THE ESTATE INVESTMENT COMPANY PRIVATE LIMITED ,MUMBAI V. DCIT CENTRAL CIRCLE 8(1), MUMBAI

ITA 3226/MUM/2025

AI Insights

The case involves The Estate Investment Company Pvt. Ltd., which appealed against the order of the CIT(A)-50, Mumbai, concerning additions made to their income based on diaries and loose papers found during search operations, and statements recorded under section 132(4) of the Income Tax Act. The primary contention was the addition of Rs. 59,05,000 under capital gains, which was confirmed by the CIT(A). The Tribunal, referencing a similar batch of appeals decided by another bench, allowed the appeal of the assessee, deleting the contested addition and accepting the legality of the appeal.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 785553 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-10-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: J
• Assessment Year: 2018-2019
• Appeal Filed On: 07-05-2025
• Other Referred Cases: 3012/Mum/2025, 3228/Mum/2025, 3013/Mum/2025, 3227/Mum/2025, 3225/Mum/2025, 3224/Mum/2025, 3223/Mum/2025, 3222/Mum/2025
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RITESH MISRA
• Assessee Lawyers: MADHUR AGRAWAL; PANKAJ JAIN
• Keywords: Capital Gains; Loose papers

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL, ‘J(SMC)’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI ARUN KHODPIA, ACCOUNTANT MEMBER ITA No. A.Y 3226/Mum/2025 2018-19 The Estate Investment Company Pvt. Ltd. 4th Floor, 139, Seksaria Chambers, Nagindas Master Road, Fort Mumbai – 400 001 Vs. DCIT, CC-8(1), Mumbai PAN/GIR No.AAACE2566J (Appellant) .. (Respondent) Assessee by Shri Madhur Agrawal, Adv. & Shri Pankaj Jain, CA Revenue by Shri Ritesh Misra, CIT DR Date of Hearing 19/08/2025 Date of Pronouncement 28/10/2025 आदेश / O R D E R PER AMIT SHUKLA (J.M): The present appeal emanates from the assessment and reassessment orders passed pursuant to search and survey operations conducted in the group cases of The Estate Investment Company Pvt. Ltd. The appeal has been filed against separate order passed by ld. CIT(A)-50, Mumbai. This appeal arises against order of ld. CIT(A) dated 04/03/2025. Printed from counselvise.com ITA No.3226/Mum/2025 The Estate Investment Company Pvt. Ltd. 2 Decision 2. The controversy, in essence, centers upon additions made on the basis of certain diaries and loose papers found during the course of search, the evidentiary worth of the statements recorded under section 132(4), and the consequential additions under capital gains on alleged NOC receipts of the Act of Rs.59,05,000 confirmed by the CIT [A). 3. The facts of this case are ispo facto the same and identical with the facts in the batch of appeals nos. 3012 /Mum/2025, 3228/Mum/2025 , 3013/Mum/2025 , 3227/Mum/2025 , 3225/Mum/2025 , 3224/Mum/2025 , 3223/Mum/2025 & 3222/Mum/2025decided by the ‘E’ Bench of the ITAT vide order dated 17/10/2025 relating to the assessee company and respectfully following the decision of coordinate bench which is based on exact same facts and material, this appeal of the assessee is allowed and the addition of Rs. 59,05,000 is deleted on merits and the assesses grounds on the legality of the Order is also allowed. 4.All the grounds of appeal filed by the assessee are allowed in full, No order as to costs. Order pronounced on 28th October, 2025. Sd/- (ARUN KHODPIA) Sd/- (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai; Dated 28/10/2025 KARUNA, sr.ps Printed from counselvise.com ITA No.3226/Mum/2025 The Estate Investment Company Pvt. Ltd. 3 Copy of the Order forwarded to : BY ORDER, (Asstt.Registrar) ITAT, Mumbai 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. //True Copy// Printed from counselvise.com "