Equitable Investment Ltd. v. ITO

174 ITR 74Reported decision#23120 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,252 Indian tax judgments — from 2020 to 2021.

Judgments citing Equitable Investment Ltd. v. ITO

Textron India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-5(1)(1), Bangalore

In the result, the appeal of the assessee is allowed

ITA 1342/BANG/2017[2008-09]Status: DisposedITAT Bangalore23 Jun 2021AY 2008-09

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2008-09

For Appellant: Shri Sumeet Khurana, CAFor Respondent: Shri Kannan Narayanan, Jt.CIT(DR)(ITAT), Bengaluru
Section 10ASection 143(3)Section 148Section 271(1)(c)Section 40

…at vital link is the safeguard against the reopening of the concluded assessment." The reasons recorded must either stand or fall on the reasons as recorded alone and nothing else. 23. The Calcutta High Court in the case of Equitable Investment Ltd. vs. ITO (174 ITR 74) wherein it was held as follows:- "The powers of the Income-tax Officer to reopen assessments though wide, are not plenary. The words of the statute are 'reason to believe' and not 'reason to suspect'. The reopening of the assessment after the lapse of many years is a serious matter. The Act no doubt, contemplates the reopening of the assessment…

M/S Navodaya Grama Vikas Charitable Trust, Mangalore vs. The Assistant Commissioner of Income Tax (Exemptions) Circle-1, Mangalore

In the result, both the appeals of the assessee are allowed

ITA 553/BANG/2018[2014-15]Status: DisposedITAT Bangalore16 Oct 2020AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Smt. R. Premi, JCIT (D.R)
Section 11Section 12ASection 13(1)(c)Section 13(2)Section 143Section 143(3)Section 147Section 148Section 151

…the Bombay High Court in the case of Hindustan Lever Limited vs. V.R.B. Wadkar, ACIT reported in 268 ITR 332 wherein it was held as follows: 4.9.1 The Ld. AR relied on the judgment of the Calcutta High Court in the case of Equitable Investment Ltd. vs. ITO (174 ITR 74) wherein it was held as follows: “The powers of the Income-tax Officer to reopen assessments though wide, are not plenary. The words of the statute are ‘reason to believe’ and not 'reason to suspect'. The reopening of the assessment after the lapse of many years is a serious matter. The Act no doubt, contemplates the reopening of the assessment i…

M/S.Navodaya Grama Vikas Charitable Trust, Mangalore vs. The Assistant Commissioner of Income Tax (Exemptions) Circle-1, Mangalore

In the result, both the appeals of the assessee are allowed

ITA 552/BANG/2018[2009-10]Status: DisposedITAT Bangalore16 Oct 2020AY 2009-10

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Smt. R. Premi, JCIT (D.R)
Section 11Section 12ASection 13(1)(c)Section 13(2)Section 143Section 143(3)Section 147Section 148Section 151

…the Bombay High Court in the case of Hindustan Lever Limited vs. V.R.B. Wadkar, ACIT reported in 268 ITR 332 wherein it was held as follows: 4.9.1 The Ld. AR relied on the judgment of the Calcutta High Court in the case of Equitable Investment Ltd. vs. ITO (174 ITR 74) wherein it was held as follows: “The powers of the Income-tax Officer to reopen assessments though wide, are not plenary. The words of the statute are ‘reason to believe’ and not 'reason to suspect'. The reopening of the assessment after the lapse of many years is a serious matter. The Act no doubt, contemplates the reopening of the assessment i…

Equitable Investment Ltd. v. ITO (174 ITR 74) — Cited in 3 Judgments | BharatTax