ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.

291 ITR 500Supreme Court of India2007#41 most cited

What is ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. authority for?

For initiating reassessment proceedings under Section 147, the Assessing Officer needs only prima facie material providing a reason to believe that income has escaped assessment. Conclusive proof or the sufficiency/correctness of the material is not required at the stage of issuing the notice under Section 148.

1,030

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2008 to 2026.

Also referred to as

ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. · Rajesh Jhaveri · 291 ITR 500 · Section 147 · Section 148 · reason to believe · income escaping assessment · prima facie material · tangible material · validity of reopening · initiation of reassessment · sufficiency of material

Sections most often in play

Section 147Section 148Section 143(3)Section 143(1)Section 142(1)Section 68Section 133ASection 143(2)
Read the full judgment

Issues it is cited on

section 147(a)fresh tangible materiallive linkmaterial facts necessary for assessmentmere change of opinionkelvinatortangible materialchange of opinionreason to believeescapement of incomeborrowed satisfactionincome escaping assessment

Judgments citing ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.

Joyo Plastics, Mumbai vs. ACIT, Circle-24 (1)

In the result, the appeal of the assessee is partly allowed for the result, the appeal of the assessee is partly allowed for the result, the appeal of the assessee is partly allowed for statistical...

ITA 4405/MUM/2023[2019-20]Status: DisposedITAT Mumbai13 May 2024AY 2019-20

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2019-2020 Joyo Plastics, Acit Circle-24(1), 104, Jai Antariksh Co-Op Society, 601, 6Th Floor, Piramal Vs. Makwana Road, Marol Naka, Chamber, Lalbaug, Marol, Andheri (E), Mumbai-400012. Mumbai-400059. Pan No. Aaafj 0286 B Appellant Respondent Assessee By : Mr. Ajay R Sing/Akshay Pawar : Ms. Rajeshwari Menon, Sr. Dr Revenue By Date Of Hearing : 01/05/2024 : 13/05/2024 Date Of Pronouncement

For Appellant: Mr. Ajay R Sing/Akshay Pawar
Section 143(1)Section 143(1)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) Assessment Year: 2019-2020 Joyo Plastics, ACIT Circle-24(1), 104, Jai Antariksh Co-op Society, 601, 6th floor, Piramal Vs. Makwana Road, Marol Naka, Chamber, Lalbaug, Marol, Andheri (E), Mumbai-400012. Mumbai-400059. PAN NO. AAAFJ 0286 B Appellant Respondent Assessee by : Mr. Ajay R Sing/Akshay Pawar : Ms. Rajeshwari Menon, Sr. DR Revenue by Date of Hearing : 01/05/2024 : 13/05/2024 Date of pronouncement ORDER PER OM PRAKASH KANT, AM This appeal by the asses…

Mangaldeep Multistate Urban Co.Op.Cr. Soc. Ltd., Kolkatta vs. ACIT - CC- 2 (1), Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

ITA 2150/MUM/2022[2016-17]Status: DisposedITAT Mumbai13 May 2024AY 2016-17

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri Prasad KulkarniFor Respondent: Smt. Sanyogita Nagpal
Section 13Section 147Section 151Section 250Section 68

…u/s 147 of the Act were initiated. We are of the considered view that the said information constitutes new and tangible material for initiating the reassessment proceedings in the case of the assessee. In ACIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd, [2007] 291 ITR 500 (SC), the Hon’ble Supreme Court held that if there is relevant material on the basis of which a reasonable person can form a requisite belief that income chargeable to tax has escaped assessment, then proceedings u/s 147 of the Act can be validly initiated. In the present case, as noted above, on the basis of information/documents found during th…

Mangaldeep Multistate Urban Cooperative Credit Society Ltd, Mumbai vs. ACIT, CC 2(1), Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

ITA 2138/MUM/2022[2015-2016]Status: DisposedITAT Mumbai13 May 2024AY 2015-2016

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri Prasad KulkarniFor Respondent: Smt. Sanyogita Nagpal
Section 13Section 147Section 151Section 250Section 68

…u/s 147 of the Act were initiated. We are of the considered view that the said information constitutes new and tangible material for initiating the reassessment proceedings in the case of the assessee. In ACIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd, [2007] 291 ITR 500 (SC), the Hon’ble Supreme Court held that if there is relevant material on the basis of which a reasonable person can form a requisite belief that income chargeable to tax has escaped assessment, then proceedings u/s 147 of the Act can be validly initiated. In the present case, as noted above, on the basis of information/documents found during th…

Mr Manish Rajnarain Goswami, Mumbai vs. Assessing Officer, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 3960/MUM/2023[2011-12]Status: DisposedITAT Mumbai19 Apr 2024AY 2011-12

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Blemanish Rajnarain Goswami V. Income Tax Officer – 16(1)(3) Aayakar Bhavan, M.K. Road Metropolitan Chsl Mumbai - 400020 B-6 / B-8, Nargisdas Road Pali Hill, Bandra (W) Mumbai - 400050 Pan: Addpg7655D (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta Department Represented By : Smt Mahita Nair

Section 143(1)Section 147Section 148Section 68

…issue of notice, the only question is whether there was relevant material on record which a reasonable person could have formed a requisite belief. This fact was also confirmed by the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers P. Ltd. [291 ITR 500]. 2.3 Further, in the case of Raymond Woollen Mills Ltd reported in 236 ITR 34, the Hon’ble Supreme Court has also held that at the stage of initiation of reassessment, the only thing required to be seen by the Assessing officer is that whether there is any prima facie material on the basis of which Page No. 11 Manish Rajnarain Goswami a case can…

Anavya Investments Pvt. Ltd., New Delhi vs. ITO Ward-2(4), New Delhi

In the result, appeal of the assessee is allowed

ITA 4828/DEL/2019[2010-11]Status: DisposedITAT Delhi08 Apr 2024AY 2010-11

Bench: Shri C. N. Prasad & Shri M. Balaganeshm/S. Anavya Investments Pvt. Ltd, Vs. Ito, C/O. Sanjay & Sanjay, A-1-A, 14B, Ward-2(4), Janakpuri, New Delhi New Delhi (Appellant) (Respondent) Pan:Aahc4820A Assessee By : Shri Sanjay Garg, Ca Shri Akarsh Garg, Adv Revenue By: Shri Kanv Bali, Sr. Dr Date Of Hearing 11/01/2024 Date Of Pronouncement 08/04/2024

For Appellant: Shri Sanjay Garg, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 115JSection 139(1)Section 143(3)Section 147Section 148Section 68

…material. The existence of tangible and relevant material is a precondition for assuming jurisdiction, as has been held in the case of CIT vs. Kelvinator of India Ltd. reported in 320 ITR 561 (SC) and ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. reported in 291 ITR 500 (SC). Hence, in this case the proceedings have been initiated on the basis of no material much less any tangible and, relevant material and as such reasons record do not constitute valid reason to believe for initiating proceedings u/s 147 of the Act. It is a case of reason to suspect' and not „reason to believe.” 6.2 I further note that the acti…

Chiripal Industries Limited, Ahmedabad vs. The Dy.CIT., Circle-1(1)(2), Ahmedabad

In the result, the appeal of the assessee is partly allowed for the statistical purposes

ITA 708/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad02 Apr 2024AY 2014-15

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita No. 708/Ahd/2023 धििाधरणवरध/Asstt. Year: 2014-2015 Chirpal Industries Limited, D.C.I.T, Chirpal House, Vs. Circle-1(1)(2), Shivranjani Cross Road, Ahmedabad. Satellight, Ahmedabad-380015. Pan: Aaacc8513B

For Appellant: Shri Biren Shah, ARFor Respondent: Shri Ankit Jain, Sr.DR
Section 116JSection 143(3)Section 148Section 80Section 80I

…Rao v. CIT and Excess Profit Tax, [1970] 75 ITR 373 (SC), ITO v. Mewalal Dwarka Prasad, [1989] 176 ITR 529/43 Taxman 40 (SC), 'ITO v. K.L. Srihari (HUF) [2001] 118 Taxman 890/250 ITR 193 (SC), and 'Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd.' [2007] 291 ITR 500/161 Taxman 316 (SC) and reached a conclusion that even assuming for the sake of argument that if an intimation under section 143(1) of the Act is considered to be an order of assessment, in the subsequent reassessment proceedings, the original assessment proceedings gets effaced and the Assessing Officer was required to consider the proceedings d…

Deputy Commissioner of Income Tax -23(1), Mumbai vs. Kalpsaru Diamonds, Mumbai

In the result, the grounds raised by the assessee as well as In the result, the grounds raised by the assessee as well as Revenue are allowed for statistical purposes

ITA 3400/MUM/2023[2012-13]Status: DisposedITAT Mumbai28 Mar 2024AY 2012-13

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Years: 2012-13 Kalpsaru Diamonds, Acit 23(2), Jw 8040/250, Bharat Diamond Piramal Chambers, Vs. Bourse, Bkc, Bandra East, Mumbai-400013. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent Assessment Years: 2012-13 Dy. Cit-23(1), Kalpsaru Diamonds, Room No. 511, Fifth Floor, Jw 8040/250, Bharat Diamond Piramal Chambers, Parel, Vs. Bourse, Bkc, Bandra East, Lalbaugh-400012. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent

For Respondent: Mr. Ajay Singh
Section 143(3)Section 148Section 69C

…regarding escapement of income. Assessing Officer regarding escapement of income. Hon’ble Supreme Court in the case of ACIT vs ACIT vs Rajesh that the Hon’ble Supreme Court in the case of Jhaveri Stock Brokers Pvt. Ltd. Jhaveri Stock Brokers Pvt. Ltd. (2007)( 291 ITR 500) (2007)( 291 ITR 500) has held that at the stage of issue of notice that at the stage of issue of notice, the only question to be seen is the only question to be seen is whether there was relevant material , whether there was relevant material , on which a which a reasonable person could have formed a requisite believe. Further, the Hon’ble perso…

Kalpsaru Diamonds, Mumbai vs. ACIT 23(2), Mumbai

In the result, the grounds raised by the assessee as well as In the result, the grounds raised by the assessee as well as Revenue are allowed for statistical purposes

ITA 3223/MUM/2023[2012-13]Status: DisposedITAT Mumbai28 Mar 2024AY 2012-13

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Years: 2012-13 Kalpsaru Diamonds, Acit 23(2), Jw 8040/250, Bharat Diamond Piramal Chambers, Vs. Bourse, Bkc, Bandra East, Mumbai-400013. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent Assessment Years: 2012-13 Dy. Cit-23(1), Kalpsaru Diamonds, Room No. 511, Fifth Floor, Jw 8040/250, Bharat Diamond Piramal Chambers, Parel, Vs. Bourse, Bkc, Bandra East, Lalbaugh-400012. Mumbai-400051. Pan No. Aaafk 6960 H Appellant Respondent

For Respondent: Mr. Ajay Singh
Section 143(3)Section 148Section 69C

…regarding escapement of income. Assessing Officer regarding escapement of income. Hon’ble Supreme Court in the case of ACIT vs ACIT vs Rajesh that the Hon’ble Supreme Court in the case of Jhaveri Stock Brokers Pvt. Ltd. Jhaveri Stock Brokers Pvt. Ltd. (2007)( 291 ITR 500) (2007)( 291 ITR 500) has held that at the stage of issue of notice that at the stage of issue of notice, the only question to be seen is the only question to be seen is whether there was relevant material , whether there was relevant material , on which a which a reasonable person could have formed a requisite believe. Further, the Hon’ble perso…

Addl.CIT, Special Range-18, New Delhi vs. Jagananth Hemchand Jain, New Delhi

In the result, the appeal of the Revenue as well as Cross Objection of the assessee is dismissed

ITA 7755/DEL/2018[2011-12]Status: DisposedITAT Delhi29 Feb 2024AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us

Section 143(3)Section 145(3)Section 147Section 148Section 148(2)Section 69C

…the Assessing Officer at that stage is required to form only a prima facie belief or opinion that income chargeable to tax has escaped assessment" Here it would be worthwhile to mention that in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. v. ACIT (2007) 291 ITR 500/161 Taxman 316 (Supreme Court). The Hon'ble Apex Court has held that:- "All that is required for the Revenue to assume valid jurisdiction u/s. 148 is the existence of cogent material that would lead a person of normal prudence, acting reasonably to an honest belief as to the escapement of income from assessment." Also, in the case of Phoolchand B…

Addl.CIT, Special Range-18, New Delhi vs. Jagananth Hemchand Jain, New Delhi

In the result, the appeal of the Revenue as well as Cross Objection of the assessee is dismissed

ITA 7754/DEL/2018[2010-11]Status: DisposedITAT Delhi29 Feb 2024AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us

Section 143(3)Section 145(3)Section 147Section 148Section 148(2)Section 69C

…the Assessing Officer at that stage is required to form only a prima facie belief or opinion that income chargeable to tax has escaped assessment" Here it would be worthwhile to mention that in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. v. ACIT (2007) 291 ITR 500/161 Taxman 316 (Supreme Court). The Hon'ble Apex Court has held that:- "All that is required for the Revenue to assume valid jurisdiction u/s. 148 is the existence of cogent material that would lead a person of normal prudence, acting reasonably to an honest belief as to the escapement of income from assessment." Also, in the case of Phoolchand B…

Neel Ventures Private Limited, Mumbai vs. ITO, 15(2)(3), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 1168/MUM/2023[2009-10]Status: DisposedITAT Mumbai28 Feb 2024AY 2009-10

Bench: Shri Aby T. Varkey, Jm & Shri Padmavathy S, Am आयकर अपील सं/ I.T.A. No.1168/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2009-10) Neel Ventures Pvt. Ltd बिधम/ Ito-15(2)(3) B-47/187, Kalina Sunder 432, Aayakar Bhavan, Vs. Nagar Chs, Santacruz Maharashi Karve Road, (East), Mumbai-400098. Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaccn7025R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Ashok Bansal Revenue By: Shri Ashok Kumar Ambastha (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 22/02/2024 घोषणा की तारीख /Date Of Pronouncement: 28/02/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 10.02.2023 For The Assessment Year 2009-10. 2. The Assessee Has Challenged The Validity Of The Reopening By Ao (Jurisdiction) U/S 147 Of The Income Tax Act, 1961 (Hereinafter “The Act”). So The Legal Issue Is Taken Up First.

For Appellant: Shri Ashok BansalFor Respondent: Shri Ashok Kumar Ambastha (Sr. DR)
Section 147Section 148

…. Considering the above the huge sums introduced in the books of the assessee as receipt of money has not been explained/established, it is in the nature of unexplained cash credit. In view of the ratio of the decision of Rajesh Jhaveri Stock Brokers Pvt Ltd. 291 ITR 500 (SC) no assessment u/s. 143(3) has been carried out by the Assessing Officer with a result that ‘nature’ and ‘justification’ for charging share premium ever and above intrinsic value of the share remains unexplained. 4. I have reasons to believe that income to the extent of amount of share premium charged over and above the intrinsic value of th…

Ntpc Limited, New Delhi vs. ACIT, Special Range-06, Delhi

In the result, both the appeals of the assessee in ITA Nos

ITA 1811/DEL/2023[2012-13]Status: DisposedITAT Delhi16 Feb 2024AY 2012-13

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Subhra Jyoti Chakroborty, CIT-DR
Section 143Section 143(3)Section 147Section 148Section 80I

…ssues on which we do not express or make any observation approving or disapproving. Some of these aspects have been considered and explained in other decisions in light of the judgment of the Supreme Court in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. 291 ITR 500”. 12. Considering the facts of the case in totality, in light of the judicial decisions discussed hereinabove, we are of the considered view that the assumption of jurisdiction is bad in law and, therefore, the assessment order dated 29.12.2017 framed u/s 143(3) r,w,s 147 of the Act is liable to be quashed. 13. Since we have quashed the asses…

Ntpc Limited, New Delhi vs. ACIT, Special Range-06, New Delhi

In the result, both the appeals of the assessee in ITA Nos

ITA 1810/DEL/2023[2011-12]Status: DisposedITAT Delhi16 Feb 2024AY 2011-12

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Subhra Jyoti Chakroborty, CIT-DR
Section 143Section 143(3)Section 147Section 148Section 80I

…ssues on which we do not express or make any observation approving or disapproving. Some of these aspects have been considered and explained in other decisions in light of the judgment of the Supreme Court in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. 291 ITR 500”. 12. Considering the facts of the case in totality, in light of the judicial decisions discussed hereinabove, we are of the considered view that the assumption of jurisdiction is bad in law and, therefore, the assessment order dated 29.12.2017 framed u/s 143(3) r,w,s 147 of the Act is liable to be quashed. 13. Since we have quashed the asses…

DCIT - CC- 3, Thane vs. Ajiv Yashwant Patil, Mumbai

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

ITA 610/MUM/2022[2008-09]Status: DisposedITAT Mumbai15 Feb 2024AY 2008-09

Bench: Ms. Kavitha Rajagopal, Jm & Shri Gagan Goyal, Am Ajiv Yashwant Patil Acit, Central Circle-3 103, Parijat Apartments, Gaothan, Thane Vs. Virar (W), Thane-401 303

For Appellant: Shri Subodh RatnaparkhiFor Respondent: 22.11.2023
Section 132Section 143(2)Section 143(3)Section 147Section 148Section 250

…he proceeding u/s. 148 of the Act was reason to believe that the income has escaped assessment based on the prima facie material. The ld. CIT(A) relied on the decision of the Hon'ble Apex Court in the case of Asst. CIT vs. Rajesh Zhaveri Stock Brokers [2007] 291 ITR 500 (SC), Central Provinces Manganese Ore Co. Ltd. vs. ITO [1991] 191 ITR 662, Raymond Woollen Mills Ltd. vs. ITO [1999] 236 ITR 34 (SC) along with various other decisions which has held that for the purpose of reopening the assessment, the A.O. merely has to have prima facie material for reason to believe that income has escaped assessment nor t…

Ajiv Yashwnat Patil, Thane vs. ACIT, Central Circle-3, Thane

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

ITA 549/MUM/2022[2008-09]Status: DisposedITAT Mumbai15 Feb 2024AY 2008-09

Bench: Ms. Kavitha Rajagopal, Jm & Shri Gagan Goyal, Am Ajiv Yashwant Patil Acit, Central Circle-3 103, Parijat Apartments, Gaothan, Thane Vs. Virar (W), Thane-401 303

For Appellant: Shri Subodh RatnaparkhiFor Respondent: 22.11.2023
Section 132Section 143(2)Section 143(3)Section 147Section 148Section 250

…he proceeding u/s. 148 of the Act was reason to believe that the income has escaped assessment based on the prima facie material. The ld. CIT(A) relied on the decision of the Hon'ble Apex Court in the case of Asst. CIT vs. Rajesh Zhaveri Stock Brokers [2007] 291 ITR 500 (SC), Central Provinces Manganese Ore Co. Ltd. vs. ITO [1991] 191 ITR 662, Raymond Woollen Mills Ltd. vs. ITO [1999] 236 ITR 34 (SC) along with various other decisions which has held that for the purpose of reopening the assessment, the A.O. merely has to have prima facie material for reason to believe that income has escaped assessment nor t…

Ritu Sikandar Khanna, Mumbai vs. Income Tax Officer(It), Mumbai

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

ITA 3481/MUM/2023[2012-13]Status: DisposedITAT Mumbai08 Feb 2024AY 2012-13

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Subhash Chhajed a/wFor Respondent: Smt. Mahita Nair
Section 143(2)Section 143(3)Section 147Section 148Section 250Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, , ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.3481/Mum./2023 (Assessment Year : 2012–13) Ritu Sikandar Khanna 501/A, Gasurina Building Evershine Green CHS, New Link Road ……………. Appellant Andheri (West), Mumbai 400 053 PAN – BAVPK7874C v/s Income Tax Officer ……………. Respondent Ward–3(1)(1), Mumbai Assessee by : Shri Subhash Chhajed a/w Shri Rajesh Saluja Revenue by : Smt. Mahita Nair Date of Hearing – 06/02/2023 Date of Order – 08/02/2024 O R D E R PER SANDEEP SINGH KARHAIL, J.M. The present ap…

Bharat De vs. Hi Dagha, Thanevs.ITO Ward 3(1), Kalyan

In the result, both the appeals of the assessee are dismissed

ITA 3315/MUM/2023[2009-10]Status: DisposedITAT Mumbai07 Feb 2024AY 2009-10

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2009-10 & Assessment Year: 2010-11 Bharat Devshi Dagha, Ito, Ward 3(1), 3/13, Geet Govind Chs. Rani Mansion Manpada Road, Vs. Maharashtra-421301. Dombivli East-421 201. Pan No. Aarpd 9399 Q Appellant Respondent

For Appellant: Mr. Kalpesh Khatri, CAFor Respondent: Mr. Surendra Kumar Meena, Sr. DR
Section 147Section 148

…assessment are as under: 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining the requirement of the issue of notice u/s 148 heldthat all that is the requirement of the issue of notice u/s 148 heldthat all that is the requirement of the issue of notice u/s 148 heldthat all that i…

Bharat De vs. Hi Dagha, Thanevs.ITO Ward 3(1), Kalyan

In the result, both the appeals of the assessee are dismissed

ITA 3314/MUM/2023[2010-11]Status: DisposedITAT Mumbai07 Feb 2024AY 2010-11

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2009-10 & Assessment Year: 2010-11 Bharat Devshi Dagha, Ito, Ward 3(1), 3/13, Geet Govind Chs. Rani Mansion Manpada Road, Vs. Maharashtra-421301. Dombivli East-421 201. Pan No. Aarpd 9399 Q Appellant Respondent

For Appellant: Mr. Kalpesh Khatri, CAFor Respondent: Mr. Surendra Kumar Meena, Sr. DR
Section 147Section 148

…assessment are as under: 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh 6.1 The, Hon'ble Supreme Court in the case of Asst. CIT v. Rajesh Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining Jhaveri Stock Brokers P. Ltd. [2007] 291 ITR 500 while examining the requirement of the issue of notice u/s 148 heldthat all that is the requirement of the issue of notice u/s 148 heldthat all that is the requirement of the issue of notice u/s 148 heldthat all that i…

Rohit Manohar Shetty, Mumbai vs. ACIT 35(2), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

ITA 2914/MUM/2023[2011-12]Status: DisposedITAT Mumbai01 Feb 2024AY 2011-12

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Arvind PintoFor Respondent: Smt. Mahita Nair
Section 143(1)Section 147Section 148Section 250Section 68

…essment proceedings in the case of the assessee and on the basis of the aforesaid information, the AO initiated proceedings under section 147 of the Act and issued a notice under section 148 of the Act. In ACIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd, [2007] 291 ITR 500 (SC), the Hon’ble Supreme Court held that if there is relevant material on the basis of which a reasonable person can form a requisite belief that income chargeable to tax has escaped assessment, then proceedings under section 147 of the Act can be validly initiated. In the present case, as noted above, on the basis of information received from t…

G.J. Holding Pvt. Ltd., Ludhiana vs. ACIT, C-2, Ludhiana

In the result, the appeal of the assessee stands allowed

ITA 1171/CHANDI/2019[2011-12]Status: DisposedITAT Chandigarh30 Jan 2024AY 2011-12

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./ Ita No.1171/Chandi/2019 िनधा"रण वष" / Assessment Year : 2011-12 G.J. Holding Pvt. Ltd. बनाम Acit, Central Circle-Ii, Ludhiana C/O G.S. Auto International Limited, G.S. Estate, G.T. Road, Ludhiana. "थायी लेखा सं./Pan No: Aaacg6664K अपीलाथ"/Appellant ""यथ"/Respondent िनधा"रती क" ओर से/Assessee By : Shri P.K. Goel & Sunil Arora, C.As राज"व क" ओर से/ Revenue By : Smt. Amanpreet Kaur, Sr. Dr सुनवाई क" तारीख/Date Of Hearing : 18.12.2023 उदघोषणा क" तारीख/Date Of Pronouncement : 30.01.2024 आदेश/Order Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 04.07.2019 Of The Commissioner Of Income Tax (Appeals)-5, Ludhiana[Hereinafter Referred To As The ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Taken The Following 2. Grounds Of Appeal:

For Appellant: Shri P.K. Goel & Sunil Arora, C.AsFor Respondent: Smt. Amanpreet Kaur, Sr. DR
Section 132Section 133ASection 139Section 143(1)Section 147Section 148Section 250

…आयकर अपीलीय अिधकरण,च"डीगढ़ "यायपीठ,च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, “A” CHANDIGARH BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.1171/CHANDI/2019 िनधा"रण वष" / Assessment Year : 2011-12 G.J. Holding Pvt. Ltd. बनाम ACIT, Central Circle-II, Ludhiana C/o G.S. Auto International Limited, G.S. Estate, G.T. Road, Ludhiana. "थायी लेखा सं./PAN NO: AAACG6664K अपीलाथ"/Appellant ""यथ"/Respondent िनधा"रती क" ओर से/Assessee by : Shri P.K. Goel & Sunil Arora, C.As राज"व क" ओर से/ Revenue by : Smt. Amanpreet Kaur, Sr. DR सुनवाई क" तारीख/Da…