First Source Solutions Ltd. v. ACIT

438 ITR 139High Court2021#15858 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 346,713 Indian tax judgments — from 2023 to 2025.

Sections most often in play

Section 143(3)Section 147 Section 148 Section 151 Section 142(1)Section 139 Section 143(2)Section 144

Issues it is cited on

first proviso to section 147 income escaping assessment reason to believe section 151 notice under section 148 scrutiny assessment reassessment proceedings section 139 section 148 section 142(1)section 147 section 143(2)

Judgments citing First Source Solutions Ltd. v. ACIT

M/S Om Shriniwas Developers, Pune vs. ITO Wared-6(3), Pune

In the result, appeal of the assessee is partly allowed

ITA 1345/PUN/2025[2016-17]Status: DisposedITAT Pune24 Jul 2025AY 2016-17

Bench: Ms.Astha Chandra & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita No.1345/Pun/2025 िनधा"रण वष" / Assessment Year: 2016-17 M/S.Om Shriniwas Developers, V The Income Tax Officer, Off No.2 & 3, Vastusadan S Ward-6(3), Pune. Bldg, 743, Guruwar Peth, Pune – 411042. Maharashtra. Pan: Aabfo7491G Appellant/ Assessee Respondent / Revenue Assessee By Shri Bhuvanesh Kankani – Ar Revenue By Smt. N C Shilpa – Addl.Cit(Dr) Date Of Hearing 01/07/2025 Date Of Pronouncement 24/07/2025

Section 144Section 147Section 148Section 148ASection 149(1)(b)Section 151Section 250Section 43C

…new fact before issuing notice u/s.148A of the Act. In these facts and circumstances of the case, we agree with the submission of ld.AR that change of opinion is not permitted. 9.1 Hon’ble Bombay High Court in the case of First Source Solutions ltd v/s ACIT 438 ITR 139 (Bom) has held as under : Quote, “11. Therefore, when the assessment is sought to be reopened after the expiry of period of four years from the end of the relevant year, the proviso to section 147 stipulates a requirement that there must be a failure on the part of the assessee to disclose fully and truly all material facts necessary for his asse…

Swati Energy & Projects (P) Ltd., Mumbai vs. DCIT 14(1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 310/MUM/2025[2010-11]Status: DisposedITAT Mumbai08 Apr 2025AY 2010-11

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Anikesh Banerjee, Hon’Ble

For Appellant: Shri Pradip N. Kapasi, A/RFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R

Section 143(3)Section 148Section 151Section 234D

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI ANIKESH BANERJEE, HON’BLE JUDICIAL MEMBER I.T.A. No. 310/Mum/2025 Assessment Year: 2010-11 Swati Energy & Projects (P) Ltd. DCIT, 14(1)(2), Mumbai 1101, Krushal Commercial Vs Complex G.M. Road, Chembur(W) Mumbai - 400089 [PAN: AABCS6672A] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Pradip N. Kapasi, A/R Revenue by : Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R सुनवाई की तारीख/Date of Hearing : 07/04/2025 घोषणा की तारीख /Date of Pronounce…

Alok Kumar Jain, Pearl Pleasure vs. ACIT Cir-6, Jaipur, New Cerntral Revenue Building, Bhagwan Dass Road, Rajasthan

ITA 1191/JPR/2024[2016-17]Status: DisposedITAT Jaipur24 Mar 2025AY 2016-17

Bench: Him.

For Appellant: Sh. Prakul Khurana, Adv. &For Respondent: Mrs. Anita Rinesh, JCIT-Sr. DR

Section 10(38)Section 147Section 148Section 250Section 68Section 69A

…nt has to be tested only on the basis of the reasons recorded, which reasons can neither be improved upon nor substituted by an affidavit or oral Alok Kumar Jain vs. ACIT/DCIT submissions (First Source Solutions Ltd. v. Asstt. CIT [2021] 132 taxmann.com 121/438 ITR 139 (Bom.). Therefore, the action of the assessing officer for the purpose of reopening of reassessment has to be tested on the basis of reasons recorded by the said officer and cannot, therefore, be improved upon the reply affidavit. 10. Further, it can be seen that reasons also do not furnish any explanation as to on what basis and material the ass…

Graceunited Developers Private Limited, Mumbai vs. Income Tax Officer-12(2)(1), Mumbai

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

ITA 2049/MUM/2024[2014-15]Status: DisposedITAT Mumbai13 Mar 2025AY 2014-15

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Shri Suchek Anchaliya, C.A. & Vaishali More, C.AFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R

Section 143(2)Section 147Section 148

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON’BLE VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 2048 & 2049/Mum/2024 Assessment Years: 2013-14 & 2014-15 Graceunited Developers Private Limited Income Tax Officer, Ward – 704, Building No. 13A (12)(2)(1), Mumbai Vs Siddharth Nagar, Khatau Mill Compound WE Highway, Borivali East Mumbai - 400066 [PAN: AACCG6261E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Suchek Anchaliya, C.A. & Vaishali More, C.A. Revenue by : Shri Bhangepatil Pushkaraj…

M/S. Coolhut Marketing Pvt. Ltd., Kolkata vs. I.T.O., Ward - 6(1), Kolkata

In the result, appeal of the assessee isallowed

ITA 1450/KOL/2024[2013-2014]Status: DisposedITAT Kolkata19 Sept 2024AY 2013-2014

Bench: the time of hearing.”

Section 139Section 143(1)Section 143(3)Section 144BSection 147Section 148Section 250Section 68

…terial facts. Even further the failure if any should be reflected in the reasons. In the case of the assessee, there is nothing mention in the reasons. Further, in the case of Titanor Components Vs. ACIT-343 ITR 183 (Bom), First Source Solutions Ltd. Vs. ACIT 438 ITR 139 (Bom), Asia Net Star Communications Vs. ACIT 422 ITR 47 (Mad) and Hindustan Lever Vs. DCIT 439 ITR 333 (Bom),all these cases have held that the failure on the part of the assessee to disclose fully and truly all the material facts should be reflected in the reasons. 7. On the other hand, the Ld. DR supported the decision rendered by the authority…

Dy. Commissioner of Income Tax, Circle-17(1), Hyderabad vs. Drs Logistics Private Limited, Secunderabad

In the result, the appeal of the Revenue is dismissed

ITA 1718/HYD/2018[2008-09]Status: DisposedITAT Hyderabad17 Oct 2023AY 2008-09

Bench: Shri R.K. Panda & Shri Laliet Kumar

For Appellant: Shri KC DevdasFor Respondent: Shri K. Madhusudan. Sr. AR

Section 133ASection 143(2)Section 143(3)Section 147Section 148

…mercials Ltd. v. Dy. CIT [2014] 44 taxmann.com 304/224 Taxman 13/362 ITR 403 (Bom.). (iii) Peninsula Land Ltd. v. Asstt. CIT [2022] 134 taxmann.com 33/284 Taxman 556/439 ITR 582 (Bom.). (iv) First Source Solutions Ltd. v. Asstt. CIT [2021] 132 taxmann.com 121/438 ITR 139 (Bom.). 10. Having perused the reasons and the information, we find no new tangible material as contended by the respondents. Debits and Credits can in no way disclose the nature of transactions or lead to an inference of income escaped assessment. The respondents have not taken any ground of extrapolation. The debits and credits cannot be a grou…