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.

Sanjay Sureshchandra Shah, Pune vs. Income-Tax Officer, Ward - 14(3), Pune

In the result, the appeal is partly allowed for statistical

ITA 6/PUN/2019[2010-11]Status: DisposedITAT Pune20 Mar 2019AY 2010-11

Bench: Shri R.S. Syalआयकर अपील सं. / Ita No.06/Pun/2019 िनधा"रण वष" / Assessment Year : 2010-11

Section 133ASection 147Section 148

…e about the escapement of income at the stage of initiation of reassessment proceedings. Sufficiency or correctness of such material cannot be considered at that stage. The Hon’ble Apex Court has held in ACIT vs. Rajesh Jhaveri Stock Broker (P) Ltd. (2007) 291 ITR 500 (SC) that : `The word "reason" in the phrase "reason to believe" would mean cause or justification. If the AO has cause or justification to know or suppose that income had escaped assessment, it can be said to have reason to believe that an income had escaped assessment. The expression cannot be read to mean that the AO should have finally asc…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2841/DEL/2015[2009-10]Status: DisposedITAT Delhi15 Mar 2019AY 2009-10

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…ers [236 ITR 34] 24. R.K. Malhotra ITO Vs. Kasturbhai Lalbhai [1977] 109 ITR 537 (SC) 25. CIT Vs. P.V.S. Beedies (P.) Ltd. [1999] 103 Taxman 294 (SC)/[1999] 155 CTR 538 (SC) 26. ACIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 161 Taxman 316 (SC)/[2007] 291 ITR 500 (SC)/[2007] 210 CTR 30(SC) 27. Yuvraj V. Union of India [315 ITR 84] (SC) 28. Paramount Intercontinental Pvt. Ltd. Vs. ITO (2017- TIOL-376-HC-DEL-IT) 29. Ajanta Pvt. Ltd. Vs. ACIT (2017-TIOL-126-HC-AHM-IT) 30. Murlibhai Fatandas Sawlani Vs. ITO (2016-TIOL-370- HC-AHM-IT) 31. Greenwell Orchard Vs. ITO [2017] 82 taxmann.com 461 (Gujarat) 32. Dr. Ch…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2840/DEL/2015[2008-09]Status: DisposedITAT Delhi15 Mar 2019AY 2008-09

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…ers [236 ITR 34] 24. R.K. Malhotra ITO Vs. Kasturbhai Lalbhai [1977] 109 ITR 537 (SC) 25. CIT Vs. P.V.S. Beedies (P.) Ltd. [1999] 103 Taxman 294 (SC)/[1999] 155 CTR 538 (SC) 26. ACIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 161 Taxman 316 (SC)/[2007] 291 ITR 500 (SC)/[2007] 210 CTR 30(SC) 27. Yuvraj V. Union of India [315 ITR 84] (SC) 28. Paramount Intercontinental Pvt. Ltd. Vs. ITO (2017- TIOL-376-HC-DEL-IT) 29. Ajanta Pvt. Ltd. Vs. ACIT (2017-TIOL-126-HC-AHM-IT) 30. Murlibhai Fatandas Sawlani Vs. ITO (2016-TIOL-370- HC-AHM-IT) 31. Greenwell Orchard Vs. ITO [2017] 82 taxmann.com 461 (Gujarat) 32. Dr. Ch…

Shri Jitendra Kumar Gupta, Bharatpur vs. Income Tax Officer, Ward-2, Bharatpur

In the result, the appeals for the assessment year 2011-12 is dismissed and for the assessment year 2012-13 is allowed

ITA 947/JPR/2018[2012-13]Status: DisposedITAT Jaipur26 Feb 2019AY 2012-13

Bench: Or During The Course Of Hearing.”

For Appellant: Shri Rajendra Agarwal (C.A.)For Respondent: Shri Anoop Singh (ACIT)
Section 143(3)Section 147Section 40A(3)

…ed the issue while completing the scrutiny assessment. He has relied upon the order of ld. CIT(A) in para 4.3 and submitted that the ld. CIT(A) has relied upon the decision of Hon’ble Supreme Court in case of ACIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. 291 ITR 500 as well as decision of Raymond Woollen Mills Ltd. Vs. ITO 236 ITR 34. Therefore, sufficiency or correctness the material is not a thing to be considered at the stage of reopening of the assessment. He has relied upon the orders of the authorities below. 4. We have considered the rival submissions as well as relevant material on record. There i…

Shri Jitendra Kumar Gupta, Bharatpur vs. Income Tax Officer, Ward-2, Bharatpur

In the result, the appeals for the assessment year 2011-12 is dismissed and for the assessment year 2012-13 is allowed

ITA 946/JPR/2018[2011-12]Status: DisposedITAT Jaipur26 Feb 2019AY 2011-12

Bench: Or During The Course Of Hearing.”

For Appellant: Shri Rajendra Agarwal (C.A.)For Respondent: Shri Anoop Singh (ACIT)
Section 143(3)Section 147Section 40A(3)

…ed the issue while completing the scrutiny assessment. He has relied upon the order of ld. CIT(A) in para 4.3 and submitted that the ld. CIT(A) has relied upon the decision of Hon’ble Supreme Court in case of ACIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. 291 ITR 500 as well as decision of Raymond Woollen Mills Ltd. Vs. ITO 236 ITR 34. Therefore, sufficiency or correctness the material is not a thing to be considered at the stage of reopening of the assessment. He has relied upon the orders of the authorities below. 4. We have considered the rival submissions as well as relevant material on record. There i…

Parisha C. Varia, Mumbai vs. ITO 16(2)(2), Mumbai

In the result, the appeals are allowed for statistical purposes

ITA 2139/MUM/2015[2006-07]Status: DisposedITAT Mumbai25 Feb 2019AY 2006-07

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2006-07 & Assessment Year: 2007-08 & Assessment Year: 2008-09 Ms. Parisha C. Varia, 1401, The Income Tax Officer- 14Th Floor, 241, Keshwala Vs. 16(2)(2), Room No. 214, Garden View, Laxmibai Tardeo Road, Matru Jagmohandas Marg, Malbar Mandir, Mumbai- Hill, Mumbai-400006. 400007. Pan No. Abwpv8515C Appellant Respondent Assessee By : Mr. Sanjay Parikh, Ar Revenue By : Mr. Abi Rama Kartikiyen, Dr Date Of Hearing : 18/02/2019 Date Of Pronouncement: 25/02/2019

For Appellant: Mr. Sanjay Parikh, ARFor Respondent: Mr. Abi Rama Kartikiyen, DR
Section 132Section 143(3)Section 147Section 148

…. 4. Aggrieved by the order of the AO, the assessee filed an appeal before the CIT(A). The CIT(A) dismissed the grounds taken by the assessee against reopening done by issuing notice u/s 148, by relying on the decision in Rajesh Jhaveri Stock Brokers (P) Ltd. 291 ITR 500 (SC). Parisha C. Varia Regarding the addition made by the AO, the Ld. CIT(A) agreed with the reasons given by the AO and further found that in the appellate proceedings for AY 2002-03 before the ITAT, Mumbai, M/s Goldstar Finvest Pvt. Ltd., one of the hawala companies of Shri Mukesh Choksi had admitted that it was an entry provider and the same…

Smt. Nirmala Nigam, Kanpur vs. Income Tax Officer-3(5), Kanpur

In the result, the appeal is allowed

ITA 703/LKW/2017[2009-10]Status: DisposedITAT Lucknow22 Feb 2019AY 2009-10

Bench: Shri. A. D. Jainassessment Year: 2009-10 Smt. Nirmala Nigam V. Income Tax Officer 3(5) 104/102, P. Road Kanpur Kanpur Tan/Pan:Afcpn4993C (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri C. K. Singh, D.R. Date Of Hearing: 20 02 2019 Date Of Pronouncement: 22 02 2019

For Appellant: Shri P. K. Kapoor, C.AFor Respondent: Shri C. K. Singh, D.R
Section 143(2)Section 148Section 149(1)(b)

….com 15/210 Taxman 57 (P & H). 3. Vikram Kothari (HUF) Vs. State of U.P., [2011] Taxmann.com 280/200 Taxmann.com 152 (Alld). 4. Export Credit Guarantee Corporation of India Vs. Addl. CIT [2013] 30 Taxmann.com, 211 (Bom). 5. Asstt.CIT Vs. Rajesh Jhavri, [2007] 291 ITR 500/161 Taxman 316 (SC). ITA No.703/LKW/2017 Page 8 of 11 6. Chief Commissioner (Admn.) (U.P.) V. Kanhaiya Lal Kapoor, [2005] 147 Taxman, 12 (All). 7. Pooran Mal Vs. Director of Inspection, [1974) 93 ITR 505 (SC) 8. Deep Chand Daga Vs. ITO [1970] 77 ITR, 661 (MP) and, 9. Fisher Xomox Sanmar Ltd. V. Assistant CIT, [2007] 294 ITR 620 [2008] 168 Taxma…

Mohan Aggarwal, New Delhi vs. ACIT, Central Circle- 15, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2497/DEL/2018[2009-10]Status: DisposedITAT Delhi31 Jan 2019AY 2009-10

Bench: Sh. R.K Pandaassessment Year: 2009-10

Section 132Section 133Section 133(6)Section 143Section 143(3)Section 147Section 148Section 153

…erial. The 20 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…

Hydroair Tectonics (Pcd) Ltd, Navi Mumbai vs. DCIT Cen Cir 2(1), Mumbai

ITA 3949/MUM/2017[2005-06]Status: DisposedITAT Mumbai30 Jan 2019AY 2005-06

Bench: Shri Joginder Singh () & Shri G Manjunatha ()

Section 132Section 132(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI Before Shri JOGINDER SINGH (VICE PRESIDENT) AND Shri G MANJUNATHA (ACCOUNTANT MEMBER) ITA No 946/Mum/2016 - AY 2005-06 ITA No 947/Mum/2016 - AY 2008-09 ITA No 948/Mum/2016 - AY 2009-10 Rajkumari Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AMJPS2625N APPELLANT RESPONDEDNT ITA No 847/Mum/2017 - AY 2008-09 Shri Harbhajan Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AANPS8492B APPELLANT RESPONDE…

Rajkumari Singh, Navi Mumbai vs. DCIT Cen Cir 8, Mumbai

ITA 946/MUM/2016[2005-06]Status: DisposedITAT Mumbai30 Jan 2019AY 2005-06

Bench: Shri Joginder Singh () & Shri G Manjunatha ()

Section 132Section 132(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI Before Shri JOGINDER SINGH (VICE PRESIDENT) AND Shri G MANJUNATHA (ACCOUNTANT MEMBER) ITA No 946/Mum/2016 - AY 2005-06 ITA No 947/Mum/2016 - AY 2008-09 ITA No 948/Mum/2016 - AY 2009-10 Rajkumari Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AMJPS2625N APPELLANT RESPONDEDNT ITA No 847/Mum/2017 - AY 2008-09 Shri Harbhajan Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AANPS8492B APPELLANT RESPONDE…

ITO 13(3)(3), Mumbai vs. Vulvan Traders P. Ltd, Mumbai

ITA 4137/MUM/2015[2008-09]Status: DisposedITAT Mumbai30 Jan 2019AY 2008-09

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Years: 2008-09 Income Tax Officer-13(3)(3), M/S Vulvan Traders, 805, Room No.227,02Nd Floor, A Wingh, Corporate Avenue, बनाम/ Aayakar Bhavan, Sonawala Raod, Vs. M. K. Road, Goregaon East, Mumbai-400020 Mumbai-400063 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacv1603K Assessment Years: 2008-09 M/S Vulvan Traders, 805, Income Tax Officer-13(3)(3), A Wingh, Corporate Room No.227,02Nd Floor, बनाम/ Avenue, Sonawala Raod, Aayakar Bhavan, Vs. Goregaon East, M. K. Road, Mumbai-400063 Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aaacv1603K

Section 143(1)Section 147Section 148

…ia Ltd. v. Dy. CIT [2017] 83 taxmann.com 82/249 Taxman 568 (Guj.) (para 6), VI. Jayant Security & Finance Ltd. v. Asstt. CIT [Sp. Civil Application No. 18921 of 2017, dated 12-2-2018] (para 12), VII. Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500/161 Taxman 316 (SC) (para 13) and VIII. Pr. CIT v. Gokul Ceramics [2016] 241 Taxman 1/71 taxmann.com 341 (Guj.) (para 16). 2.32. The sum and substance of the aforesaid decision was that since the Assessing Officer was having sufficient material at his command to form a reasonable belief that income chargeable to tax had escaped assessment, mere…

ITO, New Delhi vs. M/S. Kanodia Pharmaceuticals Pvt. Ltd., New Delhi

Appeal of the Revenue is dismissed

ITA 4858/DEL/2015[2003-04]Status: DisposedITAT Delhi22 Jan 2019AY 2003-04

Bench: Smt. Beena A. Pillaia N D Dr. B.R.R. Kumarassessment Year: 2003-04 Ito Kanodia Pharmaceuticals Pvt. Ltd. Ward-14(2), Room No. 308, F- 108, Gali No. 8, C.R. Building, I.P. Estate Vs. Near Shiv Mandir, Pandav Nagar, New Delhi New Delhi

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Shri. Surender Pal, Sr. DR
Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “F”, NEW DELHI ] BEFORE SMT. BEENA A. PILLAI, JUDICIAL MEMBER A N D DR. B.R.R. KUMAR, ACCOUNTANT MEMBER Assessment Year: 2003-04 ITO Kanodia Pharmaceuticals Pvt. Ltd. Ward-14(2), Room No. 308, F- 108, Gali No. 8, C.R. Building, I.P. Estate Vs. Near Shiv Mandir, Pandav Nagar, New Delhi New Delhi PAN: AABCK5119L (Appellant) (Respondent) Assessee by : Shri Kapil Goel, Advocate Department by : Shri. Surender Pal, Sr. DR Date of hearing : 31-12-2018 Date of pronouncement : 22-01-2019 O R D E R PER DR. B.R.R. KUMAR, AM: The appeal of the Revenue primarily deals…

Tristar Securities Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-8(1), Ahmedabad

In the result, the appeal is allowed in the terms indicated above

ITA 976/AHD/2015[2006-07]Status: DisposedITAT Ahmedabad15 Jan 2019AY 2006-07
Section 143Section 143(1)Section 143(3)Section 147Section 148

…eopened after recording reasons. The case was earlier processed under section 143(1) which shows that no opinion was found in respect of the transactions of loan received from Mr. Switoo M Shah. Reliance is placed on ACIT vs Rajesh Jhaveri Stock Brokers P Ltd 291 ITR 500 (SC). It is seen that in the present case the assessing officer had sufficient reasons to issue notice under section 148 and so the ground number (A) taken by the appellant is dismissed.” Tristar Securities Pvt. Ltd. Vs. ITO Assessment year: 2006-07 Page 3 of 5 5. The assessee is not satisfied and is in further appeal before us. 6. We have hea…

Bhopal Singh Shekhawat, Jaipur vs. ITO, Jaipur

ITA 656/JPR/2016[2008-09]Status: DisposedITAT Jaipur11 Jan 2019AY 2008-09
For Appellant: Shri Mahendra Gargieya (Adv)For Respondent: Shri J.C. Kulhari (JCIT)
Section 143(1)Section 147Section 148Section 234ASection 244ASection 251Section 45Section 48(2)

…year under consideration. It may be mentioned that at the stage of initiation of proceedings u/s 147 of the Act, the AO must have some reasons to believe that income had escaped assessment. In the case of ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007] 291 ITR 500 (SC), it was held by the 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)/l 44 of the Act in the case of the appellant, therefore, the ratio in the case of ACIT vs. Rajesh Jhaveri…

Dilwara Leasing & Investment Ltd., Delhi vs. ITO, Ward-7(3), New Delhi

In the result, the Appeal filed by the Assessee

ITA 3927/DEL/2018[2009-10]Status: DisposedITAT Delhi11 Jan 2019AY 2009-10

Bench: Shri H.S. Sidhuassessment Year : 2009-10

For Appellant: Sh. Kapil Goel, AdvFor Respondent: Sh. S.L. Anuragi, Sr. DR
Section 143(2)Section 147Section 148

…ion of India Bombay High Court [20091 315 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. (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 issu…

Smt. Nita Jhunjhunwala, Howrah vs. ITO, Ward - 47(2), Kolkata

ITA 1922/KOL/2018[2014-15]Status: DisposedITAT Kolkata04 Jan 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Section 10(38)Section 143(3)Section 68

…nt was not framed u/s 143(3) of the Act and no opinion was. ever formed by the AD and hence there is no change of opinion keeping In view the ratio of decision of Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC), we uphold the re-opening of the assessment u/s 147/148 of the Act. We have observed that the assessee has made purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited for Rs.4,080/- on 11th May, 2004 in the previous year relevant to the assessment year 2005-06. The said shares were purchased in off market transactions for…

Sri Ashok Jhunjhunwala, Howrah vs. ITO, Ward - 34(2), Kolkata

ITA 1921/KOL/2018[2014-15]Status: DisposedITAT Kolkata04 Jan 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Section 10(38)Section 143(3)Section 68

…nt was not framed u/s 143(3) of the Act and no opinion was. ever formed by the AD and hence there is no change of opinion keeping In view the ratio of decision of Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC), we uphold the re-opening of the assessment u/s 147/148 of the Act. We have observed that the assessee has made purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited for Rs.4,080/- on 11th May, 2004 in the previous year relevant to the assessment year 2005-06. The said shares were purchased in off market transactions for…

Sri Sanjeev Jhunjhunwala, HUF, Howrah vs. ITO, Ward - 48(4), Kolkata

ITA 1920/KOL/2018[2014-15]Status: DisposedITAT Kolkata04 Jan 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Section 10(38)Section 143(3)Section 68

…nt was not framed u/s 143(3) of the Act and no opinion was. ever formed by the AD and hence there is no change of opinion keeping In view the ratio of decision of Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC), we uphold the re-opening of the assessment u/s 147/148 of the Act. We have observed that the assessee has made purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited for Rs.4,080/- on 11th May, 2004 in the previous year relevant to the assessment year 2005-06. The said shares were purchased in off market transactions for…

Sri Sanjeev Jhunjhunwala, Howrah vs. ITO, Ward - 36(3), Kolkata

ITA 1919/KOL/2018[2014-15]Status: DisposedITAT Kolkata04 Jan 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Section 10(38)Section 143(3)Section 68

…nt was not framed u/s 143(3) of the Act and no opinion was. ever formed by the AD and hence there is no change of opinion keeping In view the ratio of decision of Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC), we uphold the re-opening of the assessment u/s 147/148 of the Act. We have observed that the assessee has made purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited for Rs.4,080/- on 11th May, 2004 in the previous year relevant to the assessment year 2005-06. The said shares were purchased in off market transactions for…

Smt. Sangita Jhunjhunwala, Howrah vs. ITO, Ward - 47(2), Kolkata

ITA 1918/KOL/2018[2014-15]Status: DisposedITAT Kolkata04 Jan 2019AY 2014-15

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Section 10(38)Section 143(3)Section 68

…nt was not framed u/s 143(3) of the Act and no opinion was. ever formed by the AD and hence there is no change of opinion keeping In view the ratio of decision of Hon'ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC), we uphold the re-opening of the assessment u/s 147/148 of the Act. We have observed that the assessee has made purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited for Rs.4,080/- on 11th May, 2004 in the previous year relevant to the assessment year 2005-06. The said shares were purchased in off market transactions for…