Commissioner of Income Tax, Kolkata v. Veerprabhu Marketing Limited

388 ITR 574High Court2016#3020 most cited

What is Commissioner of Income Tax, Kolkata v. Veerprabhu Marketing Limited authority for?

Assessments under section 153A and 153C require the existence of incriminating material found during search or requisition. The scope of these assessments is limited to undisclosed income found in such seized material.

39

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2025.

Also referred to as

Commissioner of Income Tax · Kolkata v. Veerprabhu Marketing Limited · 388 ITR 574 · section 153A · section 153C · search assessment · incriminating material · undisclosed income

Sections most often in play

Section 153ASection 131Section 132(4)Section 68Section 132Section 144Section 153CSection 133A

Issues it is cited on

section 115bbe(1)section 158basection 113retraction of statementsection 50c(1)section 40a(ia)section 142(2a)section 156income tax settlement commissionjdasection 132apaper company

Judgments citing Commissioner of Income Tax, Kolkata v. Veerprabhu Marketing Limited

Macro Township Pvt Ltd, 288-289 Mahaveer Nagar Durgapura Jaipur vs. DCIT CC -2 Jaipur, Lic Building Jaipur

In the result, the appeals of the assessee are allowed

ITA 397/JPR/2023[2013-14]Status: DisposedITAT Jaipur05 Dec 2023AY 2013-14

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri C.M. Agarwal, CAFor Respondent: Shri Arvind Kumar (CIT)
Section 153CSection 250Section 69

…2022 (8) TMI 966 (Karnataka) Smt. Jami Nirmala Vs. Principal Commissioner of Income Tax (2021) 437 ITR 573(Orissa) Smt. Smrutisudha Nayak Vs.Union of India (2021) 439 ITR 193 (Orissa) Commissioner of Income Tax,Kolkata Vs. Veerprabhu Marketing Limited (2016) 388 ITR 574 (Calcutta) Principal Commissioner of Income Tax-2, Kolkata Vs. M/s.Salasar Stock Broking Ltd.2016 (8) TMI 1131(Calcutta) Dr. A.V. Sreekumar Vs. The Commissioner of Income Tax, Kochi and Assistant Commissioner of Income Tax,Calicut (2018) 404 ITR 642 (Kerala) M/s. Macro Township Pvt. Ltd., Jaipur. The appellant further submits that the above legal…

M/S Mspl Limited, Mumbai vs. ACIT, Bangalore

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

ITA 371/BANG/2011[2005-06]Status: DisposedITAT Bangalore08 Sept 2023AY 2005-06

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2005-06

For Appellant: Shri J.D. Mistri, Senior Counsel &For Respondent: Shri Aseem Sharma, CIT(DR)(ITAT), Bengaluru
Section 132Section 139(1)Section 143(3)Section 153Section 153ASection 153DSection 234

…Pr. CIT [2021] 132 taxmann.com 267/[2022] 284 Taxman 141/ [2021] 437 ITR 573 (Orissa) 12. Smt. Smrutisudha [2022] 136 taxmann.com 162/286 Taxman 119/[2021] 439 ITR 193 (Orissa) Nayak v. Union of India 13. CIT v. Veerprabhu Marketing [2016] 73 taxmann.com 149/388 ITR 574 (Cal.) Ltd.. 14. Pr.CIT v. Salasar Stock [G.A. No. 1929 of 2016, ITAT No. 264 of 2016, Broking Ltd. dated 24-8-2016] 2016 (8) TMI 1131 (Calcutta) 15. Pr. CIT v. Smt. Daksha Jain [D.B. IT Appeal No. 125 of 2017, dated 4-7- 2019]/2019 (8) TMI 474 (Rajasthan) 16. Dr. A.V. Sreekumar v. CIT [2018] 90 taxmann.com 355/253 Taxman 428/404 ITR 642 (Ker.)…

ACIT, Central Circle-2, Noida vs. Brys Resorts Pvt. Ltd., Noida

In the result, the cross objections filed by the assessee are allowed and the appeals filed by the Revenue are dismissed as infructuous

ITA 1039/DEL/2022[2013-14]Status: DisposedITAT Delhi28 Aug 2023AY 2013-14

Bench: SHRI SHAMIM YAHYA (Accountant Member), MS. ASTHA CHANDRA (Judicial Member)

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. Sapna Bhatia, CIT DR
Section 153CSection 234BSection 68

…ded- No incriminating material found-Provisions of section 153C cannot be invoked-Order of Appellate Tribunal deleting disallowances of earlier disclosed expenditure proper +Income-tax Act, 1961, ss. 132,1 32A 133A, 153A 1 53C-CIT v. Veerprabhu Marketing Ltd. 388 ITR 574 (CAL) • Assessment under s. 153C-Validity vis-a-vis absence of incriminating- No evidence was found during the course of search that any money (cash credit) belongs to the assessee-company or to prove that assessee had received any accommodation entry or that cash was given by assessee- company to take any loan or credits- Condition precedent for…

ACIT, Central Circle-2, Noida vs. Brys Resorts Pvt. Ltd., Noida

In the result, the cross objections filed by the assessee are allowed and the appeals filed by the Revenue are dismissed as infructuous

ITA 1038/DEL/2022[2012-13]Status: DisposedITAT Delhi28 Aug 2023AY 2012-13

Bench: SHRI SHAMIM YAHYA (Accountant Member), MS. ASTHA CHANDRA (Judicial Member)

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Ms. Sapna Bhatia, CIT DR
Section 153CSection 234BSection 68

…ded- No incriminating material found-Provisions of section 153C cannot be invoked-Order of Appellate Tribunal deleting disallowances of earlier disclosed expenditure proper +Income-tax Act, 1961, ss. 132,1 32A 133A, 153A 1 53C-CIT v. Veerprabhu Marketing Ltd. 388 ITR 574 (CAL) • Assessment under s. 153C-Validity vis-a-vis absence of incriminating- No evidence was found during the course of search that any money (cash credit) belongs to the assessee-company or to prove that assessee had received any accommodation entry or that cash was given by assessee- company to take any loan or credits- Condition precedent for…

Macro Proprieties Private Limited, M 28 Income Tax Colony Tonk Road Jaipur vs. DCIT Central Circle 2, Lic Building Jaipur

In the result, the appeals of the assessee are allowed

ITA 174/JPR/2023[2013-2014]Status: DisposedITAT Jaipur17 Jul 2023AY 2013-2014

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No.174 TO 177/JP/2023 fu/kZkj.ko"kZ@AssessmentYear : 2013-14 TO 2016-17 M/s. Macro Properties Pvt. Ltd.M-28, Income Tax Colony, Tonk Road Jaipur cuke Vs. The DCIT Central Circle-2 LIC Building, Jaipur LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 3633 D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri C.M. Agarwal, CA jktLo dh vksjls@Revenue by: Shri JameshKurian, CI

For Appellant: Shri C.M. Agarwal, CAFor Respondent: Shri JameshKurian, CIT
Section 153CSection 50C(1)Section 69

…22 (8) TMI 966 (Karnataka) Smt. Jami Nirmala Vs. Principal Commissioner of Income Tax (2021) 437 ITR 573(Orissa) Smt. Smrutisudha Nayak Vs.Union of India (2021) 439 ITR 193 (Orissa) Commissioner of Income Tax,Kolkata Vs. Veerprabhu Marketing Limited (2016) 388 ITR 574 (Calcutta) Principal Commissioner of Income Tax-2, Kolkata Vs. M/s.Salasar Stock Broking Ltd.2016 (8) TMI 1131(Calcutta) Dr. A.V. Sreekumar Vs. The Commissioner of Income Tax,Kochi and Assistant Commissioner of Income Tax,Calicut (2018) 404 ITR 642 (Kerala) The appellant further submits that the above legal position with regard to the assessment…

Shri Manoj Madanlal Chhajed, Pune vs. Assistant Commissioner of Income Tax, Circle -1(1)Pune, Pune

In the result, the appeal filed by the assessee in ITA

ITA 725/PUN/2022[2018-19]Status: DisposedITAT Pune28 Jun 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / It(Ss)A Nos.91 To 96/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 To 2017-18 Shri Manoj Madanlal Vs. Acit, Central Circle- Chhajed, 1(1), Pune. 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / It(Ss)A Nos.97 & 98/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 & 2015-16 Acit, Circle-1(1), Pune. Vs. Shri Manoj Madanlal Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / Ita No.725/Pun/2022 िनधा"रण वष" / Assessment Year: 2018-19 Shri Manoj Madanlal Vs. Acit, Circle-1(1), Pune. Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent

For Appellant: Shri Ratan SamalFor Respondent: Shri Keyur Patel
Section 132(4)Section 139(1)

…ataka). (ix) PCIT vs. Jay Infrastructure and Properties Pvt. Ltd., (10) TMI 1022 (Gujarat). (x) Smt. Jami Nirmala vs. PCIT, 437 ITR 573 (Orissa). (xi) Smt. Smrutisudha Nayak vs. Union of India, 439 ITR 193 (Orissa). (xii) CIT vs. Veerprabhu Marketing Limited, 388 ITR 574 (Calcutta). (xiii) PCIT vs. M/s. Salasar Stock Broking Ltd., (8) TMI 1131 (Calcutta). (xiv) PCIT vs. Smt. Daksha Jain, (8) TMI 474 (Rajasthan). (xv) Dr. A. V. Sreekumar vs. CIT, 404 ITR 642 (Kerala). While expressing the disagreement with contrary view taken by the Hon’ble Allahabad High Court in the case of PCIT vs. Mehndipur Balaji, 447 ITR 517…

Pr. Commissioner of Income Tax Central 3 vs. Abhisar Buildwell P. Ltd

C.A. No.-006580-006580 - 2021Supreme Court24 Apr 2023

Bench: HON'BLE MR. JUSTICE M.R. SHAH

Section 153ASection 2(45)Section 4Section 5

…jarat) 11. Smt. Jami Nirmala Vs. Principal Commissioner of Income Tax (2021) 437 ITR 573 (Orissa) 12. Smt. Smrutisudha Nayak Vs. Union of India (2021) 439 ITR 193 (Orissa) 13. Commissioner of Income Tax, Kolkata Vs. Veerprabhu Marketing Limited (2016) 388 ITR 574 (Calcutta) 14. Principal Commissioner of Income Tax-2, Kolkata Vs. M/s. Salasar Stock Broking Ltd. 2016 (8) TMI 1131 (Calcutta) 15. Pr. Commissioner of Income Tax-Central, Jaipur Vs. Smt. Daksha Jain, Sirohi 2019 (8) TMI 474 (Rajasthan) 16. Dr. A.V. Sreekumar Vs. The Commissioner of Income Tax, Kochi and Assistant Commissioner of…

Shri Jivrajbhai H. Balar, Surat vs. The Income Tax Officer, Ward-8(2), Surat

In the result, appeals filed by the assessee for assessment years 2004-05 to 2007-08, ( IT(SS)A Nos

ITA 1245/AHD/2015[2010-11]Status: DisposedITAT Surat31 May 2022AY 2010-11

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./It(Ss)A No.150 To 154/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2004-05 To 2008-09) (Physical Court Hearing) Jivrajbhai Harkhabhai Balar, The Dcit, Central Circle-1, Vs. 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent) आयकरअपीलसं./Ita No.1245/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2010-11) Jivrajbhai Harkhabhai Balar, Vs. The Dcit, Central Circle-1, 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H. P. Meena, CIT(DR) & Ms Anupama Singla, Sr. DR
Section 143(3)Section 153C

…ya Construction [81 taxmann.com 292] (Guj HC)  CIT vs Continental Warehousing Corporation (Nhava Sheva) Ltd [58 taxmann.com 78] (Bombay HC)  CIT vs Kabul Chawla [380 ITR 573] (Del HC)(SLP Dismissed in SC – 380 ITR (ST) 4)  CIT vs Veerprabhu Marketing Ltd.[ 388 ITR 574](Cal HC)  PCIT vs. Meeta Gutgutia [ 82 taxmann.com 287 ](Del. HC) 33. We note that following were the disputed expenditure: Opening balance 16,118 01.04.03 Premium payable 17,24,800 27.05.03 Premium paid 27,59,067 19.09.03 Revenue duty paid 1200 27.09.03 Revenue paid 33,000 5.12.03 Premium paid 35,20,000 6.2.04 Revenue duty 40,000 6.2.04 Premi…

Anjali Jewellers, Kolkata vs. PCIT, Central-1, Kolkata

In the result, the appeal of the assessee is allowed

ITA 140/KOL/2021[2014-15]Status: DisposedITAT Kolkata30 Sept 2021AY 2014-15

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey]

Section 132(1)Section 143(2)Section 143(3)Section 153ASection 263

…014-15, the AO could not have made any addition as per the decision of Hon’ble Delhi High Court in CIT vs. Kabul Chawla (supra), PCIT vs. Kurele Paper Mills Pvt. Ltd. in 380 ITR 571, Hon’ble Calcutta High Court decision in CIT vs. Veerprabhu Marketing Ltd. in 388 ITR 574 (Cal), wherein the Calcutta High Court approved and agreed with the view expressed by the Hon’ble Karnataka High court in the case of CIT vs. IBC Knowledge Park Pvt. Ltd. reported in 385 ITR 346 and held that ‘ we are in agreement in the views expressed by the Hon’ble High Court that incriminating material is a pre-requisite power could have been…

Matrix India Entertainment Consultants Pvt. Ltd, Mumbai vs. ACIT, CC -8(2), Mumbai

In the result the appeals for 2005-06, 2006-07, 2007-08 &

ITA 2938/MUM/2015[2005-06]Status: DisposedITAT Mumbai23 Jul 2021AY 2005-06

Bench: Shri Rajesh Kumar & Shri Ramlal Negi

For Appellant: Dr. K. Shivaram, A.R. &For Respondent: Shri Sandeep Raj, D.R
Section 132Section 133ASection 153ASection 271(1)(c)

…153C of the Act and consequent assessment order is bad in law. In defense of his arguments, the ld AR relied heavily on the following decisions: i) CIT vs. IBC Knowledge Park Pvt. Ltd. (2016) 385 ITR 346 (Kar.)(HC) ii) CIT vs. Veerprabhu Marketing Ltd. (2016) 388 ITR 574 (Cal.)(HC) iii) Pr CIT v. Smt. Lakshmi Singh [2017] 78 taxmann.com 207 (Kar.)(HC) iv) Smt. Sunita Bai [2017] 78 taxmann.com 274 (Kar.)(HC) v) CIT v Sinhgad Technical Education Society [2015] 378 ITR 84 (Bom.) The Bombay High Court decision is confirmed by the Supreme Court in CIT vs. Sinhagad Technical Education Society Civil Appeal No. 11080 o…

M/S. Indian Roadways Corporation Ltd., Kolkata vs. Principal CIT, Central - 1, Kolkata

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

ITA 787/KOL/2018[2009-10]Status: DisposedITAT Kolkata12 Sept 2018AY 2009-10

Bench: Shri A.T.Varkey, Jm & Dr. A.L. Saini, Am Vs. Principal Commissioner Of M/S Indian Roadways Corporation Ltd. Income Tax, Central-I, Irc House, 1, Sunyat Sen Street, Kolkata, Aayakar Bhawan Kolkata-700012. Poorva, 110, Shantipally, Kolkata-700107. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci 7333 K (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

For Appellant: Shri S.K.Tulsiyan, AdvocateFor Respondent: Shri P.K.Srihari, CIT(DR)
Section 132Section 143(3)Section 153ASection 154Section 263Section 36

…annot be made unless there is any incriminating materials or documents which were unearthed during search and for that ld Counsel relied on the judgment of the Hon`ble Jurisdictional Calcutta High Court in the case of CIT vs. Veerparabhu Marketing Ltd. (2016) 388 ITR 574 (Cal), wherein it was held that “The existence of incriminating material in the seized material is a pre-requisite before exercising power u/s 153C r.w.s 153A of the Income Tax Act, 1961.” The ld Counsel also relied on the judgment of the Hon`ble Delhi High Court in the case of CIT vs. Kabul Chawla (2015) 380 ITR 573 (Del), wherein it was held t…

M/S. Green Range Farms Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 5365/DEL/2014[2010-11]Status: DisposedITAT Delhi13 Jul 2018AY 2010-11

Bench: Shri P. M. Jagtap & Ms. Suchitra Kambleassessment Year : 2010-11 Green Range Farms Pvt. Ltd., Dcit, Central Circle- 17, A- 35, Brij Green Farms, New Delhi. Chattarpur, Mandir Road, Vs. Village- Satbari, New Delhi.

For Appellant: Shri Salil Agarwal, Adv
Section 132Section 139Section 153CSection 2(14)

…to validly initiate the proceedings u/s 153C in the case of the assessee. In support of this contention, he relied on the provisions of sub-section (1) of section 153C as well as the following judicial pronouncement :- (i) CIT vs. Veerprabhu Marketing Ltd., 388 ITR 574 (Calcutta). (ii) CIT vs. RRJ Securities Ltd., 380 ITR 612 (Delhi). (iii) CIT vs. Singhad Technical Education Society, 397 ITR 344 (SC). (iv) Pr.CIT vs. Index Securities (P.) Ltd., 86 taxmann.com 84 (Delhi). 9. Ld. DR, on the other hand, contended that only requirement for initiating the proceedings u/s 153C in the case of a person other than th…

M/S. Span Foundation Pvt. Ltd., Kolkata vs. DCIT, Central Circle - 3(2), Kolkata

In the result, appeal of the assessee is allowed

ITA 2521/KOL/2017[2009-10]Status: DisposedITAT Kolkata18 Apr 2018AY 2009-10

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

For Appellant: Shri S.K. Tulsiyan, Advocate & Bhoomija Verma, ARFor Respondent: Shri G. Mallikarjuna, CIT(DR)
Section 263

…of search which abates in terms of the second proviso to section 153A(1), the total income shall be computed afresh uninfluenced by the fact whether or not there is any incriminating material.” [Emphasis supplied] 45. CIT vs. Veerparabhu Marketing Ltd. (2016) 388 ITR 574 (Cal), held as under: “The existence of incriminating material in the seized material is a pre- requisite before exercising power u/s 153C r.w.s 153A of the Income Tax Act, 1961. On the questions whether the Appellate Tribunal was justified in not holding that pursuant to a search and seizure, an assessment or reassessment was to be made afresh i…

M/S. Cliff Trexim Pvt. Ltd., Kolkata vs. DCIT, Central Circle - 3(2), Kolkata

In the result, appeal of the assessee is allowed

ITA 2520/KOL/2017[2009-10]Status: DisposedITAT Kolkata18 Apr 2018AY 2009-10

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

For Appellant: Shri S.K. Tulsiyan, Advocate & Bhoomija Verma, ARFor Respondent: Shri G. Mallikarjuna, CIT(DR)
Section 263

…of search which abates in terms of the second proviso to section 153A(1), the total income shall be computed afresh uninfluenced by the fact whether or not there is any incriminating material.” [Emphasis supplied] 45. CIT vs. Veerparabhu Marketing Ltd. (2016) 388 ITR 574 (Cal), held as under: “The existence of incriminating material in the seized material is a pre- requisite before exercising power u/s 153C r.w.s 153A of the Income Tax Act, 1961. On the questions whether the Appellate Tribunal was justified in not holding that pursuant to a search and seizure, an assessment or reassessment was to be made afresh i…

M/S. Garg Brothers Pvt. Ltd., Kolkata vs. DCIT, Central Circle - 3(2), Kolkata

In the result, appeal of the assessee is allowed

ITA 2519/KOL/2017[2009-10]Status: DisposedITAT Kolkata18 Apr 2018AY 2009-10

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

For Appellant: Shri S.K. Tulsiyan, Advocate & Bhoomija Verma, ARFor Respondent: Shri G. Mallikarjuna, CIT(DR)
Section 263

…of search which abates in terms of the second proviso to section 153A(1), the total income shall be computed afresh uninfluenced by the fact whether or not there is any incriminating material.” [Emphasis supplied] 45. CIT vs. Veerparabhu Marketing Ltd. (2016) 388 ITR 574 (Cal), held as under: “The existence of incriminating material in the seized material is a pre- requisite before exercising power u/s 153C r.w.s 153A of the Income Tax Act, 1961. On the questions whether the Appellate Tribunal was justified in not holding that pursuant to a search and seizure, an assessment or reassessment was to be made afresh i…

Krez Hotel & Realty Ltd, Mumbai vs. Jtcit (OSD) Cen Cir 39, Mumbai

In the result, appeal of the assessee is allowed

ITA 4577/MUM/2014[2006-07]Status: DisposedITAT Mumbai13 Feb 2018AY 2006-07

Bench: Shri D.T. Garasia & Shri Rajesh Kumar

For Appellant: S/Shri Hari RahejaFor Respondent: Shri R.P. Meean
Section 132Section 153Section 153ASection 153CSection 2(22)(e)Section 36(1)(iii)

…the sub-section is to be followed. The learned A.R. relied on a series of decisions in defence of his argument: - i. CIT vs. MN Rajaraman 5 ITR 62 ITAT Chennai ii. Avinesh Estate and Resorts vs. DCIT 151 ITD 399 (Vizag) iii. CIT vs. Veerprabhu Marketing Ltd. 388 ITR 574 (Cal) M/s. Krez Hotel & Realty Ltd. iv. DSL Properties Pvt. Ltd. vs. DCIT ITA No. 1334/Del/2012 v. Beejay Security & Finance Ltd. ITA No. 4859/Mum/2009 The learned A.R. prayed before the Bench that the issue of non-recording of satisfaction is covered in favour of the assessee by the ratio laid down in the Hon'ble High Court and the Coordinate B…

Krez Hotel & Realty Ltd, Mumbai vs. Jtcit (OSD) Cen Cir 39, Mumbai

In the result, appeal of the assessee is allowed

ITA 4576/MUM/2014[2005-06]Status: DisposedITAT Mumbai13 Feb 2018AY 2005-06

Bench: Shri D.T. Garasia & Shri Rajesh Kumar

For Appellant: S/Shri Hari RahejaFor Respondent: Shri R.P. Meean
Section 132Section 153Section 153ASection 153CSection 2(22)(e)Section 36(1)(iii)

…the sub-section is to be followed. The learned A.R. relied on a series of decisions in defence of his argument: - i. CIT vs. MN Rajaraman 5 ITR 62 ITAT Chennai ii. Avinesh Estate and Resorts vs. DCIT 151 ITD 399 (Vizag) iii. CIT vs. Veerprabhu Marketing Ltd. 388 ITR 574 (Cal) M/s. Krez Hotel & Realty Ltd. iv. DSL Properties Pvt. Ltd. vs. DCIT ITA No. 1334/Del/2012 v. Beejay Security & Finance Ltd. ITA No. 4859/Mum/2009 The learned A.R. prayed before the Bench that the issue of non-recording of satisfaction is covered in favour of the assessee by the ratio laid down in the Hon'ble High Court and the Coordinate B…

Krez Hotel & Realty Ltd, Mumbai vs. Jtcit (OSD) Cen Cir 39, Mumbai

In the result, appeal of the assessee is allowed

ITA 4575/MUM/2014[2004-05]Status: DisposedITAT Mumbai13 Feb 2018AY 2004-05

Bench: Shri D.T. Garasia & Shri Rajesh Kumar

For Appellant: S/Shri Hari RahejaFor Respondent: Shri R.P. Meean
Section 132Section 153Section 153ASection 153CSection 2(22)(e)Section 36(1)(iii)

…the sub-section is to be followed. The learned A.R. relied on a series of decisions in defence of his argument: - i. CIT vs. MN Rajaraman 5 ITR 62 ITAT Chennai ii. Avinesh Estate and Resorts vs. DCIT 151 ITD 399 (Vizag) iii. CIT vs. Veerprabhu Marketing Ltd. 388 ITR 574 (Cal) M/s. Krez Hotel & Realty Ltd. iv. DSL Properties Pvt. Ltd. vs. DCIT ITA No. 1334/Del/2012 v. Beejay Security & Finance Ltd. ITA No. 4859/Mum/2009 The learned A.R. prayed before the Bench that the issue of non-recording of satisfaction is covered in favour of the assessee by the ratio laid down in the Hon'ble High Court and the Coordinate B…

Krez Hotel & Realty Ltd, Mumbai vs. Jtcit (OSD) Cen Cir 39, Mumbai

In the result, appeal of the assessee is allowed

ITA 4574/MUM/2014[2003-04]Status: DisposedITAT Mumbai13 Feb 2018AY 2003-04

Bench: Shri D.T. Garasia & Shri Rajesh Kumar

For Appellant: S/Shri Hari RahejaFor Respondent: Shri R.P. Meean
Section 132Section 153Section 153ASection 153CSection 2(22)(e)Section 36(1)(iii)

…the sub-section is to be followed. The learned A.R. relied on a series of decisions in defence of his argument: - i. CIT vs. MN Rajaraman 5 ITR 62 ITAT Chennai ii. Avinesh Estate and Resorts vs. DCIT 151 ITD 399 (Vizag) iii. CIT vs. Veerprabhu Marketing Ltd. 388 ITR 574 (Cal) M/s. Krez Hotel & Realty Ltd. iv. DSL Properties Pvt. Ltd. vs. DCIT ITA No. 1334/Del/2012 v. Beejay Security & Finance Ltd. ITA No. 4859/Mum/2009 The learned A.R. prayed before the Bench that the issue of non-recording of satisfaction is covered in favour of the assessee by the ratio laid down in the Hon'ble High Court and the Coordinate B…