1. ITO v. Purshottam Das Bangur

PNK SPACE DEVELOPMENT PRIVATE LIMITED ,MUMBAI vs. INCOME TAX OFFICER, WARD 13(1)(4), MUMBAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Pnk Space Development Private Income Tax Officer, Ward 13(1)(4) Limited Mumbai 601, Purva Plaza, Shimpoli Road, Vs. Borivali West, Mumbai-400 092

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM PNK Space Development Private Income Tax Officer, Ward 13(1)(4) Limited Mumbai 601, Purva Plaza, Shimpoli Road, Vs. Borivali West, Mumbai-400 092 PAN/GIR No. AAFCP 7042 M (Assessee) : (Respondent) Assessee by : None Respondent by : Ms. Kakoli Ghosh Date of Hearing : 31.01.2024 Date of Pronouncement : 28.02.2024 O R D E R Per Kavitha Rajagopal, J M: This appeal has been filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals) (‘ld.CIT(A) for short), Nat…

KEYSTONE REALTORS PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 2(4), MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T Varkey & Shri Gagan Goyal

…ese Ore Co. Ltd. v/s ITO (SC) 191 ITR 662 Apart from above facts emerging in this case, there are various case laws which support reopening of assessment on similar facts Same of there are being quoted below for ready reference: - ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Hon’ble SC that information contained in letter of Directorate of Investigation could be said to be definite information and ITO could act upon for taking action u/s 147(b) and ITO could have formed opinion that there was reason to believe that income had escaped. Phoolchand Bajrang Lal v/s ITO 69 Taxman…

KHANGARAM K DEWASI,MUMBAI vs. DCIT ,CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

…ormation received from Investigation Wing to per law to use the information received from Investigation Wing to per law to use the information received from Investigation Wing to reopen the assessments. reopen the assessments. 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Ho it was propounded by Hon'ble SC that information contained in letter n'ble SC that information contained in letter of Directorate of investigation could be said to be definite information of…

KHANGARAM K. DEWASI,MUMBAI vs. DCIT- CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

…ormation received from Investigation Wing to per law to use the information received from Investigation Wing to per law to use the information received from Investigation Wing to reopen the assessments. reopen the assessments. 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Ho it was propounded by Hon'ble SC that information contained in letter n'ble SC that information contained in letter of Directorate of investigation could be said to be definite information of…

KHANGARAM K. DEWASI,MUMBAI vs. DCIT, CC-2(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 Mr. Khangaram K. Dewasi, Prop. The Dcit, Central Circle-2(3), Of Shreenathji Metal & Alloys, Mumbai-21 Shop No. 5, Sultan Market, Opp. Vs. Ash Krishna Bldg. Andheri Ghatkoper Road, Sakinaka, Andheri (East), Mumbai-400072. Pan No. Aeepd 8897 C Appellant Respondent Assessee By : Mr. Bharat Kumar, Ar Revenue By : Mr. Ajeya Kumar Ojha, Dr Date Of Hearing : 28/06/2022 Date Of Pronouncement : 05/08/2022

…ormation received from Investigation Wing to per law to use the information received from Investigation Wing to per law to use the information received from Investigation Wing to reopen the assessments. reopen the assessments. 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) 1. ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Ho it was propounded by Hon'ble SC that information contained in letter n'ble SC that information contained in letter of Directorate of investigation could be said to be definite information of…

MIRAH DEKOR PVT LTD,MUMBAI vs. DCIT CC 14, MUMBAI

The appeals are partly allowed

…jurisdiction u/s 147 and has correctly issued notice u/s 148. The appeal of assessee, therefore does not succeed on this account.” 19. Learned CIT(A) further referred to following case laws :- • McDowell’s (154 ITR 148) (SC) • ITO Vs. Purshottam Das Bangur (90 Taxmann.com 541)(SC) • Phoolchand Bajrang Lal Vs. ITO (69 Taxman 627)(SC) • Nickunj Eximp Enterprises Vs. ACIT (48 Taxmann.com 20(Bombay HC) • Sohar Siraj Lokhandwala Vs. ACIT (77 Taxman 302) (Bombay HC) • Yash Raj Films Pvt. Ltd. Vs. ACIT (15 Taxmann.com 275) (Bombay HC)” Apropos issue of bogus purchase :- 20. As noted above there was survey conducted…

PALLAVI PANDEY,MUMBAI vs. DCIT (CC) 2(3), MUMBAI

In the result the appeals hereinabove are partly allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2013-14

…ar the 'corporate veil' needed to be lifted in such cases to distinguish "apparent" from "real". All documents placed at the time of 143(3) assessment are farce and principle of Essence of Colourable Device has to be applied. (ii) ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Hon'ble SC that information contained in letter of Directorate of Investigation could be said to be definite information and. ITO could act upon for taking action u/s 147(b) and ITO could have formed opinion that there was reason to believe that income had escaped. (iii) Phoolchand Bajrang Lal vs ITO 69…

SHRI. RAJENDRA CHATURVEDI,MUMBAI vs. DCIT CC 2 (3), MUMBAI

In the result the appeals hereinabove are partly allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2013-14

…ar the 'corporate veil' needed to be lifted in such cases to distinguish "apparent" from "real". All documents placed at the time of 143(3) assessment are farce and principle of Essence of Colourable Device has to be applied. (ii) ITO vs Purshottam Das Bangur 90 Taxmann.com 541 (SC) - wherein it was propounded by Hon'ble SC that information contained in letter of Directorate of Investigation could be said to be definite information and. ITO could act upon for taking action u/s 147(b) and ITO could have formed opinion that there was reason to believe that income had escaped. (iii) Phoolchand Bajrang Lal vs ITO 69…