CIT v. Development Credit Bank Ltd.

323 ITR 206High Court2010#1423 most cited

What is CIT v. Development Credit Bank Ltd. authority for?

If the Assessing Officer conducts a specific enquiry on an issue during the original assessment and adopts a possible view, the Principal Commissioner cannot invoke revisionary jurisdiction under Section 263 of the Act on that same issue.

80

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Development Credit Bank Ltd. · Section 263 · revisionary jurisdiction · inadequate enquiry · lack of enquiry · erroneous and prejudicial · AO examined issue · AO took possible view · capital gains · assessment order erroneous · Principal Commissioner of Income Tax · Malabar Industrial Co. Ltd.

Also reported as

196 Taxmann 329262 CTR 604

Sections most often in play

Section 143(3)Section 263Section 142(1)Section 144BSection 143(2)Section 147Section 148Section 153A

Issues it is cited on

inadequate enquirylack of enquirymalabar industrialrevision under section 263revision u/s 263assessment order erroneoussection 56(2)(viib)section 263(1)valuation of shareserroneous and prejudicialkelvinatorsection 56(2)

Judgments citing CIT v. Development Credit Bank Ltd.

Rachit Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 46/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Jaikishan Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 45/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Reeta Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 44/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Gopichand Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 43/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Pravesh Kumar Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 42/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Ritin Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 41/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…eel Suppliers Complex: 395 ITR I (SC) - CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) -. CIT v. Hindustan Lever Ltd 343 ITR 161(Bom.) - CIT v . Vikas Polymers: 341 ITR 537 (Del.) - CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) -CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) - Vimgi Investment (P) Limited: 290 ITR 505 (Del) - Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) - CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 5.12.1 In connection wit the submission of the assessee, received on 03.12.2018, it may be reiterated that in order to provide clarity on the issue of "erroneous in so far as it is preju…

Dr. Vinod Bhandari, Indore vs. The DCIT Cir. 2(1), Indore

In the result appeal of the assessee is allowed

ITA 57/IND/2019[2012-13]Status: DisposedITAT Indore20 Mar 2020AY 2012-13

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 Shri Vinod Bhandari, Pr. Cit(1), Indore 21- Gf, Bhandari House, Talkies, Scheme No.54, Vs. Vijay Nagar, Indore (Appellant) (Revenue ) Pan No.Abnpb6240M Assessment Year: 2012-13

Section 133ASection 139(4)Section 143(2)Section 143(3)Section 263Section 57

…CIT vs. D.G. Housing Projects Ltd. (Delhi H.C.), s. 111 ITR 326, J.P. Srivastava & Sons Vs. CIT, (Allhd. H.C) t. 320 ITR 674, CIT vs. Ashish Rajpal (Delhi H.C.). At u. 323 ITR 632, CIT vs. Design and Automation Engineers (Bombay) P. Ltd. (Bombay H.C.), of v. 323 ITR 206, CIT vs. Development Credit Bank Ltd. w. 243 ITR 83, Malabar Industrial Co. Ltd. Vs. CIT(SC) x. 203 ITR 108 CIT Vs. Gabriel India Ltd., (Bombay H.C.) y. Mukesh Sharma v. CIT 25 ITJ 341 (Indore ITAT) 22. Per contra Ld. Departmental Representative strongly supported the order u/s 263 of the Act passed by Ld. PCIT and further submitted that assesse…

Dr. Vinod Bhandari, Indore vs. The ACIT Cir. 2(1), Indore

In the result appeal of the assessee is allowed

ITA 66/IND/2017[2012-13]Status: DisposedITAT Indore20 Mar 2020AY 2012-13

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 Shri Vinod Bhandari, Pr. Cit(1), Indore 21- Gf, Bhandari House, Talkies, Scheme No.54, Vs. Vijay Nagar, Indore (Appellant) (Revenue ) Pan No.Abnpb6240M Assessment Year: 2012-13

Section 133ASection 139(4)Section 143(2)Section 143(3)Section 263Section 57

…CIT vs. D.G. Housing Projects Ltd. (Delhi H.C.), s. 111 ITR 326, J.P. Srivastava & Sons Vs. CIT, (Allhd. H.C) t. 320 ITR 674, CIT vs. Ashish Rajpal (Delhi H.C.). At u. 323 ITR 632, CIT vs. Design and Automation Engineers (Bombay) P. Ltd. (Bombay H.C.), of v. 323 ITR 206, CIT vs. Development Credit Bank Ltd. w. 243 ITR 83, Malabar Industrial Co. Ltd. Vs. CIT(SC) x. 203 ITR 108 CIT Vs. Gabriel India Ltd., (Bombay H.C.) y. Mukesh Sharma v. CIT 25 ITJ 341 (Indore ITAT) 22. Per contra Ld. Departmental Representative strongly supported the order u/s 263 of the Act passed by Ld. PCIT and further submitted that assesse…

M/S. Bhandari Hospital and Research Centre, Indore vs. The Pr. CIT-1, Indore

ITA 355/IND/2017[2012-13]Status: DisposedITAT Indore20 Mar 2020AY 2012-13

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 M/S Bhandari Hospital & Pr. Cit-(I) Research Centre, Gf-21 & Indore बनाम/ 22, Opp. Meghdoot Garden, Vs. Vijay Nagar, Indore (Appellant) (Revenue ) P.A. No.Aadfb8151A

Section 131(1)(d)Section 143(3)Section 144ASection 263Section 35A

…343 ITR 342, CIT vs. Hero Auto Ltd. (Delhi H.C.), p. 111 ITR 326, J.P. Srivastava & Sons Vs. CIT, (Allhd. H.C) q. 320 ITR 674, CIT vs. Ashish Rajpal (Delhi H.C.). At r. 323 ITR 632, CIT vs. Design and Automation Engineers (Bombay) P. Ltd. (Bombay H.C.), of s. 323 ITR 206, CIT vs. Development Credit Bank Ltd. t. 243 ITR 83, Malabar Industrial Co. Ltd. Vs. CIT, (Supreme Court) u. 203 ITR 108 CIT Vs. Gabriel India Ltd., (Bombay H.C.) Elaborating on the aforesaid decisions : 4.1 On the question regarding examination of validity of issuance of notice, assumption of jurisdiction and passing of impugned order u/s 263 o…

Shri Vinod Bhandari, Indore vs. The Pr.CIT-1, Indore

In the result appeal of the assessee is allowed

ITA 350/IND/2017[2012-13]Status: DisposedITAT Indore20 Mar 2020AY 2012-13

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 Shri Vinod Bhandari, Pr. Cit(1), Indore 21- Gf, Bhandari House, Talkies, Scheme No.54, Vs. Vijay Nagar, Indore (Appellant) (Revenue ) Pan No.Abnpb6240M Assessment Year: 2012-13

Section 133ASection 139(4)Section 143(2)Section 143(3)Section 263Section 57

…CIT vs. D.G. Housing Projects Ltd. (Delhi H.C.), s. 111 ITR 326, J.P. Srivastava & Sons Vs. CIT, (Allhd. H.C) t. 320 ITR 674, CIT vs. Ashish Rajpal (Delhi H.C.). At u. 323 ITR 632, CIT vs. Design and Automation Engineers (Bombay) P. Ltd. (Bombay H.C.), of v. 323 ITR 206, CIT vs. Development Credit Bank Ltd. w. 243 ITR 83, Malabar Industrial Co. Ltd. Vs. CIT(SC) x. 203 ITR 108 CIT Vs. Gabriel India Ltd., (Bombay H.C.) y. Mukesh Sharma v. CIT 25 ITJ 341 (Indore ITAT) 22. Per contra Ld. Departmental Representative strongly supported the order u/s 263 of the Act passed by Ld. PCIT and further submitted that assesse…

M/S. Singhal Enterprises Pvt Ltd., Kolkata vs. D.C.I.T., C.C. - 4(1), Kolkata.

In the result, the both the appeals of the assessee ( in ITA No

ITA 1072/KOL/2018[2014-15]Status: DisposedITAT Kolkata26 Feb 2020AY 2014-15

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1071 & 1072/Kol/2018 ("नधा"रणवष" / Assessment Years:2013-14 &2014-15)

For Appellant: Shri A.K. Tulsiyan, CAFor Respondent: Shri Ram Bilash Meena, CIT
Section 143(3)Section 263Section 80I

…osition is further supported by the following judicial pronouncements; CITVs. Anil Kumar Sharma, 335 ITR 83 (Del HC); Ramakant Singh Vs. CIT 140 TTJ 41 (Patna ITAT); Vodafone Essar South Ltd. vs CIT 141 TTJ 84 (Del ITAT); CIT Vs. Development Credit Bank Ltd. 323 ITR 206 (2010); CIT vs Gabrial India Ltd. 203 ITR 108 (1993); Russel Properties Pvt Ltd Vs. CIT 109 ITR 229 (Cal); CITVs. Vikash Polymers 341 ITR 537 (Del); M/s Singhal Enterprises Pvt. Ltd. ITA Nos.1071 & 1072/Kol/2018 Assessment Years:2013-14 & 2014-15 14. In this regard, we also place reliance on the judgment of Delhi High Court in the case of Fab Ind…

M/S. Singhal Enterprises Pvt Ltd., Kolkata vs. D.C.I.T., C.C. - 4(1), Kolkata.

In the result, the both the appeals of the assessee ( in ITA No

ITA 1071/KOL/2018[2013-14]Status: DisposedITAT Kolkata26 Feb 2020AY 2013-14

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1071 & 1072/Kol/2018 ("नधा"रणवष" / Assessment Years:2013-14 &2014-15)

For Appellant: Shri A.K. Tulsiyan, CAFor Respondent: Shri Ram Bilash Meena, CIT
Section 143(3)Section 263Section 80I

…osition is further supported by the following judicial pronouncements; CITVs. Anil Kumar Sharma, 335 ITR 83 (Del HC); Ramakant Singh Vs. CIT 140 TTJ 41 (Patna ITAT); Vodafone Essar South Ltd. vs CIT 141 TTJ 84 (Del ITAT); CIT Vs. Development Credit Bank Ltd. 323 ITR 206 (2010); CIT vs Gabrial India Ltd. 203 ITR 108 (1993); Russel Properties Pvt Ltd Vs. CIT 109 ITR 229 (Cal); CITVs. Vikash Polymers 341 ITR 537 (Del); M/s Singhal Enterprises Pvt. Ltd. ITA Nos.1071 & 1072/Kol/2018 Assessment Years:2013-14 & 2014-15 14. In this regard, we also place reliance on the judgment of Delhi High Court in the case of Fab Ind…

Kritika Wires Ltd., Kolkata vs. Pr.C.I.T.-2, Kolkata

Appeal is allowed

ITA 709/KOL/2019[2014-15]Status: DisposedITAT Kolkata19 Feb 2020AY 2014-15

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2014-15

Section 143(3)Section 263

…Kwalaity Steel Suppliers Complex 395 ITR - CIT vs. Amitabh Bachchan 384 ITR 200 (SC) - CIT vs. Hindustan Lever Ltd. 343 ITR 161 (Bom) - CIT vs. Vikas Plymers 341 ITR 537 (Del) - CIT vs. Sunbeam Auto Ltd 332 ITR 167 (Del) - CIT vs. Development Credit Bank Ltd 323 ITR 206 (Bom) - Vimgi Investment (P) td 290 ITR 5050 (Del) - Hari Iron Trading Co. vs. CIT 263 ITR 437 (P&H) - CIT vs. Gabriel India Ltd 203 ITR 108 (Bom) 6.3 It may be further noticed that in order to provide clarity on the issue of “erroneous in so far as it is prejudicial to the interest of the revenue”, a new Explanation has been inserted to clarify…

M/S Chengmari Tea Co. Ltd, Kolkata vs. ACIT, Cir-4(1), Kolkata

Appeal is allowed

ITA 812/KOL/2019[2014-15]Status: DisposedITAT Kolkata31 Jan 2020AY 2014-15

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Years: 2014-15

Section 115JSection 263Section 33A

…ty Steel Suppliers Complex: 395 ITR 1 (SC) CIT vs. Amitabh Bachchan: 384 ITR 200 (SC) CIT v. Hindustan Lever Ltd: 343 ITR 161 (Born.) CIT v. Vikas Polymers: 341 ITR 537 (Del.) CIT v. Sunbeam Auto Ltd.: 332 ITR 167 (Del) CIT vs. Development Credit Bank Ltd: 323 ITR 206 (Born.) Vimgi Investment (P) Limited: 290 ITR 505 (Del) Hari Iron Trading Co. vs. CIT: 263 ITR 437 (P&H) CIT vs. Gabriel India Limited: 203 ITR 108 (Born). 6.5 It may be further noticed that in order to provide clarity on the issue of “erroneous in so far as it is prejudicial to the interest of the revenue", a new Explanation has been inserted…

M/S. La Opala RG Ltd., Kolkata vs. ACIT, Range - 12, Kolkata

In the result, the appeal of the assessee is allowed

ITA 559/KOL/2018[2013-14]Status: DisposedITAT Kolkata31 Oct 2019AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 139Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 263Section 80ISection 80l

…nder section 263 of the Act cannot be invoked under the facts and circumstances of the case. This position is further supported by the following judicial pronouncements; - CITVs. Anil Kumar Sharma, 335 ITR 83 (Del HC); - CIT Vs. Developement Credit Bank Ltd. 323 ITR 206 (2010); - CIT vs Gabriel India Ltd. 203 ITR 108 (1993); 9 La Opala RG Ltd.., AY- 2013-14 - CIT Vs. Vikash Polymers 341 ITR 537 (Del); 8. In this regard, the ld AR also placed reliance on the judgment of Delhi High Court in the case of Fab India Overseas (P) Ltd. Vs. CIT, 201 Taxman 173 wherein under the similar facts and circumstances of the c…

Ganesh Benzoplast Ltd., Mumbai vs. Principal Commissioner of Income Tax -1, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2047/MUM/2019[2009-10]Status: DisposedITAT Mumbai11 Sept 2019AY 2009-10

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2009-10

For Appellant: Shri Haridas Bhat, C.AFor Respondent: Shri Laxmi Vara Prasad Gude , D.R
Section 143(3)Section 147Section 148Section 263Section 41Section 41(1)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER Assessment Year: 2009-10 M/s. Ganesh Benzoplast Pr. CIT-1, Ltd., Aayakar Bhavan, 1st Floor, Mumbai - 400020 Dina Bldg., 53, Vs. M.K. Road, Marine Lines, Mumbai – 400 020 PAN: AAACG1259J (Appellant) (Respondent) Present for: Assessee by : Shri Haridas Bhat, C.A. Revenue by : Shri Laxmi Vara Prasad Gude , D.R. Date of Hearing : 15.07.2019 Date of Pronouncement : 11.09.2019 O R D E R Per Rajesh Kumar, Accountant Member: The present appeal has been preferred by the…

Larsen & Toubro Infotech Ltd, Mumbai vs. The Principal Commissioner of Incomne Tax-2, Mumbai

In the result, appeal of the assessee is allowed, as above

ITA 3107/MUM/2016[2006-07]Status: DisposedITAT Mumbai24 Jul 2019AY 2006-07

Bench: Shri G.S. Pannu & Shri C.N. Prasad: A.Y : 2006-07

For Appellant: Shri Vijay MehtaFor Respondent: Shri B. Pruseth
Section 10ASection 10A(8)Section 115JSection 143(3)Section 147Section 148Section 263Section 70Section 71Section 72

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI G.S. PANNU, VICE PRESIDENT AND SHRI C.N. PRASAD, JUDICIAL MEMBER : A.Y : 2006-07 Larsen & Toubro Infotech Ltd., Vs. Principal Commissioner of Taxation Dept., L&T House, Income-tax -2, 2nd floor, N.M. Marg, Mumbai. (Respondent) Ballard Estate, Mumbai 400 001. PAN : AAACL1681P (Appellant) Appellant by : Shri Vijay Mehta Respondent by : Shri B. Pruseth Date of Hearing : 22/07/2019 Date of Pronouncement : 24/07/2019 O R D E R PER G.S. PANNU, VICE PRESIDENT The captioned appeal by the assessee is directed against the order passed by the…

Sajid Nadiadwala, Mumbai vs. CIT 11, Mumbai

The appeal is allowed

ITA 1411/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Jun 2019AY 2009-10

Bench: Shri G.S. Pannu & Shri Ram Lal Negiassessment Year: 2009-10

For Appellant: Shri Hiro Rai, ARFor Respondent: Shri Manjunath Karkihalli, DR
Section 143(3)Section 2(22)(e)Section 263

…rder of the Assessing Officer cannot be termed as erroneous simply because Commissioner does not agree with the conclusion drawn by the Assessing Officer. In another case from Hon'ble Jurisdictional High Court in CIT vs. Development Credit Bank Limited (2010) 323 ITR 206, in a similar situation, wherein assessment order was passed after considering all details called for and furnished by the assesses, the Commissioner invoked revisional jurisdiction on the ground that enquiry was not conducted; and the Hon'ble High Court held that the Commissioner was not justified in invoking the revisional jurisdiction. In view…

Goldcity Properties Private Limited, Mumbai vs. Principal Commissioner of Income Tax 14, Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 2179/MUM/2019[2011-12]Status: DisposedITAT Mumbai21 Jun 2019AY 2011-12

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhgoldcity Properties Pvt. Ltd. Principal Commissioner Of [Now Merged With Supergold Vs. Income-Tax -14, R. No. 415, 4Th Floor, Properties Pvt. Ltd.], Shop No.1, Building No.2, Aayakar Bhavan, Sharmik Chs Ltd., Tilak M.K. Road, Nagar, Chembur, Mumbai-400020. Mumbai-400089. Pan: Aaccg1757H Appellant Respondent

For Appellant: Dr. P. Daniel (AR)For Respondent: Shri B. Jaya Kumar (CIT-DR)
Section 143(1)Section 147Section 148Section 152(2)Section 254(1)Section 263

…5/Del/2017) dated 29.11.2017, (iv) Care view Investment & Trading Pvt Ltd Vs CIT (ITA 53/M/2012 dated 31.10.2013, 11 ITA No. 2179 Mum 2019- Goldcity Properties Pvt. Ltd. (v) CIT Vs Gabriel India ( 203 ITR 108 Bom), (vi) CIT Vs Development Credit Bank Ltd ( 323 ITR 206 Bom), (vii) CIT Vs Max India (295 ITR 282 SC), (viii) CIT Vs Sunbeam Auto Ltd ( 332 ITR 167 Delhi), (ix) CIT Vs Vikas Polymers (341 ITR 537 Delhi), (x) CIT Vs Arvind Jewellers (259 ITR 502 Guj), (xi) Malabar Industrial Company Vs CIT (243 ITR 83 SC), (xii) Mehta Trading Vs CIT ( ITA No. 2838/M/2013 dated 31.10.2014, (xiii) PCIT Vs Ginger Properti…

Amazia Developers P.Ltd, Mumbai vs. CIT-1, Mumbai

In the result, appeal of assessee is allowed

ITA 2499/MUM/2017[2012-13]Status: DisposedITAT Mumbai08 May 2019AY 2012-13
For Appellant: Shri Vijay Mehta with Anuj Kushandwala –CA’s (AR)For Respondent: Shri R.P. Meena CIT-DR
Section 143Section 143(3)Section 22Section 253Section 254(1)Section 263

…following decision (i) Malabar Industrial Company Ltd Versus CIT ( 243 ITR 82 SC) (ii) CIT Versus Max India ( 295ITR 282 SC) (iii) CIT Vs Arvind Jewellers (290 ITR 689 Guj) (iv) CIT Vs Gabrial India Ltd (203 ITR108 (Bom), (v) CIT Vs Development Credit Bank (323 ITR 206 Bom), (vi) CIT Vs Vikas Polymers (194 TAXMAN 57 Delhi), (vii) CIT Vs Anil Kumar Sharma (194 TAXMAN 504 Delhi) 6. The ld. AR for the assessee further submits that CBDT has issued a Circular No. 16/2017, dated 25.04.2017, wherein it is expressly stated that the rent received from letting of the property in the industrial park is to be treated as…