CIT v. RRJ Securities Ltd.

ACIT, CC-30, New Delhi vs. Amarjyoti Vanijya Pvt. Ltd., New Delhi

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…d to assess or reassess the income of the person to whom such assets/books belong in accordance with Section 153A of the Act.”– This 31 I.T.As. No. 4046, 4047 & 4048/DEL/2017 has been held by the Hon’ble High Court of Delhi in the case of RRJ Securities Ltd.(380 ITR 612) that “As expressly indicated under Section 153C of the Act the assessment or reassessment of income of a person other than a searched person would proceed in accordance with the provisions of Section 153A of the Act. The concluded assessments cannot be interfered with under Section 153A of the Act unless the incriminating material belonging to t…

ACIT, Central Circle- 30, New Delhi vs. Prakash Industries Ltd., Hisar

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…ot an incriminating document. no addition can be made for a particular assessment year without there being an incriminating material qua that assessment year which would justify such an addition." c. Hon’ble High Court of Delhi in the case of RRJ Securities (380 ITR 612) has held that: Facts: search was conducted on 20.10.2008 – certain documents belonging to the assessee company and a computer hard disk containing soft copies of working papers, balance sheets and data for income tax filings, were seized during the search - photocopy of a single sheet of 'record slip' of a cheque book pertaining to a bank accoun…

ACIT, Central Circle- 30, New Delhi vs. Parkash Industries Ltd, Hisar

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…ot an incriminating document. no addition can be made for a particular assessment year without there being an incriminating material qua that assessment year which would justify such an addition." c. Hon’ble High Court of Delhi in the case of RRJ Securities (380 ITR 612) has held that: Facts: search was conducted on 20.10.2008 – certain documents belonging to the assessee company and a computer hard disk containing soft copies of working papers, balance sheets and data for income tax filings, were seized during the search - photocopy of a single sheet of 'record slip' of a cheque book pertaining to a bank accoun…

ACIT, Central Circle- 30, New Delhi vs. Parkash Industries Ltd, Hisar

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…ot an incriminating document. no addition can be made for a particular assessment year without there being an incriminating material qua that assessment year which would justify such an addition." c. Hon’ble High Court of Delhi in the case of RRJ Securities (380 ITR 612) has held that: Facts: search was conducted on 20.10.2008 – certain documents belonging to the assessee company and a computer hard disk containing soft copies of working papers, balance sheets and data for income tax filings, were seized during the search - photocopy of a single sheet of 'record slip' of a cheque book pertaining to a bank accoun…

ACIT, Central Circle- 30, New Delhi vs. Parkash Industries Ltd, Hisar

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…ot an incriminating document. no addition can be made for a particular assessment year without there being an incriminating material qua that assessment year which would justify such an addition." c. Hon’ble High Court of Delhi in the case of RRJ Securities (380 ITR 612) has held that: Facts: search was conducted on 20.10.2008 – certain documents belonging to the assessee company and a computer hard disk containing soft copies of working papers, balance sheets and data for income tax filings, were seized during the search - photocopy of a single sheet of 'record slip' of a cheque book pertaining to a bank accoun…

ACIT, Central Circle- 30, New Delhi vs. Prakash Industries Ltd., Hisar

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

…ot an incriminating document. no addition can be made for a particular assessment year without there being an incriminating material qua that assessment year which would justify such an addition." c. Hon’ble High Court of Delhi in the case of RRJ Securities (380 ITR 612) has held that: Facts: search was conducted on 20.10.2008 – certain documents belonging to the assessee company and a computer hard disk containing soft copies of working papers, balance sheets and data for income tax filings, were seized during the search - photocopy of a single sheet of 'record slip' of a cheque book pertaining to a bank accoun…

Karina Airlines International Limited, New Delhi vs. ACIT Circle-05, New Delhi

In the result appeal of the assessee is allowed

Bench: Shri Prashant Maharishi & Shri K.Narasimha Charykarina Airlines Intenational Vs. Acit, Circle- 5Dcit Limited, No. 11, Gali No. 5, New Delhi. Block-A, West Karawal Nagar, New Delhi.

…from the date of recording of satisfaction note or from the date of search carried out in a case of a person provided in Section 153A. This precise issue has been dealt by the Hon’ble Delhi High Court in the case of CIT vs. RRJ Securities Ltd. as reported in 380 ITR 612 in the context of Section 153C of the Act, wherein it was laid down as under: “Further, the period of six years would also have to be reckoned with respectto the date of recording of satisfaction note - that is. 8th September. 2010 -and not the date of search. 24. As discussed hereinbefore, in terms of proviso to Section 153C of the Act, a refe…

Ambawatt Buildwell Pvt. Ltd., New Delhi vs. Pr. CIT (C), Gurgaon

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2014-15 Ambawatt Buildwell Pvt. Ltd., Vs Pr. Cit (C), Kh 267, 1St Floor, 7Th Floor, Hsiidc Building, Chatterpur Enclave, Udyog Vihar, Phase-V, Mehrauli, Gurgaon. New Delhi. Pan: Aagca0991B (Appellant) (Respondent) Assessee By : Shri P.C. Yadav, Advocate Revenue By : Shri Satpal Gulati, Cit, Dr Date Of Hearing : 10.03.2021 Date Of Pronouncement : 21.05.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 17Th February, 2017 Passed U/S 263 Of The Act By The Cit, Central, Gurgaon, Relating To Assessment Year 2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Real Estate. It Filed Its Return Of Income On 30Th September, 2014, Declaring Nil Income. The Case Of The Assessee Was Selected For Compulsory Scrutiny & A Notice U/S 143(2) Of The Act Was Issued To The Assessee On 20Th September, 2015. Notice U/S 142(1) Along With A Questionnaire Was Also Issued On 12Th May, 2016. In Response To The Statutory Notices Issued By The Ao, The Assessee Appeared Before Him From Time To Time & Furnished Replies Which Were Kept On Record. The Ao, On The Basis Of Various Details Furnished Before Him, Disallowed An Amount Of Rs.3,91,936/- U/S 40A(3) Out Of Car Repairs & Maintenance & Determined The Total Loss Of The Assessee At Rs.94,25,270/- As Against The Returned Loss Of Rs.98,17,203/-.

…rtue of the first proviso of section 153C, the year of search would be the year in which documents pertaining to other person were received. a. Jasjit Singh Vs ACIT ITA No-1436/Del/2012 order dated-05.11.2014( Affirmed by High Court) b. CIT Vs RRJ Securties -380 ITR 612(Del) c. CIT Vs Swar Agencies- 397 ITR 400(Del)- Delhi High Court. Wherein it has been held that amendment brought by legislature w.e.f from 1.04.2017 which says that year of assessment of searched person and other person covered under section 153C is prospective. 9.3 The ld. Counsel for the assessee submitted that now a question may arise as to…

DCIT, New Delhi vs. M/S. Madhvilata Granite (India) Pvt. Ltd., Mumbai

In the result Revenue’s appeals are dismissed

Bench: Shr Amit Shuklaa N D Shri Prashant Maharishi(Through Video Conferencing)

…from the date of recording of satisfaction note or from the date of search carried out in a case of a person provided in Section 153A. This precise issue has been dealt by the Hon’ble Delhi High Court in the case of CIT vs. RRJ Securities Ltd. as reported in 380 ITR 612 in the context of Section 153C of the Act, wherein it was laid down as under: “Further, the period of six years would also have to be reckoned with respect to the date of recording of satisfaction note - that is, 8th September, 2010 - and not the date of search. 9 24. As discussed hereinbefore, in terms of proviso to Section 153C of the Act, a r…

DCIT, New Delhi vs. M/S. Madhvilata Granite (India) Pvt. Ltd., Mumbai

In the result Revenue’s appeals are dismissed

Bench: Shr Amit Shuklaa N D Shri Prashant Maharishi(Through Video Conferencing)

…from the date of recording of satisfaction note or from the date of search carried out in a case of a person provided in Section 153A. This precise issue has been dealt by the Hon’ble Delhi High Court in the case of CIT vs. RRJ Securities Ltd. as reported in 380 ITR 612 in the context of Section 153C of the Act, wherein it was laid down as under: “Further, the period of six years would also have to be reckoned with respect to the date of recording of satisfaction note - that is, 8th September, 2010 - and not the date of search. 9 24. As discussed hereinbefore, in terms of proviso to Section 153C of the Act, a r…

Sh. Heera Singh Bhola, New Delhi vs. DCIT, New Delhi

Bench: Shri R. K. Panda & Ms Suchitra Kamble

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI R. K. PANDA ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No. 3977/DEL/2015 (A.Y 2009-10) & I.T.A. No. 3978/DEL/2015 (A.Y 2010-11) (THROUGH VIDEO CONFERENCING) Heera Singh Bhola Vs DCIT A-30, Sham Nagar Central Circle-8 New Delhi New Delhi BHGPS0586M (RESPONDENT) (APPELLANT) Appellant by Sh. P. C. Yadav, Adv Respondent by Sh. Satpal Gulati, CIT(DR) Date of Hearing: 09.03.2021 Date of pronouncement of Order: 20.04.2021 Date of pronouncement of Corrigendum: 22/04/2021 Corrigendum PER SUCHITRA KAMBLE, JM The…

Sh. Heera Singh Bhola, New Delhi vs. DCIT, New Delhi

Bench: Shri R. K. Panda & Ms Suchitra Kamble

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI R. K. PANDA ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No. 3977/DEL/2015 (A.Y 2009-10) & I.T.A. No. 3978/DEL/2015 (A.Y 2010-11) (THROUGH VIDEO CONFERENCING) Heera Singh Bhola Vs DCIT A-30, Sham Nagar Central Circle-8 New Delhi New Delhi BHGPS0586M (RESPONDENT) (APPELLANT) Appellant by Sh. P. C. Yadav, Adv Respondent by Sh. Satpal Gulati, CIT(DR) Date of Hearing: 09.03.2021 Date of pronouncement of Order: 20.04.2021 Date of pronouncement of Corrigendum: 22/04/2021 Corrigendum PER SUCHITRA KAMBLE, JM The…

Mikado Realtors (P) Ltd, New Delhi vs. Pr. CIT (Central), Gurugram

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri O.P. Kant

…2016-17 and had not been issued for Assessment Year 2017-18, albeit has been treated as regular assessment. In support of his contention, he heavily relied upon the judgment of Hon’ble Delhi High Court in the case of CIT vs. R.R.J. Securities Ltd. reported in 380 ITR 612; and in the case of ARN Infrastructure India Ltd. vs. ACIT, reported in 394 ITR 569. Thus, he submitted once the assessment order which is being sought to be revised u/s.263 by the ld. PCIT, itself is invalid and hence such an order cannot be revised or set 11 aside. In support of his contention that such a validity of the assessment can be chal…

Vinod Kumar, New Delhi vs. DCIT, Gurgaon

In the result, appeal of Assessee allowed

Bench: Shri Bhavnesh Saini & Shri N.K. Billaiya

…who completed the assessment in the case of assessee, covered under section 153A. Thus, the First proviso to Section 153C does not get attracted at all in the instant case. The Ld. D.R. submitted that decision in the case of CIT vs., RRJ Securities Pvt. Ltd., 380 ITR 612 (Del.) (HC) the Hon’ble Delhi High Court took a view that the years covered under section 153C would be determined from the date of handing-over the documents to the other A.O. considering such date as initiation of the search and same view have been taken by the Hon’ble Delhi High Court in its subsequent decision in the case of CIT vs., Swar Age…

DCIT, Central Circle- 1, Faridabad vs. Aadyant Education Pvt. Ltd., New Delhi

In the result, appeal of the Revenue dismissed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

…stified in assuming jurisdiction under section 153C of the I.T. Act, 1961. The assessee also relied upon Judgment of the 4 ITA.No.3853/Del./2017 M/s. Aadyant Education Pvt. Ltd., New Delhi. Hon’ble Delhi High Court in the case of CIT vs., RRJ Securities Ltd., 128 DTR 57 (Del.). The Ld. CIT(A) also referred to Board Circular No.24/2015 in which the clarification was issued regarding recording of satisfaction under sections 153C/158BD of the I.T. Act, 1961. The Ld. CIT(A) in view of the above facts held that proceedings under section 153C of the I.T. Act, 1961 are abinitio void. The findings of the Ld. CIT(A) in pa…

ACIT, New Delhi vs. M/S. Quality Synthetics Industries Ltd., Kolkata

The appeal of the Revenue is dismissed

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

…oduced by the CIT(A) related to corresponding payments made/received through banking channels. The Ld. AR relied upon the following orders/decision:- i) Mauria Udyog Ltd. (ITA No. 6660/Del/2016 order dated 29.11.2018 Del. Tri.) ii) CIT vs. RRJ Securities Ltd. 380 ITR 612 (Del HC) iii) PCIT vs. M/s Dreamcity Buildwell Pvt. Ltd. (ITA No. 1152/17 order dated 9.8.2019 Del. HC) iv) Kishinchand Chellaram vs. DCIT 125 ITR 713 (SC) 7. We have heard both the parties and perused the material available on record. At the outset from the perusal of the satisfaction note reproduced in the order of the CIT(A) as well as the as…