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 367,368 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.

Shree Bhavani Developer, Mumbai vs. ITO 21 (3)(3), Mumbai

In the result, the appeals for A

ITA 1848/MUM/2019[2011-12]Status: DisposedITAT Mumbai31 Oct 2019AY 2011-12

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2011-12 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Shri Pramod Kumar Parida, ARFor Respondent: Ms. Nitin Waghmode, DR
Section 133(6)Section 143Section 143(1)Section 148Section 68

…ssed u/s.143(1) of the Act. Thereafter, the AO reopened the assessment on the basis of information from the DGIT that the assessee had obtained accommodation entries. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers P. Ltd. (2007) 291 ITR 500 (SC) analyzed the distinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) of the Act. In the former case, the AO would have much wider latitude to reopen the assessment. In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the ab…

Sh. Krishan Kumar Goyal, Chandigarh vs. DCIT, CC-1, Chandigarh

In the result, both the appeals of the assessee stand allowed

ITA 456/CHANDI/2019[2007-08]Status: DisposedITAT Chandigarh30 Oct 2019AY 2007-08

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita No. 226/Chd/2019 "नधा"रण वष" / Assessment Year : 2007-08 The Dcit, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh Scf 153, Sector 26, Grain Market, Chandigarh "थायी लेखा सं./Pan No. Agipk9063H अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ Ita No. 456/Chd/2019 "नधा"रण वष" / Assessment Year : 2007-08 The Dcit, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh Scf 153, Sector 26, Grain Market, Chandigarh "थायी लेखा सं./Pan No. Agipk9063H अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Shri Nikhil Goyal, AdvocateFor Respondent: Sh. Gulshan Raj, CIT DR
Section 139(1)Section 143(1)Section 143(2)Section 143(3)Section 153ASection 68

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “ए ” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं "ीमती अ"नपूणा" गु"ता, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND Ms. ANNAPURNA GUPTA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 226/CHD/2019 "नधा"रण वष" / Assessment Year : 2007-08 The DCIT, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh SCF 153, Sector 26, Grain market, Chandigarh "थायी लेखा सं./PAN No. AGIPK9063H अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ ITA No. 456/CHD/2019 "नधा"रण वष" / Assessment Year : 2…

Sh. Krishan Kumar Goyal, Chandigarh vs. DCIT, CC-1, Chandigarh

In the result, both the appeals of the assessee stand allowed

ITA 226/CHANDI/2019[2007-08]Status: DisposedITAT Chandigarh30 Oct 2019AY 2007-08

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita No. 226/Chd/2019 "नधा"रण वष" / Assessment Year : 2007-08 The Dcit, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh Scf 153, Sector 26, Grain Market, Chandigarh "थायी लेखा सं./Pan No. Agipk9063H अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ Ita No. 456/Chd/2019 "नधा"रण वष" / Assessment Year : 2007-08 The Dcit, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh Scf 153, Sector 26, Grain Market, Chandigarh "थायी लेखा सं./Pan No. Agipk9063H अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Shri Nikhil Goyal, AdvocateFor Respondent: Sh. Gulshan Raj, CIT DR
Section 139(1)Section 143(1)Section 143(2)Section 143(3)Section 153ASection 68

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “ए ” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं "ीमती अ"नपूणा" गु"ता, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND Ms. ANNAPURNA GUPTA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 226/CHD/2019 "नधा"रण वष" / Assessment Year : 2007-08 The DCIT, Shri Krishan Kumar Goyal, बनाम Central Circle-1, Prop Sagar Enterprise, Chandigarh SCF 153, Sector 26, Grain market, Chandigarh "थायी लेखा सं./PAN No. AGIPK9063H अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ ITA No. 456/CHD/2019 "नधा"रण वष" / Assessment Year : 2…

Shri Ram Narain Yadav, Jaipur vs. Income Tax Officer, Ward-3-2, Jaipur

In the result, both the appeals of the assessee are partly allowed for

ITA 916/JPR/2018[2007-08]Status: DisposedITAT Jaipur30 Oct 2019AY 2007-08
For Appellant: Shri Madhukar Garg (CA)For Respondent: Shri A.K. Mahala (JCIT)
Section 147Section 234B

…n to be investigated and decided by the assessing authority. The appellant will be entitled to take all the points before the assessing authority. The appeals are dismissed." (iv) Further, in the case of ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007] 291 ITR 500 (SC), it was held by the Hon' ble Apex Court that if the AO, for whatever reason, has reason to believe that income has escaped assessment, it confers jurisdiction to re-open the assessment. It is a fact that no assessment was made earlier u/s 143(3)/144 of the Act in the case of the appellant, therefore, the ratio in the case of ACIT vs. Rajesh…

Shri Ram Narain Yadav, Jaipur vs. Income Tax Officer, Ward-3-2, Jaipur

In the result, both the appeals of the assessee are partly allowed for

ITA 915/JPR/2018[2006-07]Status: DisposedITAT Jaipur30 Oct 2019AY 2006-07
For Appellant: Shri Madhukar Garg (CA)For Respondent: Shri A.K. Mahala (JCIT)
Section 147Section 234B

…n to be investigated and decided by the assessing authority. The appellant will be entitled to take all the points before the assessing authority. The appeals are dismissed." (iv) Further, in the case of ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007] 291 ITR 500 (SC), it was held by the Hon' ble Apex Court that if the AO, for whatever reason, has reason to believe that income has escaped assessment, it confers jurisdiction to re-open the assessment. It is a fact that no assessment was made earlier u/s 143(3)/144 of the Act in the case of the appellant, therefore, the ratio in the case of ACIT vs. Rajesh…

The Pr.Commissioner of Income Tax vs. Sri Koundinya Educational Society

ITTA/179/2019HC Andhra Pradesh29 Oct 2019

Bench: C.PRAVEEN KUMAR,CHEEKATI MANAVENDRANATH ROY

…984) 3 SCC 16 153. (2006) 3 SCC 643 154. (2001) 3 SCC 609 155. 1963 SC 1241 156. AIR 1961 AP 50 157. AIR 1967 SC 944 158. AIR 2005 SC 862 159. (1992) 73 CLT 567 160. 1982) 3 SCC 519 161. (2016) 8 SCC 509 162. (2002) 8 SCC 228 163. (2018) 14 SCC 408 164. (2002) 2 SCC 459 165. (2015) 14 SCC 327 166. (2016) 11 SCC 31 CJ, MSM,J and DVSS,J W.P.Nos.13203 of 2020 & batch 6 167. (1990) 1 SCC 328 168. (1971) 2 SCC 261 169. AIR 1957 Madras 196 170. (2006) 1 ALD 468 171. (1996) ILLJ 1082 AP (FB) 172. 2000 (6) ALD 609 173. (1970) 2 W.LR. 1264 = (1970) A.C. 1136 174. (2003…

Sanghvi Metals, Mumbai vs. ITO - 19(3)(2), Mumbai

In the result, both appeals of the assessee are partly allowed

ITA 5879/MUM/2018[2011-12]Status: DisposedITAT Mumbai29 Oct 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: NoneFor Respondent: Shri Ram Tiwari
Section 133(6)Section 143(1)Section 143(1)(a)Section 145(3)Section 147Section 148

…was reopened based on the information received from the DGIT(Inv.) and therefore, we are of the view that there are tangible materials came on record after passing intimation u/s.143(1) of the Act. In the case of CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500], the Hon’ble Supreme Court held that intimation u/s.143(1)(a) is not an assessment and upheld the validity of the notice issued u/s 148 and the reopening of assessment. Their Lordships clarified the matter as under: “17. The scope and effect of section 147 as substituted with effect from 1-41989, as also sections 148 to 152 are substantially dif…

Sanghvi Metals, Mumbai vs. ITO - 19(3)(2), Mumbai

In the result, both appeals of the assessee are partly allowed

ITA 5878/MUM/2018[2010-11]Status: DisposedITAT Mumbai29 Oct 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: NoneFor Respondent: Shri Ram Tiwari
Section 133(6)Section 143(1)Section 143(1)(a)Section 145(3)Section 147Section 148

…was reopened based on the information received from the DGIT(Inv.) and therefore, we are of the view that there are tangible materials came on record after passing intimation u/s.143(1) of the Act. In the case of CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500], the Hon’ble Supreme Court held that intimation u/s.143(1)(a) is not an assessment and upheld the validity of the notice issued u/s 148 and the reopening of assessment. Their Lordships clarified the matter as under: “17. The scope and effect of section 147 as substituted with effect from 1-41989, as also sections 148 to 152 are substantially dif…

Deputy Commissioner of Income Tax Central Circle 6(2), Mumbai vs. Shri Sarvajit Patel, Mumbai

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

ITA 879/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Oct 2019AY 2009-10

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10

For Appellant: Mr. Malav P. Sheth, ARFor Respondent: Ms. Vidisha Kalra, CIT(DR)
Section 143(1)Section 143(3)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 Deputy Commissioner of Shri Sarvajit Patel, Income Tax, Circle Vs. Flat No. 1101, Uttung Central-6(2), Room No. CHS Ltd., D.L., Vaidya 1903, 19th floor, Air India Road, Dadar (W), Building, Nariman Point, Mumbai-28. Mumbai-400021. PAN No. ALBPP6642B Appellant Respondent C.O. No. 106/MUM/2019 (ITA No. 879/MUM/2018) Assessment Year: 2009-10 Shri Sarvajit Patel, DCIT Circle Central-6(2), Flat No. 1101, Uttung CHS Vs. Room No. 1903, 19th Ltd.,…

DCIT-4(3)(2), Mumbai vs. M/S.Setu Securities Private Limited, Mumbai

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

ITA 5611/MUM/2017[2010-11]Status: DisposedITAT Mumbai25 Oct 2019AY 2010-11

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2010-11

For Appellant: Dr. K. Shivaram &For Respondent: Mr. V. Vinod Kumar, DR
Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 148

…148 of the Act. The assessee vide letter dated 15.10.2015 filed objection against the said notice u/s.148. The AO rejected the objection by an order dated 05.02.2016. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers P. Ltd. (2007) 291 ITR 500 (SC) analyzed the distinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) of the Act. In the former case, the AO would have much wider latitude to reopen the assessment. In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the ab…

Oleofine Organics (India) P.Ltd, Mumbai vs. DCIT Cir 10(2), Mumbai

In the result, the appeal of the assessee with regard to limited purpose of Ground No

ITA 5831/MUM/2014[2006-07]Status: DisposedITAT Mumbai16 Oct 2019AY 2006-07

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Oleofine Organics Vs. The Deputy Commissioner (India) Pvt.Ltd. Of Income Tax, Circle-10(2) 101/B, Fine House Aayakar Bhavan Anandji Lane New Marine Lines Off. M.G. Road Mumbai – 400 020 Ghatkopar (E) Mumbai – 400 077 Pan/Gir No. Aaaco1352Q (Appellant) .. (Respondent)

Section 143(3)Section 147Section 148Section 80I

…s recorded itself. Hence, the decision relied upon by the ld. DR in the case of Hinduja Foundation supra would not come to the rescue of the revenue. C. Decision of Hon’ble Supreme Court in the case of ACIT vs Rajesh Jhaveri Stock Brokers Pvt. Ltd reported in 291 ITR 500 (SC) This is a case wherein the original assessment was completed u/s.143(1) of the Act and thereafter reopening was made. Even in this case, the Hon’ble Supreme Court specifically observed that even if the re- assessment has been made in respect of assessment originally completed u/s.143(1) of the Act, the necessary ingredients of Section 147 of…

Dharmender Kumar, New Delhi vs. ITO, Ward- 65(5), New Delhi

In the result, the Appeal filed by the Assessee stands partly allowed

ITA 2728/DEL/2018[2008-09]Status: DisposedITAT Delhi16 Oct 2019AY 2008-09

Bench: Shri H.S. Sidhuassessment Year : 2008-09

For Appellant: Sh. Raj Kumar, CA & Sh. Sumit Goel, CAFor Respondent: Ms. Ekta Vishnoi, Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 147Section 148Section 151Section 69A

…ITR 84 (Bombay)/r20091 225 CTR 283 (Bombay) Points not decided while passing assessment order under section 143(3) not a case of change of opinion. Assessment reopened validly. 4. ACIT Vs Rajesh Jhaveri Stock Brokers (P.) Ltd (2007) 161 Taxman 316 (SC)/r20071 291 ITR 500 (SC)/[2007] 210 CTR 30 (SC) So long as the conditions of section 147 are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings, even when intimation under section 143(1) has been issued A…

Divya, Hisar vs. ITO, Ward- 1, Hisar

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

ITA 6097/DEL/2018[2009-10]Status: DisposedITAT Delhi15 Oct 2019AY 2009-10

Bench: Shri N.K.Billaiya & Shri Suchitra Kamble, [Assessment Year: 2009-10] Divya, Ito, D/O-Shri Kailash Chand, 151, Kala Ward-1, Mandir Saree, Palika Bazar, Hisar, Hisar, Haryana Haryana

Section 147Section 148Section 151Section 69

…relevant material and as such reasons recorded do not constitute valid reasons. The Ld. AR relied upon the decisions of Hon’ble Supreme Court in the case of CIT vs Kelvinator of India Ltd. (320 ITR 561)(SC) and ACIT vs. Rajesh Jhaveri Stock Brokers (P). Ltd. 291 ITR 500 (SC). The Ld. AR also relied upon the decision of jurisdictional High Court in the case of CIT vs. BatraBhatta & Co. 321 ITR 526 (Del.) and Ashok Kumar Sen vs. ITO 132 ITR 707 (Del.). 6. The Ld. DR relied upon the assessment order as well as the order of the CIT(A). The Ld. DR also relied upon the decision of the Hon’ble Supreme Court in the case…

M/S. Hillman Properties Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, appeal of Assessee dismissed

ITA 6530/DEL/2014[2001-02]Status: DisposedITAT Delhi11 Oct 2019AY 2001-02

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Amit Goel, C.AFor Respondent: Ms. Rakhi Vimal, Sr. D.R
Section 133(6)Section 139(1)Section 147Section 148

…he was justified in initiating reassessment proceeding in case of assessee.” 15 ITA.No.6530/Del./2014 M/s. Hillman Properties Pvt. Ltd., New Delhi. 5.2. Judgment of Hon’ble Supreme Court in the case of ACIT vs., Rajesh Jhaveri Stock Brokers (P.) Ltd., [2007] 291 ITR 500 [SC] in which it was held as under : “Where Hon’ble Supreme Court held that so long as the conditions of section 147 are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment, proceedings, even when…

Huron Builders Pvt Ltd, New Delhi vs. ITO Ward - 6(1), New Delhi

In the result the appeal is allowed on this preliminary

ITA 6251/DEL/2019[2013-14]Status: DisposedITAT Delhi03 Oct 2019AY 2013-14

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri S.K. Garg, Adv. & Shri AkarshFor Respondent: Ms. Sugandha Sharma, Sr.D.R
Section 147Section 148Section 68

…der section 147 had undergone a complete change w.e.f. 1.4.1989 and in support of her contention, she referred to and relied upon the decision of Hon’ble Supreme Court in the case of Asstt. CIT Vs. Rajesh Jhaveri Stock Brokers P. Limited reported in (2007) 291 ITR 500, wherein it had been held by the Hon’ble Apex Court that at the stage of initiation of proceedings under section 147, all that was needed was ex-facie “reason to believe” about escapement of income chargeable to tax. The Assessing Officer was neither obliged, nor expected to refer any conclusive evidence in this respect, while initiating the pr…

Laxman D Daware, Mumbai vs. ITO 19 (2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3464/MUM/2018[2011-12]Status: DisposedITAT Mumbai30 Sept 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria
Section 133(6)Section 143(3)Section 145Section 147

…pening of assessment is concerned sustained the action of the Assessing Officer in reopening the assessment placing reliance on various decisions including the decision of the Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500]. Coming to the merits of the case Ld.CIT(A) confirmed the estimation of profit element at 12.5% of the non-genuine purchases. However, he directed the Assessing Officer to reduce the gross profit already declared by the assessee on these alleged bogus purchases. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Laxman D Daware 5. Ld. Counsel for the asses…

Laxman D. Daware, Mumbai vs. ITO 19(2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3463/MUM/2018[2010-11]Status: DisposedITAT Mumbai30 Sept 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria
Section 133(6)Section 143(3)Section 145Section 147

…pening of assessment is concerned sustained the action of the Assessing Officer in reopening the assessment placing reliance on various decisions including the decision of the Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500]. Coming to the merits of the case Ld.CIT(A) confirmed the estimation of profit element at 12.5% of the non-genuine purchases. However, he directed the Assessing Officer to reduce the gross profit already declared by the assessee on these alleged bogus purchases. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Laxman D Daware 5. Ld. Counsel for the asses…

Laxman D. Daware, Mumbai vs. ITO 19(2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3462/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Sept 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria
Section 133(6)Section 143(3)Section 145Section 147

…pening of assessment is concerned sustained the action of the Assessing Officer in reopening the assessment placing reliance on various decisions including the decision of the Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500]. Coming to the merits of the case Ld.CIT(A) confirmed the estimation of profit element at 12.5% of the non-genuine purchases. However, he directed the Assessing Officer to reduce the gross profit already declared by the assessee on these alleged bogus purchases. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Laxman D Daware 5. Ld. Counsel for the asses…

Ralf Jems P.Ltd, Mumbai vs. ITO WD 5(3)(1), Mumbai

In the result, appeals of the assessee for the A

ITA 1578/MUM/2018[2013-14]Status: DisposedITAT Mumbai30 Sept 2019AY 2013-14

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: Shri B.V. JhaveriFor Respondent: Shri Chaitanya Anjaria
Section 143(3)Section 147Section 234B

…e of the view that the assessments were reopened based on the information received from the DGIT(Inv.) and there are tangible materials came on record after passing intimation u/s.143(1) of the Act. In the case of CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500], the Hon’ble Supreme Court held that intimation u/s.143(1)(a) is not an assessment and upheld the validity of (A.Ys: 2010-11, 2011-12, 2012-13 & 2013-14) M/s Ralf Jems Pvt. Ltd., the notice issued u/s 148 and the reopening of assessment. Their Lordships held as under: - “16. Section 147 authorises and permits the Assessing Officer to assess or r…

Ralf Jems P.Ltd, Mumbai vs. ITO WD 5(3)(1), Mumbai

In the result, appeals of the assessee for the A

ITA 1577/MUM/2018[2012-13]Status: DisposedITAT Mumbai30 Sept 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: Shri B.V. JhaveriFor Respondent: Shri Chaitanya Anjaria
Section 143(3)Section 147Section 234B

…e of the view that the assessments were reopened based on the information received from the DGIT(Inv.) and there are tangible materials came on record after passing intimation u/s.143(1) of the Act. In the case of CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd. [291 ITR 500], the Hon’ble Supreme Court held that intimation u/s.143(1)(a) is not an assessment and upheld the validity of (A.Ys: 2010-11, 2011-12, 2012-13 & 2013-14) M/s Ralf Jems Pvt. Ltd., the notice issued u/s 148 and the reopening of assessment. Their Lordships held as under: - “16. Section 147 authorises and permits the Assessing Officer to assess or r…