Ltd. (1993) 203 ITR 108, CIT Vs. Nirav Modi (2017) 390 ITR 292, CIT v. Chemsword P. Ltd.

132 Taxmann.com 173High Court2021#8733 most cited

What is Ltd. (1993) 203 ITR 108, CIT Vs. Nirav Modi (2017) 390 ITR 292, CIT v. Chemsword P. Ltd. authority for?

An order passed under Section 263 is set aside if the Principal Commissioner of Income Tax (PCIT) erroneously passes it without proper justification. The PCIT must have a valid reason to believe the assessment order was both erroneous and prejudicial to the revenue's interests.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2022 to 2026.

Also referred to as

CIT v. Chemsword P. Ltd. · section 263 · revision order · erroneous and prejudicial · PCIT · set aside revision order · Malabar Industrial Co. Ltd. V CIT · CIT Vs. Gabriel India Ltd. · CIT Vs. Nirav Modi

Sections most often in play

Section 143(3)Section 263Section 14ASection 37(1)Section 8DSection 135Section 56(2)(vii)(b)Section 80G

Issues it is cited on

strategic investmentmalabar industrialrevision under section 263disallowance under section 14adisallowance u/s 14aerroneous and prejudicialsection 263section 14asection 26capital expendituresection 37(1)section 142

Judgments citing Ltd. (1993) 203 ITR 108, CIT Vs. Nirav Modi (2017) 390 ITR 292, CIT v. Chemsword P. Ltd.

Ambuja Cements Limited, Mumbai vs. PCIT, Mumbai-3, Mumbai

ITA 3474/MUM/2025[2019-20]Status: DisposedITAT Mumbai05 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Sourabh Soparkar, AR (virtually appear)For Respondent: Shri Rajesh Kumar Yadav, (CIT-DR)
Section 143(3)Section 14ASection 263

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No.3474/MUM/2025 (A.Y. 2019-20) Ambuja Cements Limited v/s. Principal Commissioner of Adani Corporate House, बनाम Income Tax, Mumbai 3, Shantigram Near Vaishnodevi Room No. 612, 6th Floor, Circle, SG Highway, Khodiyar Aayakar Bhavan, Maharishi Gandhi Nagar, Gujarat Karve Road, Mumbai 382421, Gujarat 400020, Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACG0569P Appellant/अपीलार्थी .. Respondent/प्रतिवादी Appellant by : Shri Sourabh Soparkar, AR (virtually appear)…

Asia Investments Pvt.. Ltd., Mumbai vs. DCIT, Circle 2 (1)(1), Mumbai

In the result, all the three appeal

ITA 6209/MUM/2019[2014-15]Status: DisposedITAT Mumbai27 Nov 2025AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

For Respondent: Mr. Kalpesh Unadkat &
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAJ KUMAR CHAUHAN (JUDICIAL MEMBER) ITA No. 4529, 6353/MUM/2017, 6209/MUM/2019 Assessment Year: 2012-13, 2013-14, 2014-15 Asia Investments Pvt. Ltd., Asst. CIT Circle 2(1)(1), 10, Prasad Chambers, Opera Dy. CIT Circle 2(1)(1), Vs. House, Aayakar Bhavan, M.K. Road, Mumbai-400004. Mumbai-400020. PAN NO. AAACA 4539 K Appellant Respondent : Mr. Kalpesh Unadkat & Assessee by Mr. Hasmukh Ravaria : Mr. Rajesh Kumar Yadav, CIT-DR Revenue by Date of Hearing : 29/09/2025 : 27/11/2025 Date of pronounceme…

Asia Investments Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 2(1)(1), Mumbai

In the result, all the three appeals are allowed partly

ITA 6353/MUM/2017[2013-14]Status: DisposedITAT Mumbai27 Nov 2025AY 2013-14

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

For Appellant: Mr. Kalpesh Unadkat &For Respondent: Mr. Rajesh Kumar Yadav, CIT-DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAJ KUMAR CHAUHAN (JUDICIAL MEMBER) ITA No. 4529, 6353/MUM/2017, 6209/MUM/2019 Assessment Year: 2012-13, 2013-14, 2014-15 Asia Investments Pvt. Ltd., 10, Prasad Chambers, Opera House, Mumbai-400004. PAN NO. AAACA 4539 K Appellant Vs. Asst. CIT Circle 2(1)(1), Dy. CIT Circle 2(1)(1), Aayakar Bhavan, M.K. Road, Mumbai-400020. Respondent Assessee by : Mr. Kalpesh Unadkat & Mr. Hasmukh Ravaria Revenue by : Mr. Rajesh Kumar Yadav, CIT-DR Date of Hearing : 29/09/2025 Date of pronouncement : 27/11/2…

M/S. Nippon Life India A/F Management Limited, Mumbai vs. PCIT, Mumbai -8, Mumbai

Appeal is allowed

ITA 2291/MUM/2025[2020-21]Status: DisposedITAT Mumbai25 Jul 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry (Jm) & Shri Omkareshwar Chidara (Am) Nippon Life India Aif Pcit-8 Management Limited Room No. 611 4Th Floor, Tower A Vs. 6Th Floor Peninsula Business Park Aayakar Bhavan Ganpatrao Kadam Marg M.K. Road Lower Parel Mumbai-400 020. Mumbai-400 013. Pan : Aabcr 7663L Appellant Respondent

For Respondent: Shri Jitendra Sanghavi, CA
Section 135Section 143(3)Section 263Section 80G

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “B” Bench, Mumbai. Before Shri Narender Kumar Choudhry (JM) & Shri Omkareshwar Chidara (AM) Nippon Life India AIF PCIT-8 Management Limited Room No. 611 4th Floor, Tower A Vs. 6th Floor Peninsula Business Park Aayakar Bhavan Ganpatrao Kadam Marg M.K. Road Lower Parel Mumbai-400 020. Mumbai-400 013. PAN : AABCR 7663L Appellant Respondent : Shri Jitendra Sanghavi, CA Assessee by & Shri Amit Khatiwala : Shri Satyaprakash R. Singh Revenue by : 03/07/2025 Date of Hearing Date of pronouncement : 25/07/2025 O R D E R Per Omkareshwar Chidara (AM) :- In the above cited app…

ITO, Ward-2(1), Thane vs. Chalk Farm Ventures Private Limited, Bhayender East

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

ITA 3492/MUM/2025[2016-17]Status: DisposedITAT Mumbai22 Jul 2025AY 2016-17

Bench: The Hon'Ble High Court. 2. On The Facts & In Circumstances Of The Case, Since The Revenue Is In Appeal Before The Hon'Ble High Court On The Itat'S Decision, Which Is Pending As On Date, This Appeal Is Being Filed To Keep The Issue Alive. 3. The Appellant Craves Leave To Add, Amend Or Alter Any Ground/Grounds, Which May Be Necessary.”

Section 143(3)Section 263Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER ITO Ward-2(1) Vs. Chalk Farm Ventures Thane Private Limited Indralok, Near RBK Global School Bhayander East-401105 Thane PAN/GIR No.AAGCC0332A (Appellant) .. (Respondent) Assessee by None Revenue by Shri Virabhadra S Mahajan, Sr. DR Date of Hearing 14/07/2025 Date of Pronouncement 22/07/2025 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the Revenue against order dated 12/03/2025 passed by NFAC, Delhi for the quantum of assessment passed u/s.14…

Svl Limited, Chennai vs. ACIT, Corporate Circle(92), Chennai

In the result, appeal filed by the assessee is dismissed

ITA 423/CHNY/2022[2017-18]Status: DisposedITAT Chennai19 May 2023AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.423/Chny/2022 िनधा"रण वष" /Assessment Year: 2017-18 M/S.Svl Ltd., V. The Asst. Commissioner- Shriram House, Of Income Tax, 1St Floor, No.4, Burkit Road, Corporate Cirlce-6(2), T.Nagar, Chennai-600 017. Chennai.

For Appellant: Mr.B.Sivaraman, AdvFor Respondent: Dr.R.Mohan Reddy, CIT
Section 142(1)Section 143(3)Section 14ASection 263Section 36(1)(va)Section 40

…and has not disallowed interest and, therefore, the Pr. CIT has no jurisdiction for initiation of proceedings u/s 263 in the light of the following decisions. (a) CIT Central Vs. Max India Ltd, (166 Taxman 188) [SC] (b) CIT Vs,Future Co-op, resources Ltd. (132 Taxmann.com 173) Bombay HC (c) Sutures India P,Ltd. VS CIT (273 Taxman 112) Karnataka HC For these and other grounds that may be adduced before or at the time of hearing the Hon'ble ITAT may be pleased to cancel the order u/s 263. 3. The brief facts of the case are that the assessee company, M/s.SVL Ltd., filed its return of income for the AY 2017-18…

Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Surat vs. Pr. CIT-3, Vadodara

In the result, appeal filed by the assessee is allowed

ITA 178/SRT/2020[2014-15]Status: DisposedITAT Surat22 Feb 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.178/Srt/2020 Assessment Year: (2014-15) (Virtual Court Hearing) Gujarat Narmada Valley Fertilizers Vs. The Pcit-3 & Chemicals Ltd., Surat. Narmada House, Narmadanagar, Bharuch – 392015. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacg8372Q (Appellant) (Respondent) Assessee By Shri Yogesh Shah, Ar Respondent By Shri Ashok B. Koli, Cit-Dr Date Of Hearing 03/01/2023 Date Of Pronouncement 22/02/2023

Section 115JSection 143(3)Section 14ASection 263Section 801Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.178/SRT/2020 Assessment Year: (2014-15) (Virtual Court Hearing) Gujarat Narmada Valley Fertilizers Vs. The PCIT-3, & Chemicals Ltd., Surat. Narmada House, Narmadanagar, Bharuch – 392015. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACG8372Q (Appellant) (Respondent) Assessee by Shri Yogesh Shah, AR Respondent by Shri Ashok B. Koli, CIT-DR Date of Hearing 03/01/2023 Date of Pronouncement 22/02/2023 आदेश / O R D E R PER DR. A. L. SAINI, AM: By way of this appeal, the assessee has challenged the c…

Uday Punj (HUF), New Delhi vs. Pr. CIT, Circle-11, New Delhi

The appeal is allowed

ITA 8117/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Feb 2023AY 2015-16

Bench: Sh. G.S.Pannu, Hon’Ble & Sh. Anubhav Sharmam/S. Uday Punj (Huf) Vs. Pr. Commissioner Of Income Tax, Chimes -55, Sultanpur Farms Circle-11, New Delhi New Delhi Pan : Aaahu0518H (Appellant) (Respondent)

Section 143(3)Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI (DELHI BENCH ‘H’: NEW DELHI) BEFORE SH. G.S.PANNU, HON’BLE PRESIDENT AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER M/s. Uday Punj (HUF) Vs. Pr. Commissioner of Income Tax, Chimes -55, Sultanpur Farms Circle-11, New Delhi New Delhi PAN : AAAHU0518H (APPELLANT) (RESPONDENT) Assessee by Sh. Rohan Khare, Advocate Revenue by Sh. Sanjay Kumar, Sr. DR Date of hearing: 27.01.2023 Date of Pronouncement: 13.02.2023 ORDER PER ANUBHAV SHARMA, JM: 1. The Pr. CIT-11, New Delhi (herein after referred as “the Revisionary Authority”) passed revisionary order dated 23.08.2019 for Assessme…

M/S Avtil Enterprises Limited, Mumbai vs. Principle CIT -5, Mumbai

In the result the appeal filed by the assessee is allowed

ITA 734/MUM/2022[2017-18]Status: DisposedITAT Mumbai10 Oct 2022AY 2017-18
Section 143(3)Section 14ASection 263Section 3

…which the AO has made sufficient enquiry examining the details furnished by the assessee. The assessee also relied on the decision of Hon’ble jurisdictional Bombay High Court in the case of Commissioner of Income-Tax v/s Future Corporate Resources Ltd. (2021) 132 Taxmann.com 173 (Bombay High Court) which reiterated similar proposition as in the case of assessee. In addition to this the assessee relied on the plethora of judgment in favour of the assessee. 6. From the above observation it is evident that the AO has called for the details pertaining to the expenses incurred for earning exempt income and the assess…

Castamet Works Private Limited, Kharwa vs. Principle Commissioner of Income Tax, Udaipur

ITA 187/JPR/2022[2017-18]Status: DisposedITAT Jaipur04 Oct 2022AY 2017-18
For Appellant: Sh. Prakul Khurana (Adv.) &For Respondent: Sh. Sanjay Dhariwal (CIT)
Section 143(1)Section 143(3)Section 14ASection 263Section 36(1)(va)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,’B’ JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh jkBkSM deys’k t;arHkkbZ] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 187/JP/2022 fu/kZkj.k o"kZ@Assessment Year :2017-18 cuke Castamet Works Private Limited Principle Commissioner of Vs. Village – Kharwa,Tehsil- Masuda Income Tax, Udaipur Kharwa, Ajmer LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AADCC 5624 L vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Prakul Khurana (A…

Asian Star Company Ltd, Mumbai vs. PCIT (Central), Mumbai-1, Mumbai

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

ITA 710/MUM/2022[2017-18]Status: DisposedITAT Mumbai12 Aug 2022AY 2017-18
Section 142(1)Section 143(3)Section 263Section 80I

…THE INCOME TAX APPELLATE TRIBUNAL “A” Bench, Mumbai Shri B.R. Baskaran (AM) & Smt. Kavitha Rajagopal (JM) I.T.A. No. 710/Mum/2022 (A.Y. 2017-18) Vs. PCIT (Central)-1 Asian Star Company Ltd. 114-C, Mittal Court 1001, 10th Floor Nariman Point Pratishtha Bhavan Mumbai-400 021. Old CGO Building Annexe, M.K. Road PAN : AAACA4856B Mumbai-400 020. (Appellant) (Respondent) Assessee by Shri Suchek Anchaliya Department by Ms. Shailja Rai Date of Hearing 17.07.2022 Date of Pronouncement 12.08.2022 O R D E R Per B.R.Baskaran (AM) :- The assessee has filed this appeal challenging the revision order dated 31.3.2022 pas…

Chalk Farm Ventures P. Ltd., Mumbai vs. Pr. CIT -1, Thane

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

ITA 906/MUM/2021[2016-17]Status: DisposedITAT Mumbai26 Apr 2022AY 2016-17

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.906/Mum/2021 (ननधधारण वर्ा / Assessment Years: 2016-17) बनधम/ Chalk Farm Ventures Pvt. Pcit-1 Ltd. B Wing, Ashar It Park, Vs. 6Th Floor, Wagle No.202, Delta Building, Hiranandani Gardens, Powai, Industrial Estate, Thane- Mumbai-400076. 400604 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aagcc0332A (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Sanjay Parikh Revenue By: Shri Ashok Kumar Kardam (Dr) सुनवाई की तारीख / Date Of Hearing: 21/03/2022 घोषणा की तारीख /Date Of Pronouncement: 26/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 26.03.2021 Passed By The Principal Commissioner Of Income Tax-01, Thane [Hereinafter Referred To As The “Pcit”] Relevant To The A.Y.2016-17 In Which The Principal Commissioner Of Income Tax-01 Has Invoked The Provisions U/S 263 Of The I.T. Act, 1961. The Assessee Has Raised The Following Grounds Of Appeal: - 2. “Ground A: Proceeding U/S 263 Of The It Act Is Invalid & Bad In Law 1. The Learned Principal Commissioner Of Income Tax, Thane-1, (Pr. Cit) Erred In Facts & In Passing The Order U/S. 263 Without Appreciating That The Appellant Company Was Under Liquidation & No Order U/S. 263 Could Be Passed Without Giving Adequate Notice To The Liquidator Of The Appellant Company. 2. He Appellant Prays That Your Honour Hold That The Order Passed By The Ao U/S. 263 Is Bad In Law As The Same Is Passed Without Issuing Notice To The Liquidator Of The Appellant Company.

For Appellant: Shri Sanjay ParikhFor Respondent: Shri Ashok Kumar Kardam (DR)
Section 143(3)Section 263Section 371(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.906/Mum/2021 (ननधधारण वर्ा / Assessment Years: 2016-17) बनधम/ Chalk Farm Ventures Pvt. PCIT-1 Ltd. B Wing, Ashar IT Park, Vs. 6th Floor, Wagle No.202, Delta Building, Hiranandani Gardens, Powai, Industrial Estate, Thane- Mumbai-400076. 400604 स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AAGCC0332A (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Sanjay Parikh Revenue by: Shri Ashok Kumar Kardam (DR) सुनवाई की तारीख / Date of Hearing: 21/03/2022 घोषणा की तारीख /…

Ltd. (1993) 203 ITR 108, CIT Vs. Nirav Modi (2017) 390 ITR 292, CIT v. Chemsword P. Ltd. (132 Taxmann.com 173) — Cited in 12 Judgments | BharatTax