EMA India Ltd. v. ACIT 226 CTR (All) 659 and Consolidated Photo & Finvest Ltd. v. ACIT

281 ITR 394High Court2006#920 most cited

What is EMA India Ltd. v. ACIT 226 CTR (All) 659 and Consolidated Photo & Finvest Ltd. v. ACIT authority for?

Mere production of documents does not amount to full and true disclosure; the assessee must actively and specifically disclose all material facts. Reopening of assessment under Section 147 is permissible if the Assessing Officer did not consciously apply mind to an issue, or if new information revealing escapement of income comes to light.

115

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2010 to 2025.

Also referred to as

Consolidated Photo & Finvest Ltd. v. ACIT · EMA India Ltd. v. ACIT · 281 ITR 394 · Section 147 · Section 148 · reopening of assessment · mere change of opinion · full and true disclosure · tangible material · escapement of income · conscious decision AO · producing documents not sufficient

Sections most often in play

Section 143(3)Section 147Section 148Section 115JBSection 142(1)Section 143(2)Section 151Section 250

Issues it is cited on

section 34(1)mere change of opinionfull and true disclosurekelvinatorchange of opinionsection 34live linktangible materialreason to believereopening of assessmentescapement of incomeincome-tax officer

Judgments citing EMA India Ltd. v. ACIT 226 CTR (All) 659 and Consolidated Photo & Finvest Ltd. v. ACIT

Prem Sagar Chopra, Mumbai vs. Income Tax Officer 16(1)(3), Mumbai

In the result, the ground No

ITA 4538/MUM/2025[2014-15]Status: DisposedITAT Mumbai29 Dec 2025AY 2014-15

Bench: Shri Pawan Singh & Shri Girish Agrawal(Physical Hearing) Prem Sagar Chopra (Since Ito - 16(1)(3) Mumbai, Deceased) Through Neelam Prem Vs Room No. 438, Aayakar Bhavan, M.K. Sagar Chopra (Wife), Road, Churchgate, Sagar Villa Road No. 12A, Jvpd Mumbai – 400020. Scheme, Juhu, Mumbai, Maharashtra – 400049. [Pan No. Aapps2469E] Appellant / Assessee Respondent / Revenue

Section 147Section 254(1)Section 68

…issuance of notice under section 148. If assessing officer could not discover fact earlier due to lack of diligence, reopening is justified. The ld. CIT(A) also relied upon the decision of Delhi High Court in Consolidated Photo &Finvest Ltd. vs ACIT (2006) 281 ITR 394 (Del) wherein it was held that if new information comes to light revealing escapement of income reopening is valid, even if the issue was examined in original assessment. On merit, the ld. CIT(A) held that on receipt of additional evidence during appellate proceeding, remand report was called from assessing officer. The assessee was directed to…

Deputy Commissioner of Income Tax, Circle-1(3)(1), Mumbai vs. Tmf Holdings Limited, Mumbai

In the result, the appeal of the revenue bearing ITA No

ITA 2983/MUM/2025[2017-18]Status: DisposedITAT Mumbai18 Jul 2025AY 2017-18

Bench: Shri Anikesh Banerjee & Smt. Renu Jauhrideputy Commissioner Of Vs Tmf Holdings Limited 14, 4Th Floor, Sir H C Dinshaw Income Tax, Circle 1(3)(1), Mumbai Building, 16, Horniman Circle, Fort, Room No.535, 5Th Floor, Aaykar Mumbai-400 001 Bhavan, M.K. Road, Mumbai- Pan: Aacct4644A 400 020 Appellant Respondent

For Appellant: Shri Rajan Vora a/w Shri Nikhil TiwariFor Respondent: Shri Ritesh Mishra, CIT DR
Section 115JSection 143(3)Section 144BSection 147Section 148Section 250Section 37(1)

…elevance to Explanation 1: 5 ITA 2983/Mum /2025 CO 132/Mum/2025 TMF Limited Just producing documents is not enough. Disclosure must be active and full have to infer or investigate to find the material facts. Consolidated Photo and Finvest Ltd. v. ACIT (2006) 281 ITR 394 (Del.) This judgment squarely supports the Revenue's power to reopen assessments under Section 147 when the assessment order is silent on a material issue, even if the underlying documents were part of the original record. It reaffirms that the bar on reopening due to change of opinion applies only when a conscious decision was taken earlier. Mer…

M/S Union Bank of India, Mumbai vs. Deputy Commissioner of Incomet Tax. Circle- Ltu -2, Mumbai

In the result appeal of the assessee bearing ITA No

ITA 1678/MUM/2024[2015-16]Status: DisposedITAT Mumbai23 Apr 2025AY 2015-16

Bench: BEFOR SHRI ANIKESH BANERJEE (Judicial Member)

For Appellant: Shri C NareshFor Respondent: ShriKrishna Kumar SR. DR
Section 142(1)Section 143(2)Section 143(3)Section 147Section 148Section 250Section 90

…failure of which will make all reassessments valid. Observations of the Ld DR (10) The above stand of the revenue has been endorsed in the case of Consolidated Photo &Finvest Ltd. vs. Assistant Commissioner of Income-tax (2006) 151 Taxman 41 (Delhi)/[2006) 281 ITR 394 (Delhi)/(2006) 200 CTR 433 Observations of the Appellant We rely on the following observation of the Delhi High Court in the case of KLM Royal Dutch Airlines vs Asst Director of Income Tax (2007] 159 Taxman 191 (Delhi) viz. "The Full Bench of the Delhi High Court in CIT v. Kelvinator of India Ltd. [2002] 256 ITR 1/ 123 Taxman 433 had opined th…

Samtel India Ltd., New Delhi vs. ACIT, Circle- 22(1), New Delhi

In the result appeal of the assessee is allowed

ITA 7101/DEL/2018[2007-08]Status: DisposedITAT Delhi12 Feb 2025AY 2007-08

Bench: Shri Vikas Awasthy & Shri Manish Agarwalasst. Cit, Samtel India Limited, Circle-22(1), 501, Copia Corporate Vs. New Delhi. Suites, District Centre Jasola, New Delhi-110025 Pan-Aaacs0390N (Appellant) (Respondent) Assessee By Shri D.C. Garg, Ca Department By Shri Sahil Kumar Bansal, Sr. Dr Date Of Hearing 04/02/2025 Date Of Pronouncement 12/02/2025 Order Per Manish Agarwal, Am: This Is Appeal Filed By The Assessee Against The Order Of Learned Commissioner Of Income Tax (Appeals)-8, New Delhi (“The Cit(A)” For Short) In Appeal No.32/13-14 Dated 27/01/2015 For Assessment Year 2007-08. 2. The Assessee Has Raised The Following Grounds Of Appeal: “1. That The Learned Commissioner Of Income Tax (Appeals)-Viii, New Delhi, Has Erred In Law As Well As On Facts & In Circumstances Of The Case In Upholding Action Of The Assessing Officer In Reopening The Assessment Under Samtel India Ltd. Vs. Acit

Section 143(3)Section 147Section 148Section 154Section 250Section 37

…f bad debts were not available how the AO can frame the opinion that the claim of the assessee was correct. For this he placed reliance on the decision of hon’ble jurisdictional high court in the case of Consolidated Photo And Finvest Ltd Vs. ACIT reported in 281 ITR 394 (Delhi). Ld. Sr. D/R further submit that it is the duty of the assessee to make full and true disclosure of the claims made. Since complete information about the bad debts claimed was not filed by the Samtel India Ltd. vs. ACIT assessee during the course of original assessment proceedings therefore the action of the AO of reopening is correct. R…

Rvr Technologies Ltd., Mandideep vs. ITO-2(1), Bhopal

In the result, appeal for A

ITA 277/IND/2023[2014-15]Status: DisposedITAT Indore30 May 2024AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…clusion that income chargeable to tax had escaped assessment. In other words, the Tribunal was of the view that the case was really one of change of opinion. 11. Learned counsel for the revenue relied upon Consolidated Photo & Finvest Ltd. v Asstt. CIT [2006] 281 ITR 394, wherein a Division Bench of this Court considered the case law and came to the conclusion that in principle a mere change of opinion would be applicable only to a situation where the Assessing Officer had taken a conscious decision on the matter in issue. It was held that it would have no application where the assessment order does not record a…

Rvr Technologies Ltd., Mandideep vs. Addl. CIT-Range-3, Bhopal

In the result, appeal for A

ITA 276/IND/2023[2009-10]Status: DisposedITAT Indore30 May 2024AY 2009-10

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…clusion that income chargeable to tax had escaped assessment. In other words, the Tribunal was of the view that the case was really one of change of opinion. 11. Learned counsel for the revenue relied upon Consolidated Photo & Finvest Ltd. v Asstt. CIT [2006] 281 ITR 394, wherein a Division Bench of this Court considered the case law and came to the conclusion that in principle a mere change of opinion would be applicable only to a situation where the Assessing Officer had taken a conscious decision on the matter in issue. It was held that it would have no application where the assessment order does not record a…

Rvr Technologies Ltd., Mandideep vs. ACIT-3(1), Bhopal

In the result, appeal for A

ITA 275/IND/2023[2008-09]Status: DisposedITAT Indore30 May 2024AY 2008-09

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(3)Section 147Section 148Section 271E

…clusion that income chargeable to tax had escaped assessment. In other words, the Tribunal was of the view that the case was really one of change of opinion. 11. Learned counsel for the revenue relied upon Consolidated Photo & Finvest Ltd. v Asstt. CIT [2006] 281 ITR 394, wherein a Division Bench of this Court considered the case law and came to the conclusion that in principle a mere change of opinion would be applicable only to a situation where the Assessing Officer had taken a conscious decision on the matter in issue. It was held that it would have no application where the assessment order does not record a…

ITO, WD.9(1), Kolkata vs. M/S Maharaj Vincom Pvt. Ltd., Kolkata

ITA 35/KOL/2021[2009-10]Status: DisposedITAT Kolkata15 May 2024AY 2009-10

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.35/Kol/2021 Assessment Year: 2009-10 Ito, Ward-9(1), Kolkata……………….......................…...……………....Appellant Vs. M/S Maharaj Vincom Pvt. Ltd……............…..........................…..…..... Respondent 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] C.O. No.6/Kol/2023 (A/O I.T.A. No.35/Kol/2021) Assessment Year: 2009-10 M/S Maharaj Vincom Pvt. Ltd……............…..........................…....... Cross-Objector 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] Vs Ito, Ward-9(1), Kolkata …………..….......................…...……………....Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Department. Date Of Concluding The Hearing : March 07, 2024 Date Of Pronouncing The Order : May 15, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: This Appeal By The Revenue & Corresponding Cross-Objection By The Assessee Have Been Preferred Against The Order Dated 08.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

Section 143(1)Section 143(3)Section 147Section 250Section 263

…d that an order of assessment must be presumed to have been passed by the Assessing Officer concerned after due and proper application of mind. In these circumstances the decision of the Division Bench in Consolidated Photo & Finvest Ltd. v. Asstt. CIT [2006] 281 ITR 394 (Delhi), inasmuch as it is irreconcilable with the views of the Full Bench, must be held not to lay down the correct law. This is especially so since the assessment proceedings had not come to an end under the first sub-section of section 143, but under the third sub-section. A Division Bench of a particular High Court is fully bound by the view…

Blue Coast Infrastructure Development P.Ltd, Solan vs. DCIT, Central Circle-1, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 2984/DEL/2022[2012-13]Status: DisposedITAT Delhi05 Apr 2024AY 2012-13

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Kanv Bali, Sr. DR
Section 143(2)Section 143(3)Section 147Section 148Section 151

…ion of same set of facts and, therefore, reopening of assessment has to be held as bad in law. 10. The ld. DR, in his written submissions has heavily relied upon the decision of the Hon'ble High Court of Delhi in the case of Consolidated Photo and Finvest – 281 ITR 394. But this decision of the Hon'ble Delhi High Court has been overturned by the Hon'ble Delhi High Court in the case of Jindal Photo Films Ltd 234 ITR 170. 11. The decision in the cases of Usha International 348 ITR 485 is also misplaced in as much as in that case, the Hon'ble Delhi High Court was seized with a situation where new facts, material…

Shrifal Impex Private Limited, Surat vs. Income Tax Officer, Ward - 2(1)(3), Surat

ITA 250/SRT/2023[2014-15]Status: DisposedITAT Surat29 Dec 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA Nos.190 to 191/SRT/2023 Assessment Year: (2011-12 to 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAOCS4409E (Appellant) (Respondent) आयकर अपील सं./ITA No.250/SRT/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Th…

Shrifal Impex Pvt. Ltd., Surat vs. Income Tax Officer, Ward - 2(1)(3), Surat

ITA 191/SRT/2023[2012-13]Status: DisposedITAT Surat29 Dec 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA Nos.190 to 191/SRT/2023 Assessment Year: (2011-12 to 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAOCS4409E (Appellant) (Respondent) आयकर अपील सं./ITA No.250/SRT/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Th…

Shrifal Impex Pvt. Ltd., Surat vs. Income Tax Officer, Ward - 2(1)(3), Surat

ITA 190/SRT/2023[2011-12]Status: DisposedITAT Surat29 Dec 2023AY 2011-12

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA Nos.190 to 191/SRT/2023 Assessment Year: (2011-12 to 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAOCS4409E (Appellant) (Respondent) आयकर अपील सं./ITA No.250/SRT/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The ITO, No.504, 5th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Th…

Showtime Events India Pvt. Ltd., New Delhi vs. DCIT, Circle- 23(1), New Delhi

In the result, the appeal of the assessee in ITA No

ITA 4239/DEL/2017[2008-09]Status: DisposedITAT Delhi22 Aug 2023AY 2008-09

Bench: Shri N.K. Billaiya & Shri Yogesh Kumar U.S

For Appellant: Shri Raghvendra Singh, AdvFor Respondent: Shri Anuj Garg, Sr. DR
Section 143(3)Section 147Section 148Section 154

…in the case of Kelvinator of India Limited 320 ITR 561 squarely apply. 16. We find that while dismissing the challenge of the assessee, the ld. CIT(A) has followed the decision of the Hon'ble Delhi High Court in the case of Consolidated Photo & Finvest Ltd 281 ITR 394 which decision as held to be not expounding a good law as held by the Hon'ble High Court of Delhi in the case of KLM Royal Dutch Airlines 292 ITR 49. The relevant part reads as under: “The Full Bench of this Court in Commissioner of Income-Tax v. Kelvinator of India Ltd. [2002] 256 ITR 1 had opined that the amendments introduced into Section 14…

Nahar Colours and Coatinhgs Private Limited, Udaipur vs. Principal Commissioner Ofincometax, Udaipur

In the result, appeal of the assessee is allowed

ITA 140/JODH/2023[2018-19]Status: DisposedITAT Jodhpur09 Aug 2023AY 2018-19
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 263Section 801ASection 80I

…inconsequential whether or not the material necessary for taking a decision was available to the Assessing officer either generally or in the form of a reply to the questionnaire served upon the assessee. (Consolidated Photo &Finvest Ltd. v. Asstt. CIT [2006] 281 ITR 394/151 Taxman 41 (Delhi)) 19 Nahar Colours and Coatings Private Ltd 5.6. Records were filed before Assessing Officer. A detailed questionnaire was also issued by Assessing Officer a reply was filed by assessee, but Assessing Officer did neither apply his mind nor did he conduct an enquiry into matter although he recorded in note-sheet that reply f…

Shrimati Amarjit Kaur W/O Bugar Singh, Mansa vs. Income Tax Officer Ward 1(4), Mansa

In the result, the appeal of the assessee is dismissed

ITA 1/ASR/2018[2009-10]Status: DisposedITAT Amritsar26 Jul 2023AY 2009-10

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: NoneFor Respondent: Sh. S. M. Surendranath, Sr. DR
Section 147Section 148Section 251(2)Section 49

…nd that merely because material lies embedded in the material or evidence, which Assessing Officer could have uncovered but did not uncover, is not a good ground to deny or strike down a notice for reassessment.: m) Consolidated Photo & Finvest Ltd. Vs. ACIT 281 ITR 394 Del Action u/s 147 permissible even if AO gathered reasons to believe that income has escaped assessment from the very same record which has been subject matter of completed asstt. n) 'Hindustan Lever Ltd. v. R.B. Wadkar' [2004] 268 ITR 332/137 Taxman 479 (Bom.), The reasons recorded for reopening the assessment are to be examined on a standal…

M/S Blue City Township & Colonizers, Amritsar vs. The Income Tax Officer, Amritsar

ITA 90/ASR/2017[2009-10]Status: DisposedITAT Amritsar14 Jul 2023AY 2009-10

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 147Section 148Section 151Section 234ASection 69

…am Vs ITO 236 CTR 462 (P&H), Aditya and Co. Vs CIT 279 ITR 47 P&H, Tilak Raj Bedi Vs. JCIT 319 ITR 385 P&H, Pb. State Cooperative Agriculture Dev Bank Vs. CIT 207 CTR 352 P&H, Grover Nursing Home 248 ITR 493 P&H, Consolidated Photo & Finvest Ltd. Vs. ACIT 281 ITR 394 Del the principle is laid down that the Assessing Officer is expected to possess information which should make a prima facie belief of income having escaped assessment. Since, the Assessing Officer has specific information in his possession about the transaction in the purchase of land and duly corroborated with advance payments in Bank Accou…

Suresh Kumar Divakar, Sambalpur vs. ACIT, Circle 1(1), Sambalpur

In the result, appeal of the assessee is allowed

ITA 129/CTK/2022[2013-14]Status: DisposedITAT Cuttack26 Jun 2023AY 2013-14
For Appellant: Shri P.K.Mishra and Himanshu Jena, AdvsFor Respondent: Shri S.C.Mohanty, Sr. DR
Section 143(3)Section 147Section 148Section 14ASection 44A

…the submission that the reopening of the assessment and consequential assessment order is liable to be quashed. 9. In reply, ld. Sr. DR placed reliance upon the decision of Hon’ble Delhi High Court in the case of Consolidated Photo & Finvest Ltd., reported in 281 ITR 394 (Delhi) to support his submission that action u/s.147 of the Act is permissible even if the AO has gathered his reasons to believe from very same record as had been subject matter of completed assessment proceedings and the issue of mere change of opinion would have no application where order of assessment does not address itself to aspect which…

D.C.I.T., Central Circle-2(4), Room No. 802, 8Th, Mumbai vs. M/S. Kapstone Construction Pvt. Ltd, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 1525/MUM/2021[2011-12]Status: DisposedITAT Mumbai23 Feb 2023AY 2011-12

Bench: Shri Vikas Awasthy () & Shri Amarjit Singh ()

Section 143(2)Section 40A(2)

…is. We observe, simply, the copy of audit report in the form of financial statements furnished before the Assessing Officer is not sufficient to form the requisite belief. The Hon’ble Delhi High Court in the case of Consolidated Photo & Finvest vs ACIT (2006) 281 ITR 394 (Del) held that Explanation 1 to the Proviso of section 147 makes it clear that production of account books or other evidence from which the Assessing Officer can with due diligence discover material evidence would not 19 Kapstone Construction Pvt Ltd necessarily amount to disclosure within the meaning of the Proviso that stipulates an extended p…

Dy CIT, CC-2(4), Mumbai vs. M/S Kapstone Construction P. Ltd., Mumbai

In the result, appeal of the assessee is partly allowed

ITA 120/MUM/2021[2014-15]Status: DisposedITAT Mumbai23 Feb 2023AY 2014-15

Bench: Shri Vikas Awasthy () & Shri Amarjit Singh ()

Section 143(2)Section 40A(2)

…is. We observe, simply, the copy of audit report in the form of financial statements furnished before the Assessing Officer is not sufficient to form the requisite belief. The Hon’ble Delhi High Court in the case of Consolidated Photo & Finvest vs ACIT (2006) 281 ITR 394 (Del) held that Explanation 1 to the Proviso of section 147 makes it clear that production of account books or other evidence from which the Assessing Officer can with due diligence discover material evidence would not 19 Kapstone Construction Pvt Ltd necessarily amount to disclosure within the meaning of the Proviso that stipulates an extended p…

Dy CIT, CC-2(4), Mumbai vs. M/S Kapstone Construction P. Ltd., Mumbai

In the result, appeal of the assessee is partly allowed

ITA 119/MUM/2021[2013-14]Status: DisposedITAT Mumbai23 Feb 2023AY 2013-14

Bench: Shri Vikas Awasthy () & Shri Amarjit Singh ()

Section 143(2)Section 40A(2)

…is. We observe, simply, the copy of audit report in the form of financial statements furnished before the Assessing Officer is not sufficient to form the requisite belief. The Hon’ble Delhi High Court in the case of Consolidated Photo & Finvest vs ACIT (2006) 281 ITR 394 (Del) held that Explanation 1 to the Proviso of section 147 makes it clear that production of account books or other evidence from which the Assessing Officer can with due diligence discover material evidence would not 19 Kapstone Construction Pvt Ltd necessarily amount to disclosure within the meaning of the Proviso that stipulates an extended p…