What is CIT v. SFIL Stock Broking Ltd. authority for?

Reassessment proceedings under Section 147 are invalid and void ab initio if initiated based on 'borrowed satisfaction' without the Assessing Officer's independent application of mind, or merely on documents already available on record without fresh tangible material.

How many judgments cite CIT v. SFIL Stock Broking Ltd.?

243 judgments on BharatTax cite CIT v. SFIL Stock Broking Ltd. (325 ITR 285), spanning 2011 to 2026.

Which sections of the Income Tax Act does CIT v. SFIL Stock Broking Ltd. come up under?

It is most often cited in judgments turning on Section 147, Section 148, Section 143(3), Section 68, Section 250, Section 151.

CIT v. SFIL Stock Broking Ltd. (325 ITR 285)

Goel Wax (P) Ltd., New Delhi vs. ITO, Ward-11(4), New Delhi

In the result, the Appeal filed by the Assessee stands partly allowed

ITA 2075/DEL/2018[2008-809]Status: DisposedITAT Delhi07 Jan 2020AY 2008-809

Bench: Shri H.S. Sidhuassessment Year : 2008-09

For Appellant: Sh. Raj Kumar, CAFor Respondent: Sh. Manoj Kumar Chopra, Sr. DR

Section 132Section 139(1)Section 143(2)Section 147Section 148Section 68

…ng assessment, which shows that AO has merely recorded certain unsubstantiated allegations on the basis of some information received, which is against the principle laid down by the Hon’ble Delhi High Court in the case of CIT vs SFIL Stock Broking Ltd. (2010) 325 ITR 285 (Del), wherein it was observed that reassessment proceedings were initiated on the basis of information received from investigation wing regarding alleged accommodation entries and it has been held by jurisdictional Delhi High Court that mere information received from DDIT(Inv) cannot constitute valid reasons for initiating reassessment proceedi…

ITO, New Delhi vs. M/S. Motors Pvt. Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 3189/DEL/2016[2007-08]Status: DisposedITAT Delhi07 Jan 2020AY 2007-08

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 3189/Del/2016 : Asstt. Year : 2007-08 Income Tax Officer, Vs M/S S. Motors Pvt. Ltd., Ward-22(1), House No. 5, Block A-31, Main New Delhi Shastri Gali, Maujpur, New Delhi-110053 (Appellant) (Respondent) Pan No. Aaics1966J Assessee By : Sh. Deepak Ostwal, Ca Revenue By : Ms. Nidhi Srivastava, Cit Dr Date Of Hearing: 18.12.2019 Date Of Pronouncement: 07.01.2020

For Appellant: Sh. Deepak Ostwal, CAFor Respondent: Ms. Nidhi Srivastava, CIT DR

Section 143(3)Section 147Section 148Section 148(2)Section 151(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 3189/Del/2016 : Asstt. Year : 2007-08 Income Tax Officer, Vs M/s S. Motors Pvt. Ltd., Ward-22(1), House No. 5, Block A-31, Main New Delhi Shastri Gali, Maujpur, New Delhi-110053 (APPELLANT) (RESPONDENT) PAN No. AAICS1966J Assessee by : Sh. Deepak Ostwal, CA Revenue by : Ms. Nidhi Srivastava, CIT DR Date of Hearing: 18.12.2019 Date of Pronouncement: 07.01.2020 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue again…

Giggle Infotech Pvt. Ltd., New Delhi vs. ITO, Ward- 10(1), New Delhi

In the result, the Appeal filed by the Assessee stands partly allowed

ITA 1284/DEL/2018[2008-09]Status: DisposedITAT Delhi01 Jan 2020AY 2008-09

Bench: Shri H.S. Sidhuassessment Year : 2008-09

For Appellant: Sh. Deepak Ostwal, FCAFor Respondent: Sh. Pradeep Singh Gautam, Sr.DR

Section 132Section 139Section 143(2)Section 143(3)Section 147Section 148Section 68

…ng assessment, which shows that AO has merely recorded certain unsubstantiated allegations on the basis of some information received, which is against the principle laid down by the Hon’ble Delhi High Court in the case of CIT vs SFIL Stock Broking Ltd. (2010) 325 ITR 285 (Del), wherein it was observed that reassessment proceedings were initiated on the basis of information received from investigation wing regarding alleged accommodation entries and it has been held by jurisdictional Delhi High Court that mere information received from DDIT(Inv) cannot constitute valid reasons for initiating reassessment proceedin…

Printman Associates Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the Appeal filed by the Assessee stands partly allowed

ITA 4029/DEL/2013[2003-04]Status: DisposedITAT Delhi18 Dec 2019AY 2003-04

Bench: Shri H.S. Sidhuassessment Year : 2003-04

For Appellant: Sh. Anil Chopra, CA & Sh. DineshFor Respondent: Sh. Pradeep Singh Gautam, Sr.DR

Section 143(3)Section 147Section 148Section 68

…ng assessment, which shows that AO has merely recorded certain unsubstantiated allegations on the basis of some information received, which is against the principle laid down by the Hon’ble Delhi High Court in the case of CIT vs SFIL Stock Broking Ltd. (2010) 325 ITR 285 (Del), wherein it was observed that reassessment proceedings were initiated on the basis of information received from investigation wing regarding alleged accommodation entries and it has been held by jurisdictional Delhi High Court that mere information received from DDIT(Inv) cannot constitute valid reasons for initiating reassessment proceedi…

Surinder Kumar & Sons HUF, New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 890/DEL/2012[2000-01]Status: DisposedITAT Delhi09 Dec 2019AY 2000-01

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

For Appellant: Shri V. Raj Kumar, AdvFor Respondent: Shri S.S. Rana, CIT-D.R

Section 147Section 148Section 149Section 151Section 68Section 68oSection 69Section 69A

…8.03.2018. vii) ACIT vs. Dhariya Construction Co., (2010) 328 ITR 515 (SC). viii) PCIT vs. G&G Pharma India Ltd. (Del) (ix) CIT vs. Anupam Kapoor (2008) 299 ITR 179 (x) CIT vs. Paramjit Kaur (2009) 311 ITR 38 (P&H) (xi) CIT vs. SFIL Stock Broking Ltd., (2010) 325 ITR 285 (Del.) 9 I.T.A. No.890/DEL/2012 10. He further submitted that the approval given u/s.151 by Addl. CIT is also mechanical and casual. On merits, he submitted that assessee has received a gift through banking transactions and there is no record to prove that assessee after receiving the gift has given any reciprocal payment in cash and further pr…

Huron Builders Pvt Ltd, New Delhi vs. ITO Ward - 6(1), New Delhi

In the result the appeal is allowed on this preliminary

ITA 6251/DEL/2019[2013-14]Status: DisposedITAT Delhi03 Oct 2019AY 2013-14

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri S.K. Garg, Adv. & Shri AkarshFor Respondent: Ms. Sugandha Sharma, Sr.D.R

Section 147Section 148Section 68

…. Steller Investors Ltd. reported in (1991) 192 ITR 287 ii) CIT vs. Oasis Hospitalities (P) Ltd. reported in (2011) 333 ITR 119 iii) CIT vs. Divine Leasing and Finance Ltd. reported in (2008) 299 ITR 268. iv) CIT vs. SFIL Stock Broking Ltd. reported in (2010) 325 ITR 285 v) Pr. CIT vs. N.C. Cables Ltd. reported in (2017) 391 ITR 11 C – Other judgments: (i) Jaya Securities Ltd. vs. CIT reported in (2008) 166 Taxmann 6 11 I.T.A. No.6251/DEL/2019 (ii) CIT Ghaziabad Vs. Surya Packaging Pvt. Ltd. (unreported judgment and order dated 18.02.2013) (iii) CIT Vs. Banaras Swarn Kala Kendra Pvt. Ltd. (unreported judgment…

Lakshmi Narayan Coal and Mines Limited, Guwahati vs. Income Tax Officer, Ward-1(3), Guwahati

Appeal is allowed in above terms

ITA 174/GTY/2019[2010-11]Status: DisposedITAT Guwahati21 Aug 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11

Section 143(3)Section 147Section 148Section 69A

…le person can form belief regarding escapement of income. Reliance was placed by the learned counsel for the assessee on the decision of the Hon’ble Delhi High Court in the case of CIT vs Insceticides (India) Ltd 357 ITR 330 and CIT vs SFIL Stock Broking Ltd. 325 ITR 285 (Delhi). In both the aforesaid decisions the reasons recorded by the AO for initiating proceedings u/s 148 of the Act the Hon’ble Delhi High Court upheld the order of the Tribunal quashing the proceedings. Reliance was also placed on the decision of ITAT, Kolkata ‘C’ Bench in the case of M/s. Controlla Electrotech (P)Ltd vs DCIT in ITA Nos.1443 &…