DHFL Venture Capital Fund v. ITO

358 ITR 471High Court2013#1726 most cited

What is DHFL Venture Capital Fund v. ITO authority for?

Reassessment proceedings cannot be initiated solely for the purpose of making a protective addition. Such proceedings are not valid in the eyes of law.

66

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

DHFL Venture Capital Fund v. ITO · Section 147 · Section 148 · protective assessment · protective addition · reassessment proceedings · validity of reassessment · cannot make protective addition · reassessment validity · escaped assessment

Also reported as

34 Taxmann.com 300

Sections most often in play

Section 147Section 148Section 143(3)Section 132Section 10(26)Section 142(1)Section 151Section 68
Read the full judgment

Issues it is cited on

section 10(26)section 61protective assessmentsubstantive assessmentsection 245csettlement applicationsection 245d(4)live linkscheme of arrangementsection 245dincome tax settlement commissionfull and true disclosure

Judgments citing DHFL Venture Capital Fund v. ITO

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 698/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 14. On merits, it is submitted that the loans received from Nagaland parities of Rs. 5,72,66,080/- were genuine and creditworthiness and identity of the parties was proved. Therefore, no addition is called for. Thus, he submitted that the appellant had discharged the onus of proving the ingredients of section 68 of the Act. Since the iden…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 697/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 14. On merits, it is submitted that the loans received from Nagaland parities of Rs. 5,72,66,080/- were genuine and creditworthiness and identity of the parties was proved. Therefore, no addition is called for. Thus, he submitted that the appellant had discharged the onus of proving the ingredients of section 68 of the Act. Since the iden…

Vrindavan Builders Pvt Ktd, Nagaland vs. ACIT Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 696/COCH/2024[2013-14]Status: DisposedITAT Cochin09 Jun 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 14. On merits, it is submitted that the loans received from Nagaland parities of Rs. 5,72,66,080/- were genuine and creditworthiness and identity of the parties was proved. Therefore, no addition is called for. Thus, he submitted that the appellant had discharged the onus of proving the ingredients of section 68 of the Act. Since the iden…

Vrindavan Builders Pvt Ltd, Nagaland vs. ACIT, Central Circle, Kollam

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2017-18 are allowed and the appeals filed by Revenue for assessment years 2013-14 to 2017-18 are dismissed

ITA 695/COCH/2024[2012-13]Status: DisposedITAT Cochin09 Jun 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 14. On merits, it is submitted that the loans received from Nagaland parities of Rs. 5,72,66,080/- were genuine and creditworthiness and identity of the parties was proved. Therefore, no addition is called for. Thus, he submitted that the appellant had discharged the onus of proving the ingredients of section 68 of the Act. Since the iden…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Allebasi Builders and Developers (P) Ltd, Attingal

In the result, appeal filed by the assessee stands allowed and Revenue’s appeal and assessee’s cross objection stand dismissed

ITA 317/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…tended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Allebasi Builders and Developers Pvt. Ltd. Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 12. On merits, it is submitted that the loans received from Nagaland parities of Rs. 5,72,66,080/- were genuine and creditworthiness and identity of the parties was proved. Therefore, no addition is called for. Thus, he submitted that the appellant had discharged the onus of proving the ingredients of section 68 of the Act. Since the iden…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Moneymuttam Finance, Pathanamthitta

In the result, assessee’s cross objection stands allowed and appeal filed by the Revenue stands dismissed

ITA 315/COCH/2024[2017-18]Status: DisposedITAT Cochin09 Jun 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm Assessment Years: 2017-18

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 12. On the other hand, the ld. CIT-DR seriously opposed the above submissions. 13. We heard the rival submissions and perused the material on record. Now we shall take up cross objections challenging the very validity of initiation of reassessment proceedings. The appellant company challenged the validity of the reassessment proceedings…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the cross objection filed by the assessee company stands allowed

ITA 314/COCH/2024[2018-19]Status: DisposedITAT Cochin09 Jun 2025AY 2018-19

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). 12. On the other hand, the ld. CIT-DR seriously opposed the above submissions. 13. We heard the rival submissions and perused the material on record. Now we shall take up cross objection No. 1 challenging the very validity of initiation of reassessment proceedings. The appellant challenged the validity of the reassessment proceedings on…

Sreevalsam Hotels and Resorts Private Ltd, Rajavalsam vs. ACIT, Central Circle, Kollam

In the result, assessee’s appeal in ITA No

ITA 115/COCH/2024[2017-2018]Status: DisposedITAT Cochin09 Jun 2025AY 2017-2018

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 132Section 143(3)Section 148

…89 taxmann.com 409 (Del). Finally it is contended that no reassessment proceedings can be initiated for the purpose of making protective addition placing reliance on the decision of the Hon'ble Bombay High Court in the case of DHFL Venture Capital Fund v. ITO 358 ITR 471 (Bom). Sreevalsam Hotels and Resorts Pvt. Ltd. 12. On the merits it is submitted that the loan received from P.S. Enterprises, a Nagaland based entity of Rs. 44,98,312/- on 27.03.2017, the said transaction of loan was reflected in the financial statements of P.S. Enterprises. Confirmation letters were filed, which is placed on pages 9 & 10. Thus…

Times Internet Limited (Representative Assessee of Willow Tv International Ltd), New Delhi vs. Deputy Commissioner of Income Tax, New Delhi

Appeal is allowed

ITA 2239/DEL/2024[2016-17]Status: DisposedITAT Delhi21 Mar 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahmanassessment Year: 2016-17 M/S. Times Internet Ltd. Vs. Dcit, (Representative Assessee Of New Delhi Willow Tv International Ltd.), Express Building, 9-10 Bahadurshah Zafar Marg, New Delhi Pan: Aabct1559M (Appellant) (Respondent) Assessee By Sh. Ajay Vohra, Sr. Adv. Sh. Shaurya, Ca Sh. Deepesh Jain, Adv. Department By Sh. Vijay B. Basanta, Cit(Dr)

Section 147Section 148Section 148ASection 149Section 163Section 246

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘D’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2016-17 M/s. Times Internet Ltd. Vs. DCIT, (Representative Assessee of New Delhi Willow TV International Ltd.), Express Building, 9-10 Bahadurshah Zafar Marg, New Delhi PAN: AABCT1559M (Appellant) (Respondent) Assessee by Sh. Ajay Vohra, Sr. Adv. Sh. Shaurya, CA Sh. Deepesh Jain, Adv. Department by Sh. Vijay B. Basanta, CIT(DR) Date of hearing 06.03.2025 Date of pronouncement 21.03.2025 ORDER PER SATBEER SINGH GODARA, JM This assessee’s…

Income Tax Officer, Morena vs. Naresh Singh, Morena

ITA 435/AGR/2024[2015]Status: DisposedITAT Agra17 Feb 2025

Bench: : Shri Satbeer Singh Godara & Shri Manoj Kumar Aggarwal

Section 147Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL, AGRA BENCH, AGRA BEFORE : SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA Nos. 390, 389 & 391/Agr/2024 Assessment Years: 2013-14, 2014-15 & 2016-17 Naresh Singh, S/o Shri Vs. Income-tax Officer, Daulatram Singh, Village Anti Ward-1, Morena Gaon, Near Rudika Pura, Morena (MP) PAN : DUYPS0031N (Appellant) (Respondent) With Assessment Year: 2015-16 Income-tax Officer, Vs. Naresh Singh, P.S. Tower, Near Ward-1, Morena Purana Rajput Hotel, A.B. road, Morena (Appellant) (Respondent) Assessees by Sh. Sanjay Kumar, CA Department by S…

Naresh Singh, Morena vs. ITO Ward-1, Morena

ITA 390/AGR/2024[2014-15]Status: DisposedITAT Agra17 Feb 2025AY 2014-15

Bench: : Shri Satbeer Singh Godara & Shri Manoj Kumar Aggarwal

Section 147Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL, AGRA BENCH, AGRA BEFORE : SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA Nos. 390, 389 & 391/Agr/2024 Assessment Years: 2013-14, 2014-15 & 2016-17 Naresh Singh, S/o Shri Vs. Income-tax Officer, Daulatram Singh, Village Anti Ward-1, Morena Gaon, Near Rudika Pura, Morena (MP) PAN : DUYPS0031N (Appellant) (Respondent) With Assessment Year: 2015-16 Income-tax Officer, Vs. Naresh Singh, P.S. Tower, Near Ward-1, Morena Purana Rajput Hotel, A.B. road, Morena (Appellant) (Respondent) Assessees by Sh. Sanjay Kumar, CA Department by S…

Jabbar Mattul Abdul, Ernakulam vs. Deputy Commissioner of Income Tax (International Taxation), Kochi

ITA 813/COCH/2023[2009-10]Status: DisposedITAT Cochin25 Sept 2024AY 2009-10

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Shri G. Surendranath Rao, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 144Section 148Section 250(6)

…its in assessee’s brother’s hands and therefore, we see no reason to first decide the validity thereof in protective proceedings. We further deem it appropriate to quote Lalji Haridas vs. ITO [1961] 43 ITR 387 (SC) and DHFL Venture Capital Fund vs. ITO [2013] 358 ITR 471 (Bom.) that a protective addition comes into play when there arises doubt in the mind of an Assessing Officer as to in whose hands a particular income is taxable. We accordingly deem it appropriate at this stage to restore assessee’s all the instant three appeals back to the CIT(A) for his afresh appropriate adjudication in tune with sec.250(6) o…

Jabbar Mattul Abdul, Ernakulam vs. Deputy Commissioner of Income Tax (International Taxation), Kochi

ITA 812/COCH/2023[2007-08]Status: DisposedITAT Cochin25 Sept 2024AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Shri G. Surendranath Rao, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 144Section 148Section 250(6)

…its in assessee’s brother’s hands and therefore, we see no reason to first decide the validity thereof in protective proceedings. We further deem it appropriate to quote Lalji Haridas vs. ITO [1961] 43 ITR 387 (SC) and DHFL Venture Capital Fund vs. ITO [2013] 358 ITR 471 (Bom.) that a protective addition comes into play when there arises doubt in the mind of an Assessing Officer as to in whose hands a particular income is taxable. We accordingly deem it appropriate at this stage to restore assessee’s all the instant three appeals back to the CIT(A) for his afresh appropriate adjudication in tune with sec.250(6) o…

Jabbar Mattul Abdul, Ernakulam vs. Deputy Commissioner of Income Tax(International Taxation), Kochi

ITA 811/COCH/2023[2006-07]Status: DisposedITAT Cochin25 Sept 2024AY 2006-07

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Shri G. Surendranath Rao, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 144Section 148Section 250(6)

…its in assessee’s brother’s hands and therefore, we see no reason to first decide the validity thereof in protective proceedings. We further deem it appropriate to quote Lalji Haridas vs. ITO [1961] 43 ITR 387 (SC) and DHFL Venture Capital Fund vs. ITO [2013] 358 ITR 471 (Bom.) that a protective addition comes into play when there arises doubt in the mind of an Assessing Officer as to in whose hands a particular income is taxable. We accordingly deem it appropriate at this stage to restore assessee’s all the instant three appeals back to the CIT(A) for his afresh appropriate adjudication in tune with sec.250(6) o…

Quartz Infra and Engineering Private Limited, Hyderabad vs. Shri B. R. Ramesh Deputy Commissioner of Income Tax Central Circle16-(1), Hyderabad

In the result appeal of the assessee is allowed in part

ITA 98/HYD/2021[2011-12`]Status: DisposedITAT Hyderabad27 Aug 2024

Bench: Shri K.Narasimha Chary & Shri Madhusudan Sawdiaआ.अपी.सं / Ita No.98/Hyd/2021 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S Quartz Infra & Engineering P.Ltd. Vs. Dcit, Circle-16(1) Hyderabad Hyderabad [Pan :Aaacq1546N] अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee By: Sri Pavan Kumar Chakrapani, Ar रधजस्‍व द्वधरध/Revenue By: Sri Kumar Pranav, Cit-Dr सुिवधई की तधरीख/Date Of Hearing: 30 /07/2024 घोर्णध की तधरीख/Pronouncement On: 27/08/2024 आदेश / Order Per K. Narasimha Chary, J.M: Aggrieved By The Order Dated 27/02/2020 Passed By The Learned Commissioner Of Income Tax (Appeals) (“Learned Cit(A)”)-4, Hyderabad In The Case Of M/S Quartz Infra & Engineering Private Ltd.(“The Assessee”) For The Assessment Year 2011-12, Assessee Preferred This Appeal, With A Delay Of 264 Days.

For Appellant: Sri Pavan Kumar Chakrapani, ARFor Respondent: Sri Kumar Pranav, CIT-DR
Section 115JSection 143(1)Section 143(3)Section 147Section 148

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”, HYDERABAD BEFORE SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER & SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं / ITA No.98/Hyd/2021 (निर्धारण वर्ा / Assessment Year: 2011-12) M/s Quartz Infra and Engineering P.Ltd. Vs. DCIT, Circle-16(1) Hyderabad Hyderabad [PAN :AAACQ1546N] अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee by: Sri Pavan Kumar Chakrapani, AR रधजस्‍व द्वधरध/Revenue by: Sri Kumar Pranav, CIT-DR सुिवधई की तधरीख/Date of hearing: 30 /07/2024 घोर्णध की तधरीख/Pronouncement on: 27/08/2…

Income Tax Officer, Ward-2(3)(8), Surat vs. Mahaveer Shantilal Jain, Surat

ITA 453/SRT/2019[2013-14]Status: DisposedITAT Surat25 Sept 2023AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.453/Srt/2019 "नधा"रण वष"/Assessment Year: (2013-14) (Physical Hearing) The Ito, Vs. Mahaveer Shantilal Jain, Ward-2(3)(8), Prop. M/S Mukesh Diamonds, 1St Surat. Office No.401, Floor, H.No.5/1171/72/73/1090, New Dtc, Hath Falia, Haripura, Surat – 395009. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aqupj6439L Appellant By Shri Ritesh Mishra, Cit(Dr) Respondent By Shri P. M. Jagasheth, Ca Date Of Hearing 08/09/2023 Date Of Pronouncement 25/09/2023

Section 142(1)Section 143(2)Section 143(3)

…espondents to entertain such belief if they are agitating the matter against P&A. On this ground also, the impugned notice should be held as invalid. The Division Bench of this Court in DHFL Venture Capital Fund v. ITO [2013] 34 taxmann.com 300/217 Taxman 116/358 ITR 471 held that where the Assessing Officer sought to make protective assessment by reopening an assessment on the ground that a contingency may arise in future resulting in escapement of income that would be wholly impermissible and would amount to rewriting of the statutory provision. Paragraph 18 of the said judgment reads as under : 18. A protectiv…

Keshnath Sahu, Dhamtari vs. Income Tax Officer, Ward-Dhamtari, Dhamtari

ITA 135/RPR/2023[2014-15]Status: DisposedITAT Raipur26 May 2023AY 2014-15

Bench: Shri Ravish Soodआयकर अपील सं./ Ita No.135/Rpr/2023 "नधा"रण वष" / Assessment Year : 2014-15 Keshnath Sahu Shri Balaji Construction Company, Near Power House, Kathuriya Complex, Ratnabandha Road, Dhamtari (C.G)-493 773 Pan : Cqips0706B .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-Dhamtari (C.G.). ……""यथ" / Respondent

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri Piyush Tripathi, Sr. DR
Section 147Section 148Section 69

…which was a sine-qua-non for initiating proceedings u/s.147 of the Act. In order to support his aforesaid claim the Ld. AR had relied on the judgments of the Hon’ble High Court of Bombay in the case of DHFL Venture Capital Fund Vs. Income Tax Officer, (2013) 358 ITR 471 (Bom) and that of Pavan Morarka Vs. Assistant Commissioner of Income Tax, (2022) 325 CTR 377 (Bom.). Also, support was drawn by the Ld. AR from the order of the ITAT, Bangalore in the case of DCIT Vs. Bullion Investments & Financial Services (P) Ltd. (2010) 123 ITD 568 (Bang.). On the basis of his aforesaid contention, it was submitted by the Ld.…

Shri Shantilalyadav, Khargone vs. The ITO, Khatgone

ITA 399/IND/2022[2013-14]Status: DisposedITAT Indore31 Mar 2023AY 2013-14

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2013-14 Shri Shantilal Yadav Ito, Khargone Gram Nagziri, बनाम/ Tehsil Gogawa, Vs. Khargone (Appellant / Assessee) (Respondent / Revenue) Pan: Aiwpy 0915 C Assessee By Shri S. N. Agrawal & Pankaj Mogra, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 27.03.2023 Date Of Pronouncement 31.03.2023

Section 115BSection 143(3)Section 147Section 148Section 69A

…of the assessee on substantive basis and protective assessment was made in the hands of the assessee. Therefore assessment u/s. 147/143/3) of the Act deserves to be cancelled.” Hon’ble Mumbai High Court in the case of DHFL Venture Capital Fund Vs. ITO, (2013) 34 Taxmann.com 300: “18. A protective assessment as the learned author indicates (Vol. 1 page 272) is regarded as being protective because it is an which is made ex abundant contela where the department has a "doubt as to the person who is or will be deemed to be in receipt of the income" A departmental practice, which has gained judicial recognition, has em…

World Sport Group (Mauritius) Ltd, Mumbai vs. DCIT (It) 4(3)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 1891/MUM/2017[2010-11]Status: DisposedITAT Mumbai24 Mar 2023AY 2010-11
Section 115ASection 144C(5)Section 147Section 156Section 6(3)(ii)Section 9(1)(vii)

…ssessment cannot be done in this manner. 22 M/s. World Sport Group (Mauritius) Ltd. 3.7. We find that the ld. AR had rightly placed reliance on the decision of the Hon‟ble Jurisdictional High Court in the case of DHFL Venture Capital Fund vs. ITO reported in 358 ITR 471. In this regard, the facts of the case before the Hon‟ble High Court are as under:- “3. The Petitioner is registered with the Securities and Exchange Board of India as a Venture Capital Fund under the SEBI (Venture Capital Fund) Regulations, 1996. The Petitioner was constituted under a trust deed dated 19 August 2005 of Dewan Housing Financial C…

Shriamit Agrawal, Indore vs. The ITO Ward 1(3), Indore

ITA 212/IND/2022[2009-10]Status: DisposedITAT Indore27 Feb 2023AY 2009-10

Bench: Ms.Suchitra Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2009-10 Shri Amit Agrawal Ito, Ward-1(3) बनाम/ Indore Indore Vs. (Appellant / Assessee) (Respondent / Revenue) Pan: Abrpa 2105 L Assessee By Shri S. N. Agrawal & Pankaj Mogra, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 09.02.2023 Date Of Pronouncement 27.02.2023

Section 143(3)Section 147Section 148Section 271(1)(c)Section 68

…f the assessee on substantive basis and protective assessment was made in the hands of the assessee. Therefore assessment u/s. 147/143/3) of the Act deserves to be cancelled.” Hon’ble Mumbai High Court in the case of DHFL Venture Capital Fund Vs. ITO, (2013) 34 Taxmann.com 300: “18. A protective assessment as the learned author indicates (Vol. 1 page 272) is regarded as being protective because it is an which is made ex abundant contela where the department has a "doubt as to the person who is or will be deemed to be in receipt of the income" A departmental practice, which has gained judicial recognition, has em…