Asian Paints Ltd. v. DCIT

M/S Glenmark Pharmaceuticals Ltd, Mumbai vs. DCIT (Ltu)-1, Mumbai

Appeals are disposed off

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…e that what is the failure on the part of the assessee to fully and truly disclose the material. He referred to the Paper Book containing 174 pages. He also referred to the decision of the Hon'ble Bombay High Court in case of Asian Paints Ltd. vs. DCIT (2009) 308 ITR 195, to contest that mere change of opinion cannot allow the learned Assessing Officer to reopen the concluded assessment. He referred to Para no. 10 of that decision to support his case. 019. The learned Departmental Representative supported the order of the learned Commissioner of Income tax ITA Nos. 7742, 7582, 7933/Mum/2019 CO No. 62/Mum/2021 Gl…

ACIT (Ltu-1), Mumbai vs. Glenmark Pharmaceuticals Ltd, Mumbai

Appeals are disposed off

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…e that what is the failure on the part of the assessee to fully and truly disclose the material. He referred to the Paper Book containing 174 pages. He also referred to the decision of the Hon'ble Bombay High Court in case of Asian Paints Ltd. vs. DCIT (2009) 308 ITR 195, to contest that mere change of opinion cannot allow the learned Assessing Officer to reopen the concluded assessment. He referred to Para no. 10 of that decision to support his case. 019. The learned Departmental Representative supported the order of the learned Commissioner of Income tax ITA Nos. 7742, 7582, 7933/Mum/2019 CO No. 62/Mum/2021 Gl…

ACIT (Ltu-1), Mumbai vs. Glenmark Pharmaceuticals Ltd, Mumbai

Appeals are disposed off

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…e that what is the failure on the part of the assessee to fully and truly disclose the material. He referred to the Paper Book containing 174 pages. He also referred to the decision of the Hon'ble Bombay High Court in case of Asian Paints Ltd. vs. DCIT (2009) 308 ITR 195, to contest that mere change of opinion cannot allow the learned Assessing Officer to reopen the concluded assessment. He referred to Para no. 10 of that decision to support his case. 019. The learned Departmental Representative supported the order of the learned Commissioner of Income tax ITA Nos. 7742, 7582, 7933/Mum/2019 CO No. 62/Mum/2021 Gl…

Bombay Real Estate Development Co. P. Ltd., Mumbai vs. ITO Ward-1(1)-3, Mumbai

In the result, appeal by the assessee is allowed

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

…Ltd. ITA No.513/Mum./2021 Assessing Officer to such material; and an inference, based on reason drawn tentatively by the officer that income has escaped assessment. 16. The Hon‟ble Jurisdictional High Court in the case of Asian Paints Ltd. v/s DCIT: [2009] 308 ITR 195 (Bom.), observed as under: “10. It is further to be seen that the legislature has not conferred power on the AO to review its own order. Therefore, the power under s. 147 cannot be used to review the order. In the present case, though the AO has used the phrase "reason to believe", admittedly between the date of the order of assessment sought to…

Sunil Khanna, Navi Mumbai vs. ACIT 28(3), Navi Mumbai

In the result, the appeal by the assessee is partly allowed, while the appeal by the Revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

…application of mind by the Assessing Officer to such material; and an inference, based on reason drawn tentatively by the officer that income has escaped assessment. 19. The Hon‟ble Jurisdictional High Court in the case of Asian Paints Ltd. v/s DCIT: [2009] 308 ITR 195 (Bom.), observed as under: “10. It is further to be seen that the legislature has not conferred power on the AO to review its own order. Therefore, the power under s. 147 cannot be used to review the order. In the present case, though the AO has used the phrase "reason to believe", admittedly between the date of the order of assessment sought t…

Hsbc Asset Management (India) Private Limited, Mumbai vs. Income Tax Officer 1(1)(2), Mumbai

In the result, ground no.1 raised by assessee is allowed and assessment order framed found to be without jurisdiction

Bench: Shri Rahul Chaudhary & Shri Gagan Goyalhsbc Asset Management (India) Pvt. Ltd. 3Rd Floor, Mercantile Bank Chamber, 16 Veer Nariman, Mumbai-400001 Pan: Aabch0007N ...... Appellant Vs. Ito-1(1)(2) Mumbai. ..... Respondent Appellant By : Sh. Niraj Sheth, Ar Respondent By : Sh. Tejinder Pal Singh Anand, Sr. Dr Date Of Hearing : 28/02/2022 Date Of Pronouncement : 29/04/2022 Order Per Gagan Goyal, A.M: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-6, Mumbai [Hereinafter Referred To As ‘The Cit (A)’] Vide Order Dated 13.10.2017 For The Assessment Year (Ay) 2008-09. The Assessee Has Raised The Following Grounds Of Appeal: The Following Grounds Of Appeal Are Distinct & Separate & Without Prejudice To Each Other. 1. On The Facts & In Law, The Commissioner Of Income-Tax (Appeals) - 6, Mumbai [‘Cit(A)’] Erred In Upholding The Reassessment Proceedings Under Section 148 Of The Income-Tax Act, 1961 (‘The Act’) Initiated After Four Years From The End Of Relevant Assessment Year, Without Appreciating The Fact That Assessment Under Section 143(3) Was Made & The Appellant Had Disclosed Fully & Truly All Material Facts Necessary

…ing without any fresh tangible material coming to the AO, is illegal. This, too, was the case where the AO had re-opened the assessment within 4 years from the end of the assessment year. g) Hon’ble Bombay High Court in the case of Asian Paints Ltd. Vs. DCIT (308 ITR 195), being the jurisdictional High Court, has held that the initiation of reassessment proceedings would amount to change of opinion of the AO as it was merely a fresh application of mind by the AO to the same set of facts and that since the AO had failed to apply his mind to the relevant material while framing the assessment order u/s. 143(3), he c…

ACIT 3(2)(2), Mumbai vs. National Bank for Agriculature and Rural Developement, Mumbai

Bench: Shri Pramod Kumar () & Shri Ravish Sood () A.C.I.T-3(2)(2) National Bank For Agriculture & R. No. 674, 6Th Floor, Vs. Rural Development, Aaykar Bhavan, M.K. Road, C-24, G-Block, Bandra Kurla Mumbai -400 020 Complex,Bandra, Mumbai – 400 051 Pan No. Aaact4020G (Revenue) (Assessee) Assessee By : Shri Jehangir Mistri, Senior Advocate Revenue By : Shri Rahul Raman, Cit D.R Date Of Hearing : 16/09/2021 Date Of Pronouncement : 01/12/2021 Order Per Ravish Sood, J.M:

…High Court in the case of Kelvinator of India Ltd. (supra) referred to above, that under s. 147 assessment cannot be reopened on a mere change of opinion.” We further find that the Hon’ble High Court of Bombay in the case of Asian Paints Ltd. Vs. DCIT (2008) 308 ITR 195 (Bom), had observed, that as no new information/material was received by the A.O, therefore, the fresh application of mind by him to the same set of facts and material which were available on record at the time of framing of the assessment but had inadvertently remained omitted to be considered would tantamount to review of order, which is not pe…

M.S Mahindra Cie Automotive Ltd., Mumbai vs. The Dy CIT, Circle-6(3), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () M/S Mahindra Cie Automotive Ltd The Deputy Commissioner Of (As A Successor Of Hinoday Industries Ltd.) Vs. Income Tax, Circle 6(3) Mahindra Towers, 1St Floor, Room No. 515, Aayakar Bhavan, P.K. Kurne Chowk, Worli M.K. Road, Mumbai – 400 020 Mumbai - 400 018 Pan No. Aabcm6632J (Assessee) (Revenue) Assessee By : Shri H.P. Mahajani, A.R Revenue By : Shri Mahendra Ahuja, D.R Date Of Hearing : 22/11/2021 Date Of Pronouncement : 23/11/2021 Order Per Ravish Sood, J.M:

…High Court in the case of Kelvinator of India Ltd. (supra) referred to above, that under s. 147 assessment cannot be reopened on a mere change of opinion.” We further find that the Hon’ble High Court of Bombay in the case of Asian Paints Ltd. Vs. DCIT (2008) 308 ITR 195 (Bom), had observed, that as no new information/material was received by the A.O, therefore, the fresh application of mind by him to the same set of facts and material which were available on record at the time of framing of the assessment but had inadvertently remained omitted to be considered would tantamount to review of order, which is not pe…

Chandra Financial Services P.Ltd, Mumbai vs. Asst CIT 2(1)(1), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () Chandra Financial Services Pvt. Assistant Commissioner Of Ltd., Achal Building, 3Rd Floor, Vs. Income Tax-2(1)(1), 21, Mody Street, Fort, Mumbai Mumbai – 400 001

…High Court in the case of Kelvinator of India Ltd. (supra) referred to above, that under s. 147 assessment cannot be reopened on a mere change of opinion.” We further find that the Hon’ble High Court of Bombay in the case of Asian Paints Ltd. Vs. DCIT (2008) 308 ITR 195 (Bom), had observed, that as no new information/material was received by the A.O, therefore, the fresh application of mind by him to the same set of facts and material which were available on record at the time of framing of the assessment but had inadvertently remained omitted to be considered would tantamount to review of order, which is not pe…

DCIT 6(2)(1), Mumbai vs. Ceat Ltd, Mumbai

In the result, appeal of the assessee is allowed, and departmental appeal is treated as infructuous

Bench: Shri Shamim Yahya, Am & Shri Pavan Kumar Gadale, Jm Dcit-6(2)(1) M/S. Ceat Ltd. Room No.563, Aaykar Bhawan Rpg House, 463 M.K.Road, Churchgate Vs. Dr. Annie Besant Road, Worli Mumbai-400 020 Mumbai-400 030

…in the possession of the Assessing Officer, hence the reopening of assessment based on the notice dated 08/03/2013 is bad in law. In support of the above, reliance was placed on the judgment of the Hon'ble Bombay High Court in case of Asian Paints v. Dy. CIT 308 ITR 195 (Bom.) and decision of CIT Vs. Jet Speed Audio Pvt. Ltd. (ITA No. 285 of 2013 vide order dated 28.1.2015). At this stage, reference has been made to the reasons recorded for issuance of 1st notice u/s 148 of the Act dated 08.03.2013, which reads as under:- “The assessee company, during the year, has credited Profit & Loss Account by Rs.1503.65 l…