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

ITA 3469/MUM/2023Status: DisposedITAT Mumbai05 April 2024AY 2014-1511 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment was invalid and bad in law because the reasons recorded by the AO were based on incorrect facts and lacked application of mind. The approval granted by the Principal CIT was also found to be without proper consideration of the facts.

What were the facts?

The Assessing Officer (AO) reopened the assessment based on information from a survey action alleging the assessee claimed amortization of goodwill. However, the assessee had not claimed such amortization for depreciation under Section 32, and a previous assessment under Section 143(3) r.w.s. 153C had already been completed.

What were the issues?

The primary issue was the validity of the reassessment proceedings initiated by the AO, specifically whether the reasons recorded for reopening were based on tangible material and demonstrated application of mind.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 153C,Section 32,Section 115JB,Section 148,Section 149,Section 151

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Cases cited in this judgment(2)Show list

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Cause title — parties, addresses and appearances
2 ITA No.3466/Mum/2023 & others M/s. Aspen International Pvt. Ltd. DCIT, Central Circle- Vs. M/s. Aspen International 4(4) Mumbai Pvt. Ltd 701/702, Embassy Centre, Nariman Point Churchgate Mumbai- 400 021 PAN/GIR No. AAFCA2740R (Appellant) (Respondent) Assessee by Revenue by Date of Hearing Date of Pronouncement Shri Rakesh Joshi Shri Ajay Chandra 13/03/2024 05/04/2024

आदेश / O R DER 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, hence AY 2014-15 Appeal No. 3469/M/2023, taken for adjudication, where in the appeal Memo assessee raised following grounds:- 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 Learned Assessing Officer in reopening the assessment completed u/s.143(3) r.w.s 153C of the Income Tax Act, 1961, without considering the facts and circumstances of the case. 2.On the facts a

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