LOVELY PROMOTERS PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE, AJMER, AJMER

ITA 770/JPR/2023Status: DisposedITAT Jaipur08 February 2024AY 2013-14Bench: him regarding non mentioning of Document Identification Number (DIN) in the body of the order u/s. 127 of the Act dated 08-09-2021 and various other technical pleas raised in grounds of appeal regarding validity of notice u/s. 148 of the Act, thereby appellate order passed by the CIT(A) is non-speaking order and deserves to be quashed. 4. On the facts and in circumstances of the case and in law, the AO erred in issuing notice u/s. 148 of the Act as it was a search related case u/s. 132 r/w 1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment was bad in law as the issues raised in the reasons for reopening had already been examined in the original assessment proceedings without any new material or allegation of suppression of facts. Therefore, the reassessment was based on a change of opinion.

What were the facts?

The assessee filed a return of income declaring a net loss. The case was initially assessed under section 143(3). Subsequently, the AO initiated reassessment proceedings under section 147 by issuing a notice under section 148, alleging escapement of income due to bogus derivative losses.

What were the issues?

Whether the reassessment proceedings initiated under Section 147/148 were valid when the issues were already examined in the original assessment without new material, and whether the CIT(A) failed to address technical pleas regarding the validity of the reassessment.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3),Section 153C,Section 153A,Section 127,Section 148A,Section 151,Section 139(1),Section 142(1),Section 69C,Section 234A,Section 234B,Section 234C,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(30)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 770/JPR/2023

For Appellant: Shri Mayank Taparia (Adv.) jktLo dh vksj ls@
Hearing: 21/02/2024Pronounced: 08/03/2024

PER: RATHOD KAMLESH JAYANTBHAI, AM This appeal is filed by the assessee aggrieved from the order of the Learned Commissioner of Income Tax (Appeals), Jaipur-5 dated 19.10.2023 [Here in after referred as “CIT(A)”] for the assessment year 2013-14, which in turn arise from the order dated 26.03.2022 passed under section 147 of the Income Tax Act, [Here in after referred as “Act” ] by the AO.

2 Lovely pro

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

Similar judgments

Other orders that rely on the same authority or decide the same section.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Latest GST High Court judgments

Search GST case law →