Ace Investments Ltd. and Another v. Settlement Commission and Others

264 ITR 571Reported decision#12526 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2022 to 2025.

Sections most often in play

Section 143(3)Section 147Section 151Section 68Section 115BBCSection 133ASection 270ASection 271(1)(c)

Issues it is cited on

section 54esection 115bbcanonymous donationfresh tangible materialsource of sourcekelvinatorpanchnamamaterial facts necessary for assessmentsection 54sundry creditorschange of opinionshare application money

Judgments citing Ace Investments Ltd. and Another v. Settlement Commission and Others

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

ITA 1126/PUN/2024[2017-18]Status: DisposedITAT Pune18 Dec 2025AY 2017-18

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amit Bobde &
Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon’ble Apex Court and the Hon’ble Court has dismissed the Revenue’s Writ Petition affirming the order of the Hon’ble High Court where it has been held that in the order passed conseq…

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are

ITA 1125/PUN/2024[2016-17]Status: DisposedITAT Pune18 Dec 2025AY 2016-17

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024

Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon'ble Apex Court and the Hon'ble Court has dismissed the Revenue's Writ Petition affirming the order of the Hon'ble High Court where it has been held that in the order passed consequ…

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

ITA 1124/PUN/2024[2015-16]Status: DisposedITAT Pune18 Dec 2025AY 2015-16

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amit Bobde &
Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon’ble Apex Court and the Hon’ble Court has dismissed the Revenue’s Writ Petition affirming the order of the Hon’ble High Court where it has been held that in the order passed conseq…

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are

ITA 1123/PUN/2024[2014-15]Status: DisposedITAT Pune18 Dec 2025AY 2014-15

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024

Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon'ble Apex Court and the Hon'ble Court has dismissed the Revenue's Writ Petition affirming the order of the Hon'ble High Court where it has been held that in the order passed consequ…

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are

ITA 1122/PUN/2024[2013-14]Status: DisposedITAT Pune18 Dec 2025AY 2013-14

Bench: Dr. Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024

Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon'ble Apex Court and the Hon'ble Court has dismissed the Revenue's Writ Petition 29 ITA Nos.1121 to 1126/PUN/2024 Rajarshi Shahu Shikshan Sanstha affirming the order of the Hon'ble H…

Rajarshi Shahu Shikshan Sanstha Inam Dhamani, Sangli vs. ITO Exemption, Kolhapur

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

ITA 1121/PUN/2024[2012-13]Status: DisposedITAT Pune18 Dec 2025AY 2012-13

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amit Bobde &
Section 115BSection 143(3)Section 147Section 148Section 155BSection 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as "Ace Investments Ltd. and Another Vs. Settlement Commission and Others", 264 ITR 571.” 22. We further find that the above decision of the Coordinate Bench in the case of PCIT Vs. Lark Chemicals (P) Ltd. (2018) 99 taxmann.com 312 (SC) came up before Hon’ble Apex Court and the Hon’ble Court has dismissed the Revenue’s Writ Petition affirming the order of the Hon’ble High Court where it has been held that in the order passed conseq…

Satish Vishnu Thombare, Income Tax Officer, Ward-1, Ahmednagar vs. Varsha Prafulla Zende, Ahmednagar

In the result, the appeal of the Revenue is dismissed

ITA 1656/PUN/2024[2010-11]Status: DisposedITAT Pune29 Oct 2025AY 2010-11

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1656/Pun/2024 धििाारण वर्ा / Assessment Year : 2010-11 Satish Vishnu Thombare, Varsha Prafulla Zende, Income Tax Officer, Prop Of Bleach Chem Enterprises, Ward-1, Ahmednagar Vs. Industrial Estate, Shrirampur, Maharashtra-413709 Pan : Aabpz2541C अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Miss Shivani Shah (Virtual) Department By : Shri Akhilesh Srivastva Date Of Hearing : 06-08-2025 Date Of 29-10-2025 Pronouncement : आदेश / Order

For Appellant: Miss Shivani Shah (Virtual)For Respondent: Shri Akhilesh Srivastva
Section 132(1)Section 147Section 148Section 151Section 68

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as “Ace Investments Ltd. and Another Vs. Settlement Commission and Others”, 264 ITR 571. 11. In view of the above discussion, we annul the reopening of assessment u/s.147 of the Act.” In this case, it was held that the reasons for which reopening was made have been proved to be wrong, then in that event, any decision/addition made on the basis of said reassessment is unsustainable and becomes void. 5.9 The appellant has also relied…

Nobel Advertisers Pvt Ltd., New Delhi vs. DCIT, Circle-11(1), New Delhi

In the result, the appeal of the assessee is allowed

ITA 168/DEL/2021[2016-17]Status: DisposedITAT Delhi01 Apr 2022AY 2016-17

Bench: Shri Kul Bharat[Assessment Year : 2016-17] Nobel Advertisers Pvt.Ltd., Vs Dcit, Rr-11, 2Nd Floor, Mianwali Nagar, Circle-11(1), Main Rohtak Road, Paschim Vihar, New Delhi. New Delhi-110087. Pan-Aadcn2932Q Appellant Respondent Appellant By Shri S.C.Verma, Ca Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 03.01.2022 Date Of Pronouncement 01.04.2022

Section 143(2)Section 147Section 148Section 153Section 156

…addition made on the basis of said reassessment is unsustainable and becomes void. Reliance can also be placed in this respect on another authority of Hon'ble Madras High Court styled as “Ace Investments Ltd. and Another Vs. Settlement Commission and Others”, 264 ITR 571.” 9.1. Therefore, respectfully following the above binding precedent, the Assessing Officer is hereby directed to delete this addition. Thus, grounds raised by the assessee are allowed. 10. In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on 01st April, 2022. (KUL BHARAT) JUDICIAL MEMBER *Amit Kumar*…

Ace Investments Ltd. and Another v. Settlement Commission and Others (264 ITR 571) — Cited in 8 Judgments | BharatTax