390 ITR 292 (Bom) CIT v. Nirav Modi

77 Taxmann.com 78Supreme Court of India2017#4230 most cited

What is 390 ITR 292 (Bom) CIT v. Nirav Modi authority for?

A revisionary order passed by the Commissioner is not sustainable if the Assessing Officer has made detailed enquiries and applied their mind to the issue, accepting the assessee's claim.

28

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2026.

Also referred to as

CIT v. Nirav Modi · 77 Taxmann.com 78 · Section 263 · revisionary order · Assessing Officer · enquiries · applied mind · unsustainable revision

Sections most often in play

Section 263Section 147Section 148Section 10(37)Section 143(3)Section 145A(b)Section 151Section 56(2)(viii)

Issues it is cited on

section 141section 282a(1)section 194lasection 145a(b)section 145bsection 45(5)section 57(iv)section 56(2)(viii)section 10(37)doctrine of mergerenhanced compensationsection 263(1)

Judgments citing 390 ITR 292 (Bom) CIT v. Nirav Modi

Vaghasiya Exports, Mumbai vs. Pr. CIT- 32, Mumbai

The appeal stands allowed in terms of our above order

ITA 2288/MUM/2019[2014-15]Status: DisposedITAT Mumbai27 Jul 2021AY 2014-15

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.2288/Mum/2019 (धििाारण वर्ा / Assessment Year: 2014-15) M/S. Vaghasiya Exports Pr. Cit-32 Ae-2080, 2Nd Floor C-11, 2Nd Floor, Pratyakshakar Bhavan बिाम Bharat Diamond Bourse Bandra Kurla Complex, Bandra (East) / Vs. Bandra Kurla Complex, Bandra (East) Mumbai- 400 051. Mumbai 400 051 Pan: Aaafa-2061-Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Dr. K.Shivram- Ld. Sr. Counsel Revenue By : Shri H.N.Singh – Ld. Cit-Dr सुनवाई की तारीख/ : 20/05/2021 Date Of Hearing घोषणा की तारीख / : 27/07/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. By Way Of This Appeal, The Assessee Challenges The Invocation Of Revisional Jurisdiction U/S 263 By Ld. Principal Commissioner Of Income Tax-32, Mumbai (Pr. Cit) For Assessment Year (Ay) 2014-15 Vide Order Dated 18/03/2019. The Grounds Raised By The Assessee Read As Under:- 1. The Ld. Pr.Cit Erred In Passing Revision U/S.263 Of The Income Tax Act, 1961 (The “Act”) Revising Assessment Order Passed U/S.143(3) On The Issue Of Addition Of Alleged Bogus Purchases Without Appreciating That Assessment Order U/S. 143(3) Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue As During Assessment Proceedings Ld. Ao Had Specifically Raised Queries Pertaining To Alleged Bogus Purchases & After Considering The Evidences Produced By The Appellant, Made

For Appellant: Dr. K.Shivram- Ld. Sr. CounselFor Respondent: Shri H.N.Singh – Ld. CIT-DR
Section 143(3)Section 263

…1 M/s Vaghasiya Exports Assessment Year: 2014-15 आयकर अपीलीय अधिकरण “एफ” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI माननीय श्री शक्तिजीत दे, न्याययक सदस्य एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI SAKTIJIT DEY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.2288/Mum/2019 (धििाारण वर्ा / Assessment Year: 2014-15) M/s. Vaghasiya Exports Pr. CIT-32 AE-2080, 2nd Floor C-11, 2nd Floor, Pratyakshakar Bhavan बिाम Bharat Diamond Bourse Bandra Kurla Complex, Bandra (East) / Vs. Bandra Kurla…

Vaghasiya Exports, Mumbai vs. Pr.CIT-32, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2370/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Sept 2020AY 2009-10

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year: 2009-10 M/S. Vaghasiya Exports, Pr. Cit-32, C-11, Bharat Diamond Bourse, 2Nd Floor, Ae-2080, Pratyakshakar Bhavan, 2Nd Floor, Vs. Bandra Kurla Compex, Bandra Kurla Compex, Bandra (E), Bandra East, Mumbai Mumbai – 400 051 Pan: Aaafv 2061Q (Appellant) (Respondent) Present For: Assessee By : Shri K. Shivram, A.R. & Shri Rahul Hakani, A.R. Revenue By : Shri Sushil Kumar Poddar, D.R. Date Of Hearing : 21.08.2020 Date Of Pronouncement : 28.09.2020 O R D E R Per Rajesh Kumar: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 28.03.2018 Of The Principal Commissioner Of Income Tax [Hereinafter Referred To As The Pcit Relevant To Assessment Year 2009-10. 2. The Grounds Raised By The Assessee Are As Under: “Order Passed U/S. 263 Is Bad-In-Law & Liable To Be Quashed 1. The Ld. Pr. Cit Erred In Issuing Notice U/S.263 Of The Act Based Upon The Proposal Received From Ito / Jt. Cit & Not By Suo-Moto Examination Of Records & Application Of Mind & Thus, The Revision Proceedings U/S 263 Of The Act Are Carried Out Upon The Directions Of Ito / Jt. Cit Is Contrary To The Provisions Of Sec. 263 Of The Act & Hence, Bad In Law & Liable To Be Quashed.

For Appellant: Shri K. Shivram, A.R. &For Respondent: Shri Sushil Kumar Poddar, D.R
Section 143(3)Section 147Section 148Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Assessment Year: 2009-10 M/s. Vaghasiya Exports, Pr. CIT-32, C-11, Bharat Diamond Bourse, 2nd Floor, AE-2080, Pratyakshakar Bhavan, 2nd Floor, Vs. Bandra Kurla Compex, Bandra Kurla Compex, Bandra (E), Bandra East, Mumbai Mumbai – 400 051 PAN: AAAFV 2061Q (Appellant) (Respondent) Present for: Assessee by : Shri K. Shivram, A.R. & Shri Rahul Hakani, A.R. Revenue by : Shri Sushil Kumar Poddar, D.R. Date of Hearing : 21.08.2020 Date of Pronouncement : 28.09.2020 O R D E R…

M/S. G Crop Private Limited, Bangalore vs. Principal Commissioner of Income Tax, Bangalore

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

ITA 1017/BANG/2019[2014-15]Status: DisposedITAT Bangalore18 Sept 2020AY 2014-15

Bench: Shri B. R. Baskaran & Smt. Beena Pillaiassessmentyear: 2014-15

For Appellant: Shri J.K. Kamdar, A.RFor Respondent: Shri Muzaffar Hussain, D.R
Section 143(3)Section 24Section 263

…enuine transaction, the impugned revisionary order passed by Commissioner was not sustainable. He submitted that the decision rendered by Hon’ble Bombay High Court in the above said case has since been approved by Hon’ble Supreme Court in the case reported in 77 Taxmann.com 78. The Ld. A.R. also placed his reliance on other case laws and submitted that the impugned revision order is not sustainable since the A.O. has made detailed enquiries with regard to house property income declared by the assessee. 9. The ld. A.R. submitted that on merits also, the revision proposed by Ld. Principal CIT is not sustainable. H…

Jay Precision Pharmaceuticals Pvt. Ltd., Mumbai vs. Pr. CIT - 12, Mumbai

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

ITA 2422/MUM/2019[2014-15]Status: DisposedITAT Mumbai14 Jul 2020AY 2014-15

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2014-15

For Appellant: Mr. Dharmesh Shah, ARFor Respondent: Mr. Uodal Raj Singh, Sr. DR
Section 143(3)Section 263Section 40A(2)(b)Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2014-15 Jay Precision Pr. Commissioner of Income Tax- Pharmaceuticals Pvt. Ltd., 12, Vs. Plot No. 40/41, ABCD, Room No. 127, 1st floor, Aaykar Government Industrial Bhavan, M.K. Road, Estate, Charkop, Kandivali Mumbai-400020. (West), Mumbai-400067. PAN No. AACCJ8963G Appellant Respondent Assessee by : Mr. Dharmesh Shah, AR Revenue by : Mr. Uodal Raj Singh, Sr. DR Last Date of Hearing : 03/01/2020 Date of Pronouncement : 14/07/2020 ORDER PER N.K.…

Jeetendra Kanunga, Bangalore vs. The Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

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

ITA 2531/BANG/2018[2015-16]Status: DisposedITAT Bangalore10 Jun 2020AY 2015-16

Bench: Shri N.V.Vasudevan & Shri B.R.Baskaranshri Jeetendra Kanunga, B-05,5Th Floor, Solus Jain Heights, 1St Cross, Jc Road, Bangalore-560 027 Pan No.Ajypk6026F Appellant Vs The Deputy Commissioner Of Income Tax Officer, Circle-4(1)(1), Bangalore Respondent Assessee By : Shri H.N.Khincha, Ca Revenue By : Shri Pradeep Kumar, Cit Date Of Hearing : 08-06-2020 Date Of Pronouncement : 10-06-2020

For Appellant: Shri H.N.Khincha, CAFor Respondent: Shri Pradeep Kumar, CIT
Section 142(1)Section 143(3)Section 236Section 263

…ld. AR submitted that the AO has applied his mind on this issue and accepted the claim of the assessee and hence, the impugned revision order is liable to be quashed as per decision rendered by the Hon’ble Supreme Court in the case of CIT Vs Nirav Modi (2017) 77 Taxmann.com 78(SC) and also Malabar Ind.Co.Ltd., Vs CIT 243 ITR 83. 6. The ld. AR further submitted that it is imperative on the part of the Pr.CIT(A) to conduct enquiries before issuing any direction to the ld. CIT(A). He submitted that in the instant case, ld. Pr.CIT has not conducted any enquiries with regard to the issue relating to long term capital…

Rahul Cables Pvt.Ltd, Pune vs. Pr. Commissioner of Income Tax -3, Pune

In the result, appeal of the assessee is allowed

ITA 1170/PUN/2017[2011-12]Status: DisposedITAT Pune04 May 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

For Appellant: Shri S.N. DoshiFor Respondent: Smt. Nirupama Kotru, CIT-DR
Section 139(1)Section 143Section 147Section 148Section 263Section 263(1)

…पुणे "यायपीठ "यायपीठ "यायपीठ “बी "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे बी बी” पुणे बी पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.1168 to 11…

Rahul Cables Pvt.Ltd, Pune vs. Pr. Commissioner of Income Tax -3, Pune

In the result, appeal of the assessee is allowed

ITA 1169/PUN/2017[2010-11]Status: DisposedITAT Pune04 May 2018AY 2010-11

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

For Appellant: Shri S.N. DoshiFor Respondent: Smt. Nirupama Kotru, CIT-DR
Section 139(1)Section 143Section 147Section 148Section 263Section 263(1)

…पुणे "यायपीठ "यायपीठ "यायपीठ “बी "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे बी बी” पुणे बी पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.1168 to 11…

Rahul Cables Pvt.Ltd, Pune vs. Pr. Commissioner of Income Tax -3, Pune

In the result, appeal of the assessee is allowed

ITA 1168/PUN/2017[2009-10]Status: DisposedITAT Pune04 May 2018AY 2009-10

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

For Appellant: Shri S.N. DoshiFor Respondent: Smt. Nirupama Kotru, CIT-DR
Section 139(1)Section 143Section 147Section 148Section 263Section 263(1)

…पुणे "यायपीठ "यायपीठ "यायपीठ “बी "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे बी बी” पुणे बी पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.1168 to 11…