharban Singh, A-47, Sector-31, Noida Uttar Pradesh Noida vs. DCIT Room No. 408, 4th Floor, A- 2D, Aayakar Bhawan, Sector-24 Noida

Atulkumar Amritlal Sanghavi (HUF),1607 B, Sankar ShethPalace, Tardeo Road,Grant Road,Mumbai 400 007 Vs. The ITO 16(2)(2), Mumbai
December, 04th 2014
          ,  Û "",  
        IN THE INCOME TAX APPELLATE TRIBUNAL,
            MUMBAI BENCHES "SMC", MUMBAI

                    ^ .. , Û   ¢
                   Before Shri I P Bansal, Judicial Member

                  ./ITA No.5214/Mum/2014
               ( [ [ / Assessment Year:2004-05)

    Atulkumar Amritlal Sanghavi         Vs.    The ITO 16(2)(2),
    (HUF),                                     Mumbai
    1607 ­B, Sankar Sheth
    Palace, Tardeo Road,
    Grant Road,
    Mumbai ­ 400 007
    PAN AAAHS4876A
        ( /Appellant)                             (× / Respondent)

            Appellant by         :      Ms. Vinita Shah
            Respondent by        :      Mr. Neil Philip

     Date of Hearing : 27.11.2014             Date of Pronouncement :27.11.2014



                                  / O R D E R

      This appeal is filed by the assessee. It is directed against the order passed by
the CIT(A) ­ 27, dated 05.05.2014, for A.Y. 2004-05. The grounds of appeal read
as under:

      "1.    On the facts and circumstances of the case as well as in Law,
      the Learned CIT(A) has erred in confirming the action of the Learned
      Assessing Officer in reopening the case, without considering the
      provision of law.






      2.    On the fact and circumstances of the case as well as in Law, the
      Learned CIT(A) has erred in confirming the action of the Learned
      Assessing Officer in making an addition of Rs.2,20,140/- as alleged
      Undisclosed Income on account of sale consideration of sale of 4600
      share of M/s. Talent Infoways Ltd., without considering the facts &
      circumstances of the case."
                                             2
                                                                   ITA No.5214/Mum/2014
                                                                              AY:2004-05

2.      At the time of hearing, the learned AR did not press ground No.1. Therefore,
the same is dismissed being not pressed.

3.      As per information received by the AO from DDI (Investigation), the assessee
was beneficiary of alleged bogus bills of transactions from M/s. Goldstar Finvest Pvt.
Ltd. Accordingly, the case was reopened and sale value of the shares of M/s. Talent
Infoways Ltd. amounting to Rs.2,20,2140/- was added to the income of the
assessee. The disallowance has been upheld by the learned CIT(A). It may be
mentioned here that it has been the case of the assessee that sale of shares did not
take place in the relevant financial year as the sale took place on 20.05.2004.
Therefore, the transaction of sale of shares cannot be considered as income in the
present year. Neither the purchase was done during the year nor has the sale been
affected during the year. It is also a matter of fact that the same amount has been
added by the Department in AY 2005-06 as it can been seen from the assessment
order dated 23.01.2013 for A.Y. 2005-06. Copy of the said order is placed at pages
32 to 36 of the paper-book. Thus, it is the case of the assessee that the learned
CIT(A) has wrongly upheld the addition. The date of sale of shares is supported by
documentary evidence, copy of which are also filed at pages 24 to 26 of the paper-
book.






4.      On the above facts, I have heard both the parties.        Since, neither the
purchase nor the sale has been made by the assessee during the year under
consideration, the addition in the year under consideration cannot be sustained.
Accordingly, the same is deleted and ground no.2 is allowed.

5.      In the result, the appeal is partly allowed.

        Order pronounced in the open court on this 27th day of November, 2014.


                                                                       Sd/-
                                                                 (I P Bansal)
                                                               JUDICIAL MEMBER

MUMBAI, Dt : 27th November, 2014
SA
                                    3
                                                           ITA No.5214/Mum/2014
                                                                      AY:2004-05



Copy forwarded to :
   1. The Appellant
   2. The Respondent
   3. The C.I.T, concerned
   4. The CIT (A)-concerned
   5. The DR, "SMC" Bench, Mumbai
                                                BY ORDER

           //True Copy//

                                            ASSISTANT REGISTRAR
                                        ITAT, Mumbai Benches, Mumbai

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions