ITO v. Selected Dalurband Coal Co. (P.) Ltd.

M/S Grand Slam Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed partly for statistical purpose

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2003-04

…ls would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the AO is within the realm of subjective satisfaction [see ITO vs. Selected Dalurband Coal Co. (P) Ltd. (1996) 132 CTR (SC) 162 : (1996) 217 ITR 597 (SC); Raymond Woollen Mills Ltd. vs. ITO (1999) 152 CTR (SC) 418 : (1999) 236 ITR 34 (SC)]. 31 3.17 In the light of above decisions, we can summarize: (i) That the reasons recorded should not be vague and scanty and same should be specific . (ii) That at the stage of issuing the notice under section 148 of the Act, the merits of the matter are…

ACIT, New Delhi vs. M/S Pacl India Ltd., Jaipur

In the result, the appeal of the Revenue is allowed partly for statistical purposes, whereas appeal of the assessee is allowed for statistical purpose

Bench: Sh. I.C. Sudhir & Sh. O.P. Kant

…r the materials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction (see ITO v. Selected Dalurband Coal Co. P. Ltd. [1996] 217 ITR 597 (SC) ; Raymond Woollen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC).” Thus, at the stage of issue of notice, the only question to be considered is, whether there was relevant material on which a reasonable person could have formed requisite belief that, income has escaped assessment. In other words, if the Assessing Officer has “reason to believe” th…

Pacl India Ltd., New Delhi vs. ACIT, Delhi

In the result, the appeal of the Revenue is allowed partly for statistical purposes, whereas appeal of the assessee is allowed for statistical purpose

Bench: Sh. I.C. Sudhir & Sh. O.P. Kant

…r the materials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction (see ITO v. Selected Dalurband Coal Co. P. Ltd. [1996] 217 ITR 597 (SC) ; Raymond Woollen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC).” Thus, at the stage of issue of notice, the only question to be considered is, whether there was relevant material on which a reasonable person could have formed requisite belief that, income has escaped assessment. In other words, if the Assessing Officer has “reason to believe” th…

Shekhar Chand Keshiv (HUF), New Delhi vs. ITO, New Delhi

In the result, appeal of the assessee is partly allowed

Bench: Sh. Sudhanshu Srivastava & Sh. O.P. Kantassessment Year: 1999-00 Vs. Income Tax Officer, Ward-22(1), Sh. Shekhar Chand Keshiv (Huf), D-173, Flatted Factory New Delhi Complex, Okhla Phase-Iii, New Delhi. Pan : Aahhs0258P (Appellant) (Respondent) Appellant By Sh. Ramesh Goyal, Ca Respondent By Sh. N.K. Bansal, Sr.Dr Date Of Hearing 22.02.2017 Date Of Pronouncement 17.03.2017 Order

…ls would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the AO is within the realm of subjective satisfaction [see ITO vs. Selected Dalurband Coal Co. (P) Ltd. (1996) 132 CTR (SC) 162 : (1996) 217 ITR 597 (SC); Raymond Woollen Mills Ltd. vs. ITO (1999) 152 CTR (SC) 418 : (1999) 236 ITR 34 (SC)].” 13. In the facts and circumstances of the case discussed above and respectfully following the judgments of the Hon’ble Supreme Court as mentioned above, we uphold the finding of the learned Commissioner of Income-tax (Appeals) justifying the validity of…

Speco Tech Roofing and Celling System Pvt. Ltd., Haryana vs. DCIT, Faridabad

In the result, the appeal of the assessee is allowed

Bench: Sh. N. K. Sainiita No. 1418/Del/2016 : Asstt. Year : 2007-08 Speco Tech Roofing & Celling Vs Dcit, System Pvt. Ltd., C/O Bhati Central Circle-Ii, Wadhwa & Co., Cas, 5N/1A, First Faridabad Floor, Near Mcf Mayor Office, B.K. Chowk, Nit Faridabad, Haryana-121001 (Appellant) (Respondent) Pan No. Aajcs7152F Assessee By : Sh. K. C. Singhal, Ar Revenue By : Sh. S. K. Jain, Dr Date Of Hearing : 17.11.2016 Date Of Pronouncement : 14.02.2017 Order This Is An Appeal By The Assessee Against The Order Dated 08.01.2016 Of Ld. Cit(A), Faridabad.

…RAJ) : 208 ITR 266 (DEL): 209 ITR 01 (BOM) :209 ITR 135(BOM): Assam Forest Products (P) Ltd. Vs. CIT : 211 ITR 447 (SC): 214 ITR 669 (RAJ) : 221 ITR 538 (SC) :226 ITR 352 (GUH): 237 1TR 549 (BOM):248 ITR 493 (P&H) :ITO VS Selected Dalurband Coal Co. Pvt. Ltd. 217 ITR 597 (SC) :253 ITR 83 (DEL) 257 ITR 481 (Guj)] It has been held in a number of judicial pronouncements that what is necessary to re-open an assessment is not final verdict but a prima facie reason. Once such a reason is recorded by assessing authority, he assumes jurisdiction of notice u/s 148 - ACIT vs. Tube Investment of Income Ltd. (ITAT Chennai TM…

Sh. Manju Agarwal, New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2004-05 Ms. Manju Agarwal, 14B/23, Vs. Income Tax Officer, Ward- 1St Floor, Dev Nagar, Karol 33(1), New Delhi Bagh, New Delhi Pan : Adrpa7112P (Appellant) (Respondent) Appellant By Sh. Deepak Ostwal, Ca Respondent By Sh. Surender Pal, Sr. Dr Date Of Hearing 20.07.2016 Date Of Pronouncement 28.09.2016 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against Order Dated 02/01/2014 Of Learned Commissioner Of Income-Tax (Appeals)-Xxviii, New Delhi For Assessment Year 2004-05 Raising Following Grounds: I. On Facts & In Circumstances Of The Case, Cit (A) Has Erred Both On Facts & In Law, In Upholding Illegal Action Of Re-Assessment & Assumption Of Jurisdiction By The Respondent Without Issue/Service Of Notice U/S 148 & Without Recording The Reasons For Reopening The Assessment. Therefore, Impugned Assessment Order Is Liable To Be Quashed As Unsustainable, Both On Facts & In Law.

…lusively prove escapement of income is not the concern at that stage. This is so because the formation of the belief is within the realm of the subjective satisfaction of the Assessing Officer. 8 AY: 2004-05 ITO v. Selected Dalurband Coal Co. P. Ltd. [1996] 217 ITR 597 (SC) and Raymond Woollen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC) followed. Considering the above, the reopening proceeding cannot be said to be invalid. These grounds of appeal are, therefore, rejected.” 2.2 On merit, the learned Commissioner of Income-tax (Appeals) found that the entry of Rs. 1 lakh in respect M/s. Arpit Sales Corporation was f…

Commissioner of Income Tax – II vs. Co. Ltd

…materials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction (see ITO v. Selected Dalurband Coal Co. P. Ltd. [1996] 217 ITR 597 (SC) ; Raymond Woollen Mills Ltd. v. ITO [1999] 236 ITR 34 (SC).” 18. In our view, once the tangible material available with the AO provides a live link with him forming a belief that income of an Assessee had escaped assessment, he would, subject to other statutory requirements, be entitled to reopen a concluded assessment. The question…

The Commissioner of Income Tax III vs. Sfil Stock Broking Ltd

The appeal is dismissed

Bench: Us Is With Regard To The Validity Of The Proceedings Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Referred To As „The Said Act‟). The Facts Are That The Assessee In His Original Return Of Income Filed On 30.11.1998 Had Shown A Long Term Capital Gain Of 2010:Dhc:2334-Db

…aterials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction (see ITO v. Selected Dalurband Coal Co. Pvt. Ltd.: [1996] 217 ITR 597 (SC); Raymond Woollen Mills Ltd. v. ITO: [1999] 236 ITR 34 (SC).” 7. On the other hand, the learned counsel for the respondent/ assessee placed reliance on the decision of this Court in the case of Atul Jain (supra) as also on several other decisions of this Court including that in the case of Jay Bharat Maruti Ltd. v. CIT: 223 CTR 269 (D…

The Commissioner of Income Tax III vs. Sfil Stock Broking Ltd

The appeal is dismissed

Bench: Us Is With Regard To The Validity Of The Proceedings Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Referred To As „The Said Act‟). The Facts Are That The Assessee In His Original Return Of Income Filed On 30.11.1998 Had Shown A Long Term Capital Gain Of 2010:Dhc:2334-Db

…aterials would conclusively prove the escapement is not the concern at that stage. This is so because the formation of belief by the Assessing Officer is within the realm of subjective satisfaction (see ITO v. Selected Dalurband Coal Co. Pvt. Ltd.: [1996] 217 ITR 597 (SC); Raymond Woollen Mills Ltd. v. ITO: [1999] 236 ITR 34 (SC).” 7. On the other hand, the learned counsel for the respondent/ assessee placed reliance on the decision of this Court in the case of Atul Jain (supra) as also on several other decisions of this Court including that in the case of Jay Bharat Maruti Ltd. v. CIT: 223 CTR 269 (D…

Commissioner of Income Tax Delhi XI vs. Batra Bhatta Co

The appeal is dismissed

…e was no material upon which the Assessing Officer could have based his belief that income had escaped assessment. The decisions cited by Mr Jolly, who appeared on behalf of the revenue, namely, Income-tax Officer v. Selected Dalurband Coal Co. Pvt. Ltd: 217 ITR 597, Raymond Woolen Mills Limited v. Income-tax Officer and Others: 236 ITR 34 and Assistant Commissioner of Income-tax v. Rajesh Jhaveri Stock Brokers Pvt. Ltd: 291 ITR 500 do not say anything different. In Dalurband Coal Co. (supra), the Supreme Court observed that at the stage of issuance of notice under Section 148 of the said Act, “the onl…