(i) ACIT v. Kisco Casting P. Ltd.

Shri Dinesh Sethi, Ludhiana vs. ITO, Ludhiana

The appeals are dismissed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 376/Chd/2014 & "नधा"रण वष" / Assessment Year : 2006-07 Shri Janesh Sethi, Legal Heir Of बनाम The Ito, Late Shri Dinesh Sethi, Ward – 1(1), Vs Prop. M/S R.S. Trading Corp., Ludhiana. C-434, Urban Estate Focal Point, Ludhiana. "थायी लेखा सं./Pan /Tan No: Aaqpk1200Q अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Manav Bansal, Cit Dr तार"ख/Date Of Hearing : 23.06.2025 उदघोषणा क" तार"ख/Date Of Pronouncement : 04.8.2025

…s 148 of the LT. Act. Communication received by an Assessing Officer for discharge of his official duties is valid information for issue of notice u/s 148. Reliance in this regard is placed on the following case laws:- (i) ACIT v. Kisco Casting P. Ltd. (2013) 152 TTJ 629 (Chd.) (Trib.) Where the information is factual and not false one and the same has merely been communicated to the Assessing Officer, he would be within his statutory right to invoke the provisions of section 147 r.w.s. 148.The Tribunal held that information from the investigation wing being factually correct and the assessee failed to refuse the…

Sh. Dinesh Sethi, Ludhiana vs. ITO, Ludhiana

The appeals are dismissed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 376/Chd/2014 & "नधा"रण वष" / Assessment Year : 2006-07 Shri Janesh Sethi, Legal Heir Of बनाम The Ito, Late Shri Dinesh Sethi, Ward – 1(1), Vs Prop. M/S R.S. Trading Corp., Ludhiana. C-434, Urban Estate Focal Point, Ludhiana. "थायी लेखा सं./Pan /Tan No: Aaqpk1200Q अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Manav Bansal, Cit Dr तार"ख/Date Of Hearing : 23.06.2025 उदघोषणा क" तार"ख/Date Of Pronouncement : 04.8.2025

…s 148 of the LT. Act. Communication received by an Assessing Officer for discharge of his official duties is valid information for issue of notice u/s 148. Reliance in this regard is placed on the following case laws:- (i) ACIT v. Kisco Casting P. Ltd. (2013) 152 TTJ 629 (Chd.) (Trib.) Where the information is factual and not false one and the same has merely been communicated to the Assessing Officer, he would be within his statutory right to invoke the provisions of section 147 r.w.s. 148.The Tribunal held that information from the investigation wing being factually correct and the assessee failed to refuse the…

M/S Bassi Steels Ltd., Mohali vs. DCIT, Mohali

Bench: Shri. Sanjay Garg, Judicial, Member & Dr. B.R.R. Kumarassessment Year: 2005-06

…ITR 135 6. In the paper book he has submitted the copies of share application form, copy of incorporation, copy of ITR first page bank statement pertaining to these two companies. 7. The Ld. AR relied on the judgment in the case of Kisco Castings Pvt. Ltd. 152 TTJ 629 on the proposition that mere assertions are not enough to demolish the written document. He submitted that identity, creditworthiness of the parties, and genuineness of the transaction has been proved before the lower authorities which has been ignored. He argued that copy of balance sheets have also been filed and therefore all the necessary req…