DCIT(IT)-2(2)(2), AIR INDIA BUILDING vs. THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD, BANDRA

ITA 1333/MUM/2024Status: DisposedITAT Mumbai21 November 2024AY 2013-1423 pages
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What did the Tribunal hold?

The Tribunal held that the reopening of the assessment was invalid as it was based on a change of opinion by the AO without any new tangible material. The AO failed to demonstrate any failure on the part of the assessee to disclose material facts fully and truly.

What were the facts?

The Assessing Officer (AO) reopened the assessment of The Hongkong and Shanghai Banking Corporation Limited for AY 2013-14 after four years from the end of the relevant assessment year. The reopening was based on issues that were already discussed and explained by the assessee during the original assessment proceedings.

What were the issues?

Whether the reopening of assessment under Section 148 was valid when the AO had no new material and merely changed their opinion on issues already considered during the original assessment.

Which sections of the Income-tax Act were involved?

Section 148,Section 143(3)

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Cases cited in this judgment(3)Show list

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Heard together (3 matters)

I.T.A. No. 2201/Mum/2024
I.T.A. No. 2202/Mum/2024
I.T.A. No. 2203/Mum/2024

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आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI SUNIL KUMAR SINGH, HON'BLE JUDICIAL MEMBER Assessment Year: 2013-14 Assessment Year: 2015-16 Assessment Year: 2014-15 The Hongkong and Shangai Vs Banking Corporation Limited - India Branches 52/60 Mahatma Gandhi Road Fort Mumbai - 400001 [PAN: AAACT2786P] अपीलार्थी/ (Appellant) The Deputy Commissioner of Income-tax (International Taxation) -2(2)(2), Mumbai प्रत्यर्थी / (Respondent) Ι.Τ.Α. No. 1333/Mum/2024

Assessment Year: 2013-14 Ι.Τ.Α. No. 1334/Mum/2024

Assessment Year: 2014-15 Ι.Τ.Α. No. 1335/Mum/2024

Assessment Year: 2015-16 The Deputy Commissioner of Income-tax (International Taxation) -2(2)(2), Mumbai Vs The Hongkong and Shangai Banking Corporation Limited - India Branches 52/60 Mahatma Gandhi Road Fort Mumbai - 400001 [PAN: AAACT2786P] अपीलार्थी/ (Appellant) प्रत्यर्थी / (Respondent) Assessee by : Shri Porus Kaka & Shri Divesh Chawla, A/Rs Revenue by : Shri Vivek Perampurna, CIT D/R 2 आयकर अपीलीय अधिकरण INCOME TAX APPELLATE TRIBUNAL Ι.Τ

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