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 367,154 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.

Rajnish Bharti HUF, Mumbai vs. The Income Tax Officer 20(3)(1), Mumbai, Lalbaug

In the result, both the appeals of the In the result, both the appeals of the assessee are dismissed assessee are dismissed whereas appeals of the Revenue are allowed

ITA 3941/MUM/2023[2010-11]Status: DisposedITAT Mumbai30 Jan 2025AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mrs. Sanyogita Nagpal, CIT-DRFor Respondent: Mr. C.V. Jain
Section 143(3)Section 148

…nt to the assessee and therefore, in view of the decision of the relevant to the assessee and therefore, in view of the decision of the Hon’ble Supreme Court in the case of Court in the case of Rajesh Jhaveri Stock Broker Rajesh Jhaveri Stock Broker Pvt. Ltd. 291 ITR 500 291 ITR 500 reopening on the basis of relevant material is reopening on the basis of relevant material is valid reopening. The relevant part of the decision is reproduced as The relevant part of the decision is reproduced as The relevant part of the decision is reproduced as under: 16. Section 147 authorises and permits the Assessing Officer 16.…

Rajnish Bharti HUF, Mumbai vs. The Income Tax Officer 20(3)(1), Mumbai, Lalbaug

In the result, both the appeals of the In the result, both the appeals of the assessee are dismissed assessee are dismissed whereas appeals of the Revenue are allowed

ITA 3912/MUM/2023[2009-10]Status: DisposedITAT Mumbai30 Jan 2025AY 2009-10

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mrs. Sanyogita Nagpal, CIT-DRFor Respondent: Mr. C.V. Jain
Section 143(3)Section 148

…nt to the assessee and therefore, in view of the decision of the relevant to the assessee and therefore, in view of the decision of the Hon’ble Supreme Court in the case of Court in the case of Rajesh Jhaveri Stock Broker Rajesh Jhaveri Stock Broker Pvt. Ltd. 291 ITR 500 291 ITR 500 reopening on the basis of relevant material is reopening on the basis of relevant material is valid reopening. The relevant part of the decision is reproduced as The relevant part of the decision is reproduced as The relevant part of the decision is reproduced as under: 16. Section 147 authorises and permits the Assessing Officer 16.…

Syed Asim, Chennai vs. ITO, Ncw-3(3), Chennai

In the result, all the four appeals filed by the assessee are partly allowed

ITA 1888/CHNY/2024[2017-18]Status: DisposedITAT Chennai27 Jan 2025AY 2017-18

Bench: Shri George George K & Shri Jagadishआयकर अपील सं./Ita Nos.1885, 1886, 1887 & 1888/Chny/2024 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 Syed Asim, The Income Tax Officer, New No.4, Old No.2, Chandralekha Vs. Non Corporate Ward-3(3), Muthusamy Mudaliar Street, Chennai. Nungambakkam, Chennai – 600 034. [Pan: Aveps 3501P]

For Appellant: Shri K. Ravi, Advocate &For Respondent: Ms. R. Anitha, Addl. CIT
Section 131Section 133ASection 143(3)Section 147Section 148Section 44A

…on the basis of material found during survey that the assessee has renovated his property, but the investment has not been disclosed the same in the return of income. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Ltd. [2007] 291 ITR 500 (SC) has a held that the A.O only needs to ITA Nos.1885 to 1888/Chny/2024 :- 9 -: have reason to believe and not a conclusive evidence and the material gathered during the survey suffice for such belief. The Hon’ble Supreme Court in the case of Raymond Woolen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC) has held that Court cannot go into adequacy…

Syed Asim, Chennai vs. ITO, Ncw-3(3), Chennai

In the result, all the four appeals filed by the assessee are partly allowed

ITA 1887/CHNY/2024[2016-17]Status: DisposedITAT Chennai27 Jan 2025AY 2016-17

Bench: Shri George George K & Shri Jagadishआयकर अपील सं./Ita Nos.1885, 1886, 1887 & 1888/Chny/2024 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 Syed Asim, The Income Tax Officer, New No.4, Old No.2, Chandralekha Vs. Non Corporate Ward-3(3), Muthusamy Mudaliar Street, Chennai. Nungambakkam, Chennai – 600 034. [Pan: Aveps 3501P]

For Appellant: Shri K. Ravi, Advocate &For Respondent: Ms. R. Anitha, Addl. CIT
Section 131Section 133ASection 143(3)Section 147Section 148Section 44A

…on the basis of material found during survey that the assessee has renovated his property, but the investment has not been disclosed the same in the return of income. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Ltd. [2007] 291 ITR 500 (SC) has a held that the A.O only needs to ITA Nos.1885 to 1888/Chny/2024 :- 9 -: have reason to believe and not a conclusive evidence and the material gathered during the survey suffice for such belief. The Hon’ble Supreme Court in the case of Raymond Woolen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC) has held that Court cannot go into adequacy…

Syed Asim, Chennai vs. ITO, Ncw-3(3), Chennai

In the result, all the four appeals filed by the assessee are partly allowed

ITA 1886/CHNY/2024[2015-16]Status: DisposedITAT Chennai27 Jan 2025AY 2015-16

Bench: Shri George George K & Shri Jagadishआयकर अपील सं./Ita Nos.1885, 1886, 1887 & 1888/Chny/2024 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 Syed Asim, The Income Tax Officer, New No.4, Old No.2, Chandralekha Vs. Non Corporate Ward-3(3), Muthusamy Mudaliar Street, Chennai. Nungambakkam, Chennai – 600 034. [Pan: Aveps 3501P]

For Appellant: Shri K. Ravi, Advocate &For Respondent: Ms. R. Anitha, Addl. CIT
Section 131Section 133ASection 143(3)Section 147Section 148Section 44A

…on the basis of material found during survey that the assessee has renovated his property, but the investment has not been disclosed the same in the return of income. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Ltd. [2007] 291 ITR 500 (SC) has a held that the A.O only needs to ITA Nos.1885 to 1888/Chny/2024 :- 9 -: have reason to believe and not a conclusive evidence and the material gathered during the survey suffice for such belief. The Hon’ble Supreme Court in the case of Raymond Woolen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC) has held that Court cannot go into adequacy…

Syed Asim, Chennai vs. ITO, Ncw-3(3), Chennai

In the result, all the four appeals filed by the assessee are partly allowed

ITA 1885/CHNY/2024[2014-15]Status: DisposedITAT Chennai27 Jan 2025AY 2014-15

Bench: Shri George George K & Shri Jagadishआयकर अपील सं./Ita Nos.1885, 1886, 1887 & 1888/Chny/2024 िनधा"रण वष" /Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 Syed Asim, The Income Tax Officer, New No.4, Old No.2, Chandralekha Vs. Non Corporate Ward-3(3), Muthusamy Mudaliar Street, Chennai. Nungambakkam, Chennai – 600 034. [Pan: Aveps 3501P]

For Appellant: Shri K. Ravi, Advocate &For Respondent: Ms. R. Anitha, Addl. CIT
Section 131Section 133ASection 143(3)Section 147Section 148Section 44A

…on the basis of material found during survey that the assessee has renovated his property, but the investment has not been disclosed the same in the return of income. The Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Ltd. [2007] 291 ITR 500 (SC) has a held that the A.O only needs to ITA Nos.1885 to 1888/Chny/2024 :- 9 -: have reason to believe and not a conclusive evidence and the material gathered during the survey suffice for such belief. The Hon’ble Supreme Court in the case of Raymond Woolen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC) has held that Court cannot go into adequacy…

M/S Shah Traders, Mumbai vs. Commissioner of Income Tax-(Appeals) NFAC, Mumbai

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 5564/MUM/2024[2016-17]Status: DisposedITAT Mumbai07 Jan 2025AY 2016-17

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailm/S. Shah Traders, Dw-6251, Bharat Diamond Bourse, Bandra Kurla Complex, G-Block, Bandra East Mumbai – 400051 ............... Appellant Pan : Aabfs6536J V/S Dcit, Circle – 19(3), Piramal Chamber, Lalbaug Parel, ……………… Respondent Mumbai - 400012

For Appellant: Shri Amit JhaveriFor Respondent: Shri Pushkaraj Bhangepatil, Sr.DR
Section 133ASection 143(1)Section 147Section 148Section 250Section 69C

…sidered view that the information received from the Investigation Wing, Mumbai constitutes new and tangible material for initiating the reassessment proceedings in the case of the assessee. In ACIT v/s Rajesh Jhaveri Stock Brokers (P.) 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 ITA No.5564-Mum-2024 (A.Y. 2016-17) 8 147 of the Act can be validly initiated. Further, it is also well settled that the…

Atiq Ahmed, Hapur vs. ITO, Ward-2(3)(4), Hapur

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

ITA 3676/DEL/2024[2014-15]Status: DisposedITAT Delhi27 Dec 2024AY 2014-15

Bench: Shri Mahavir Singh, Hon’Ble & Shri S Rifaur Rahmanआ.अ.सं/.I.T.A Nos.3675 & 3676/Del/2024 िनधा"रणवष"/Assessment Years: 2013-14& 2014-15 बनाम Atiq Ahmed Income Tax Officer, House No.333, Bhamda Patti, Vs. Ward-2(3)(4), Pattharwalakaun, Aaykarbhawan, Hapur, Uttar Pradesh. Teachers Colony, Bulandshahr, Uttar Pradesh. Pan No. Aifpa8796G अपीलाथ" Appellant ""यथ"/Respondent

Section 147Section 148Section 40A(3)

…and gone through the facts and circumstances of the case. We noted that the CIT(A) has confirmed the reopening u/s 147 of the Act by relying on the decision of the Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007) [291 ITR 500 (SC)]. Before us Ld. Counsel for the assessee took us through the order of 4 I.T.A. Nos. 3675 & 3676/Del/2024 the Assessing Officer and stated that reopening was made on the premise of credit entries of Rs.26,91,95,139/- escaped assessment in the case of the assessee and hence reopening was done but the Assessing Officer disallowed 10% of pur…

Atiq Ahmed, Hapur vs. ITO, Ward-2(3)(4), Hapur

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

ITA 3675/DEL/2024[2013-14]Status: DisposedITAT Delhi27 Dec 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri S Rifaur Rahmanआ.अ.सं/.I.T.A Nos.3675 & 3676/Del/2024 िनधा"रणवष"/Assessment Years: 2013-14& 2014-15 बनाम Atiq Ahmed Income Tax Officer, House No.333, Bhamda Patti, Vs. Ward-2(3)(4), Pattharwalakaun, Aaykarbhawan, Hapur, Uttar Pradesh. Teachers Colony, Bulandshahr, Uttar Pradesh. Pan No. Aifpa8796G अपीलाथ" Appellant ""यथ"/Respondent

Section 147Section 148Section 40A(3)

…and gone through the facts and circumstances of the case. We noted that the CIT(A) has confirmed the reopening u/s 147 of the Act by relying on the decision of the Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007) [291 ITR 500 (SC)]. Before us Ld. Counsel for the assessee took us through the order of 4 I.T.A. Nos. 3675 & 3676/Del/2024 the Assessing Officer and stated that reopening was made on the premise of credit entries of Rs.26,91,95,139/- escaped assessment in the case of the assessee and hence reopening was done but the Assessing Officer disallowed 10% of pur…

Imk Hotels Private Limited, Mumbai vs. The Income Tax Officer -Ward 6(3)(1), Mumbai

ITA 4202/MUM/2024[2009-10]Status: DisposedITAT Mumbai17 Dec 2024AY 2009-10

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhail

For Appellant: Shri Nitesh JoshiFor Respondent: Shri Krishnakumar, Sr. DR
Section 143(1)Section 143(3)Section 147Section 148Section 250Section 68

…re premium amounting to Rs 2,76,00,000/-. As there was no scrutiny assessment done for this year, the so-called share premium having been received by the assessee was not examined. In view of the ratio of the decision of Rajesh Jhaveri Stock Brokers Pvt. Ltd. 291 ITR 500 (SC) no assessment u/s. 143(1) has been carried out by the Assessing Officer. As a result the "nature" and the "justification" for charging share premium over and above the intrinsic value of the shares remains unexplained. I have reason to believe that income to the extent of amount of share premium charged over and above the intrinsic value of…

ACIT 32 1 Mumbai, Mumbai vs. Shubham Dynamic Real Estae Developers LLP, Mumbai

Accordingly the grounds raised by the revenue are dismissed

ITA 4476/MUM/2024[2017-18]Status: DisposedITAT Mumbai16 Dec 2024AY 2017-18

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Rahul Hakani, ARFor Respondent: Shri Bhangepatil Pushkaraj
Section 143(1)Section 143(3)Section 147Section 148Section 148ASection 43C

…s necessary?" 3. "Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) was justified in ignoring the decision of the Hon'ble Supreme Court in the case of ACIT VS Rajesh Jhaveri Stock Brokers (P.) Ltd., (2007) 161 Taxman 316 (SC)/(2007) 291 ITR 500 (SC)/(2007) 210 CTR 30 (SC) where it was 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 intimation under section 1…

Rathod Jewellers, Pune vs. ACIT, Central Circle -2(3), Pune

In the result, appeal of the assessee is dismissed

ITA 1385/PUN/2024[2017-18]Status: DisposedITAT Pune25 Nov 2024AY 2017-18

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: Shri Suhas BoraFor Respondent: Shri Arvind Desai, Addl CIT DR
Section 131Section 143(2)Section 143(3)Section 147Section 148Section 68

…eve about the escapement of income at the stage of initiation of reassessment of reassessment proceedings. Sufficiency or correctness of such materia o considered at that stage. The Hon'ble Apex Court has held in As 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 ascertain…

Principal Commissioner of Income Tax (Central) vs. Indrani Patnaik

ITA/4/2021HC Orissa21 Nov 2024

Bench: MR. JUSTICE ARINDAM SINHA,MR. JUSTICE M.S.SAHOO

Priyanka Baheti, Hyderabad vs. Income Tax Officer, Ward-7(1), Hyderabad

In the result, appeal filed by the assessee is allowed

ITA 444/HYD/2024[2014-15]Status: DisposedITAT Hyderabad21 Nov 2024AY 2014-15

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G. & आ.अपी.सं /Ita No.444/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Smt. Priyanka Baheti Vs. Income Tax Officer Hyderabad Ward 7 (1) Pan: Amspb86983E Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate Siddharth Toshnival राज" व "ारा/Revenue By:: Shri B Bala Krishna, Dr सुनवाई की तारीख/Date Of Hearing: 14/11/2024 घोषणा की तारीख/Pronouncement: 21/11/2024 आदेश/Order

For Appellant: Advocate Siddharth ToshnivalFor Respondent: : Shri B Bala Krishna, DR
Section 115BSection 143(1)Section 147Section 148Section 263Section 69A

…d by the learned Pr. CIT is well within the period of limitation. He further contended that the processing of the return of income u/s 143(1) is not an assessment order as held by the Hon'ble Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (291 ITR 500). Thus, the learned DR has contended that this issue has emanated from the re-assessment order passed by the Assessing Officer and there is a complete lack of inquiry on the part of the Assessing Officer on this issue which is also against the provisions of section 147 of the I.T. Act, 1961 and therefore, the order passed by the Assessing Officer…

Mehli Mehta Music Foundation, Mumbai vs. ITO, Exemption Ward-2(4), Mumbai

Appeal is dismissed

ITA 4307/MUM/2023[2017-18]Status: DisposedITAT Mumbai21 Nov 2024AY 2017-18

Bench: Smt Beena Pillai & Shri Prabhash Shankar

For Appellant: Shri P. J. Pardiwala/ Nitesh Joshi &For Respondent: Shri R. R. Makwana (SR. D.R.)
Section 11Section 143(3)Section 2(15)

…at the Assessing Officer had specific reason to form a belief that income chargeable to tax had escaped assessment. Further, this view has been supported by the judgement of the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd [2007] (291 ITR 500) wherein it was held that on the basis of audit objection, the AO can initiate re- assessment proceedings and the reason to believe is not a conclusion of escapement and sufficiency of reasons cannot be questioned. The Hon'ble Supreme Court further held that "Section 147 authorises and permits the Assessing Officer to assess or reassess income ch…

Mehli Mehta Music Foundation, Mumbai vs. ITO, Exemption Ward-2(4), Mumbai

ITA 4306/MUM/2023[2016-17]Status: DisposedITAT Mumbai21 Nov 2024AY 2016-17

Bench: Smt Beena Pillai & Shri Prabhash Shankar

For Appellant: Shri P. J. Pardiwala/ Nitesh Joshi &For Respondent: Shri R. R. Makwana (SR. D.R.)
Section 11Section 143(3)Section 2(15)

…at the Assessing Officer had specific reason to form a belief that income chargeable to tax had escaped assessment. Further, this view has been supported by the judgement of the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd [2007] (291 ITR 500) wherein it was held that on the basis of audit objection, the AO can initiate re- assessment proceedings and the reason to believe is not a conclusion of escapement and sufficiency of reasons cannot be questioned. The Hon'ble Supreme Court further held that "Section 147 authorises and permits the Assessing Officer to assess or reassess income ch…

Mehli Mehta Music Foundation, Mumbai vs. Income Tax Officer, Exemption Ward-2(4), Mumbai

ITA 4261/MUM/2023[2009-10]Status: DisposedITAT Mumbai21 Nov 2024AY 2009-10

Bench: Smt Beena Pillai & Shri Prabhash Shankar

For Appellant: Shri P. J. Pardiwala/ Nitesh Joshi &For Respondent: Shri R. R. Makwana (SR. D.R.)
Section 11Section 143(3)Section 2(15)

…at the Assessing Officer had specific reason to form a belief that income chargeable to tax had escaped assessment. Further, this view has been supported by the judgement of the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd [2007] (291 ITR 500) wherein it was held that on the basis of audit objection, the AO can initiate re- assessment proceedings and the reason to believe is not a conclusion of escapement and sufficiency of reasons cannot be questioned. The Hon'ble Supreme Court further held that "Section 147 authorises and permits the Assessing Officer to assess or reassess income ch…

Mehli Mehta Music Foundation, Mumbai vs. Income Tax Officer, Exemption Ward-2(4), Mumbai

ITA 4260/MUM/2023[2014-15]Status: DisposedITAT Mumbai21 Nov 2024AY 2014-15

Bench: Smt Beena Pillai & Shri Prabhash Shankar

For Appellant: Shri P. J. Pardiwala/ Nitesh Joshi &For Respondent: Shri R. R. Makwana (SR. D.R.)
Section 11Section 143(3)Section 2(15)

…at the Assessing Officer had specific reason to form a belief that income chargeable to tax had escaped assessment. Further, this view has been supported by the judgement of the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd [2007] (291 ITR 500) wherein it was held that on the basis of audit objection, the AO can initiate re- assessment proceedings and the reason to believe is not a conclusion of escapement and sufficiency of reasons cannot be questioned. The Hon'ble Supreme Court further held that "Section 147 authorises and permits the Assessing Officer to assess or reassess income ch…

Dcitcc6.2, Mumbai vs. Top Class Capital Markets Pvt. Ltd, Mumbai

In the result, the appeal filed by the Assessee i

ITA 974/MUM/2024[2013-14]Status: DisposedITAT Mumbai12 Nov 2024AY 2013-14

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2013-14

For Appellant: Shri Madhur Agrawal, Ld. A.R. a/wFor Respondent: Shri Biswanath Das, Ld. CIT DR
Section 115JSection 133ASection 143(2)Section 143(3)Section 148Section 250Section 68

…gned order dt. 12th Dec., 2014 allowed the respondent-assessee's appeal. 8. Mr. Mohanty, learned counsel for the Revenue, submits that in view of the apex Court's decision in Asstt. CIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (2007) 210 CTR (SC) 30: (2007) 291 ITR 500 (SC) is entitled to reopen an assessment for whatever reason. In particular, he places reliance upon the following sentence in para 17 of the above decision i.e., 'In other words, if the AO for whatever reason, has reason to believe that income has escaped assessment it confers jurisdiction to reopen the assessment. Therefore, this reopening noti…

Top Class Capital Markets Private Limited, Bombay Mutual Building, Fort vs. ACIT Central Circle 6 (2), Mumbai

In the result, the appeal filed by the Assessee i

ITA 709/MUM/2024[2013-14]Status: DisposedITAT Mumbai12 Nov 2024AY 2013-14

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawal

Section 115JSection 133ASection 143(2)Section 143(3)Section 148Section 250Section 68

…ugned order dt. 12th Dec., 2014 allowed the respondent-assessee's appeal. 8. Mr. Mohanty, learned counsel for the Revenue, submits that in view of the apex Court's decision in Asstt. CIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (2007) 210 CTR (SC) 30: (2007) 291 ITR 500 (SC) is entitled to reopen an assessment for whatever reason. In particular, he places reliance upon the following sentence in para 17 of the above decision i.e., 'In other words, if the AO for whatever reason, has reason to believe that income has escaped assessment it confers jurisdiction to reopen the assessment. Therefore, this reopening noti…