THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED INDIA BRANCHES ,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(2), MUMBAI

ITA 2202/MUM/2024Status: DisposedITAT Mumbai21 November 2024AY 2015-1623 pages
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What did the Tribunal hold?

The Tribunal held that the AO had valid reasons to reopen the assessment as the assessee failed to make a full and true disclosure of material facts. The issues were not examined during the original assessment and required due diligence to discover.

What were the facts?

The assessee, HSBC India Branches, filed its return for AY 2013-14. The Assessing Officer (AO) reopened the assessment after four years, citing non-disclosure of material facts regarding income from NPA/NPI and interest payments to the Head Office.

What were the issues?

Whether the reopening of assessment under Section 147 was justified due to alleged non-disclosure of material facts by the assessee. Whether the AO had valid reasons to believe that income had escaped assessment.

Which sections of the Income-tax Act were involved?

Section 148,Section 147,Section 149,Section 151,Section 9(1)(i),Section 9(1)(v)(c),Section 5,Section 43D,Section 44AB,Section 92E

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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 Banking Corporation Limited - Vs 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 सुनवाई की तारीख/Date of Hearing आयकर अपीलीय अधिकरण INC

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