Grasim Industries Ltd. v. CIT

Indiabulls Commercial Credit Limited, New Delhi vs. PCIT (Central), Mumbai-3, Mumbai

In the result, the appeal is dismissed

…ed the record. We may first refer to the decisions rendered by Hon'ble High Courts, wherein the law relating to the scope of revision proceedings initiated u/s 263 of the Act have been laid down. We may first refer to the case of Grasim Industries Ltd. V CIT (321 ITR 92)(Bom), wherein the Hon'ble Bombay High Court has rendered its decision taking into account the law laid down by the Hon'ble Supreme Court in the case of Malabar Industrial Co Ltd vs. CIT (2000)(243 ITR 83)(SC). The relevant observations made by Hon'ble Bombay High Court are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Com…

Surplus Finvest Private Limited, Mumbai vs. Principle Commissioner of Income Tax Mumbai-3, Mumbai

In the result, the appeal of the assessee is allowed

Bench: Justice (Retd.) Shri C.V. Bhadang & Shri B.R. Baskaranassessment Year : 2015-16 Surplus Finvest Private Limited, Principal Commissioner Of Floor 3, A Block, Income Tax, Shivsagar Estate, Vs. Mumbai-3, Dr. Annie Besant Road, 6Th Floor, Nehru Centre Transit Camp, Aayakar Bhavan, Worli, Mumbai-400 018. M.K.Road, Mumbai-400 020. Pan : Aafcs0533G (Appellant) (Respondent)

…y, supported the order passed by the Ld.PCIT. 4 7. We heard the parties and perused the record. The scope of revision proceedings initiated under section 263 of the Act was examined by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. Vs. 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…

Nayara Energy Limited (Formerly Known As Essar Oil Limited), Mumbai vs. PCIT, Central-1, Mumbai

Bench: Justice (Retd.) Shri C.V. Bhadang & Shri B.R. Baskaran

…Ld.PCIT does not call for any interference. 7. We heard rival contentions and perused the record. The scope of revision proceedings initiated under section 263 of the Act was examined by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) and following the law laid down by the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. v. CIT [2000] 243 ITR 83, it was held as under:- “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…

M/S Niwas Residential & Commercial Properties Pvt Ltd, Mumbai vs. Principle Commissioner of Income Tax-8, Mumbai

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

…AO has taken a conscious decision after due application of mind, which is also a possible view. 8. The scope of revision proceedings initiated under section 263 of the Act was examined by Hon'ble Bombay High Court, in the case of Grasim Industries Ltd. V CIT (321 ITR 92) andfollowing the law laid down by the Hon'ble Supreme Court in the case of Malabar Industrial Company (243 ITR 83)(SC), it was held as under:- 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 Of…

Agricom Foods Private Limited, Mumbai vs. Principle Commissioner of Income Tax (Central) Mumbai-2, Mumbai

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

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

…ed the record. We may first refer to the decisions rendered by Hon‟ble High Courts, wherein the law relating to the scope of revision proceedings initiated u/s 263 of the Act have been laid down. We may first refer to the case of Grasim Industries Ltd. V CIT (321 ITR 92)(Bom), wherein the Hon‟ble Bombay High Court has rendered its decision taking into account the law laid down by the Hon'ble Supreme Court in the case of Malabar Industrial Co Ltd vs. CIT (2000)(243 ITR 83)(SC). The relevant observations made by Hon‟ble Bombay High Court are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Com…

Agricom Foods Private Limited, Mumbai vs. Principle Commissioner of Income Tax (Central)-2, Mumbai

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

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

…ed the record. We may first refer to the decisions rendered by Hon‟ble High Courts, wherein the law relating to the scope of revision proceedings initiated u/s 263 of the Act have been laid down. We may first refer to the case of Grasim Industries Ltd. V CIT (321 ITR 92)(Bom), wherein the Hon‟ble Bombay High Court has rendered its decision taking into account the law laid down by the Hon'ble Supreme Court in the case of Malabar Industrial Co Ltd vs. CIT (2000)(243 ITR 83)(SC). The relevant observations made by Hon‟ble Bombay High Court are extracted below: “Section 263 of the Income-tax Act, 1961 empowers the Com…

Chaitalee Sachin Deokar, Mumbai vs. Commissioner of Income Tax, -It -2, Mumbai

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

Bench: Shri Sandeep Gosain & Ms. Padmavathy S

…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…

Max Hospitals and Allied Services Limited, Mumbai vs. Principal Commissioner of Income Tax Mumbai -3, Mumbai

In the result the appeal filed by the assessee stands dismissed

Bench: Smt. Beena Pillai & Smt Renu Jauhriassessment Year: 2018-19 Max Hospitals & Principal Allied Services Commissioner Of 401, 4Th Floor, Income Tax Mumbai- 3 Man Excellenza, Room No.612, Vs. S. V. Road, 6Th Floor, Vile Parle (W.), Aayakar Bhavan, Mumbai- 400056 Maharishi Karve Road, Pan: Aagcr9198D Mumbai- 400020. Appellant : Respondent

…d. In support of this, he placed reliance on following: 1. Decision of Bombay High Court in case of Ld.PCIT vs. Shiv Sahay Punarvasan Prakalp Ltd. reported in (2023) 456 ITR 336 2. Decision of Bombay High Court Grasim Industries Ltd. vs CIT reported in (2010) 321 ITR 92. 3.6. The Ld.AR thus submitted that, the Ld.AO verified all the details furnished by the assessee in response to notice issued referred to herein above placed at pages of the paper book mentioned therein. He specifically referred to notice issue on Max Hospitals and Allied Services; A. Y.2018-19 28/10/2019 calling for the assessment orders passed…

Deposit Insurance and Credit Guarantee Corporation, Mumbai vs. CIT (A), NFAC, Delhi

In the result, the appeal by the assessee is allowed

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhaildeposit Insurance & Credit Guarantee Corporation, Dicgc, Second Floor, Rbi Building, Byculla, Mumbai Central, H.O. Mumbai – 400008, ............... Appellant Pan : Aaacd2094E V/S Dcit – 3(4) Mumbai – 400020 ……………… Respondent Maharashtra

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Deposit Insurance and Credit Guarantee Corporation, DICGC, Second Floor, RBI Building, Byculla, Mumbai Central, H.O. Mumbai – 400008, ............... Appellant PAN : AAACD2094E v/s DCIT – 3(4) Mumbai – 400020 ……………… Respondent Maharashtra Assessee by : Shri Rushabh Mehta Revenue by : Smt. Sanyogita Nagpal, CIT-DR Date of Hearing – 19/08/2024 Date of Order - 08/11/2024 O R D E R PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee…