CIT v. Alagendran Finance Ltd.

Bhaskar Arvind Kumar Hingad, Mumbai vs. Asstt CIT-24(1), Mumbai

In the result, the appeal of the assessee stands allowed

Bench: Shri Pramod Kumar, Vp & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.692/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2014-15) Bhaskar Arvind Kumar बिधम/ Acit-24(1) Hingad 601, 6Th Floor, Piramal Vs. Flat No. 1, Ratnakar Chambers, Lalbaug, Parel, Building, 26 Narayan Mumbai-400012. Dhabolkar Road, Mumbai- 400006. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aacph2812F (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Vijay Mehta Revenue By: Dr. Mahesh Akhade (Dr) सुनवाई की तारीख / Date Of Hearing: 29/08/2022 घोषणा की तारीख /Date Of Pronouncement: 21/10/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Preferred By The Assessee Is Against The Order Of The Ld. Principal Commissioner Of Income Tax-20 [Hereinafter Referred To As The “Pcit”], Mumbai Dated 31.03.2022 For Assessment Year 2014- 15 Passed Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

…ind Kumar Hingad being in the subject matter arising from the original assessment order dated 24-11-2016 stands time barred. 32. In this regard, we may gainfully refer to the judgment of the Hon’ble Supreme Court in the case of CIT Vs Alagendran Finance Ltd (293 ITR 1). In that case, the regular assessment u/s 143(3) was passed which was followed by an order u/s 147 / 143(3). The reassessment proceedings u/s 147 were initiated with reference to 3 specific issues. In the order passed u/s 147/143(3) the addition was made in respect of all the 3 issues. The CIT thereafter initiated and passed order u/s 263 of the A…

Soma Enterprise Limited, Hyderabad vs. The PCIT (Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprise Limited, Hyderabad vs. The PCIT (Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprise Limited, Mumbai vs. The PCIT (Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Telangana vs. The PCIT (Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Telagana vs. The PCIT (Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Telangana vs. The PCIT, (Central)-Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Mumbai vs. The PCIT, (Central)-Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Mumbai vs. The PCIT, (Central)-Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Soma Enterprises Limited, Mumbai vs. The PCIT(Central), Mumbai-1, Mumbai

In the result, all the appeals of the assessee are partly allowed

…e present show-cause notices dated 17/03/2022 and 23/03/2022 of the ld. PCIT are barred by limitation. Further in this regard the assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd., reported in 293 ITR 1 in support of its contentions. Further, the assessee also raised yet another preliminary objection that the second search assessment framed u/s. 143(3) r.w.s. 153A of the Act dated 19/06/2019 is sought to be revised by the ld. PCIT in the instant case. The assessee submitted that this second search assessment was framed pursuant to second search co…

Shapoorji Pallonji and Company Private Limited, Mumbai vs. Principle Commissioner of Income Tax (Central), -4, Mumbai

In the result, the appeal of the assessee is allowed

…from the date of original assessment order dated 20/04/2016 or from the reassessment order dated 09/12/2019. We find that this issue is no longer res integra in view of the decision of Hon’ble Supreme Court in the case of Alagendran Finance Ltd., reported in 293 ITR 1 (SC) wherein it was held as under:- 7. A bare perusal of the order passed by the Commissioner of Income-tax would clearly demonstrate that only that part of order of assessment which related to lease equalization fund was found to be prejudicial to the interest of the revenue. The proceedings for reassessment have nothing to do with the said head…

Hindustan Construction Company, Mumbai vs. Pr. CIT-6, Mumbai

Appeal is allowed

…issues on the basis of which the PCIT has exercised powers under Section 263 of the Act were not subject matter of reassessment proceedings. In identical facts and circumstances, the Hon‟ble Supreme Court in the case of CIT vs. Alagendran Finance Ltd: (2007) 293 ITR 1 (SC) and the Hon‟ble Bombay High Court in the case of Ashoka Buildcon Ltd. vs. CIT: 325 ITR 574 (Bombay) have set aside the revisional order passed under Section 263 of the Act holding the same to be barred by limitation prescribed in terms of Section 263(2) of the Act. 8. Responding to the above submission, the Ld. Departmental Representative sub…