348 ITR 299 (SC). 2. Deputy CIT v. Simplex Concrete Piles (I) Ltd.

SPECTROCHEM PRIVATE LIMITED,MUMBAI vs. PR.CIT-4, MUMBAI

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

…arly traversed beyond the scope of his jurisdiction. In order to fortify his aforesaid claim reliance was placed by the learned A.R on the judgements 5 M/s. Spectrochm P. Ltd. of the Hon'ble Supreme Court in the case of (i) DCIT vs. Simplex India Ltd. (2013) 358 ITR 129 (SC) and (ii) Mapco Industries Ltd. vs. CIT (2009) 319 ITR 208 (SC). Further, it was claimed by the learned A.R. that as the AO, after necessary deliberations in respect of the issue of impugned bogus purchases of Rs. 18,80,996/- had restricted the addition only to the extent of the profit element of 12.5%, thus the very exercise of revisional ju…

M/S. SBI CAPITAL MARKETS LTD. vs. THE DY CIT RG-4(2),

In the result, the assessee’s appeal is partly allowed

Bench: Shri Sanjay Arora, Am & Shri Amit Shukla, Jm आयकर अपील सं./I.T.A. No. 3789/Mum/2004 ("नधा"रण वष" / Assessment Year: 1994-95) Sbi Capital Markets Ltd. Dy. Cit, Range-4(2), बनाम/ 202, Maker Tower E, Mumbai Cuffe Parade, Mumbai-400 005 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacs 7914 E (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Nitesh Joshi ""यथ" क" ओर से/Respondent By : Shri Neil Phillip

…acceptance by the AO, was thus a plausible view. In fact, even if regarded as 8 SBI Capital Markets Ltd. vs. Dy. CIT mistaken, the same cannot be disturbed beyond four years, as clarified by the Apex Court in Dy. CIT v. Simplex Concrete Piles Pvt. Ltd. [2013] 358 ITR 129 (SC). Reassessment does not entitle the AO to review his order. Accordingly, no adjustment to the returned income on this score could be made. Consequently, the assessee succeeds on its Ground 3. 6. Vide Ground 4, the assessee states of the ld. CIT(A) as having erred in not deciding its’s Grounds 5 to 8 raised before him. Though no submissions we…