CIT v. Atul Jain

M/S. R.K. Arora & Sons (HUF), New Delhi vs. ACIT, New Delhi

In the result, both the Assessees’ Appeal No

Bench: Shri H.S. Sidhu

…the notice without applying his own mind. Therefore, on these facts, the decisions of Hon'ble Jurisdictional High Court in the case Signature Hotels Pvt. Ltd. (supra), 338 ITR 51, Insectici (India) Ltd. (supra), 357 ITR 330 and ClT vs. Atul Jain and Vin Jain, 299 ITR 383 would be squarely applicable because the information on the basis of which the AO had initiated proceedings under section 147 was vague and uncertain as may be evidenced from the relevant para of these judgments. Hence, he requested that the reassessment proceedings may be quashed. 7. On the other hand, Ld. DR relied upon the orders passed by the…

Commissioner of Income Tax - IV vs. Insecticides (India) Ltd

The appeals are dismissed

…ries and transactions and the persons with whom the transactions had taken place. In this respect, we may rely upon the decision of Hon’ble jurisdictional 2013:DHC:2624-DB ITA 608-609/2012 Page 9 of 9 Delhi High Court in the case of CIT vs. Atul Jain (2000) 299 ITR 383, in which case the information relied upon by the AO for initiating proceedings u/s 147 of the Act did indicate the source of the capital gain and nobody knew which shares were transacted and with whom the transaction has taken place and in that case there were absolutely no details available and the information supplied was extremely scanty and…

Commissioner of Income Tax - IV vs. M/s Insecticides (India) Ltd

The appeals are dismissed

…ries and transactions and the persons with whom the transactions had taken place. In this respect, we may rely upon the decision of Hon’ble jurisdictional 2013:DHC:2624-DB ITA 608-609/2012 Page 9 of 9 Delhi High Court in the case of CIT vs. Atul Jain (2000) 299 ITR 383, in which case the information relied upon by the AO for initiating proceedings u/s 147 of the Act did indicate the source of the capital gain and nobody knew which shares were transacted and with whom the transaction has taken place and in that case there were absolutely no details available and the information supplied was extremely scanty and…

Commissioner of Income Tax - IV vs. M/s Insecticides (India) Ltd

The appeals are dismissed

…ries and transactions and the persons with whom the transactions had taken place. In this respect, we may rely upon the decision of Hon’ble jurisdictional 2013:DHC:2625-DB ITA 608-609/2012 Page 9 of 9 Delhi High Court in the case of CIT vs. Atul Jain (2000) 299 ITR 383, in which case the information relied upon by the AO for initiating proceedings u/s 147 of the Act did indicate the source of the capital gain and nobody knew which shares were transacted and with whom the transaction has taken place and in that case there were absolutely no details available and the information supplied was extremely scanty and…

Of Income Tax vs. M/S. Jindal Saw Pipes Ltd

Appeal is dismissed

…xtensive with that of AO. Moreover, Section 250(5) of the Act, 1961 allows the assessee to raise an issue not even forming part of the grounds of appeal. In fact, the Supreme Court in National Thermal Power Co. Ltd. Vs. Commissioner of Income Tax, (1998) 299 ITR 383 has held as under :- 2010:DHC:4360-DB “The view that the Tribunal is confined only to issues arising out of the appeal before the Commissioner of Income-tax (Appeals) takes too narrow a view of the powers of the Appellate Tribunal [vide, e.g., C.I.T, v. Anand Prasad : [1981] 128 ITR 388 (Delhi), C.I.T. v. Karamchand Premchand P. Ltd.…

The Commissioner of Income Tax III vs. Sfil Stock Broking Ltd

The appeal is dismissed

Bench: Us Is With Regard To The Validity Of The Proceedings Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Referred To As „The Said Act‟). The Facts Are That The Assessee In His Original Return Of Income Filed On 30.11.1998 Had Shown A Long Term Capital Gain Of 2010:Dhc:2334-Db

…It is on this additional ground that the Income Tax Appellate Tribunal has agreed with the assessee‟s submission and quashed the entire re-assessment proceeding. 5. The Tribunal, following the decision of this Court in the case of CIT v. Atul Jain: 299 ITR 383 (Del), held that the facts of the present case were virtually identical to those of Atul Jain (supra) and that, because the Hi h C t i th f At l J i ( ) h d h d th di 2010:DHC:2334-DB under Section 147/148, the present proceedings were also liable to be quashed. 6. The learned counsel for the appellant/ revenue contended that the Tribun…

The Commissioner of Income Tax III vs. Sfil Stock Broking Ltd

The appeal is dismissed

Bench: Us Is With Regard To The Validity Of The Proceedings Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Referred To As „The Said Act‟). The Facts Are That The Assessee In His Original Return Of Income Filed On 30.11.1998 Had Shown A Long Term Capital Gain Of 2010:Dhc:2334-Db

…It is on this additional ground that the Income Tax Appellate Tribunal has agreed with the assessee‟s submission and quashed the entire re-assessment proceeding. 5. The Tribunal, following the decision of this Court in the case of CIT v. Atul Jain: 299 ITR 383 (Del), held that the facts of the present case were virtually identical to those of Atul Jain (supra) and that, because the Hi h C t i th f At l J i ( ) h d h d th di 2010:DHC:2334-DB under Section 147/148, the present proceedings were also liable to be quashed. 6. The learned counsel for the appellant/ revenue contended that the Tribun…