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

Kepstone Consruction P. Ltd., Mumbai vs. Dy CIT, Central Circle-2(4), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 1848/MUM/2020[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…

Hemant Kumar Mulchandani, Jabalpur vs. DCIT Circle 1(1), Jabalpur

In the result, the assessee’s appeal is dismissed

ITA 42/JAB/2022[2017-18]Status: DisposedITAT Jabalpur29 Nov 2022AY 2017-18

Bench: Shri Sanjay Arora, Hon’Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Shri Manoj Jain, FCAFor Respondent: Shri Sanjay Kumar, CIT-DR
Section 10Section 143(3)Section 183Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL JABALPUR BENCH, JABALPUR BEFORE SHRI SANJAY ARORA, HON’BLE ACCOUNTANT MEMBER & SHRI MANOMOHAN DAS, HON'BLE JUDICIAL MEMBER I.T.A. No. 42/JAB/2022 (Asst. Year: 2017-18) Hemant Kumar Mulchandani, vs. Pr.CIT-1, Jabalpur. 316, Vijay Nagar Extension, Main Road Ranjhi, Jabalpur (MP) [PAN : AKSPM 1201 F] (Appellant) (Respondent) Appellant by : Shri Manoj Jain, FCA Respondent by : Shri Sanjay Kumar, CIT-DR Date of hearing : 05/09/2022 Date of pronouncement : 29/11/2022 O R D E R Per Sanjay Arora, AM: This is an Appeal by the Assessee directed against the Order under section 263 o…

Nisha Sharma, Narsingpur vs. Pr. Commissioner of Income Tax, Jabalpur

In the result, the assessee‟s appeal is dismissed

ITA 50/JAB/2022[2017-18]Status: HeardITAT Jabalpur12 Sept 2022AY 2017-18

Bench: Shri Sanjay Arora, Hon‟Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Shri Nitin Agrawal, AdvocateFor Respondent: Shri Shravan Kumar Gotru, CIT-DR
Section 143(3)Section 263

…case law, as under, which we regard as apposite: Malabar Industrial Co. Ltd. v. CIT [2000] 243 ITR 83 (SC); CIT v. Deepak Kumar Garg [2008] 299 ITR 435 (MP); CIT vs. HPFC [2010] 186 Taxman 105 (HP); and Consolidated Photo and Finvest Ltd. v. Asstt. CIT [2006] 281 ITR 394 (Del) 4.5 In our view, the ld. Pr. CIT has pointed out the areas where the AO ought to have inquiry, both qua the source of cash deposited by her in her bank accounts as indeed agricultural income, accepting instead the returned income of the assessee by simply relying on the submissions by the assessee. No enquiry worth name, much less proper,…

Shri Baljinder Singh, Bathinda vs. Income Tax Officer, Ward 2(1), Bathinda

In the result, both the appeals are disposed off in the terms indicated as above

ITA 148/ASR/2018[2009-10]Status: DisposedITAT Amritsar24 Aug 2022AY 2009-10

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

For Appellant: Sh. J. K. Gupta, AdvFor Respondent: Sh. S. M. Surendranath, Sr. DR
Section 148Section 69A

…based on vague, arbitrary and nonspecific information. However, the court cannot go into the sufficiency of the reasons for forming the belief and sit in appeal over the opinion formed by the competent authority. k) 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. 5.1.4 On the basis of discussion above, it can be safely concluded that the facts of each case are different and it cannot be universally concluded that simple informa…

Shrimati Manjit Kaur, Bathinda vs. Income Tax Officer, Ward 2 (1), Bathinda

In the result, both the appeals are disposed off in the terms indicated as above

ITA 147/ASR/2018[2009-10]Status: DisposedITAT Amritsar24 Aug 2022AY 2009-10

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

For Appellant: Sh. J. K. Gupta, AdvFor Respondent: Sh. S. M. Surendranath, Sr. DR
Section 148Section 69A

…based on vague, arbitrary and nonspecific information. However, the court cannot go into the sufficiency of the reasons for forming the belief and sit in appeal over the opinion formed by the competent authority. k) 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. 5.1.4 On the basis of discussion above, it can be safely concluded that the facts of each case are different and it cannot be universally concluded that simple informa…

Namrata Kapale, Chindwara vs. Pr.CIT-1, Jabalpur

In the result, the assessee‟s appeal is dismissed

ITA 41/JAB/2022[2017-18]Status: DisposedITAT Jabalpur08 Aug 2022AY 2017-18

Bench: Shri Sanjay Arora, Hon‟Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Shri Rahul Bardia, FCAFor Respondent: Shri U.B. Mishra, CIT-DR
Section 143(2)Section 143(3)Section 148(1)Section 159(2)(b)Section 263

…for the purpose. Reliance, for the purpose, by the ld. Pr. CIT on the decisions in CIT v. Deepak Kumar Garg [2008] 299 ITR 435 (MP); CIT vs. Himachal Pradesh Financial Corpn. [2010] 186 Taxman 105 (HP); and Consolidated Photo and Finvest vs. Asst. CIT [2006] 281 ITR 394 (Del), is also apposite, represent as it does the well-settled law of lack of inquiry as warranting revision. The matter, on pleas being taken against such a course being adopted, expanding the scope of the proceedings, was examined at length by the Tribunal in Vinod Rajput & Anr. v. Pr. CIT (in ITA Nos. 15/Jab/B/2021 & 22/Jab/2022, dated 31/08/2…

M/S. Orissa Mining Corporation Limited, Bhubaneswar vs. ACIT, Circle-2(1), Bhubaneswar

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

ITA 37/CTK/2019[2013-14]Status: DisposedITAT Cuttack21 Jun 2022AY 2013-14

Bench: Shri George Mathan & Shri Arun Khodpiam/S Orissa Mining Corporation Ltd., Omc House, Post Box No.34, Bhubaneswar-01 Pan No.Aaaco 3324 L …………….. Assessee Versus Acit, Circle-2(1), Bhubaneswar ………………Revenue

Section 147

…sequently come by the material from the record itself, then such a case would fall within the scope of Section 147(b) of the Act." b) To the same effect is the judgment of the Hon'ble Delhi High Court in the case of Consolidated Photo & Finvest Ltd. vs. ACIT (281 ITR 394) wherein it was held that it makes no difference as to whether the material is unearthed from the existing record or otherwise. The observations of the Hon'ble Delhi High Court in para-10 are reproduced as under: "10. It is common ground that in the present case the Assessing Officer had not received any additional information from any outside so…

Vaatikaa Construction P.Ltd, Delhi vs. DCIT, Circle-17(1), New Delhi

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

ITA 7099/DEL/2018[2006-07]Status: DisposedITAT Delhi03 Mar 2022AY 2006-07

Bench: Shri Anil Chaturvedia N D Shri Amit Shukla(Through Video Conferencing)

For Appellant: Ms. Rano Jain, AdvocateFor Respondent: Ms. Sangeeta Yadav, Sr.D.R
Section 143(3)Section 147Section 148

…e, he added the difference of Rs.13,07,560/- as income of the assessee. 5. The ld. CIT (Appeals) has confirmed the said addition and also the validity of re-opening under Section 148 of the Act, relying upon the decision of Consolidated Photo Finvest Limited 281 ITR 394 (Del). On merits the finding and observations are as under:- “6. Ground No. 2 this ground is taken by the appellant as without prejudice the grounds of appeal no. 1.1 to 1.4 above. By these grounds the appellant is contesting the addition of Rs.13,07,560/-. The AO has added the difference between the gross amount of income as shown in 26AS and a…

Asst. Commissioner of Income Tax, Central Circle-1(3), Hyderabad vs. Abir Infrastructure Private Limited, Hyderabad

In the result, the appeal of the revenue is dismissed in above terms

ITA 2068/HYD/2018[2010-11]Status: DisposedITAT Hyderabad11 Jun 2021AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2010-11 Asst. Commissioner Of Vs. Abir Infrastructure Pvt. Income-Tax, Ltd., Hyderabad. Central Circle – 1(3), Hyderabad. Pan – Aafc3608N (Appellant) (Respondent)

For Appellant: Shri H. SrinivasuluFor Respondent: Shri M. Dayasagar
Section 143(3)Section 147Section 148

…und that it was based on mere change of opinion and reassessment proceedings was, therefore, not justified. 23 I.T.A. No. 2068/Hyd/2018 Abir Infrastructure Pvt. Ltd., Hyd. (2) In Consolidated and Fin vest Limited Vs. Asst. Commissioner of Income Tax, (2006) 281 ITR 394 (Delhi), the High Court held that the doctrine of change of opinion could not be a basis for reopening completed assessments and would be applicable only to situations where the Assessing Officer had applied his mind (in earlier assessment) and taken conscious decision on a particular matter in issue, and it would have no application, where the o…

Jai Deep Singh, Jaipur vs. Income Tax Officer, Ward-7-2, Jaipur

In the result, the appeal of the assessee is allowed

ITA 1030/JPR/2018[2007-08]Status: DisposedITAT Jaipur02 Jun 2021AY 2007-08
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Smt. Runi Pal (ACIT) a
Section 143(3)Section 147Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 1030/JP/2018 fu/kZkj.k o"kZ@Assessment Years : 2007-08 cuke Shri Jaideep Singh The ITO, Vs. Village & Post- Ladana via Phagi, Ward-7(2), District-Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: BJXPS 1921 F vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (C.A.) jktLo dh vksj ls@ Revenue by : Smt.…

Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad vs. Andhra Bank, Hyderabad

In the result appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 315/HYD/2019[2010-11]Status: DisposedITAT Hyderabad20 May 2021AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2010-11 Union Bank Of India, Vs. Dy. Commissioner Of (Erstwhile Andhra Income-Tax, Bank), Hyderabad. Circle – 1(1), Hyderabad. Pan – Aabca 7375C (Appellants) (Respondent) Assessment Year: 2010-11 Dy. Commissioner Of Vs. Union Bank Of India, Income-Tax, (Erstwhile Andhra Circle – 1(1), Bank), Hyderabad. Hyderabad Pan – Aabca 7375C

For Appellant: Shri S. AnanthamFor Respondent: Smt. Amisha S. Gupt
Section 143Section 143(3)Section 147Section 148Section 36

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH ‘B', HYDERABAD BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year: 2010-11 Union Bank of India, Vs. Dy. Commissioner of (Erstwhile Andhra Income-tax, Bank), Hyderabad. Circle – 1(1), Hyderabad. PAN – AABCA 7375C (Appellants) (Respondent) Assessment Year: 2010-11 Dy. Commissioner of Vs. Union Bank of India, Income-tax, (Erstwhile Andhra Circle – 1(1), Bank), Hyderabad. Hyderabad PAN – AABCA 7375C (Appellants) (Respondent) Assessee by: Shri S. Anantham Revenue by: Smt. Amisha S. Gupt Date of hearing…

Union Bank of India (Erstwhile-Andhra Bank), Mumbai vs. Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad

In the result appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 192/HYD/2019[2010-11]Status: DisposedITAT Hyderabad20 May 2021AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2010-11 Union Bank Of India, Vs. Dy. Commissioner Of (Erstwhile Andhra Income-Tax, Bank), Hyderabad. Circle – 1(1), Hyderabad. Pan – Aabca 7375C (Appellants) (Respondent) Assessment Year: 2010-11 Dy. Commissioner Of Vs. Union Bank Of India, Income-Tax, (Erstwhile Andhra Circle – 1(1), Bank), Hyderabad. Hyderabad Pan – Aabca 7375C

For Appellant: Shri S. AnanthamFor Respondent: Smt. Amisha S. Gupt
Section 143Section 143(3)Section 147Section 148Section 36

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH ‘B', HYDERABAD BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year: 2010-11 Union Bank of India, Vs. Dy. Commissioner of (Erstwhile Andhra Income-tax, Bank), Hyderabad. Circle – 1(1), Hyderabad. PAN – AABCA 7375C (Appellants) (Respondent) Assessment Year: 2010-11 Dy. Commissioner of Vs. Union Bank of India, Income-tax, (Erstwhile Andhra Circle – 1(1), Bank), Hyderabad. Hyderabad PAN – AABCA 7375C (Appellants) (Respondent) Assessee by: Shri S. Anantham Revenue by: Smt. Amisha S. Gupt Date of hearing…

ACIT, Chennai vs. Sri. K.Srikanth, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1324/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…le Bombay High Court in the case of Hinduja Foundaiton v. ITO in WP No.2866/2018, vide order dated 15.02.2019. The ld.CIT-DR also relied upon decision of the Hon’ble Delhi High Court in the case of Consolidated Photo and Finvest v. ACIT reported in (2006) 281 ITR 394(Delhi) The learned CIT-DR summarized his contention as to validity of reopening of the concluded assessment, as under: a.The assessee has not furnished any material before AO, wherein the AO could come to know whether the assessee has received non- compete fees or garnishee payments were made by the assessee. Therefore, he relied upon the dec…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1016/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…le Bombay High Court in the case of Hinduja Foundaiton v. ITO in WP No.2866/2018, vide order dated 15.02.2019. The ld.CIT-DR also relied upon decision of the Hon’ble Delhi High Court in the case of Consolidated Photo and Finvest v. ACIT reported in (2006) 281 ITR 394(Delhi) The learned CIT-DR summarized his contention as to validity of reopening of the concluded assessment, as under: a.The assessee has not furnished any material before AO, wherein the AO could come to know whether the assessee has received non- compete fees or garnishee payments were made by the assessee. Therefore, he relied upon the dec…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1015/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…le Bombay High Court in the case of Hinduja Foundaiton v. ITO in WP No.2866/2018, vide order dated 15.02.2019. The ld.CIT-DR also relied upon decision of the Hon’ble Delhi High Court in the case of Consolidated Photo and Finvest v. ACIT reported in (2006) 281 ITR 394(Delhi) The learned CIT-DR summarized his contention as to validity of reopening of the concluded assessment, as under: a.The assessee has not furnished any material before AO, wherein the AO could come to know whether the assessee has received non- compete fees or garnishee payments were made by the assessee. Therefore, he relied upon the dec…

Shri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 307/CHNY/2010[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…le Bombay High Court in the case of Hinduja Foundaiton v. ITO in WP No.2866/2018, vide order dated 15.02.2019. The ld.CIT-DR also relied upon decision of the Hon’ble Delhi High Court in the case of Consolidated Photo and Finvest v. ACIT reported in (2006) 281 ITR 394(Delhi) The learned CIT-DR summarized his contention as to validity of reopening of the concluded assessment, as under: a.The assessee has not furnished any material before AO, wherein the AO could come to know whether the assessee has received non- compete fees or garnishee payments were made by the assessee. Therefore, he relied upon the dec…

Sterling Jewels Pvt. Ltd., Mumbai vs. ACIT 5(3)(2), Mumbai

In the result, appeal filed by the assessee for AY 2009-10 is dismissed

ITA 6154/MUM/2016[2009-10]Status: DisposedITAT Mumbai03 Oct 2019AY 2009-10

Bench: Shri G. Manjunatha & Shri Ram Lal Negiita No.6154, 6155, 6156, 6157 & 6158/Mum/2016 (Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13 & 2013-14) Sterling Jewels Pvt.Ltd. Vs. Acit-5(3)(2) 208, A-Z Industrial Estate 460, Aaykar Bhawan Ganpatrao Kadam Marg M.K.Road, Churchgate Lower Parel (W) Mumbai-400 020 Mumbai-400 013 Pan/Gir No.Aajcs3316D (Appellant) .. (Respondent)

Section 143(1)Section 143(3)Section 147Section 69C

…e first assessment, the reopening was held valid. (vi) ITAT, Chennai in the case of Chennai Petroleum Corpn. Ltd. AY 2006-07 (ITA NO.66/11-12/LTU(A) dated 08.01.2013 relying on the High Court of Delhi in the case of Consolidated Photo and Finvest Ltd v. ACIT (281 ITR 394) (2006) and High Court of Mumbai in the case of Dr. Amir’s Pathological Laboratory v. JCIT (252 ITR 673) has held that mere production of books of account, balance-sheet and profit and loss account will not necessarily amount to disclosure necessary for Explanation 1 of Sec 147. (vii) High Court of Delhi n the case of Honda Siel Power Products Lt…

Tanaya Gems & Jewellery Exports Ltd, Mumbai vs. DCIT 5(3)(2), Mumbai

Accordingly confirm the addition. The ground is dismissed

ITA 3196/MUM/2017[2007-08]Status: DisposedITAT Mumbai24 Jun 2019AY 2007-08

Bench: Hon’Ble Sh. Sandeep Gosain, Jm & Hon’Ble Sh. G. Manjunatha, Am आयकरअपीलसं./ I.T.A. No. 3196/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2007-08)

For Appellant: NoneFor Respondent: Shri D. G. Pansari, DR
Section 143(3)Section 234Section 234ASection 271Section 271(1)Section 68

…e first assessment, the reopening was held valid. (v) ITAT, Chennai in the case of Chennai Petroleum Corpn. Ltd A.Y. 2006-07 (ITA No.66/11-12/LTU(A) dated 08.01.2013 relying on the High Court of Delhi in the case of Consolidated Photo and Finvest Ltd v. ACIT (281 ITR 394) (2006) and High Court of Mumbai in the case of Dr.Amir's Pathological Laboratory v. JCIT (252 ITR 673) has held that mere production of books of account, balance-sheet and profit and loss account will not necessarily amount to disclosure necessary for Explanation 1 of Sec 147. (vi) High Court of Delhi in the case of Honda Siel Power Products Ltd…

ACIT 2(3), Mumbai vs. Tata Chemicals Ltd, Mumbai

In the result, the appeal of assessee is allowed and that of the Revenue is dismissed

ITA 7377/MUM/2013[2003-04]Status: DisposedITAT Mumbai10 May 2019AY 2003-04

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 7325/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) Tata Chemicals Limited The Deputy Commissioner Bombay House, Fort, Of Income Tax Vs. Mumbai-400 001 M.K. Road, Mumbai-400 020 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaact4059M Aayakr Apila Sam./ Ita No. 7377/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) The Deputy Commissioner Of Tata Chemicals Limited Income Tax Bombay House, Fort, Vs. M.K. Road, Mumbai-400 001 Mumbai-400 020 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) अपीलाथी की ओर े / Appellant By : Shri Nitesh Joshi, Ar प्रत्यथी की ओर े / Respondent By : Shri R. Manjunatha Swamy, Dr ुनवाई की तारीख / Date Of Hearing: 12-02-2019 घोषणा की तारीख / Date Of Pronouncement : 10-05-2019 Aadosa / O R D E R महावीर स िंह, न्याययक दस्य/ Per Mahavir Singh, Jm:

For Appellant: Shri Nitesh Joshi, ARFor Respondent: Shri R. Manjunatha Swamy, DR
Section 139(1)Section 143(3)Section 147Section 148Section 154Section 263Section 80Section 80ISection 80M

…issue was considered because it had appended 'Notes 4a and 4c to the computation of income filed with revised return of income is not justified. This aspect has been explained by the Hon'ble Delhi High Court in the case of Consolidated Photo and Finvest Ltd, 281 ITR 394, after considering their own full bench decision in the case of Kelvinator of India Ltd. (supra) and also the decision of Hon'ble Supreme Court in the case of GKN Driveshafts (India) Ltd, 259 ITR 19. The facts are that the assessee, who was engaged in the business of Import agency, had received interest free advances/deposits from its principals…

Tata Chemicals Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result, the appeal of assessee is allowed and that of the Revenue is dismissed

ITA 7325/MUM/2013[2003-04]Status: DisposedITAT Mumbai10 May 2019AY 2003-04

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 7325/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) Tata Chemicals Limited The Deputy Commissioner Bombay House, Fort, Of Income Tax Vs. Mumbai-400 001 M.K. Road, Mumbai-400 020 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaact4059M Aayakr Apila Sam./ Ita No. 7377/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) The Deputy Commissioner Of Tata Chemicals Limited Income Tax Bombay House, Fort, Vs. M.K. Road, Mumbai-400 001 Mumbai-400 020 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) अपीलाथी की ओर े / Appellant By : Shri Nitesh Joshi, Ar प्रत्यथी की ओर े / Respondent By : Shri R. Manjunatha Swamy, Dr ुनवाई की तारीख / Date Of Hearing: 12-02-2019 घोषणा की तारीख / Date Of Pronouncement : 10-05-2019 Aadosa / O R D E R महावीर स िंह, न्याययक दस्य/ Per Mahavir Singh, Jm:

For Appellant: Shri Nitesh Joshi, ARFor Respondent: Shri R. Manjunatha Swamy, DR
Section 139(1)Section 143(3)Section 147Section 148Section 154Section 263Section 80Section 80ISection 80M

…issue was considered because it had appended 'Notes 4a and 4c to the computation of income filed with revised return of income is not justified. This aspect has been explained by the Hon'ble Delhi High Court in the case of Consolidated Photo and Finvest Ltd, 281 ITR 394, after considering their own full bench decision in the case of Kelvinator of India Ltd. (supra) and also the decision of Hon'ble Supreme Court in the case of GKN Driveshafts (India) Ltd, 259 ITR 19. The facts are that the assessee, who was engaged in the business of Import agency, had received interest free advances/deposits from its principals…