CIT v. Industrial Development Bank of India Ltd.

152 Taxmann.com 591Supreme Court of India2023#8641 most cited

What is CIT v. Industrial Development Bank of India Ltd. authority for?

Proceedings initiated under Section 263 beyond the period of limitation are without jurisdiction and a nullity. When an assessment order is reopened, the previous order is set aside, and proceedings start afresh, but this does not imply that the entire process is invalidated if the subject matter of reassessment is distinct.

13

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2024 to 2026.

Also referred to as

CIT v. Industrial Development Bank of India Ltd. · section 263 · revision · limitation · jurisdiction · nullity · reopening of assessment · assessment order · set aside · reassessment proceedings

Also reported as

454 ITR 811

Sections most often in play

Section 263Section 143(3)Section 147Section 115JBSection 142(1)Section 143(2)Section 144BSection 271(1)(c)

Issues it is cited on

section 263(2)revision u/s 263erroneous and prejudicialincome escaping assessmentsection 263section 26reason to believereopening of assessmentsection 115jbsection 144bscrutiny assessmentreassessment proceedings

Judgments citing CIT v. Industrial Development Bank of India Ltd.

Shree Sant Bhojaji Maharaj Deosthan Ajansara, Wardha vs. Income Tax Officer (Exemption) - 4, Nagpur

In the result, appeal filed by the assessee is in ITA No

ITA 212/NAG/2025[2015-2016]Status: DisposedITAT Nagpur01 Apr 2026AY 2015-2016

Bench: Shri Pawan Singh& Shri Khettra Mohan Roy

Section 12ASection 143(3)Section 250Section 263

…lly without jurisdiction rendering the entire proceedings a nullity. 15. The counsel for the assessee placed reliance on following judgments 1. 2024 Tax Pub(DT) 2556 (Raj-HC) Jainsons Agrochem Industries –Vs.- Principal Commissioner of Income Tax 2. (2023) 454 ITR 811 (SC) Commissioner of Income Tax –Vs.- Industrial Development Bank of India Ltd. 3. Judgment of Hon’ble Income Tax Appellate Tribunal, Raipur Bench dated 04/07/2024 vide ITA No. 244/Rpr/2024 in case of Hotel Babylon Continental (P) Ltd. –Vs. Principal Commissioner of Income Tax 4. Judgment of Hon’ble Income Tax Appellate Tribunal, Jaipur ‘B’ Bench…

Shree Sant Bhojaji Maharaj Deosthan Ajansara, Wardha vs. Income Tax Officer (Exemption) -4, Nagpur

In the result, appeal filed by the assessee is in ITA No

ITA 211/NAG/2025[2015-2016]Status: DisposedITAT Nagpur01 Apr 2026AY 2015-2016

Bench: Shri Pawan Singh& Shri Khettra Mohan Roy

Section 12ASection 143(3)Section 250Section 263

…lly without jurisdiction rendering the entire proceedings a nullity. 15. The counsel for the assessee placed reliance on following judgments 1. 2024 Tax Pub(DT) 2556 (Raj-HC) Jainsons Agrochem Industries –Vs.- Principal Commissioner of Income Tax 2. (2023) 454 ITR 811 (SC) Commissioner of Income Tax –Vs.- Industrial Development Bank of India Ltd. 3. Judgment of Hon’ble Income Tax Appellate Tribunal, Raipur Bench dated 04/07/2024 vide ITA No. 244/Rpr/2024 in case of Hotel Babylon Continental (P) Ltd. –Vs. Principal Commissioner of Income Tax 4. Judgment of Hon’ble Income Tax Appellate Tribunal, Jaipur ‘B’ Bench…

Shree Sant Bhojaji Maharaj Deosthan Ajansara, Wardha vs. Commissioner of Income Tax (Exemption), Pune at Ngp, Nagpur

In the result, appeal filed by the assessee is in ITA No

ITA 186/NAG/2025[2015-2016]Status: DisposedITAT Nagpur01 Apr 2026AY 2015-2016

Bench: Shri Pawan Singh& Shri Khettra Mohan Roy

Section 12ASection 143(3)Section 250Section 263

…lly without jurisdiction rendering the entire proceedings a nullity. 15. The counsel for the assessee placed reliance on following judgments 1. 2024 Tax Pub(DT) 2556 (Raj-HC) Jainsons Agrochem Industries –Vs.- Principal Commissioner of Income Tax 2. (2023) 454 ITR 811 (SC) Commissioner of Income Tax –Vs.- Industrial Development Bank of India Ltd. 3. Judgment of Hon’ble Income Tax Appellate Tribunal, Raipur Bench dated 04/07/2024 vide ITA No. 244/Rpr/2024 in case of Hotel Babylon Continental (P) Ltd. –Vs. Principal Commissioner of Income Tax 4. Judgment of Hon’ble Income Tax Appellate Tribunal, Jaipur ‘B’ Bench…

M/S. Bannariamman Educational Trust, Coimbatore vs. PCIT, CC-3(2), Chennai

In the result, appeals filed by the assessee are allowed

ITA 1379/CHNY/2025[2016-17]Status: DisposedITAT Chennai26 Nov 2025AY 2016-17

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

Section 11Section 143(3)Section 153CSection 263

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1378 & 1379/Chny/2025 िनधा"रण वष"/Assessment Year: 2015-16 & 2016-17 v. M/s.Bannari Amman – The PCIT, Educational Trust, Central Circle-3(2), 1212, Trichy Road, Chennai. Coimbatore-641 018. [PAN: AAATB 1235 C] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.Vikram Vijayaraghavan, Advocate : ""यथ" क" ओर से…

Bannariamman Educational Trust, Coimbatore vs. PCIT, Central Circle-3(2), Chennai

In the result, appeals filed by the assessee are allowed

ITA 1378/CHNY/2025[2015-16]Status: DisposedITAT Chennai26 Nov 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

Section 11Section 143(3)Section 153CSection 263

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1378 & 1379/Chny/2025 िनधा"रण वष"/Assessment Year: 2015-16 & 2016-17 v. M/s.Bannari Amman – The PCIT, Educational Trust, Central Circle-3(2), 1212, Trichy Road, Chennai. Coimbatore-641 018. [PAN: AAATB 1235 C] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.Vikram Vijayaraghavan, Advocate : ""यथ" क" ओर से…

Mahakali Developers and Resorts Private Limited, Scf vs. PCIT Patiala, Aaykar Bhawan

Appeals of the assessee are allowed

ITA 295/CHANDI/2024[2015-2016]Status: DisposedITAT Chandigarh24 Feb 2025AY 2015-2016

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

For Appellant: Shri Ashok Goel, CAFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 139(1)Section 143(2)Section 143(3)Section 144Section 147Section 24Section 24(1)Section 263

…been followed by the Hon'ble Supreme Court in the case of CIT Mumbai Vs Industrial Development Bank of India Ltd. He placed on record copy of the Hon'ble Supreme Court’s decision in the case of Industrial Development Bank of India Ltd. which is reported in 454 ITR 811. According to the ld. Counsel for the assessee, the issue is squarely covered in favour of assessee by this decision of the Hon'ble Supreme Court. ITA No.294 & 295/CHD/2024 A.Y.2013-14 & 2015-16 6 5.1 On the other hand ld. CIT-DR was unable to controvert the proposition propounded by the ld. Counsel for the assessee. 6. We have duly consider…

Mahakali Developers and Resorts Private Limites, Scf, Ist Floor vs. PCIT Patiala, Aaykar Bhawan Patiala

Appeals of the assessee are allowed

ITA 294/CHANDI/2024[2013-2014]Status: DisposedITAT Chandigarh24 Feb 2025AY 2013-2014
For Appellant: Shri Ashok Goel, CAFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 139(1)Section 143(2)Section 143(3)Section 144Section 147Section 24Section 24(1)Section 263

…ly been followed by the Hon'ble Supreme Court in the case of CIT Mumbai Vs Industrial Development Bank of India Ltd. He placed on record copy of the Hon'ble Supreme Court's decision in the case of Industrial Development Bank of India Ltd. which is reported in 454 ITR 811. According to the ld. Counsel for the assessee, the issue is squarely covered in favour of assessee by this decision of the Hon'ble Supreme Court. 5.1 On the other hand ld. CIT-DR was unable to controvert the proposition propounded by the 1d. Counsel for the assessee. 6. We have duly considered the rival contentions and gone through the record ca…

Hsbc Securities and Capital Markets (India) Private Limited, Mumbai vs. Principal Commissioner of Income-Tax, Mumbai-4, Mumbai

In the result, the appeal filed by the Assessee stands allowed

ITA 2586/MUM/2024[2014-15]Status: DisposedITAT Mumbai10 Feb 2025AY 2014-15

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2014-15

For Appellant: Ms. Krupa Gandhi, Ld. A.RFor Respondent: Shri Biswanath Das, Ld. D.R
Section 115JSection 143(3)Section 147Section 14ASection 154Section 263

…d the period of limitation, it was wholly without jurisdiction rendering the entire proceeding a nullity.” {highlighted by us for clarity} 8.5 We further observe that Hon’ble Apex Court in the case of CIT vs. Industrial Development Bank of India Ltd. (2023) 454 ITR 811 (SC) while dealing with the identical issue as involved in the instant case and by considering the judgment of the Hon’ble Apex Court in the case of CIT vs. Alagendran Finance Ltd. (supra) reiterated “that where the issues before the Commissioner at the time of exercising the powers u/s 263 of the Act relate to the subject matter of reassessment,…

Indian Overseas Bank, Chennai vs. ACIT, Ltu-2, Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 1571/CHNY/2024[2017-18]Status: DisposedITAT Chennai18 Dec 2024AY 2017-18

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

For Appellant: Shri. C. Naresh, CA
Section 143(3)Section 147Section 148Section 263

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी मनु कुमार िग"र, "याियक सद"य एवं "ी एस. आर. रघुनाथा, लेखा सद"य के सम" BEFORE SHRI MANU KUMAR GIRI, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner of 763, Anna Salai, v. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [PAN: AAACI-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri. C. Nare…

Indian Overseas Bank, Chennai vs. DCIT, Ltu-2, Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 1570/CHNY/2024[2016-17]Status: DisposedITAT Chennai18 Dec 2024AY 2016-17

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

For Appellant: Shri. C. Naresh, CA
Section 143(3)Section 147Section 148Section 263

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी मनु कुमार िग"र, "याियक सद"य एवं "ी एस. आर. रघुनाथा, लेखा सद"य के सम" BEFORE SHRI MANU KUMAR GIRI, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner of 763, Anna Salai, v. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [PAN: AAACI-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri. C. Nare…

Priyanka Baheti, Hyderabad vs. Income Tax Officer, Ward-7(1), Hyderabad

In the result, appeal filed by the assessee is allowed

ITA 444/HYD/2024[2014-15]Status: DisposedITAT Hyderabad21 Nov 2024AY 2014-15

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G. & आ.अपी.सं /Ita No.444/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Smt. Priyanka Baheti Vs. Income Tax Officer Hyderabad Ward 7 (1) Pan: Amspb86983E Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate Siddharth Toshnival राज" व "ारा/Revenue By:: Shri B Bala Krishna, Dr सुनवाई की तारीख/Date Of Hearing: 14/11/2024 घोषणा की तारीख/Pronouncement: 21/11/2024 आदेश/Order

For Appellant: Advocate Siddharth ToshnivalFor Respondent: : Shri B Bala Krishna, DR
Section 115BSection 143(1)Section 147Section 148Section 263Section 69A

…opening of the assessment, then the learned Pr. CIT ought not to have passed the impugned order before the outcome of the appeal filed before the learned CIT (A). In support of his contention, he has also relied upon the following decisions: 1. CIT vs. IDBI (454 ITR 811 S.C) 2. CIT vs. Alagendra Finance Ltd (293 ITR 1 (S.C) 3. Pr. CIT vs. K Khadim & Co.(2023) 157 Tadmann.com 491 (Calcutta). 6. On merits, the learned AR has submitted that the assessee has duly explained the source of cash deposits in the Bank Account as prior withdrawal of the cash of Rs.9,95,000/- on 27/07/2013 which has not been disputed by th…

Latitude Infraventures, Nagpur vs. PCIT, Nagpur-1, Nagpur

In the result, appeal filed by the assessee for assessment year 2017–18

ITA 350/NAG/2024[2017-18]Status: DisposedITAT Nagpur22 Oct 2024AY 2017-18

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 143(1)Section 143(3)Section 147Section 148Section 263Section 263(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.349/Nag./2024 (Assessment Year : 2016–17) ITA no.350/Nag./2024 (Assessment Year : 2017–18) Latitude Infraventures 322, Modi no.2, Sitabuldi ……………. Appellant Nagpur 440 010 PAN – AAEFL9303P v/s Principal Commissioner of Income Tax ……………. Respondent Nagpur–1, Nagpur Assessee by : Shri Abhay Agrawal Revenue by : Shri Sandipkumar Salunke Date of Hearing – 10/10/2024 Date of Order – O R D E R PER K.M. ROY, A.M. These appeals have been filed by the assessee challenging th…

Latitude Infraventures, Nagpur vs. PCIT, Nagpur-1, Nagpur

In the result, appeal filed by the assessee for assessment year 2017–18

ITA 349/NAG/2024[2016-17]Status: DisposedITAT Nagpur22 Oct 2024AY 2016-17

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 143(1)Section 143(3)Section 147Section 148Section 263Section 263(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.349/Nag./2024 (Assessment Year : 2016–17) ITA no.350/Nag./2024 (Assessment Year : 2017–18) Latitude Infraventures 322, Modi no.2, Sitabuldi ……………. Appellant Nagpur 440 010 PAN – AAEFL9303P v/s Principal Commissioner of Income Tax ……………. Respondent Nagpur–1, Nagpur Assessee by : Shri Abhay Agrawal Revenue by : Shri Sandipkumar Salunke Date of Hearing – 10/10/2024 Date of Order – O R D E R PER K.M. ROY, A.M. These appeals have been filed by the assessee challenging th…

CIT v. Industrial Development Bank of India Ltd. (152 Taxmann.com 591) — Cited in 13 Judgments | BharatTax