ASPEN INTERNATIONAL PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-4(4), MUMBAI, MUMBAI

ITA 3467/MUM/2023Status: DisposedITAT Mumbai05 April 2024AY 2016-17Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were illegal and without jurisdiction. The AO recorded incorrect facts and showed a non-application of mind while recording the reasons for reopening the assessment, and the sanction obtained from the PCIT was also without proper application of mind. Therefore, the reopening was deemed invalid.

What were the facts?

A survey action was conducted on the assessee company, revealing that the company allegedly used amalgamation to evade taxes by creating goodwill and claiming amortization expenses for AY 2014-15. The Assessing Officer (AO) initiated reassessment proceedings under Section 147 of the Income Tax Act, 1961, based on these findings, alleging that income had escaped assessment.

What were the issues?

Whether the reassessment proceedings initiated by the AO were valid in law, considering the reasons recorded and the sanction obtained for reopening.

Which sections of the Income-tax Act were involved?

Section 147,Section 153C,Section 133A,Section 148,Section 151,Section 149,Section 139(1),Section 69C,Section 115JB,Section 32

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, ‘A‘ BENCH

Before: SHRI AMIT SHUKLA & SHRI S RIFAUR RAHMAN

For Appellant: Shri Rakesh Joshi
For Respondent: Shri Ajay Chandra
Hearing: 13/03/2024Pronounced: 05/04/2024

Heard together (2 matters)

ITA No.3468/Mum/2023
ITA No.3593/Mum/2023

Read from the judgment's own cause title. This page is filed under one of them.

PER AMIT SHUKLA (J.M): These are eight appeals filed by both assessee as well as revenue for AY 2014-15 to AY 2017-18, against common order dated 31.07.2023 passed by Ld CIT(A)-52 Mumbai for the quantum of assessment passed u/d 143(3)/147 of the Act. In assessee appeal, reopening issue was raised in all four years.

Since basis of challenge is identical in all four years, h

The order continues below.

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