Grasim Industries Ltd. v. CIT

Real Trade Technologies, Navi Mumbai vs. Pr CIT 28, Navi Mumbai

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

Bench: Shri B.R. Baskaran (Am)& Pawan Singh (Jm)

…regard to the power of Learned CIT to invoke revision proceedings under section 263 of the Act. The scope of revision proceedings initiated under section 263 of the Act was considered by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) by taking into account the law laid down by the Hon'ble Supreme Court. The relevant observations are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so…

Manojkumar Shreeparkash Gupta, Mumbai vs. CIT 21, Mumbai

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

Bench: Shri B.R. Baskaran (Am) & Shri Ramlal Negi (Jm)

…regard to the power of Learned CIT to invoke revision proceedings under section 263 of the Act. The scope of revision proceedings initiated under section 263 of the Act was considered by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) by taking into account the law laid down by the Hon'ble Supreme Court. The relevant observations are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so…

Paresh Vakharia, Mumbai vs. Pr CIT 16, Mumbai

…ssee was owner of the flat, that the income from the house property was liable to tax and correspondingly he was entitled to interest deduction u/s.24 (b) of the Act.He referred to the cases of Malabar Industrial Company Ltd.(243 ITR 83)Grasim Industries Ltd.(321 ITR 92) Design and Automation Engineers (Bombay) (P) Ltd.(323 ITR 632), Sunbeam Auto Ltd. (332 ITR 167). The Departmental Representative (DR) supported the order of the CIT and argued that the AO had not made necessary enquiry. 4.We have heard the rival submissions and perused the material before us. We find that the assessee had purchased a residential…

People Infocom Pvt. Ltd., Mumbai vs. C.I.T. Cir.7, Mumbai

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2007-08 People Infocom Private Ltd. Cit-7, C/O- Samria & Co. Room No.611, बनाम/ Chartered Accountants, 6Th Floor, Vs. 2E, Court Chambers, Aayakar Bhavan, 35, New Marine Lines, M.K. Road, Mumbai-400020 Mumbai-400020 Pan No.Aadcp5658H (राज"व /Revenue) ("नधा"रती /Assessee)

…isdiction u/s 263 of the Act. The relevant portion from the order is reproduced hereunder:- 23 “The scope of revision proceedings initiated under section 263 of the Act was considered by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) by taking into account the law laid down by the Hon'ble Supreme Court. The relevant observations are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so…

Neo Sports Broadcast P.Ltd, Mumbai vs. CIT (TDS), Mumbai

In the result both appeals of the assessee are allowed

…le issue on which more than one plausible view is reasonably possible and if Assessing Officer takes one plausible view, it cannot be said that assessment is erroneous or prejudicial to interest of revenue. In the case of Grasim Industries Ltd. vs. CIT [2010] 321 ITR 92, it has been held as under :- “If the Assessing Officer has taken a possible view, it cannot be said that the view taken by him is erroneous nor the order of the Assessing Officer in that case can be set aside in revision. It has to be shown unmistakably that the-order of the Assessing Officer is unsustainable. Anything short of that would not clo…

Neo Sports Broadcast P.Ltd, Mumbai vs. CIT (TDS), Mumbai

In the result both appeals of the assessee are allowed

…le issue on which more than one plausible view is reasonably possible and if Assessing Officer takes one plausible view, it cannot be said that assessment is erroneous or prejudicial to interest of revenue. In the case of Grasim Industries Ltd. vs. CIT [2010] 321 ITR 92, it has been held as under :- “If the Assessing Officer has taken a possible view, it cannot be said that the view taken by him is erroneous nor the order of the Assessing Officer in that case can be set aside in revision. It has to be shown unmistakably that the-order of the Assessing Officer is unsustainable. Anything short of that would not clo…

National Jewellers, Mumbai vs. CIT 14, Mumbai

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

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.3633/Mum/2012 (ननधधायण वषा / Assessment Year:2007-08) M/S National Jewellers बनाम/ Commissioner Of Income Tax –14, Laxmi House, 1St Floor, Mumbai Vs. 177/179, Kalbadevi Road, Mumbai-400002. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…egard to the power of Learned CIT to invoke revision proceedings under section 263 of the Act. The scope of revision proceedings initiated under 4 section 263 of the Act was considered by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) by taking into account the law laid down by the Hon'ble Supreme Court. The relevant observations are extracted below: Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so…

Top Class Capital Markets P.Ltd, Mumbai vs. CIT 1, Mumbai

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

Bench: S/Shri B.R.Baskaran & Shri Sandeep Gosainआयकर अपीऱ सं./I.T.A. No.2094/Mum/2015 (निर्धारण वर्ा / Assessment Year :2010-11)

…regard to the power of Learned CIT to invoke revision proceedings under section 263 of the Act. The scope of revision proceedings initiated under section 263 of the Act was considered by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) by taking into account the law laid down by the Hon'ble Supreme Court. The relevant observations are extracted below: Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so…

A.V. Industries, Mumbai vs. ACIT 24(3), Mumbai

In the result, the appeal of the assessee is hereby allowed

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2005-06 M/S. A.V. Industries, Asstt. Commissioner Of Income 201, Bhagtani Krishna, Tax -24(3), “A” Wing, Mumbai Vs. Dattaray Road, Santacruz (W), Mumbai – 400 054 Pan: Aaffa 1100L (Appellant) (Respondent) Present For: Assessee By : Shri K. Shivaram, A.R. Revenue By : Shri Sanjay Singh, D.R. Date Of Hearing : 23.07.2015 Date Of Pronouncement : 06.11.2015 O R D E R

…ellery (I) Ltd. (2015) 372 ITR 303 (Mumbai-HC) (ii) CIT vs. Ashish Rajpal (2010) 320 ITR 674 (Delhi-HC) (iii) CIT vs. Sunbeam Auto Ltd. (2011) 332 ITR 167 (Delhi-HC) (iv) CIT vs. Gabriel India (1993) 203 ITR 108 (Bombay-HC) (v) Grasim Ind. Ltd. vs. CIT (2010) 321 ITR 92 (Bombay-HC) (vi) CIT vs. Malabar Industries (1993) 203 ITR 108 (Bombay-HC) (vii) Malabar Industrial Co. Ltd. vs. CIT (2000) 109 Taxman 66 (SC) (viii) CIT vs. Arvind Jewellers (2002) 124 taxman 615 (Guj.-HC) (ix) CIT vs. Vikas Polymers (2010) 194 taxman 57 (Delhi – HC) (x) ITO vs. DG Housing Projects Ltd. (2012) 343 ITR 329 (Delhi – HC) (xi) CIT vs…