Hindustan Lever Ltd. v. R.B. Wadkar

ACIT 4 (3)(1), Mumbai vs. Kotak Securities Ltd., Mumbai

Appeal is dismissed

…jections to re-opening assessment filed by the Assessee. In this regard the Ld. Counsel for the Assessee relied ITA. No. 7357/Mum/2019 Assessment Year: 2007-08 upon the decision of Hon‟ble Bombay High Court in the case of Hindustan Lever Ltd. vs. R.B. Badkar 268 ITR 332 (Bom). He further submitted that the judgment on which reliance has been placed by the Ld. Departmental Representative are distinguishable on facts as in the present case query was raised by the Assessing Officer. 12. We have considered the rival submissions and perused the material on record. We note that the reasons recorded state that the Ass…

Hsbc Asset Management (India) Private Limited, Mumbai vs. Income Tax Officer 1(1)(2), Mumbai

In the result, ground no.1 raised by assessee is allowed and assessment order framed found to be without jurisdiction

Bench: Shri Rahul Chaudhary & Shri Gagan Goyalhsbc Asset Management (India) Pvt. Ltd. 3Rd Floor, Mercantile Bank Chamber, 16 Veer Nariman, Mumbai-400001 Pan: Aabch0007N ...... Appellant Vs. Ito-1(1)(2) Mumbai. ..... Respondent Appellant By : Sh. Niraj Sheth, Ar Respondent By : Sh. Tejinder Pal Singh Anand, Sr. Dr Date Of Hearing : 28/02/2022 Date Of Pronouncement : 29/04/2022 Order Per Gagan Goyal, A.M: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-6, Mumbai [Hereinafter Referred To As ‘The Cit (A)’] Vide Order Dated 13.10.2017 For The Assessment Year (Ay) 2008-09. The Assessee Has Raised The Following Grounds Of Appeal: The Following Grounds Of Appeal Are Distinct & Separate & Without Prejudice To Each Other. 1. On The Facts & In Law, The Commissioner Of Income-Tax (Appeals) - 6, Mumbai [‘Cit(A)’] Erred In Upholding The Reassessment Proceedings Under Section 148 Of The Income-Tax Act, 1961 (‘The Act’) Initiated After Four Years From The End Of Relevant Assessment Year, Without Appreciating The Fact That Assessment Under Section 143(3) Was Made & The Appellant Had Disclosed Fully & Truly All Material Facts Necessary

…Material facts, and therefore, the notice was held to be not valid and quashed. g) Attention is also invited to the decision of the Hon'ble Bombay High Court, being jurisdictional High Court in our case, in the case of Hindustan Lever Ltd. Vs. R. B. Wadkar (268 ITR 332) (Bom) wherein reasons recorded by the AO, nowhere stated that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment of that assessment year and notice was clearly beyond the period of four years and hence reassessment was barred by limitation. h) Attention is also invited to the de…