German Remedies Ltd. v. Dy. CIT

Shree Global Tradefin Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…hree Global Tradefin Ltd. ITA Nos7310 to 7313/Mum/ 2017 fully and truly, which are necessary for assessment. In support of this proposition, reliance was placed upon the following decisions:- iii. v1. vil. viii. 2.5. German Remedies Ltd. V/s. Dy. CIT 287 ITR 494 (Bom) Balkrishna Hiralal Wani V/s. LTax Officer & Othrs. 321 ITR 519 (Bom) Jashan Textile Mills P. Ltd. V/s. Dy. CIT & Othrs. 284 ITR 542 (Bom) Commr. of .Tax V/s. Foramer France. 264 ITR 566 (SC) Shree Ram Foundry Ltd. Vs Dy. Commr. of Income Tax 250 CTR 116 (Bombay) Sound Casting (P) Ltd. V/s. Dy. CIT & Othrs. 250 CTR 119 (Bom) Titanor Co…

Shree Global Tradefin Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…hree Global Tradefin Ltd. ITA Nos7310 to 7313/Mum/ 2017 fully and truly, which are necessary for assessment. In support of this proposition, reliance was placed upon the following decisions:- iii. v1. vil. viii. 2.5. German Remedies Ltd. V/s. Dy. CIT 287 ITR 494 (Bom) Balkrishna Hiralal Wani V/s. LTax Officer & Othrs. 321 ITR 519 (Bom) Jashan Textile Mills P. Ltd. V/s. Dy. CIT & Othrs. 284 ITR 542 (Bom) Commr. of .Tax V/s. Foramer France. 264 ITR 566 (SC) Shree Ram Foundry Ltd. Vs Dy. Commr. of Income Tax 250 CTR 116 (Bombay) Sound Casting (P) Ltd. V/s. Dy. CIT & Othrs. 250 CTR 119 (Bom) Titanor Co…

Shree Global Tradefin Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…hree Global Tradefin Ltd. ITA Nos7310 to 7313/Mum/ 2017 fully and truly, which are necessary for assessment. In support of this proposition, reliance was placed upon the following decisions:- iii. v1. vil. viii. 2.5. German Remedies Ltd. V/s. Dy. CIT 287 ITR 494 (Bom) Balkrishna Hiralal Wani V/s. LTax Officer & Othrs. 321 ITR 519 (Bom) Jashan Textile Mills P. Ltd. V/s. Dy. CIT & Othrs. 284 ITR 542 (Bom) Commr. of .Tax V/s. Foramer France. 264 ITR 566 (SC) Shree Ram Foundry Ltd. Vs Dy. Commr. of Income Tax 250 CTR 116 (Bombay) Sound Casting (P) Ltd. V/s. Dy. CIT & Othrs. 250 CTR 119 (Bom) Titanor Co…

Shree Global Tradefin Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…hree Global Tradefin Ltd. ITA Nos7310 to 7313/Mum/ 2017 fully and truly, which are necessary for assessment. In support of this proposition, reliance was placed upon the following decisions:- iii. v1. vil. viii. 2.5. German Remedies Ltd. V/s. Dy. CIT 287 ITR 494 (Bom) Balkrishna Hiralal Wani V/s. LTax Officer & Othrs. 321 ITR 519 (Bom) Jashan Textile Mills P. Ltd. V/s. Dy. CIT & Othrs. 284 ITR 542 (Bom) Commr. of .Tax V/s. Foramer France. 264 ITR 566 (SC) Shree Ram Foundry Ltd. Vs Dy. Commr. of Income Tax 250 CTR 116 (Bombay) Sound Casting (P) Ltd. V/s. Dy. CIT & Othrs. 250 CTR 119 (Bom) Titanor Co…

Astra Exim Private Limited, Mumbai vs. Income Tax Officer 9(1)(4), Mumbai

In the result, the appeal of the assessee is treated as allowed

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

…sed chapter in view of what we are setting out hereinafter. 22. The Hon’ble Bombay High Court has also made certain observations on the duty of Ld CIT to apply his mind before granting approval for reopening in the case of German Remedies Ltd vs. DCIT (2006)(287 ITR 494). The relevant observations made by Hon’ble Bombay High Court are extracted below:- “23. Having said so, it is necessary to consider 2 more submissions advanced on behalf of the petitioners. Firstly, the impugned notice is bared by limitation since it was issued beyond period of 4 years from the end of relevant assessment year. Failure on the pa…

Ambuja Cement India P.Ltd, Mumbai vs. Asst CIT Cir 3(1), Mumbai

In the result appeal of the assessee is allowed as indicated above

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

…d, therefore, reopening of assessment after expiry of four years from the end of the relevant assessment year is not valid. 3.18] In this regard reliance is also placed on the decision of Bombay High Court in the case of German Remedies Ltd, -vs.- PCIT (2006) 287 ITR 494 (Bom). wherein it has been held that where the assessee has disclosed all the relevant facts supported by statutory audit as well as tax audit reports, the mere fact that valuation of closing stock may have to be different would not justify a reassessment notice after four years. 3.19] In this regard, reliance is placed on the decision of the Ful…

ACIT 31(1), Mumbai vs. Gundecha Builders, Mumbai

In the result, the cross objection filed by the assessee is allowed

Bench: Shri Joginder Singh() & Shri G Manjunatha ()

…section after the expiry of 4 years from the end of the relevant assessment year. This legal position is strengthened by the decision of Hon’ble Bombay High Court in the case of Jashan Textile Mills (P) Ltd vs DCIT (supra), German Remedies Ltd vs DCIT 2006) 287 ITR 494, CIT vs Former Finance (2003) 264 ITR 566 where in all cases, the Courts have clearly observed that the assessment cannot be reopened unless the AO alleges that there is a failure on the part of the assessee to disclose fully and truly all material facts and if the AO does not record such a failure, he would not be entitled to proceed u/s 14…

Export Import Bank of India, Mumbai vs. DCIT (OSD) Cir 3(1), Mumbai

In the result, the appeal is allowed

Bench: Shri D.T. Garasia () & Shri N.K. Pradhan () Assessment Year: 2003-04 Export Import Bank Of Acit-3(1), India, Centre One Vs. Aayakar Bhavan, M.K. Building, Floor 21, World, Road Trade Centre Complex, Mumbai-400020 Cuffe Parade, Mumbai-400005 Pan No. Aaace2769D Appellant Respondent Assessee By : Mr. Dinesh Vyas, Sr. Advocate Revenue By : Mrs. Vidisha Kalra, Cit-Dr Date Of Hearing : 16/11/2017 Date Of Pronouncement : 09/02/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI D.T. GARASIA (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2003-04 Export Import Bank of ACIT-3(1), India, Centre One Vs. Aayakar Bhavan, M.K. Building, Floor 21, World, Road Trade Centre Complex, Mumbai-400020 Cuffe Parade, Mumbai-400005 PAN No. AAACE2769D Appellant Respondent Assessee by : Mr. Dinesh Vyas, Sr. Advocate Revenue by : Mrs. Vidisha Kalra, CIT-DR Date of Hearing : 16/11/2017 Date of pronouncement : 09/02/2018 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant ass…

Maharashtra Stae Road Development Corporation Td, Mumbai vs. DCIT 5(2), Mumbai

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Years: 2002-03 Dcit-5(2), M/S Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, Pwd Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacm6833C Assessment Years: 2002-03 M/S Maharashtra State Dcit-5(2), Road Development R. No.571, बनाम/ Corporation Limited, Aayakar Bhavan, Vs. Pwd Compound, Near M.K. Road, Priyadarshni Park, Mumbai-400020 Nepeansea Road, Mumbai-400036 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm6833C "नधा"रती क" ओर से / Assessee By Shri B.S. Sharma & Shri Dalpat Shah राज"व क" ओर से / Revenue By Shri Narendra Singh Janpangi-Dr

…y his mind and committed a lapse, there is no reason why the assessee should be made to suffer the consequences of those lapses. 2.5. We note that the Hon'ble jurisdictional High Court in the case GERMAN REMEDIES LTD. v. DEPUTY COMMISSIONER OF INCOME-TAX (287 ITR 494)(Bom.), vide order dated 28/10/2005 held the notice to be invalid, where, there was no failure on the part of the assessee to disclose material facts for making the assessment. In this case, the assessee was a public limited company engaged in the business of manufacturing pharmaceutical products and other formulations. The return of income for…

DCIT 5(2), Mumbai vs. Maharashtra State Road Development Corporation Ltd, Mumbai

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Years: 2002-03 Dcit-5(2), M/S Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, Pwd Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacm6833C Assessment Years: 2002-03 M/S Maharashtra State Dcit-5(2), Road Development R. No.571, बनाम/ Corporation Limited, Aayakar Bhavan, Vs. Pwd Compound, Near M.K. Road, Priyadarshni Park, Mumbai-400020 Nepeansea Road, Mumbai-400036 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm6833C "नधा"रती क" ओर से / Assessee By Shri B.S. Sharma & Shri Dalpat Shah राज"व क" ओर से / Revenue By Shri Narendra Singh Janpangi-Dr

…y his mind and committed a lapse, there is no reason why the assessee should be made to suffer the consequences of those lapses. 2.5. We note that the Hon'ble jurisdictional High Court in the case GERMAN REMEDIES LTD. v. DEPUTY COMMISSIONER OF INCOME-TAX (287 ITR 494)(Bom.), vide order dated 28/10/2005 held the notice to be invalid, where, there was no failure on the part of the assessee to disclose material facts for making the assessment. In this case, the assessee was a public limited company engaged in the business of manufacturing pharmaceutical products and other formulations. The return of income for…

Gigaplex Estate P.Ltd, Mumbai vs. DCIT OSD II Cen RG 7, Mumbai

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

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

…un Singh and Other VS Assistant Director of Income Tax (Investigation) & others 246 ITR 363(MP), (ii)CIT Vs S. Goyanka Lime & Chemical Ltd 56Taxman.com390(MP), (iii) CIT Vs S. Goyanka Lime & Chemical Ltd 64Taxman.com313(SC), (iv) German Industries Ltd Vs DCIT 287 ITR 494 (Bom). 4.5. The ld DR while heavily relied on the order of ld. PCIT submitted that as there was non disclosure of material facts by the assessee all through from the return of income, tax audit report , audited accounts to the assessment proceedings. As contended during the hearing proceedings and admitted by appellant that management of M/s.B.R…

Gigaplex Estate P.Ltd, Mumbai vs. DCIT OSD II Cen RG 7, Mumbai

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

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

…un Singh and Other VS Assistant Director of Income Tax (Investigation) & others 246 ITR 363(MP), (ii)CIT Vs S. Goyanka Lime & Chemical Ltd 56Taxman.com390(MP), (iii) CIT Vs S. Goyanka Lime & Chemical Ltd 64Taxman.com313(SC), (iv) German Industries Ltd Vs DCIT 287 ITR 494 (Bom). 4.5. The ld DR while heavily relied on the order of ld. PCIT submitted that as there was non disclosure of material facts by the assessee all through from the return of income, tax audit report , audited accounts to the assessment proceedings. As contended during the hearing proceedings and admitted by appellant that management of M/s.B.R…

Gigaplex Estate P.Ltd, Mumbai vs. DCIT OSD II Cen RG 7, Mumbai

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

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am

…un Singh and Other VS Assistant Director of Income Tax (Investigation) & others 246 ITR 363(MP), (ii)CIT Vs S. Goyanka Lime & Chemical Ltd 56Taxman.com390(MP), (iii) CIT Vs S. Goyanka Lime & Chemical Ltd 64Taxman.com313(SC), (iv) German Industries Ltd Vs DCIT 287 ITR 494 (Bom). 4.5. The ld DR while heavily relied on the order of ld. PCIT submitted that as there was non disclosure of material facts by the assessee all through from the return of income, tax audit report , audited accounts to the assessment proceedings. As contended during the hearing proceedings and admitted by appellant that management of M/s.B.R…

DCIT (It) 1(3)(2), Mumbai vs. B4U International Holdings Ltd

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran (Am) & Shri Ravish Sood(Jm)

…. CIT (2012) 68 DTR 90(Bom) (High Court) (iii) Bapalal & Co. v/s. Jt. CIT - (2007) 289 ITR 37 (Mad.) (iv) M/s. Aipita Marketing Pvt. Ltd. v. ITO (21 SOT 302) (v) HV Transmissions Ltd. v. ITO I.T.A. No.2476/Mum/2010 (vi) Balakrishna Hiralal Wani vs. ITO (2010) 321 ITR 519 (Born.) (vii) Commissioner of Income-tax, Delhi-IV Vs. Feather Foam Enterprises (P.) Ltd. 296 ITR 342 (Delhi) (viii) Siemens Information System Ltd. v. ACIT 295 'TR 333 (Bom.) In view of the foregoing, the appellant prays that as it had made full and true disclosure of its income in its Return of Income and the computation of total income and fi…

Epc Industries Ltd, Nashik vs. ACIT OSD 10(1), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajendra & Shri Cn Prasad: (A.Y : 2007-08) Epc Industries Ltd. Vs. Acit Osd 10(1) Plot No.H-109, Midc Mumbai Ambad Nashik – 422010 Pan : Aaace2659J (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

…ntentions as stated above. (1) CIT Vs. Kelvinator of India Ltd. [(2010) 320 ITR 561 (SC)] (2) Jashan Textiles Mills P. Ltd. Vs. DCIT – [(2006) 284 ITR 542 (Bom)] (3) German Remedies Ltd. Vs DCIT [(2006) 285 ITR 26(Bom)] (4) German Remedies Ltd. Vs CIT [(2006) 287 ITR 494(Bom)] (5) Siemens Information Systems Ltd Vs Asstt. CIT [(2007) 295 ITR 333 (Bom)] (6) Haryana Accrylic Manufacturing Co.Vs.CIT[(2009) 308 ITR 38 (Del.)] (7) Asain Paints Vs Dy.CIT [(2009) 308 ITR 195 (Bom)] 5. Coming to the merits of the case, the Ld. Counsel for the assessee submitted that the assessee is engaged in the business of manufactu…

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

In the result, appeal of the Revenue is dismissed

Bench: Shri B.R.Baskaran & Shri Pawan Singh

…(SC) M/s. Tata Steel Ltd. 17. Chhugamal Rajpal v S P Chaliha [1971] 79 ITR 603 (SC) 18. Central India electric Supply Co. Ltd v ITO [2011] 333 ITR 237 (Del) 19. United Electrical Co (P) Ltd v CIT [2002] 258 ITR 317 (Del) 20. German Remedies Ltd v DCIT [2006] 287 ITR 494 (Bom) The Ld. AR of the assessee filed the copy of all the decisions in the form of legal Paper Book. 4. We have considered the rival contention of the parties and gone through the orders of authorities below. We have also perused documents submitted before us in the form of PB (documents) and the PB (Legal). The AO re-opened the assessment u/s…