German Remedies Ltd. v. Dy. CIT

The Phoenix Mills Ltd, Mumbai vs. Asst CIT Cen Cir 47, Mumbai

In the result appeal of the assessee is allowed

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

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “C”, MUMBAI BEFORE SH. B.R. BASKARAN, ACCOUNTANT MEMBER AND SH. PAWAN SINGH, JUDICIAL MEMBER ITA No.1109/Mum/2015 for A Y : 2005-06 M/s The Phoenix Mills Ltd. Assistant Commissioner of 462, Senapati Bapat Marg, Income Tax,Central Circle-47, Vs. Lower Parel, Mumbai -400013 Mumbai. PAN: AAACP3325J (Appellant) (Respondent) Assessee by Sh. Vijay Mehta - AR Revenue by Sh. C.W. Angolkar -DR Date of hearing 07.11.2016 Date of pronouncement 25.11.2016 Order under section 254(1) of Income Tax Act PER PAWAN SINGH JUDICIAL MEMBER: 1. This appeal under section 253 of the Incom…

Bahram N. Vakil, Mumbai vs. Asst CIT 16(2), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C. Sharma, Am & Shri Ram Lal Negi, Jm आमकय अऩीर सं./I.T.A. No.6332/Mum/2012 (निर्धारण वषा / Assessment Year: 2002-03) Mr. Bahram N. Vakil Assst. Commissioner Of Income बिधम/ Tax-16(2), 2Nd Floor, Neptune Court, Nepean Sea Road, Mumbai-400 006. Matru Mandir, Tardeo, Vs. Mumbai-400 007. स्थामी रेखा सं./जीआइआय सं ./Pan/Gir No. Aabpv 1253D (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Jehangir D. J. Mistri प्रत्मथी की ओय से/Respondent By : Shri Murli

…AR that CIT(A) was not justified in holding that assessment was validly reopened in so far as exactly similar issue has been considered in respect of other partner of M/s. Little and Company by Hon’ble Bombay High Court in the case of Balkrishna Hiralal Wani 321 ITR 519 wherein High court held as under: “Income which can be taxed under section 28(iv) of the Income-tax Act,1961, must not only be referable to a benefit or perquisite, but it must be arising from business. This section has no application to befits in cash or money. The assessee was partner in a firm of solicitors. On his retirement on October 2,2003…

The Dy CIT Cir 8(1), Mumbai vs. M/S. Afcons Infrastructure Ltd, Mumbai

…. That vital link is the safeguard against arbitrary reopening of the concluded assessment. The reasons recorded by the Assessing Officer cannot be supplemented by filing an affidavit or making an oral submission. Similarly,in the case of German Remedies Ltd.(287 ITR 494),the Hon’ble Bombay High Court has held as follow: “That failure on the part of the assessee to disclose full and true material had not been alleged. In the circumstances, the notice having been issued beyond four years from the last date of the relevant assessment year without alleging any failure to disclose full and true material facts was lia…

ACIT Cir. - 8(1), Mumbai vs. M/S. Afcons Infrastructure Ltd., Mumbai

…. That vital link is the safeguard against arbitrary reopening of the concluded assessment. The reasons recorded by the Assessing Officer cannot be supplemented by filing an affidavit or making an oral submission. Similarly,in the case of German Remedies Ltd.(287 ITR 494),the Hon’ble Bombay High Court has held as follow: “That failure on the part of the assessee to disclose full and true material had not been alleged. In the circumstances, the notice having been issued beyond four years from the last date of the relevant assessment year without alleging any failure to disclose full and true material facts was lia…

M/S. Afcons Infrastructure Ltd., Mumbai vs. ACIT - 8(1), Mumbai

…. That vital link is the safeguard against arbitrary reopening of the concluded assessment. The reasons recorded by the Assessing Officer cannot be supplemented by filing an affidavit or making an oral submission. Similarly,in the case of German Remedies Ltd.(287 ITR 494),the Hon’ble Bombay High Court has held as follow: “That failure on the part of the assessee to disclose full and true material had not been alleged. In the circumstances, the notice having been issued beyond four years from the last date of the relevant assessment year without alleging any failure to disclose full and true material facts was lia…

DDIT (E)-1(1), Mumbai vs. Matunga Gymkhana, Mumbai

In the result, Revenue’s appeal stands dismissed

Bench: Shri Rajendra & Shri Saktijit Deyआमकय अऩीर सं. / Ita No.7375/Mum./2011 (ननधधायण वषा / Assessment Year : 2004–05) Asstt. Director Of Income Tax–I(1) …….………. अऩीरधथी / Room No.504, Piramal Chambers Appellant 5Th Floor, Parel, Mumbai V/S Matunga Gymkhana ..…….………. प्रत्मथी / Lakhamsey Napoo Road Matunga, Mumbai 400 018 Respondent Pan – Aaatm1035F यधजस्व की ओय से / Revenue By : Maurya Pratap ननधधारयती की ओय से / Assessee By : Shri Paresh Shaparia सुनवधई की तधयीख / आदेश घोषणध की तधयीख / Date Of Hearing – 07.10.2015 Date Of Order – 30.10.2015

…rcumstances of the case, I have no hesitation that reopening of assessment u/s 148 is bad in law. Reliance is placed on the decision of CIT v/s Kelvinator of India (256 ITR 1) (Del.) and Bombay High Court decision in the case of German Remedies Ltd. v/s DCIT, 287 ITR 494) (Bom.). Hence, the assessment order u/s 143(3) r.w.s. 147 dated 24.12.2010 is annulled. This ground of appeal is allowed. 4. We have considered the submissions of the parties and perused the material available on record. There is no dispute to the fact that in the present case, the assessment in case of assessee was originally completed under s…

Mahendra C. Gala, Mumbai vs. Asst CIT 19(3), Mumbai

…,that the AO had not stated that the assessee had inflated his expenses or had evaded tax, that he had made casual observations based on unfounded/ unverifiable sources.The assessee relied upon the cases of Kelvinator India (228 CTR 488);German Remedies Ltd. (287 ITR 494);GKN Driveshafts (I) Ltd. (259 ITR 19). Considering the objections raised by the assessee,the FAA forwarded the same to the AO for verification and report.The AO,vide letter dated 12.8.2013,submitted his remand repot wherein he stated that the copy of the reason supplied to the assessee was unsigned,that the extract of the reasons recorded was gi…