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.

Gyan Chand Sharma, Palwal vs. ITO Ward - 1(3), Faridabad

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

ITA 1586/DEL/2020[2011-12]Status: DisposedITAT Delhi17 Feb 2023AY 2011-12

Bench: Shri Kul Bharat[Assessment Year : 2011-12] Gyan Chand Sharma, Vs Ito, H.No.436, Adarsh Colony, Ward-1(3), Palwal, Haryana. Faridabad. Pan-Bhgps2052E Appellant Respondent Appellant By None Respondent By Ms. Maimun Alam, Sr.Dr Date Of Hearing 02.02.2023 Date Of Pronouncement 17.02.2023

Section 143(1)Section 143(3)Section 147Section 68

…. Clearly in this case the AO was having tangible material to draw such inference. Reliance is placed upon the decision of Hon'ble Supreme Court in the case of RAYMOND WOLLEN MILLS LTD. Vs. ITO 2361TR 34 (SC) and ACIT VS. RAJESH JHAVERI STOCK BROKERS (P) LTD. 291 ITR 500 (SC), PHOOL CHAND BAJRANG LAL AND ANOTHER VS. ITO & ANOTHER 203 ITR 456 (SC) and Hon'ble Madras High Court in the case of STERLITE INDUSTRIES (INDIA) LTD. v ASSISTANT COMMISSIONER OF INCOME-TAX AND ANOTHER [2008] 302 ITR 275 (MAD.). The Pr.CIT has gone through the entire material on record and has applied her mind before giving approval u/s 151 o…

M/S Hanuman Tube Well Co., Jaipur vs. Deputy Commissioner of Income Tax, Circle-3, Jaipur

In the result, the appeal of the assessee is allowed

ITA 865/JPR/2019[2008-09]Status: DisposedITAT Jaipur13 Feb 2023AY 2008-09

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S.L. Jain (Adv.) &For Respondent: Shri Sanjay Dhariwal (CIT)
Section 143(2)Section 147Section 148Section 40

…N TUBEWELL COMPANY VS DCIT, CIRCLE-3, JAIPUR respective assessment years Assessee challenged validity of reopening of assessments for all three years - Whether, in view of decision of Supreme Court in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. (2007) 291 ITR 500/161 Taxman 316, reopening of assessments for assessment years 2002-03 and 2003- 04 was valid as Assessing Officer had not expressed any opinion on issue in dispute while processing return under section 143(1) Held, yes Whether for assessment year 2004-05, even though assessment had been made under section 143(3) earlier, yet Assessing Officer had…

The ITO, Ward-3(1)(1), Rajkot-Gujarat vs. Shri Girishkumar M. Puruswani, Rajkot-Gujarat

In the result, the appeal filed by the Revenue is hereby dismissed

ITA 407/RJT/2016[2010-11]Status: DisposedITAT Rajkot31 Jan 2023AY 2010-11

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted Through Virtual Court) Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos. 405 to 407/Rjt/2016 Assessment Years: 2008-09 to 2010-11 The Income Tax Officer, Shri Girishkumar Ward-3(1)(1), Rajkot Mohanlal Puruswani Vs 245-Royal Complex, (Appellant) Dhebar Road, Rajkot PAN: ADKPP3934F (Respondent) Assessee Represented: Shri Mehul Ranpura, A.R. Revenue Represented: Shri Shramdeep Sinha, CIT-DR Date of hearing : 21-12-2022 Date of pronouncement : 31-01-2023 आदेश/ORDER PER : T.R. SENTHIL KUMAR…

The ITO, Ward-3(1)(1), Rajkot-Gujarat vs. Shri Girishkumar M. Puruswani, Rajkot-Gujarat

In the result, the appeal filed by the Revenue is hereby dismissed

ITA 406/RJT/2016[2009-10]Status: DisposedITAT Rajkot31 Jan 2023AY 2009-10

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted Through Virtual Court) Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos. 405 to 407/Rjt/2016 Assessment Years: 2008-09 to 2010-11 The Income Tax Officer, Shri Girishkumar Ward-3(1)(1), Rajkot Mohanlal Puruswani Vs 245-Royal Complex, (Appellant) Dhebar Road, Rajkot PAN: ADKPP3934F (Respondent) Assessee Represented: Shri Mehul Ranpura, A.R. Revenue Represented: Shri Shramdeep Sinha, CIT-DR Date of hearing : 21-12-2022 Date of pronouncement : 31-01-2023 आदेश/ORDER PER : T.R. SENTHIL KUMAR…

The ITO, Ward-3(1)(1), Rajkot-Gujarat vs. Shri Girishkumar M. Puruswani, Rajkot-Gujarat

In the result, the appeal filed by the Revenue is hereby dismissed

ITA 405/RJT/2016[2008-09]Status: DisposedITAT Rajkot31 Jan 2023AY 2008-09

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted Through Virtual Court) Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos. 405 to 407/Rjt/2016 Assessment Years: 2008-09 to 2010-11 The Income Tax Officer, Shri Girishkumar Ward-3(1)(1), Rajkot Mohanlal Puruswani Vs 245-Royal Complex, (Appellant) Dhebar Road, Rajkot PAN: ADKPP3934F (Respondent) Assessee Represented: Shri Mehul Ranpura, A.R. Revenue Represented: Shri Shramdeep Sinha, CIT-DR Date of hearing : 21-12-2022 Date of pronouncement : 31-01-2023 आदेश/ORDER PER : T.R. SENTHIL KUMAR…

Hetram Bokan, Gurgaon vs. ITO Ward - 2(1), Gurgaon

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

ITA 1688/DEL/2019[2013-14]Status: DisposedITAT Delhi12 Jan 2023AY 2013-14

Bench: Shri Kul Bharat[Assessment Year : 2013-14] Hetram Bokan, Vs Ito, 226, 2Nd Floor, Jmd Megapolis, Ward-2(1), Sohna Road, Sector-48, Gurgaon. Gurgaon, Haryana-122001. Pan-Amkpb3430B Appellant Respondent Appellant By None Respondent By Shri Ramdhan Meena, Sr.Dr Date Of Hearing 12.01.2023 Date Of Pronouncement 12.01.2023

Section 139(4)Section 147Section 234A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “SMC” BENCH: NEW DELHI BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER [Assessment Year : 2013-14] Hetram Bokan, vs ITO, 226, 2nd Floor, JMD Megapolis, Ward-2(1), Sohna Road, Sector-48, Gurgaon. Gurgaon, Haryana-122001. PAN-AMKPB3430B APPELLANT RESPONDENT Appellant by None Respondent by Shri Ramdhan Meena, Sr.DR Date of Hearing 12.01.2023 Date of Pronouncement 12.01.2023 ORDER PER KUL BHARAT, JM : The present appeal filed by the assessee for the assessment year 2013- 14 is directed against the order of Ld. CIT(A)-1, Gurgaon dated 07.12.2018. The assessee has raised following g…

Srilab Neo Packs Ltd, Kolkata vs. DCIT Central Circle-3, Ranchi

In the result, appeal filed by the assessee is dismissed

ITA 29/RAN/2018[10-11]Status: DisposedITAT Ranchi04 Jan 2023

Bench: Dr. Manish Borad & Sonjoy Sarma

Section 147Section 148Section 250Section 68

…hallenging the validity of re-assessment proceedings u/s 147 of the Act is concerned, we notice that ld. CIT(A) has dealt with the same relying on the decision of Hon’ble Supreme Court in the case of Asst. CIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500 (SC), judgment of Hon'ble Gujarat High Court in the case of Inductotherm (India) (P.) Ltd. vs. DCIT [2013] 356 ITR 481 (Guj.) and has observed that ld. AO rightly recorded the reasons before re- opening. Since there is no representation on behalf of the assessee to rebut this finding of ld. CIT(A) and the facts before us supports the finding of l…

M/S. Global Cricket Corporation Pte. Ltd., Mumbai vs. DDIT It-3(1), Mumbai

Appeal of the Revenue is dismissed, and cross-objection by the Assessee are disposed off as infructuous

ITA 1510/MUM/2009[2003-2004]Status: DisposedITAT Mumbai14 Dec 2022AY 2003-2004
Section 143(1)Section 143(3)Section 147

…n constitute tangible material for initiating assessment for another assessment year. The Assessing Officer is not precluded from reopening the assessment of an earlier year made on the basis of fresh 12 ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007) 291 ITR 500 (SC) and DCIT vs. Zuari Estate Development and Investment 373 ITR 661 (SC) 89 ITA. No. 3135 & 3130/Mum/2006 & CO No. 324/Mum/2006 ITA No. 1510 & 1444/Mum/2009 & CO No. 160/Mum/2009 Assessment Years: 2002-03 & 2003-04 material in the course of assessment proceedings of a subsequent year13. 10.9. The return of income for the Assessment Year 2003…

M/S. Global Cricket Corporation Pte. Ltd., Mumbai vs. ADIT (Int. Taxation) - 3(1), Mumbai

Appeal of the Revenue is dismissed, and cross-objection by the Assessee are disposed off as infructuous

ITA 3135/MUM/2006[2002-2003]Status: DisposedITAT Mumbai14 Dec 2022AY 2002-2003
Section 143(1)Section 143(3)Section 147

…n constitute tangible material for initiating assessment for another assessment year. The Assessing Officer is not precluded from reopening the assessment of an earlier year made on the basis of fresh 12 ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007) 291 ITR 500 (SC) and DCIT vs. Zuari Estate Development and Investment 373 ITR 661 (SC) 89 ITA. No. 3135 & 3130/Mum/2006 & CO No. 324/Mum/2006 ITA No. 1510 & 1444/Mum/2009 & CO No. 160/Mum/2009 Assessment Years: 2002-03 & 2003-04 material in the course of assessment proceedings of a subsequent year13. 10.9. The return of income for the Assessment Year 2003…

ADIT (It)-3(1), Mumbai vs. M/S. Global Cricket Corporation Pte. Ltd., Mumbai

Appeal of the Revenue is dismissed, and cross-objection by the Assessee are disposed off as infructuous

ITA 3130/MUM/2006[2002-2003]Status: DisposedITAT Mumbai14 Dec 2022AY 2002-2003
Section 143(1)Section 143(3)Section 147

…n constitute tangible material for initiating assessment for another assessment year. The Assessing Officer is not precluded from reopening the assessment of an earlier year made on the basis of fresh 12 ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007) 291 ITR 500 (SC) and DCIT vs. Zuari Estate Development and Investment 373 ITR 661 (SC) 89 ITA. No. 3135 & 3130/Mum/2006 & CO No. 324/Mum/2006 ITA No. 1510 & 1444/Mum/2009 & CO No. 160/Mum/2009 Assessment Years: 2002-03 & 2003-04 material in the course of assessment proceedings of a subsequent year13. 10.9. The return of income for the Assessment Year 2003…

Sss Sai Shipping Services Private Limited, Mumbai vs. Deputy Commissioner of Income Tax-1(3)(1), Mumbai

ITA 6261/MUM/2017[2008-09]Status: DisposedITAT Mumbai30 Nov 2022AY 2008-09

Bench: Shri Kuldip Singh & Shri Amarjit Singhassessment Year: 2008-09 M/S. Sss Sai Shipping Dy. Commissioner Of Services Pvt. Ltd., Income Tax-1(3)(1), A-304, Classique Centre, Aayakar Bhavan, Plot Number-26, Vs. Annex, Mahal Industrial Estate, Maharshi Karve Marg, Andheri (West), Mumbai - 400020 Mumbai – 400 093 Pan: Aalcs4908D (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri Tejinder Pal Singh Anand, D.R
Section 131Section 144Section 147Section 148Section 151Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “H”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Assessment Year: 2008-09 M/s. SSS Sai Shipping Dy. Commissioner of Services Pvt. Ltd., Income Tax-1(3)(1), A-304, Classique Centre, Aayakar Bhavan, Plot Number-26, Vs. Annex, Mahal Industrial Estate, Maharshi Karve Marg, Andheri (West), Mumbai - 400020 Mumbai – 400 093 PAN: AALCS4908D (Appellant) (Respondent) Present for: Assessee by : None Revenue by : Shri Tejinder Pal Singh Anand, D.R. Date of Hearing : 03 . 10 . 2022 Date of Pronouncement : 30 . 11 . 2022 O R…

Ronak Gems Private Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 2(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 4604/MUM/2018[2016-17]Status: DisposedITAT Mumbai16 Nov 2022AY 2016-17
Section 139Section 142Section 143Section 143(2)Section 143(3)Section 147Section 148Section 156

…ribed/hedged in by the fact that the Assessing Officer has not completed the assessment under Section 143(3) of the Act. In support, he placed reliance upon the decision of the Hon'ble Apex Court in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd., [2007] 291 ITR 500/161 Taxman 316. 8. Before dealing with the rival contentions, it may be useful to reproduce Section 143 of the Act as existing, when notice dated 25.01.2000 was issued under Section 147/148 of the Act and it read as under : "143[(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142,— (…

Success International, New Delhi vs. ITO Ward- 51(4), New Delhi

The appeal is allowed

ITA 7301/DEL/2019[2009-10]Status: DisposedITAT Delhi16 Nov 2022AY 2009-10

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmasuccess International, Vs. Ito, C/O. Raj Kumar & Associates, Ward-51(4), Ca L-7A, )Lgf), South Extn, New Delhi Part-Ii, New Delhi (Appellant) (Respondent) Pan: Aaxfs3915K

For Appellant: Shri Raj Kumar, CAFor Respondent: Shri Abhishek Kumar, Sr. DR
Section 147Section 148Section 151Section 69C

…due to such client code Success International Vs. ITO, modification and thus there is no live link between the material before the Assessing Officer and inference made. The Hon’ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd. reported in 291 ITR 500 has held that for validity of reason recorded it is essential that there should be a relevant material on which a reasonable person could make requisite belief. In the circumstances, in view of the above decision of the Hon’ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. (supra) and decisions of the Tribunal (supra), we…

ITO 24(2), Mumbai vs. Kailash Chandra Gupta HUF, Mumbai

In the result, the appeal by the Revenue for the assessment year 2011–

ITA 2339/MUM/2021[2011-12]Status: DisposedITAT Mumbai10 Nov 2022AY 2011-12

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Rajesh SanghviFor Respondent: Shri Tejinder Pal Singh
Section 10(38)Section 143Section 147Section 148Section 250

…the sale of shares in its return of income. Thus when new and tangible material in form of a report from the Directorate of Investigation, Kolkata was received, reassessment proceedings were initiated. In ACIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd, [2007] 291 ITR 500 (SC), the Hon’ble Supreme Court observed as under: “16. Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. The word "reason" in the phrase "reason to believe" would mean cause or justification. If the Asses…

Income Tax Officer 24(2) (1), Mumbai vs. Kailash Chandra Gupta, Mumbai

In the result, the appeal by the Revenue for the assessment year 2011–

ITA 2338/MUM/2021[2012-13]Status: DisposedITAT Mumbai10 Nov 2022AY 2012-13

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Rajesh SanghviFor Respondent: Shri Tejinder Pal Singh
Section 10(38)Section 143Section 147Section 148Section 250

…the sale of shares in its return of income. Thus when new and tangible material in form of a report from the Directorate of Investigation, Kolkata was received, reassessment proceedings were initiated. In ACIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd, [2007] 291 ITR 500 (SC), the Hon’ble Supreme Court observed as under: “16. Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. The word "reason" in the phrase "reason to believe" would mean cause or justification. If the Asses…

Deputy Commissioner of Income Tax, Circle 2(1), Raipur vs. Bagadiya Brothers Private Limited, Raipur

Accordingly the appeals filed by the revenue for A.Y.2010-11 & 2011-12 are dismissed and the cross-objection/Additional cross-objections filed by the assessee for A.Y.2010-11 & 2011-12 are allowed ...

ITA 75/RPR/2020[2011-12]Status: DisposedITAT Raipur31 Oct 2022AY 2011-12

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 223 & 224/Rpr/2019 Co Nos.27 & 28/Rpr/2019 "नधा"रण वष" / Assessment Years : 2009-10 & 2010-11 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent आयकर अपील सं. / Ita No. 75/Rpr/2020 Co No. 02/Rpr/2020 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR
Section 143(2)Section 147Section 151

…an Gupta v/s. Union of India, 234 ITR 220 (Del), AGR Investment Ltd. vs. Addl. Commissioner of Income Tax, 333 ITR 97 (Del), Raymond Wollen Mills Ltd. v/s. Income Tax Officer, (1999) 236 ITR 34 (SC), and ACIT v/s. Rajesh Jhaveri Stock Brokers (P) Ltd., (2007) 291 ITR 500 (SC), cited by learned Counsel for the revenue, bear on me aspect of sufficiency or otherwise of the material used for formation of belief. These judgments make it clear that what can be submitted to judicial scrutiny is whether or not there was material on the basis of which belief could have been formed about escapement of income from assessmen…

Deputy Commissioner of Income Tax, Circle 2(1), Raipur vs. Bagadiya Brothers Private Limited, Raipur

Accordingly the appeals filed by the revenue for A.Y.2010-11 & 2011-12 are dismissed and the cross-objection/Additional cross-objections filed by the assessee for A.Y.2010-11 & 2011-12 are allowed ...

ITA 224/RPR/2019[2010-11]Status: DisposedITAT Raipur31 Oct 2022AY 2010-11

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 223 & 224/Rpr/2019 Co Nos.27 & 28/Rpr/2019 "नधा"रण वष" / Assessment Years : 2009-10 & 2010-11 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent आयकर अपील सं. / Ita No. 75/Rpr/2020 Co No. 02/Rpr/2020 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR
Section 143(2)Section 147Section 151

…an Gupta v/s. Union of India, 234 ITR 220 (Del), AGR Investment Ltd. vs. Addl. Commissioner of Income Tax, 333 ITR 97 (Del), Raymond Wollen Mills Ltd. v/s. Income Tax Officer, (1999) 236 ITR 34 (SC), and ACIT v/s. Rajesh Jhaveri Stock Brokers (P) Ltd., (2007) 291 ITR 500 (SC), cited by learned Counsel for the revenue, bear on me aspect of sufficiency or otherwise of the material used for formation of belief. These judgments make it clear that what can be submitted to judicial scrutiny is whether or not there was material on the basis of which belief could have been formed about escapement of income from assessmen…

Deputy Commissioner of Income Tax, Circle 2(1), Raipur vs. Bagadiya Brothers Private Limited, Raipur

Accordingly the appeals filed by the revenue for A.Y.2010-11 & 2011-12 are dismissed and the cross-objection/Additional cross-objections filed by the assessee for A.Y.2010-11 & 2011-12 are allowed ...

ITA 223/RPR/2019[2009-10]Status: DisposedITAT Raipur31 Oct 2022AY 2009-10

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita Nos. 223 & 224/Rpr/2019 Co Nos.27 & 28/Rpr/2019 "नधा"रण वष" / Assessment Years : 2009-10 & 2010-11 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent आयकर अपील सं. / Ita No. 75/Rpr/2020 Co No. 02/Rpr/2020 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Bagadiya Brothers Pvt. Ltd. Bagadiya Mansion, Jawahar Nagar, Raipur (C.G.) Pan : Aabcb8934G ……""यथ" / Respondent

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR
Section 143(2)Section 147Section 151

…an Gupta v/s. Union of India, 234 ITR 220 (Del), AGR Investment Ltd. vs. Addl. Commissioner of Income Tax, 333 ITR 97 (Del), Raymond Wollen Mills Ltd. v/s. Income Tax Officer, (1999) 236 ITR 34 (SC), and ACIT v/s. Rajesh Jhaveri Stock Brokers (P) Ltd., (2007) 291 ITR 500 (SC), cited by learned Counsel for the revenue, bear on me aspect of sufficiency or otherwise of the material used for formation of belief. These judgments make it clear that what can be submitted to judicial scrutiny is whether or not there was material on the basis of which belief could have been formed about escapement of income from assessmen…

M/S. Bhairav Tube (India ), Mumbai vs. Income Tax Officer WD19(1) (2), Mumbai

ITA 646/MUM/2022[2011-12]Status: DisposedITAT Mumbai31 Oct 2022AY 2011-12

Bench: Shri Prashant Maharishi, Am M/S, Bhairav Tube (India) Ito Wd19(1)(2) Shop No. 10,Ground Floor, Aaykar Bhavan, 6Th Khotwadi Lane, Vs. Mumbai- 400 021 Mumbai-400 004 (Respondent) (Appellant) Pan No.Aawft1198E Assessee By : None Revenue By : Shri. Ujjwal Chavan Sr Ar Date Of Hearing: 19.09.2022 Date Of Pronouncement: 31.10.2022

For Appellant: NoneFor Respondent: Shri. Ujjwal Chavan SR AR
Section 114Section 143Section 147Section 148

…Aggrieved by assessment order, appeal was preferred before appellate authority. The reassessment proceedings 646/MUM/2022 M/s Bhairav Tube (India): A.Y. 2011-12 were challenged as per ground number 1, relying on the decision of the Honourable Supreme Court in 291 ITR 500, same was upheld.On the merits the addition was confirmed. 05. Aggrieved with the appellate order appeal was preferred before us on the first date of hearing on 19 July 2022 none appeared and further when matter was adjourned to 19 September 2022 nonappearance continued. Therefore, the appeal is decided on the merits of the case as per informati…

Ashok Jasraj Jain, HUF, Mumbai vs. ACIT-19(1), Mumbai

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

ITA 5609/MUM/2019[2014-15]Status: DisposedITAT Mumbai31 Oct 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2014-15 Ashok Jasraj Jain, Huf, Acit-19(1), 45/12, Rajkotwala Bldg., 2Nd Floor, Matru Mandir Bldg., 1St Carpenter Street, C.P. Tank, Vs. Tardeo Road, Mumbai-400 004. Mumbai-400 007. Pan No. Aaahj 0191 D Appellant Respondent Assessee By : Mr. Mehul Shah, Ar Revenue By : Mr. Manoj Sinha, Dr Date Of Hearing : 23/08/2022 Date Of Pronouncement : 31/10/2022

For Appellant: Mr. Mehul Shah, ARFor Respondent: Mr. Manoj Sinha, DR
Section 143Section 143(1)Section 148

…elief that income escaped escaped assessment in the case of the assessee in the case of the assessee. The Hon’ble Supreme Court in the case of The Hon’ble Supreme Court in the case of Rajesh Jhaveri Rajesh Jhaveri Stock Brokers Private limited Private limited 291 ITR 500 (SC), held that eld that at the stage of issue of notice, the question is whether there was relevant material issue of notice, the question is whether there was relevant material issue of notice, the question is whether there was relevant material Ashok Jasraj Jain, HUF 15 on which a reasonable person c on which a reasonable person could have fo…