ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.

Shivalik Ventures Private Limited, Mumbai vs. ACIT CC 8(1), Mumbai

Bench: Ms Padmavathy S, Am & Shri Sandeep Singh Karhail, Jm

…ment proceedings are validly initiated, the AO's jurisdiction extends to the entire assessment and is not constrained solely to the original reason for reopening. 8. Moreover, Hon'ble Supreme Court's judgment in ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [291 ITR 500 (SC)] reinforces the position that the validity of reassessment proceedings depends exclusively upon the legitimacy and sufficiency of the reason to believe at the time the reassessment notice is issued, and not on subsequent developments or the ultimate sustainability of additions made. 9. Consequently, the appellant's reliance on Jet Airways (I…

Ritesh Aggarwal, Mumbai vs. ITO - 16(3)(3), Mumbai

In the result the appeal of the assessee is partly allowed for In the result the appeal of the assessee is partly allowed for In the result the appeal of the assessee is partly allowed for statisti...

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2016-17 Mr. Ritesh Aggarwal, Ito-16(3)(3), D 704, Imperial Heights Best Colony Aayakar Bhavan, Maharshi Road, Goregaon West, Opp. Vs. Karve Road, New Marine Lines, Goregaon Fire Bridge, Mumbai-400020. Mumbai-400104. Pan No. Aadpa 6828 R Appellant Respondent

…iance was placed upon the decision of support of his submission, reliance was placed upon the decision of Hon’ble Supreme Court in Court in Assistant Commissioner of Income Assistant Commissioner of Income-tax v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [(2007) 291 ITR 500 (SC)], [(2007) 291 ITR 500 (SC)], Rajesh Jhaveri Stock Brokers Pvt. Ltd. wherein it was held that at the stage of initiation of reassessment wherein it was held that at the stage of initiation of reassessment wherein it was held that at the stage of initiation of reassessment proceedings, what is required is a bona fide belief based on relevant p…

Tushar Enterprises, Goregaon East, Mumbai vs. Jurisdictional Assessing Officer, Kautilya Bhavan, Bkc, Bandra East Mumbai

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

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailtushar Enterprises, 2-A/401-402 Dheeraj Valley, Mohan Gokhale Road, Saibaba Complex, Goregaon East, Mumbai ............... Appellant Maharahstra - 400063 Pan : Aaaft1242R V/S Income Tax Officer, ……………… Respondent Ward – 41(4)(4), Kautilya Bhavan, Bkc, Bandra East, Mumbai-400051 Assessee By : Shri Sanjay Shah, Ca Revenue By : Shri Asif Karmali, Sr.Dr

…the present case. Thus, the information received by the AO from ITO-24(3)(3) was the only data available to the AO for initiating the reassessment proceedings. It is pertinent to note that in DCIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd., reported in (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 7 can be validly initiated. Further, it is also well settled that the sufficiency or correctness of the m…

Income Tax Officer-12(3)(1), Mumbai vs. Manju Diamonds Pvt. Ltd., Mumbai

In the result, the appeal of the Revenue is allowed for statistical purposes whereas the application under Rule 27 of statistical purposes whereas the application under Rule 27

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2017-18 Ito-12(3)(1), Manju Diamonds Pvt. Ltd., R.No. 145, 1St Floor, Aayakar 57/59, 1St Floor, Nagdevi Street, Vs. Bhavan, M.K. Road, Maszid Bunder, Mumbai-400020. Mumbai-400 003. Pan No. Aaecm 6609 G Appellant Respondent

…contention of the assessee are rejected. a credible source the contention of the assessee are rejected. Further, we find that t Further, we find that the Hon’ble Supreme Court in Hon’ble Supreme Court in ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [(2007) 291 ITR 500 (SC)] has laid [(2007) 291 ITR 500 (SC)] has laid Jhaveri Stock Brokers Pvt. Ltd. down the principle that, at the stage of formation of belief under down the principle that, at the stage of formation of belief under down the principle that, at the stage of formation of belief under Section 147, the AO is only required to have relevant material fr…

Deputy Commissioner of Income Tax, Circle-1(3)(1), Mumbai vs. Tmf Holdings Limited, Mumbai

In the result, the appeal of the revenue bearing ITA No

Bench: Shri Anikesh Banerjee & Smt. Renu Jauhrideputy Commissioner Of Vs Tmf Holdings Limited 14, 4Th Floor, Sir H C Dinshaw Income Tax, Circle 1(3)(1), Mumbai Building, 16, Horniman Circle, Fort, Room No.535, 5Th Floor, Aaykar Mumbai-400 001 Bhavan, M.K. Road, Mumbai- Pan: Aacct4644A 400 020 Appellant Respondent

…uacy or accuracy of those reasons at the initiation stage. This is a matter of subjective satisfaction of the Assessing Officer, subject to the condition that the belief is honest and based on reasonable grounds. ACIT V/s. Rajesh Jhaveri Stocks Brokers P. Ltd 291 ITR 500 (SC) It is respectfully submitted that the Rajesh Jhaveri case builds on the principles laid down in Raymond Woollen Mills. Both cases emphasize that the court's role at the stage of a Section 148 6 ITA 2983/Mum /2025 CO 132/Mum/2025 TMF Limited notice is limited to verifying whether there is prima facie material for the AO's belief that income…

Smt. Prema Mukesh Jhalani, Mumbai vs. ITO Ward 3(2), Thane

In the result the appeal filed by the assessee stands allowed

Bench: Hon‟Ble Shri Vikram Singh Yadav & Shri Sandeep Gosainsmt. Prema Mukesh Jhalani Vs. Ito, Ward 3(2) 1 A/34, Drugs Society, Opp. Room No. 4, 6Th Floor, Jk Gram, Samatha Nagar B-Wagle Estate, Midc, Pokhran Road No. 1 Thane (W) Thane (W). Pan/Gir No. Aaupj0472D (Applicant) (Respondent) Assessee By Shri Nishit Gandhi Revenue By Shri Chetan M. Kacha, (Sr. Dr) Date Of Hearing 23.04.2025 Date Of Pronouncement 16.06.2025 आदेश / Order Per Sandeep Gosain, Jm: The Present Appeal Has Been Filed By The Assessee Challenging The Impugned Order 22.08.2024 Passed U/S 250 Of The Income Tax Act, 1961 („The Act‟), By The National Faceless Appeal Centre, Delhi (Nfac) For The Assessment Year 2011-12. 2. All The Grounds Raised By The Assessee Are Interrelated & Interconnected & Relates To Challenging The Order Of Ld. Cit(A) In Upholding The Order Of Ao In Reopening The 2 Smt. Prema Mukesh Jhalani, Mumbai

…such a belief. The Smt. Prema Mukesh Jhalani, Mumbai Supreme Court made it clear that the basis of such belief could be discerned from the material on record which was available with the Assessing Officer. However, the Supreme Court in Rajesh Jhaveri [2007] 291 ITR 500 did not say that it was not necessary for the Assessing Officer to form a "belief" and that the mere fact that there was some material on record was sufficient. In the present case, we find that the first sentence of the so- called reasons recorded by the Assessing Officer is mere information received from the Deputy Director of Income-tax (Inves…