CIT v. Orient Craft Ltd.

354 ITR 536High Court2013#204 most cited

What is CIT v. Orient Craft Ltd. authority for?

Reassessment of income, especially after a summary assessment under Section 143(1), requires the Assessing Officer to possess fresh, tangible material to form a reason to believe that income has escaped assessment; a mere reappraisal of existing records or a change of opinion without new material is not permissible.

366

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Orient Craft Ltd. · Section 147 · Section 148 · Section 143(1) · fresh tangible material · reason to believe · escapement of income · mere change of opinion · live link · reopening of assessment

Also reported as

29 Taxmann.com 392

Sections most often in play

Section 147 Section 143(3)Section 148 Section 143(2)Section 139 Section 143(1)Section 133A Section 142(1)

Issues it is cited on

fresh tangible material kelvinator beyond four years material facts necessary for assessment first proviso to section 147 mere change of opinion live link change of opinion tangible material short term capital gains reason to believe escapement of income

Judgments citing CIT v. Orient Craft Ltd.

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 30/CHANDI/2020[2016-17]Status: DisposedITAT Chandigarh27 May 2021AY 2016-17

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

M/S Manav Mangal Society, Chandigarh vs. DCIT, C-1, (E), Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 3/CHANDI/2020[2011-12]Status: DisposedITAT Chandigarh27 May 2021AY 2011-12

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 29/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh27 May 2021AY 2015-16

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 28/CHANDI/2020[2014-15]Status: DisposedITAT Chandigarh27 May 2021AY 2014-15

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

DCIT, Circle-1(Exemption), Chandigarh vs. M/S Manav Mangal School( Manav Mangal Society), Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 27/CHANDI/2020[2013-14]Status: DisposedITAT Chandigarh27 May 2021AY 2013-14

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

M/S Manav Mangal Society, Chandigarh vs. DCIT, C-1, (E), Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 2/CHANDI/2020[2010-11]Status: DisposedITAT Chandigarh27 May 2021AY 2010-11

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 137/CHANDI/2020[2011-12]Status: DisposedITAT Chandigarh27 May 2021AY 2011-12

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 136/CHANDI/2020[2010-11]Status: DisposedITAT Chandigarh27 May 2021AY 2010-11

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR

…the reply given by the assessee then accepted the claim of the assessee, therefore, the reopening on the basis of change of opinion was not justified. Reliance was placed on the judgment of Hon'ble Delhi High Court in the case of Orient Craft Ltd. reported in 354 ITR 536. 40.3 It was submitted that there was no violation of material facts in the assessee’s case as the A.O. himself mentioned in the reasons recorded about the perusal of record and no new tangible material having come into the possession of the A.O. who had already enquired and accepted the claim of the assessee relating to payment of salary, rent a…

Haldia Petrochemicals Limited, Kolkata vs. A.C.I.T., Circle-7(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 2455/KOL/2019[2008-09]Status: DisposedITAT Kolkata24 Mar 2021AY 2008-09

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Section 143(3)Section 147Section 148Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri Aby T. Varkey, Judicial Member) I.T.A. No. 2455/Kol/2019 Assessment Year: 2008-09 Haldia Petrochemicals Limited.......………………..…......................................................Appellant [PAN: AAGCB 2001 F] Vs. ACIT, Circle-7(1), Kolkata.............................................................................................Respondent Appearances by: Sh. Harakamal Chakravorty, A/R, appeared on behalf of the Assessee. Sh. Imokaba Jamir, CIT, appeared on behalf of the Revenue. Date of con…

Addl. CIT, New Delhi vs. M/S. Ircon International Ltd., New Delhi

In the result, the appeal of the Revenue is accordingly dismissed

ITA 3768/DEL/2017[2009-10]Status: DisposedITAT Delhi22 Jan 2021AY 2009-10

Bench: Shri Amit Shukla & Shri O.P. Kant[Through Video Conferencing]

Section 143(3)Section 148

…ayments without deduction of tax at source and, therefore, such payment was inadmissible under section 40(a)(ia) of the Act. The Hon’ble High Court in the order dated 10/08/2015 observed that question examined by the court in CIT Vs. Orient Craft Ltd., (2013) 354 ITR 536 (Del.), was identical to the question sought to be projected by the Revenue in the appeal. 5.16 In the case of Madhukar Khosla Vs ACIT (supra), the Hon’ble Delhi High Court held that in absence of trigger in the form of new material, the reassessment cannot be valid as the Assessing Officer did not possess jurisdiction to reopen the assessment. T…

Asn Polymers Pvt. Ltd, New Delhi vs. ITO Ward -1(1), New Delhi

In the result, the appeal filed by the assessee is allowed by declaring notice under section 148 of the Act illegal and reassessment made upon which is also cancelled alongwith impugned order passe...

ITA 2489/DEL/2019[2010-11]Status: DisposedITAT Delhi30 Dec 2020AY 2010-11

Bench: Shri H. S. Sidhu & Before Shri Anil Chaturvedi

For Appellant: Sh. Prakash Duby, Sr. DRFor Respondent: Sh. R.S. Singhvi, Adv

Section 132Section 132(4)Section 147Section 148Section 151Section 250Section 68Section 69C

…elled. To support these argument learned counsel for the assessee cited various citations which includes Pr. CIT vs. RMG Polyvinyl Ltd. [2017] 396 ITR 5 (Delhi); SABH Infrastructure Ltd. vs. ACIT [2017] 398 ITR 198 (Delhi HC); Orient Craft Ltd. vs. CIT [2013] 354 ITR 536 (Del. HC). Learned counsel for the assessee has also argued on merit in detail also. 7. Learned DR relied upon the order passed by the learned First Appellate Authority. He submitted that the notice under section 147 of the Act was issued by the Assessing Officer on the basis of specific information regarding the accommodation entry and on the b…

Neel Builders Pvt Ltd, New Delhi vs. ITO Ward - 18(1), New Delhi

In the result, the appeal of assessee is allowed

ITA 6336/DEL/2019[2008-09]Status: DisposedITAT Delhi02 Dec 2020AY 2008-09

Bench: Shri Bhavnesh Saini

For Appellant: For RevenueFor Respondent: Shri Ved Prakash Mishra, Sr. Dr

Section 132Section 143(1)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “SMC”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.No.6336/Del./2019 Assessment Year 2008-09 Neel Builders Pvt. Ltd. Income Tax Officer, C/o Kapil Goel, Adv. vs. Ward 18(1), F-26/124, Sector-7, New Delhi. Rohini, New Delhi. PAN No. AABCN9572C (Appellant) (Respondent) Shri Kapil Goel, Advocate For Assessee : For Revenue : Shri Ved Prakash Mishra, Sr. Dr Date of Hearing : 23.11.2020 Date of Pronouncement : 02.12.2020 ORDER This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-37, New Delhi dated 28.06.2019 for AY 2008-09…

Om Praaksh Singh, Ranchi vs. DCIT, Circle-1, Ranchi

In the result, appeal filed by the assessee is allowed

ITA 361/RAN/2018[2009-10]Status: DisposedITAT Ranchi10 Sept 2020AY 2009-10

Bench: Shri S.S, Godara, Jm & Dr. A.L. Saini, Am Om Prakash Singh Vs. Dcit, Circle-1, Ranchi Sankalp, East Jail Road, Ranchi- 834001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Agkps0300D (अपीलाथ" /Appellant) .. (""थ" / Respondent)

For Appellant: Shri Manjit Verma, A/RFor Respondent: Shri A. K. Mohanti, JCIT, Sr. DR

Section 142(1)Section 143(3)Section 147Section 148Section 234CSection 263Section 37(1)

…any failure on his part to fully and truly disclose material facts necessary for assessment and therefore reopening beyond four years was not vaild. (A.Y. 2005-06). 4.6. The Hon’ble Delhi High Court in the case of CIT vs. Orient Craft Ltd. reported in [2013] 354 ITR 356 (Del.)(HC) has held as follows: “The reasons recorded by the Assessing Officer in the present case do confirm our apprehension about the harm that a less strict interpretation of the words “reason to believe” vis-à-vis an intimation issued under section 143(1) can cause to the tax regime. There is no whisper in the reasons recorded, of any tangib…

DCIT (Ltu), New Delhi vs. M/S. Gail (India) Ltd., New Delhi

Accordingly, we dismiss the appeal filed by the ld AO on the limited issue that order passed by the ld AO is barred by limitation. Ground No. 1 is dismissed

ITA 6079/DEL/2016[2006-07]Status: DisposedITAT Delhi21 Jul 2020AY 2006-07

Bench: Shri Amit Shukla & Shri Prashant Maharishidcit(Ltu), Vs. M/S. Gail (India) Ltd, Circle-1, 16, Bhikaji Cama Place, Nbcc Plaza Pusp Vihar, Rk Puram, New Delhi New Delhi (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Sunita Singh, CIT DR

Section 143(3)Section 147Section 148Section 14ASection 263

…i Devi. 218 CTR 80 (Bom) 36. Cartini India Ltd. 224 CTR 82 (Bom) 37. Mittal Casting Ltd, 124 Taxman 11 (Del) 38. Atma Ram Properties Pvt. Ltd. 343 ITR 141 (DEL) 39. Satnam Overseas. 228 CTR 121 (Del) 40. Ashok Mittal, 224 Taxman 55 (Del) 41. Orient Craft Ltd. 354 ITR 536 (Del) 42. Sheo Nath Singh. 82 ITR 148 (SC) document1 43. Ganga Saran & Sons (P) Ltd, 130 ITR 1. 11 (SC) 44. Birla VXL, 217 ITR 1 (Gujrat) 45. Multiscreen Media (P) Ltd. 324 ITR 54 (Bombay) 46. Garden Finance Limited, 268 ITR 48(Guj) 47. Kamlesh Sharma, 287 ITR 337 (Del) 48. Allana Cold Storage Ltd.. Vs. ITO 287 ITR 1 (Bom) 49. Asian Paints Limite…

Sh.Shree Guru Nanak Dev Quin-Centenary Celebration Committee, Ludhiana vs. Income Tax Officer (Exemption), Jalandhar

In the result, appeal of the assessee is allowed

ITA 238/ASR/2019[2010-11]Status: DisposedITAT Amritsar30 Jun 2020AY 2010-11

Bench: Shri L.P. Sahu, Am & Shri Ravish Sood, Jm आयकर अपील सं./Ita No.238/Asr/2019 आयकर अपील सं आयकर अपील सं आयकर अपील सं (िनधा"रण िनधा"रण वष" वष" / Assessment Year :2010-2011) िनधा"रण िनधा"रण वष" वष" Shree Guru Nanak Dev Vs. Ito(Exemptions) Ward, Quin-Centenary Celebrations Jalandhar Committee, Guru Nanak Bhawan, Ludhiana "थायी लेखा सं./Panno. : Aawfs 2431 F .. (अपीलाथ" /Appellant) (" यथ" / Respondent) : Shri S.K.Mukhi, Advocate िनधा"!रती क" क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर ओर सेसेसेसे /Revenue By : Shri M.P.Singh, Cit-Dr राज"व क" क" क" ओर क" ओर ओर सुनवाई क" तार'ख / Date Of Hearing : 06/02/2020 घोषणा क" तार'ख/Date Of Pronouncement : 30/06/2020 आदेश आदेश / O R D E R आदेश आदेश Per L.P.Sahu, Am: This Is An Appeal Filed By The Assessee Against The Order Of Cit(A)-4, Ludhiana, Dated 08.02.2019, On The Following Grounds Of Appeal :- 1. That The Orders Of Ld. Cit(A) Is Illegal, Erroneous & Perverse & Thus Needs To Be Quashed. 2. That The Issuance Of Notice U/S 147/148 Is Bad In Law As No New Material Was There With The Ao To Initiate Action U/S 147 & The Proceedings In Furtherance Of Illegal Notice Are Void Ab-Initio & Deserve To Be Set Aside. 3. That The Addition Made By Ao & Partially Confirmed By Cit (A) Is Devoid Of Proper Appreciation Of Facts On Record & Against Express Provisions Of Law & Deserve To Be Set Aside. 4. That The Appellant Craves Leave To Add, Amend Or Delete Any Of The Grounds Of Appeal On Or Before The Disposal Of The Present Appeal. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income On 15.06.2010 Declaring Total Income After Claiming Exemption

For Respondent: Shri M.P.Singh, CIT-DR

Section 12ASection 144Section 147Section 148

…of the Assessing Officer accepted the return in this respect. The Tribunal on this basis and after following the judgments of Delhi High Court in Madhukar Khosla v. Assistant Commissioner of Income Tax (2014) 90CCH 0023 Delhi High Court and Orient Crafts Ltd. 354 ITR 536 (Delhi) rightly allowed the appeal on the ground that the Assessing Officer was not entitled to assume jurisdiction under section 147 of the Act in the absence of any new information or material. We are unable to state that the finding is perverse or irrational.” 9. Respectfully following the above judicial decisions, we are of the opinion that i…

ACIT (OSD), Ward - 12(3), Kolkata vs. M/S. Amrabathi Investra Pvt. Ltd., Kolkata

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 365/KOL/2018[2009-10]Status: DisposedITAT Kolkata12 Jun 2020AY 2009-10

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.231/Kol/2018 ("नधा"रणवष" / Assessment Year:2009-10)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Ram Bilash Meena, CIT

Section 131Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…any failure on his part to fully and truly disclose material facts necessary for assessment and therefore reopening beyond four years was not vaild. (A.Y. 2005-06). 4.6. The Hon’ble Delhi High Court in the case of CIT vs. Orient Craft Ltd. reported in [2013] 354 ITR 356 (Del.)(HC) has held as follows: Amrabathi Investra Pvt. Ltd. ITA Nos.231 & 365/Kol/2017 Assessment Year:2009-10 “The reasons recorded by the Assessing Officer in the present case do confirm our apprehension about the harm that a less strict interpretation of the words “reason to believe” vis-à-vis an intimation issued under section 143(1) can cau…

Amrabathi Investra Pvt. Ltd., Kolkata vs. ITO, Ward - 12(3), Kolkata

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 231/KOL/2018[2009-10]Status: DisposedITAT Kolkata12 Jun 2020AY 2009-10

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.231/Kol/2018 ("नधा"रणवष" / Assessment Year:2009-10)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Ram Bilash Meena, CIT

Section 131Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 68

…any failure on his part to fully and truly disclose material facts necessary for assessment and therefore reopening beyond four years was not vaild. (A.Y. 2005-06). 4.6. The Hon’ble Delhi High Court in the case of CIT vs. Orient Craft Ltd. reported in [2013] 354 ITR 356 (Del.)(HC) has held as follows: Amrabathi Investra Pvt. Ltd. ITA Nos.231 & 365/Kol/2017 Assessment Year:2009-10 “The reasons recorded by the Assessing Officer in the present case do confirm our apprehension about the harm that a less strict interpretation of the words “reason to believe” vis-à-vis an intimation issued under section 143(1) can cau…

ACIT, Chennai vs. Sri. K.Srikanth, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1324/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT

Section 143(3)Section 147Section 263

…s of Section 143(1) of the 1961 Act . It was submitted that department has all the right to invoke provisions of Section 147 of the 1961 Act. The learned CIT-DR relied upon decision of Hon’ble Delhi High Court in the case of CIT v. Orient Craft Limited (2013) 354 ITR 536(Del HC) and also decision of Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC). It was submitted by learned CIT-DR that the AO was required to record reasons for reopening of the concluded assessment which were duly recorded by AO. It was submitted by learned CIT-DR that AO was hav…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1016/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT

Section 143(3)Section 147Section 263

…s of Section 143(1) of the 1961 Act . It was submitted that department has all the right to invoke provisions of Section 147 of the 1961 Act. The learned CIT-DR relied upon decision of Hon’ble Delhi High Court in the case of CIT v. Orient Craft Limited (2013) 354 ITR 536(Del HC) and also decision of Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC). It was submitted by learned CIT-DR that the AO was required to record reasons for reopening of the concluded assessment which were duly recorded by AO. It was submitted by learned CIT-DR that AO was hav…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1015/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT

Section 143(3)Section 147Section 263

…s of Section 143(1) of the 1961 Act . It was submitted that department has all the right to invoke provisions of Section 147 of the 1961 Act. The learned CIT-DR relied upon decision of Hon’ble Delhi High Court in the case of CIT v. Orient Craft Limited (2013) 354 ITR 536(Del HC) and also decision of Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited (2007) 291 ITR 500(SC). It was submitted by learned CIT-DR that the AO was required to record reasons for reopening of the concluded assessment which were duly recorded by AO. It was submitted by learned CIT-DR that AO was hav…