Avirat Star Homes Venture P. Ltd. v. ITO

SMT. SHREE JAIN ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI

In the result, we hold that

Bench: Shri Sandeep Gosain & Shri Bijayananda Prusethsmt. Shree Jain, 17/1, Vs. The Assistant Commissioner Of Income Anurag Ali Asker Rod, Off. Tax, Central Circle-5(2), Mumbai. Chunningham Road, 1/24, Room No.634, Aayakar Bhawan, Marsh Bangalore-560052. Karve Road, Churchgate, Mumbai- 400020. Pan/Gir No:Aarpj4573A (Appellant) (Respondent)

…f Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P) Ltd [2007] 161 Taxman 316/291 ITR 500 (SC), "At the stage of issue of notice, the only question is whether there was relevant material on which a reasonable person could have formed a requisite belief.” “6.3 In 411 ITR 321, Avirat Star Homes Venture (P) Ltd. Vs ITO (Bom HC), the Hon'ble Jurisdictional High Court held as under in para 10. "In our opinion, the information supplied by the investigation wing to the Assessing Officer thus formed a prima facie basis to enable Assessing Officer to form a belief of income chargeable tax having escaped assessment. Therefore…

INCOME TAX OFFICER, KAUTALIYA BHAVAN, BKC vs. RAJNISH BHARTI HUF, DARUKHANA

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

…o the conclusion\nthat income escaped assessment which we have already\ndiscussed. There is thus no question of any change of opinion.\"\n2. Avirat Star Homes Venture (P.) Ltd. Vs ITO, [2019] 102\ntaxmann.com 60 (Bombay)/[2019] 261 Taxman 184\n(Bombay)/[2019] 411 ITR 321;\n3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High\nCourttaxmann.com 409held that Information regarding bogus\npurchase by assessee received by DRI from CCE which was\npassed on to revenue authorities was 'tangible material\noutside record' to initiate valid reassessment proceedings;\n4. Vasudev Fatandas Vaswani Vs ITOGujarat High\nCourt201…

INCOME TAX OFFICER 41(3)(3), BKC vs. RAJNISH BHARTI HUF, DARUKHANA

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

…o the conclusion\nthat income escaped assessment which we have already\ndiscussed. There is thus no question of any change of opinion.\"\n2. Avirat Star Homes Venture (P.) Ltd. Vs ITO, [2019] 102\ntaxmann.com 60 (Bombay)/[2019] 261 Taxman 184\n(Bombay)/[2019] 411 ITR 321;\n3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High\nCourttaxmann.com 409held that Information regarding bogus\npurchase by assessee received by DRI from CCE which was\npassed on to revenue authorities was 'tangible material\noutside record' to initiate valid reassessment proceedings;\n4. Vasudev Fatandas Vaswani Vs ITOGujarat High\nCourt201…

RAJNISH BHARTI HUF,MUMBAI vs. THE INCOME TAX OFFICER 20(3)(1), MUMBAI , LALBAUG, MUMBAI

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

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

…question of any change of opinion." 2. Avirat Star Homes Venture (P.) Ltd. Vs 2. Avirat Star Homes Venture (P.) Ltd. Vs ITO, [2019] 102 ITO, [2019] 102 taxmann.com taxmann.com 60 60 (Bombay)/[2019] (Bombay)/[2019] 261 261 Taxman Taxman 184 184 (Bombay)/[2019] 411 ITR 321; (Bombay)/[2019] 411 ITR 321; 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High Courttaxmann.com Courttaxmann.com 409held that Information regarding bogus 409held that Information regarding bogus purchase by assessee received by DRI…

RAJNISH BHARTI HUF,MUMBAI vs. THE INCOME TAX OFFICER 20(3)(1), MUMBAI, LALBAUG, MUMBAI

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

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

…question of any change of opinion." 2. Avirat Star Homes Venture (P.) Ltd. Vs 2. Avirat Star Homes Venture (P.) Ltd. Vs ITO, [2019] 102 ITO, [2019] 102 taxmann.com taxmann.com 60 60 (Bombay)/[2019] (Bombay)/[2019] 261 261 Taxman Taxman 184 184 (Bombay)/[2019] 411 ITR 321; (Bombay)/[2019] 411 ITR 321; 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High 3. PCIT Vs Paramount Communication (P.) Ltd.Delhi High Courttaxmann.com Courttaxmann.com 409held that Information regarding bogus 409held that Information regarding bogus purchase by assessee received by DRI…

DCIT CC 4 (4), MUMBAI, MUMBAI vs. SANMAN TRADE IMPEX LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant st of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the the Hon'ble Jurisdictional HC held as under in para 10: "In our opini…

DCIT CC 4 (4), MUMBAI, MUMBAI vs. SANMAN TRADE IMPEX LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant st of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the the Hon'ble Jurisdictional HC held as under in para 10: "In our opini…

DCIT CC 4(4), MUMBAI, MUMBAI vs. SANMAN TRADE IMPEX LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant st of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the the Hon'ble Jurisdictional HC held as under in para 10: "In our opini…

SANMAN TRADE IMPEX LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-4(4), MUMBAI, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…xamine the material independently and form his own opinion, which is what has been done by the AO here. Similar is the case with [2021] 438 ITR 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the information supplied by the investigation wing to the Assessing Officer thus formed a prima facie basis to enable Assessing Officer to form a belief of income chargeable tax having escaped assessment. Therefore, it ca…

SANMAN TRADE IMPEX LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE 4(4), MUMBAI, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant st of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the the Hon'ble Jurisdictional HC held as under in para 10: "In our opini…

SANMAN TRADE IMPEX LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX- CENTRAL CIRCLE 4(4), MUMBAI, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument 657 (Allahabad), Suresh Chand Gupta vs PCIT. Hence, this part of argument of the appellant st of the appellant stands REJECTED. 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), 5.9. In 411 ITR 321, Avirat Star Homes Venture (P.) Ltd vs ITO, (Bom HC), the Hon'ble Jurisdictional HC held as under in para 10: "In our opinion, the the Hon'ble Jurisdictional HC held as under in para 10: "In our opini…

MR. RATANSINGH M. RATHOD,MUMBAI vs. ASSTT. CIT - 32(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleshri Ratansingh M. Rathore V. Acit -32(3) 502, Sushila Apartment Room No. 732, 7Th Floor Devidas Lane, Borivali (W) Kautilya Bhavan Mumbai - 400092 Bandra Kurla Complex Bandra(E), Mumbai - 400051 Pan: Aacpr4164L (Appellant) (Respondent) Assessee By : Shri Subhash Chhajed Department By : Shri T. Shankar

…nt. He prayed that the addition may be sustained. Ld. DR has filed written submissions which are reproduced below: - “Brief Synopsis of Revenue submissions: • AO order and CIT(A) are relied upon. • Reopening is valid:  Avirat Star Homes Venture P Ltd vs ITO, 411 ITR 321 (Bom HC) (copy enclosed) 4 Shri Ratansingh M. Rathore  Chhagan Chandrakant Bhujpal vs ITO, 440 ITR 359 (Bom HC) (copy enclosed)  In the case of Home Finders Housing Ltd vs ITO. 356 Taxxman 59 (SC), the Hon’ble SC has held that if objections are not disposed off, the matter has to go back to the AO and order cannot be quashed. (copy enclosed).…

KHETAN TWIST NET P.LTD,MUMBAI vs. ITO 12(3)(2), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08

…ssessing Officer is within the realm of subjective satisfaction ITO v. Selected Dalurband Coal Co. (P.) Ltd. [1996] 217 ITR 597 (SC); Raymond Woollen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC).” 7 In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the above decision has held : “that the return had been accepted without scrutiny. The income-tax investigation had subsequently provided information about certain companies having bank accounts with a bank in Kolkata and who were involved in giving accommodation entries of various nature to seve…

ITO 15 (2)(2), MUMBAI vs. M/S LIMBO ENGINEERING P LTD., MUMBAI

In the result the all the three appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year : 2011-12

…see- company with a number of concerns which had made accommodation entries and they were not genuine transactions, it could be said that there was material on basis of which notice u/s 148 could be issued. In Avirat Star Homes Venture (P.) Ltd. v. ITO [2019] 411 ITR 321 (Bombay) where certain companies which were involved in giving accommodation entries to several beneficiaries, the investigation wing provided copies of the bank's statement and conveyed that from the bank statement and further investigation it was clear that the funds had been M/s. Limbo Enginnering P. Ltd. routed through the accounts of the sai…

DCIT CENTRAL CIRCLE-7(4), MUMBAI vs. M/S WELLKNOWN POLYSTERS LTD., MUMBAI

In the result the all the three appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year : 2011-12

…see- company with a number of concerns which had made accommodation entries and they were not genuine transactions, it could be said that there was material on basis of which notice u/s 148 could be issued. In Avirat Star Homes Venture (P.) Ltd. v. ITO [2019] 411 ITR 321 (Bombay) where certain companies which were involved in giving accommodation entries to several beneficiaries, the investigation wing provided copies of the bank's statement and conveyed that from the bank statement and further investigation it was clear that the funds had been M/s. Limbo Enginnering P. Ltd. routed through the accounts of the sai…

ITO 15 (2)(2), MUMBAI vs. M/S LIMBO ENGINEERING P LTD., MUMBAI

In the result the all the three appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year : 2011-12

…see- company with a number of concerns which had made accommodation entries and they were not genuine transactions, it could be said that there was material on basis of which notice u/s 148 could be issued. In Avirat Star Homes Venture (P.) Ltd. v. ITO [2019] 411 ITR 321 (Bombay) where certain companies which were involved in giving accommodation entries to several beneficiaries, the investigation wing provided copies of the bank's statement and conveyed that from the bank statement and further investigation it was clear that the funds had been M/s. Limbo Enginnering P. Ltd. routed through the accounts of the sai…

ITO - WD -22(3)(4), MUMBAI vs. SPECTRA SOLUTIONS, MUMBAI

In the result, the appeal filed by the assessee as well as the Revenue are partly allowed

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2011-12

…stinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) of the Act. In the former case, the AO would have much wider latitude to reopen the assessment. In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the above decision has held : “that the return had been accepted without scrutiny. The income-tax investigation had subsequently provided information about certain companies having bank accounts with a bank in Kolkata and who were involved in giving accommodation entries of various nature to seve…

SPECTRA SOLUTIONS,MUMBAI vs. ITO - WD -22(3)(4), MUMBAI

In the result, the appeal filed by the assessee as well as the Revenue are partly allowed

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2011-12

…stinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) of the Act. In the former case, the AO would have much wider latitude to reopen the assessment. In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the above decision has held : “that the return had been accepted without scrutiny. The income-tax investigation had subsequently provided information about certain companies having bank accounts with a bank in Kolkata and who were involved in giving accommodation entries of various nature to seve…

DCIT 12(2)(1), MUMBAI vs. D R COATS INK AND RESINS P.LTD, MUMBAI

In the result, the appeals filed by the Revenue and the cross objections filed by the assessee are partly allowed for statistical purposes

Bench: Shri Amarjit Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 & Assessment Year: 2010-11 Dy. Commissioner Of Income M/S Dr Coats Ink & Resins Pvt. Tax-12(2)(1), Room No. 223, Ltd., 230 New Sonal Link Vs. 2Nd Floor, Aayakar Bhavan, Industrial Building No. 2, Estate M.K. Road, Mumbai-20. Link Road, Malald West, Mumbai-400064. Pan No. Aabcd8645A

…stinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) of the Act. In the former case, the AO would have much wider latitude to reopen the assessment. In the case of Avirat Star Homes Venture P. Ltd. v. ITO (2019) 411 ITR 321 (Bom), the Hon’ble Bombay High Court referring to the above decision has held : “that the return had been accepted without scrutiny. The income-tax investigation had subsequently provided information about certain companies having bank accounts with a bank in Kolkata and who were C.O. No. 238 & 239/MUM/2018 M/s DR Coats INK and Resins Pvt. Ltd.,…