ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.

Vishal Tube Industries, Mumbai vs. Income Tax Officer, 19(3)(5), Mumbai

In the result, this appeal by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am आयकर अपील सं./I.T.A. No. 6527/Mum/2017 ("नधा"रण वष" / Assessment Year: 2009-10) Vishal Tube Industries Ito-19(3)(5), 2Nd Floor, Matru Mandir, Badrika Ashram Building, बनाम/ Ground Floor, 92, Tardeo Road, Mumbai-400 007 Nanubhai Desai Road, Vs. Dhetwadi Main Road, Mumbai-400 004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aadfv 5562 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha सुनवाई क" तार"ख / : 26.03.2018 Date Of Hearing घोषणा क" तार"ख / : 26.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 25.09.2017 & Pertains To The Assessment Year 2009-10. 2. The Issue Raised Relates To The Validity Of Reopening Of Assessment & Addition @ 12.50% Of Alleged Bogus Purchases.

…sessee in such cases cannot assail the reopening on the ground that the facts were already placed on record and that the Assessing Officer ought to have considered the facts. Hon'ble Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (291 ITR 500) observed that the word 'reason' in the expression 'reason to believe' would mean cause or justification and 4 Vishal Tube Industries if the Assessing Officer has cause or justification to know or suppose that income had escaped assessment, it can be said to have reasons to believe that income had escaped assessment. It is further observed by the…

Nyka Steels P.Ltd, Mumbai vs. ACIT Panvel, Panvel

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No. 3737/Mum/2016 ("नधा"रण वष" / Assessment Year: 2009-10) M/S. Nyka Steels Pvt. Ltd. Asst. Cit, Panvel Circle, बनाम/ C-17/6, Midc, Taloja Area, Panvel Vs. Panvel, Dist. Raigad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacfn 7647 L (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 10.01.2018 Date Of Hearing घोषणा क" तार"ख / : 01.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 21.03.2016 & Pertains To The Assessment Year 2009- 10. 2. The Grounds Of Appeal Read As Under: 1. On The Facts & Circumstances Of The Case & Law, The Ld. Cit(A) Erred In Confirming The Reassessment Proceeding Initiated U/S 147 By Issuing Notice U/S 148 Of Income Tax Act, 1961. 2 M/S. Nyka Steels Pvt. Ltd. Vs. Asst. Cit 2. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming Disallowance Of Genuine Purchases Of Rs.1,51,97,687/- As Bogus Purchase From Suspicious Parties. 3. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming Levy Of Interest U/S 234B & 234C Of Income Tax Act. 4. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming The Initiation Of Penalty Proceeding U/S 271Fl)(C) Of Income Tax Act, 1961. 3. Brief Facts Of The Case Are That The E-Return Of Income Was Filed On 12.09.2009 Declaring Total Income Of Rs.2,15,41,380/-. Scrutiny Under Section 143(3) Was Completed On 13.12.2011 Determining Total Income Of Rs 2,23,69,210/-. Subsequently

…sed on some tangible and material information about escapement of income and the same is not required to be proved to the guilt. In this regard, I refer to the decision of the Hon'ble Apex Court in the case of CIT(A) Vs. Rajesh Jhaveri Stock Brokers P. Ltd, 291 ITR 500:- "Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to lax 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 AO has cause or justification to know or suppose (hat inco…

Lodha Estate India Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, the appeals filed by the assessee (in Grounds Nos

Bench: Shri C. N. Prasad, Jm &Dr. A.L.Saini, Am आयकरअपीऱसं./Ita No.5466/M/2016 (निर्धारणवषा / Assessment Year: 2008-09) Lodha Estate India Ltd. Vs. Dcit Cen Cir.7(3), Mumbai 412, 4Th Floor, 17G, Vardhaman Room No.655, Aaykarbhavan, M.K. Chamber, Cawasji Patel Road, Road, Mumbai – 400 020. Horniman Circle, Fort, Mumbai – 400 001. स्थायीऱेखासं./ जीआइआरसं./ Pan/Gir No. : Aaacl 1723 E (Assessee) .. (Respondent) Assessee By :Shri Jitendra Jain, Advocate Respondent By :Shri V. Vidhyadhar, Dr सुनवाईकीतारीख/ Date Of Hearing : 22/02/2018 घोषणाकीतारीख/Date Of Pronouncement : 27/02/2018 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am:

…ase for A. Y. 2008-09, hence reopening the same within the meaning of section 147 does not need to meet the stringent requirements of proviso to section 147/148. Reliance is placed on the case law in the case of ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd., 291 ITR 500 (SC). Hence, I have reason to believe that income chargeable to tax has escaped assessment for A. Y. 2008-09 in the case of the assessee within the meaning of section 147 of the Income Tax Act, 1961.” In response to notice u/s.148 the assessee submitted that the assessee has filed its return of income for A.Y.2008-09 on 30.09.2008, declaring inc…

Ritu Sanjay Mantry, Mumbai vs. ITO 24(3)(4), Mumbai

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No. 2003/Mum/2017 ("नधा"रण वष" / Assessment Year: 2008-09) Ritu Sanjay Mantry Ito-24(3)(4), बनाम/ C-24, Padma Nagar, Mumbai Andheri Kurla Road, Vs. Andheri (E), Mumbai-400 099 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aghpm 2569 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Nishit Gandhi ""यथ" क" ओर से/Respondent By : Mrs. N. Hemlatha सुनवाई क" तार"ख / : 30.11.2017 Date Of Hearing घोषणा क" तार"ख / : 09.02.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against Order Of Ld. Commissioner Of Income Tax (Appeals) Dated 20.01.2017 & Pertains To Assessment Year 2008-09. 2. The Grounds Of Appeal Read As Under: 1) On Facts & Circumstances Of Case & In Law, Ld.Ao Erred In Reopening The Completed Assessment On Issuing The Notice U/S. 148 Without Having A Valid Reason To Believe 'That Income Had Escaped Assessment & Without

…no opinion was ever formed by the ld. AO and hence, 4 Ritu Sanjay Mantry vs. ITO there is no change of opinion, and also 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), reopening of the assessment is upheld. 5. Against the above order, the assessee is in appeal before the ITAT. 6. I have heard both the counsels and perused the records. As regards the reopening of the issue, on a careful consideration I note that the assessment in this case was based on information received from DGIT(Investigation) that t…

Alpa P. Parekh, Mumbai vs. Income Tax Officer, Ward - 27(1), Navi Mumbai

In the result, this appeal filed by the assessee stands partly allowed

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No.5894/Mum/2017 ("नधा"रण वष" / Assessment Year: 2009-10) Alpa P. Parekh I.T.O. Ward – 27(1)(1) A/401, Krishna Bldg., It Office, Vashi Railway Station बनाम/ Vasant Sagar Complex, Building, Navi Mumbai Thakur Village, Kandivali (E), Vs. Mumbai-400 101 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aafpp 8359 J (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Ms. Dinkle Hariya ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha

…sed on some tangible and material information about escapement of income and the same is not required to be proved to the guilt. In this regard, I refer to the decision of the Hon'ble Apex Court in the case of CIT(A) Vs. Rajesh Jhaveri Stock Brokers P. Ltd, 291 ITR 500:- "Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to lax 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 AO has cause or justification to know or suppose (hat inco…

Shakeeluddin Siddiqui, Mumbai vs. Income Tax Officer-2(4), Thane

In the result, these appeals filed by the assessee stand partly allowed

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. Nos. 5118 To 5120/Mum/2017 ("नधा"रण वष" / Assessment Years: 2009-10 To 2011-12) Shri Shakeeluddin Siddiqui Ito-2(4), Room No. 29, A-Wing, 6Th Floor, 603, Gulmohar Co-Op. Hsg. Society, बनाम/ Saraswati Tower, Naya Nagar, Ashar I. T. Park, Road No. 16-Z, Vs. Ganga Complex, 60 Feet Road, Wagle Indl. Estate, Thane-400 604 Mira Road (E), Dist. Thane-400 107 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Ajwps 5271 N (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Bhupendra Shah ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha सुनवाई क" तार"ख / : 16.11.2017 Date Of Hearing घोषणा क" तार"ख / : 05.02.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Appeals By The Assessee Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 02.05.2017 & Pertain To The Aforesaid Three Assessment Years.

…sed on some tangible and material information about escapement of income and the same is not required to be proved to the guilt. In this regard, I refer to the decision of the Hon'ble Apex Court in the case of CIT(A) Vs. Rajesh Jhaveri Stock Brokers P. Ltd, 291 ITR 500:- "Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to lax 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 AO has cause or justification to know or suppose (hat inco…