Calcutta Discount Co. Ltd. v. ITO

41 ITR 191Supreme Court of India1961#192 most cited

What is Calcutta Discount Co. Ltd. v. ITO authority for?

The assessee's duty is limited to disclosing all primary, material facts necessary for assessment, including entries, documents, and other evidence. It is for the Assessing Officer to draw inferences of fact and law, and the assessee is not obligated to offer such inferences.

384

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2010 to 2026.

Also referred to as

Calcutta Discount Co. Ltd. v. ITO · Section 147 · Section 148 · assessee's duty · full and true disclosure · primary facts · material facts for assessment · drawing inferences · reassessment conditions

Sections most often in play

Section 147Section 148Section 143(3)Section 142(1)Section 68Section 151Section 143(2)Section 132
Read the full judgment

Issues it is cited on

section 147(a)true and full disclosurematerial facts necessary for assessmentfresh tangible materialfirst proviso to section 147kelvinatorfull and true disclosurebeyond four yearsmere change of opinionlive linksection 35dsection 148(2)

Judgments citing Calcutta Discount Co. Ltd. v. ITO

Income Tax Officer, Ward-1, Jalna vs. Omprakash Asaram Mantri, Jalna

In the result, all the appeals filed by the Revenue are dismissed

ITA 141/PUN/2024[2012]Status: DisposedITAT Pune17 Jul 2025

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amol Khairnar, CIT-DR
Section 10(38)Section 132Section 143(2)Section 143(3)Section 147Section 148Section 151

…terial' to come to conclusion that there is escapement of income from assessment; reasons must have a live link with formation of belief. 26. He also relied on the decision of the Hon’ble Supreme Court in the case of Calcutta Discount Co. Ltd. vs. ITO (1961) 41 ITR 191 (SC) and various other decisions as per the case law compilation. 27. He submitted that the Ld. CIT(A) while quashing re-assessment proceedings has held that there was confusion in name of the alleged penny stock company while recording the reasons. While supporting the order of Ld. CIT(A) the Ld. submissions: “3. Submissions a) Name confusion: V…

Income Tax Officer, Ward-1, Jalna vs. Omprakash Asaram Mantri, Jalna

In the result, all the appeals filed by the Revenue are dismissed

ITA 140/PUN/2024[2011]Status: DisposedITAT Pune17 Jul 2025

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amol Khairnar, CIT-DR
Section 10(38)Section 132Section 143(2)Section 143(3)Section 147Section 148Section 151

…terial' to come to conclusion that there is escapement of income from assessment; reasons must have a live link with formation of belief. 26. He also relied on the decision of the Hon’ble Supreme Court in the case of Calcutta Discount Co. Ltd. vs. ITO (1961) 41 ITR 191 (SC) and various other decisions as per the case law compilation. 27. He submitted that the Ld. CIT(A) while quashing re-assessment proceedings has held that there was confusion in name of the alleged penny stock company while recording the reasons. While supporting the order of Ld. CIT(A) the Ld. submissions: “3. Submissions a) Name confusion: V…

DCIT, Central Circle-1, Jaipur vs. Vaibhav Banka, Sikar

In the result, the appeals of the revenue stands dismissed, and the

ITA 301/JPR/2025[2016]Status: DisposedITAT Jaipur08 Jul 2025

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 301/JP/2025 fu/kZkj.k o"kZ@Assessment Year : 2016-17 cuke DCIT, Sh. Vaibhav Banka Vs. Central Circle-01, Jaipur Aakarshan, Shahpura Road, Neem Ka Thana, Sikar LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ANAPB5274A vihykFkhZ@Appellant izR;FkhZ@Respondent CO. No. 02/JP/2025 (Arising out of ITA. No. 301/JP/2025) fu/kZkj.k o"kZ@Assessment Yea…

DCIT, Central Circle-1, Jaipur vs. Vipul Banka, Sikar

In the result, the appeals of the revenue stands dismissed, and the

ITA 291/JPR/2025[2014]Status: DisposedITAT Jaipur08 Jul 2025

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 301/JP/2025 fu/kZkj.k o"kZ@Assessment Year : 2016-17 cuke DCIT, Sh. Vaibhav Banka Vs. Central Circle-01, Jaipur Aakarshan, Shahpura Road, Neem Ka Thana, Sikar LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ANAPB5274A vihykFkhZ@Appellant izR;FkhZ@Respondent CO. No. 02/JP/2025 (Arising out of ITA. No. 301/JP/2025) fu/kZkj.k o"kZ@Assessment Yea…

Harsh Comtrade Pvt Ltd, Surat vs. Income Tax Officer, Ward 5(4), Kolkata

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 225/KOL/2024[2012-13]Status: DisposedITAT Kolkata01 Jul 2025AY 2012-13

Bench: Shri George Mathanआयकर अपील सं/Ita No.225/Kol/2024 (नििाारण वर्ा / Assessment Year :2012-2013) Harsh Comtrade Private Limited, Vs Ito, Ward-5(4), Kolkata 1/A, Stuti Apartment, Near Ashok Panhouse, City Light, Surat, Gujarat Pan No. :Aabcg 8847 C (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) : Shri Mehul Shah, Ar नििााररती की ओर से /Assessee By राजस्व की ओर से /Revenue By : Shri S.B. Chakraborthy, Addl. Cit-Sr.Dr सुनवाई की तारीख / Date Of Hearing : 01/07/2025 घोषणा की तारीख/Date Of Pronouncement : 01/07/2025 आदेश / O R D E R This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Dated 28.12.2023, Passed In Din & Order No.Itba/Nfac/S/250/2023-24/1059161646(1) For The Assessment Year 2012-2013. 2. Shri Mehul Shah, Ld. Ar Appeared On Behalf Of The Assessee & Shri S.B.Chakraborthy, Ld.Sr. Dr Appeared On Behalf Of The Revenue. 3. At The Time Of Hearing, Ld. Ar Submitted That He Has Filed Written Submissions Before The Tribunal Which Has Been Placed In The Paper Book At Pages 90 To 104 Which Reads As Follows :- Before Income Tax Appellate Tribunal, Kolkata - 'Smc' Bench In The Case Of Harsh Comtrade Pvt. Ltd Sub: Written Submission For A.Y. 2012-13 Ref: Assessee'S Appeal No. 225/Kol/2024 Date Of Hearing: 21.08.2024 May It Please To Your Honour 1. In This Case, The Case Is Re-Opened On The Basis Of Reasons For Reopening Recorded On 23.03.2018. The Same Is Reproduced

For Respondent: Shri S.B. Chakraborthy, Addl. CIT-Sr.DR
Section 148

…led by the assessee is allowed" 22. Even otherwise, it is submitted that it is well settled law that the case cannot be re-opened for the sake of inquiry or on the basis of suspicion. 23. The Apex Court in the case of Calcutta Discount Co. Ltd. v. ITO (1961) [41 ITR 191] (SC) analyzed the Phrase "reason to believe" and observed that - "It is for him to decide what inferences of facts can be reasonably drawn and what legal inferences have ultimately to be drawn. It is not for somebody else to tell the assessing authority what inferences, whether of facts or law, should be drawn." In the present case, the reasons r…

Deputy Commissioner of Income Tax- 4(3)(1), Mumbai vs. Speciality Papers Limited, Mumbai

Appeal of the revenue is partly allowed for statistical purposes

ITA 5054/MUM/2024[2013-14]Status: DisposedITAT Mumbai01 Jul 2025AY 2013-14

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Appellant: Ms. Neha Sharma 0 Advocate &For Respondent: Shri Arun Kanti Datta, CIT-DR
Section 131Section 132Section 143(3)Section 147Section 148ASection 153CSection 250

…ssed that there must be tangible material to support the belief that income has escaped assessment, and reasons must have a live link with the formation of the belief." 5.9 The Hon'ble Apex Court in the case of Calcutta Discount Co. Ltd v. Income Tax Officer (41 ITR 191) (SC) held that even if the conclusion drawn by the Assessing Officer from the facts disclosed by the assessee during the course of original assessment is erroneous, the Assessing Officer cannot reopen the assessment to change that erroneous conclusion once reached at. 13. On perusal of the above findings we notice the CIT(A) while allowing the co…

DCIT, CC-1(4), Kolkata vs. Kkalpana Industries India Limited, Kolkata

In the result, appeal of the revenue is dismissed

ITA 452/KOL/2025[2016-17]Status: DisposedITAT Kolkata25 Jun 2025AY 2016-17

Bench: Shri George Mathan & Shri Sanjay Awasthiआयकर अपील सं/Ita No.452/Kol/2025 (निर्धारण वर्ा / Assessment Year : 2016-2017) Dcit, Cc-1(4), Kolkata Vs Kkalpana Industries India Ltd. 2B, Pretoria Street, Middleton Row, Kolkata-700071 Pan No. :Aabck 2239 D (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee By : Shri S.K.Tulsiyan, Advocate & Ms. Puja Somani, Ca रधजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 24/06/2025 घोषणा की तारीख/Date Of Pronouncement : 25/06/2025 आदेश / O R D E R Per George Mathan, Jm : This Is An Appeal Filed By The Revenue Against The Order Dated 13.11.2024, Passed By The Ld. Cit(A), Kolkata-20, Passed In Din & Order No.Itba/Apl/S/250/2024-25/1070338584(1), For The Assessment Year 2016-2017. 2. Shri P.N.Barnwal, Ld.Cit-Dr Appeared On Behalf Of The Revenue & Shri S.K.Tulsiyan, Advocate With Ms. Puja Somani, Ca, Appeared On Behalf Of The Assessee. 3. A Perusal Of The Appeal Record, We Find That The Appeal Of The Revenue Has Been Filed Belatedly By 28 Days. In This Regard, The Revenue Has Filed An Application For Condonation Of Delay Stating Sufficient Reasons Which Are Plausible & Not Found To Be False. Thus, The Delay Of 28 Days In Filing The Appeal Is Condoned & Appeal Is Admitted For Hearing.

For Appellant: Shri S.K.Tulsiyan, Advocate and Ms. Puja Somani, CAFor Respondent: Shri P.N.Barnwal, CIT-DR
Section 143(3)Section 148Section 45

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER आयकर अपील सं/ITA No.452/KOL/2025 (निर्धारण वर्ा / Assessment Year : 2016-2017) DCIT, CC-1(4), Kolkata Vs Kkalpana Industries India Ltd. 2B, Pretoria Street, Middleton Row, Kolkata-700071 PAN No. :AABCK 2239 D (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee by : Shri S.K.Tulsiyan, Advocate and Ms. Puja Somani, CA रधजस्व की ओर से /Revenue by : Shri P.N.Barnwal, CIT-DR सुनवाई की तारीख / Date of Hearing : 24/06/2025 घोषणा की तारीख/Date of Prono…

ACIT, New Delhi vs. M/S. A & D Estates Pvt. Ltd., New Delhi

In the result we upheld the decision of the Ld

ITA 1729/DEL/2016[2012-13]Status: DisposedITAT Delhi25 Jun 2025AY 2012-13

Bench: Ms. Madhumita Roy & Shri Manish Agarwalassessment Year: 2012-13

Section 132Section 143(2)Section 143(3)Section 148Section 68

…is founded and not merely a belief in the existence of reasons inducing the belief. Such a belief has not to be based on mere suspicion but it must be based on information as was held by Hon'ble Supreme Court in the case of Calcutta Discount Co. Ltd. Vs. ITO 41 ITR 191. Hon'ble Supreme Court in Ganga Saran & Sons Pvt. Ltd. vs. ITO 130 ITR 1. have held that the words "reason to believe" are stronger than the word "satisfied" and the belief entertained must not be arbitrary or irrational and it must be reasonable and be based on reasons which are relevant and material. It was held by Hon'ble Supreme Court in the…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Vrindavan Builders Private Limited, Pathanamthitta

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 736/COCH/2024[2017-18]Status: DisposedITAT Cochin09 Jun 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Vrindavan Builders Private Limited, Pathanamthitta

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 735/COCH/2024[2016-17]Status: DisposedITAT Cochin09 Jun 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Vrindavan Builders Private Limited, Pathanamthitta

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 734/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Deputy Commissioner of Income Tax, Central Circle, Kollam, Kerala vs. Vrindavan Builders Private Limited, Pathanamthitta

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 733/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Vrindavan Builders Private Limited, Kerala

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 732/COCH/2024[2013-14]Status: DisposedITAT Cochin09 Jun 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 700/COCH/2024[2017-18]Status: DisposedITAT Cochin09 Jun 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Bhavan Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 699/COCH/2024[2016-17]Status: DisposedITAT Cochin09 Jun 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 698/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 697/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Builders Pvt Ktd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 696/COCH/2024[2013-14]Status: DisposedITAT Cochin09 Jun 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT, Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 695/COCH/2024[2012-13]Status: DisposedITAT Cochin09 Jun 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…spicion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O-reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and SheoNath Singh v. AACIT, 972 SCR (1) 175 (SC). 13.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of 11 ITA 695 to 700 & 732 to 736/Coch/2024 Vrindavan Builders Pvt. Ltd. making fishing and roving enquiries in…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Allebasi Builders and Developers (P) Ltd, Attingal

In the result, appeal filed by the assessee stands allowed and Revenue’s appeal and assessee’s cross objection stand dismissed

ITA 317/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…icion, surmises, conjectures but must be based on cogent material that establishes a live link or casual nexus between the information available and inference so drawn by the A.O., reliance placed on the decisions of the Hon'ble S.C. in Calcutta Discount 1961 41 ITR 191(SC), ITO v. Lakmani Mewal Das, 1976 103 ITR 437 (SC), and Sheo Nath Singh v. AACIT, 972 SCR (1) 175 (SC). 11.2 Reassessment proceedings were initiated merely on the basis of 'reason to suspect' and not 'reason to believe' for the purpose of making fishing and roving enquiries in connection with the various items depicted in the regular books of a…