How many judgments cite M/s. Coronation Agro Industries Ltd. v. DCIT?

24 judgments on BharatTax cite M/s. Coronation Agro Industries Ltd. v. DCIT (390 ITR 464), spanning 2018 to 2025.

Which sections of the Income Tax Act does M/s. Coronation Agro Industries Ltd. v. DCIT come up under?

It is most often cited in judgments turning on Section 147, Section 143(3), Section 148, Section 133A, Section 143(1), Section 68.

M/s. Coronation Agro Industries Ltd. v. DCIT

390 ITR 464High Court2017#4938 most cited

What is M/s. Coronation Agro Industries Ltd. v. DCIT authority for?

Reassessment proceedings are invalid if initiated solely on the basis of a 'reason to suspect' rather than a properly formed 'reason to believe', indicating a lack of application of mind and failure to consider tangible material.

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2025.

Also referred to as

Coronation Agro Industries Ltd. v. DCIT · section 147 · section 148 · reason to believe · reason to suspect · non-application of mind · tangible material · income escaping assessment · beyond four years · kelvinator

Sections most often in play

Section 147 Section 143(3)Section 148 Section 133A Section 143(1)Section 68 Section 115BBE Section 151

Issues it is cited on

section 148(2)kelvinator live link section 151(1)beyond four years assistant director book profits income escaping assessment non-application of mind tangible material escapement of income reason to believe

Judgments citing M/s. Coronation Agro Industries Ltd. v. DCIT

LEKHRAJ JASRAJ JAIN ,MUMBAI vs. DCIT 19(1), MUMBAI

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

ITA 4937/MUM/2025[2014-15]Status: DisposedITAT Mumbai12 Nov 2025AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15

For Respondent: Mr. Suchek Anchaliay &

Section 147Section 68Section 69C

…onduct further inquiries, such reopening is without facts or conduct further inquiries, such reopening is without jurisdiction. Similarly, in jurisdiction. Similarly, in Coronation Agro Industries Ltd. v. DCIT ndustries Ltd. v. DCIT Lekhraj J. Jain 11 (2017) 390 ITR 464 (Bom) and (2017) 390 ITR 464 (Bom) and PCIT v. Shodiman Investments (P) Ltd. PCIT v. Shodiman Investments (P) Ltd. (ITA No. 1297 of 2015, judgment dated 16.04.2018, Bom HC), it has (ITA No. 1297 of 2015, judgment dated 16.04.2018, Bom HC), it has (ITA No. 1297 of 2015, judgment dated 16.04.2018, Bom HC), it has been held that reassessment proceed…

NARENDRA KACHRULAL ABAD,JALNA vs. INCOME-TAX OFFICER, WARD - 1,, JALNA

In the result, appeal of the assessee partly allowed

ITA 866/PUN/2019[2009-10]Status: DisposedITAT Pune06 Oct 2025AY 2009-10

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपऩल सं. / Ita No.866/Pun/2019 निर्धारण वषा / Assessment Year: 2009-10 Shri Narendra Kachrulal Abad, V The Income Tax Officer, Abad House, Nal Galli, S Ward-1, Jalna. Kadrabad, Jalna – 431203. Maharashtra. Pan: Acspa9531C Appellant/ Assessee Respondent / Revenue Assessee By Shri Hari Krishan – Ar Revenue By Shri Arvind Renge –Addl.Cit(Dr) Date Of Hearing 28/07/2025 Date Of Pronouncement 06/10/2025 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeal)-1, Aurangabadpassed Under Section 250 Of The Income Tax Act, 1961 For The A.Y.2009-10 Dated 30.03.2019, Emanating From Order U/S.143(3) R.W.S 147Of The Income Tax Act, 1961, Dated 03.11.2017. The Assessee Has Raised The Following Concise Grounds Of Appeal :

Section 143(3)Section 148Section 250

…Thus, the above recording does not satisfyrequirement of law mandatory for assuming jurisdiction to reopen the assessment. My above view is supported by the decision of the Bombay High Court in the case of Coronation Agro Industries Ltd. Vs. DCIT reported in 390 ITR 464. Therefore, the reassessment order passed pursuant to the above recording is hereby quashed and ground of the appeal of the assessee is allowed.” 14. No contrary decision has been brought to our notice by ld.DR for the Revenue. 22 ITA No.866/PUN/2025 [A] 15. In these facts and circumstances of the case, respectfully following the Hon’ble Bomba…

DCIT, CIRCLE- 24(2), NEW DELHI vs. SUPERSTAR INNOVATION PVT. LTD., NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 834/DEL/2018[2009-10]Status: DisposedITAT Delhi04 Sept 2025AY 2009-10

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.834/िद"ी/2018(िन.व. 2009-10) Deputy Commissioner Of Income Tax, Circle-24(2), R. No. 328, C.R Building, I.P Estate, ...... अपीलाथ"/Appellant New Delhi बनाम Vs. M/S. Superstar Innovation Pvt. Ltd., D-6/6032/2, Ground Floor, Vasant Kunj, New Delhi 110070 ..... "ितवादी/Respondent Pan: Aabcs 7795 Q Co No. 141/Del/2023 (A.Y.2009-10) In Ita No. 834/Del/2018 M/S. Superstar Innovation Pvt. Ltd., D-6/6032/2, Ground Floor, Vasant Kunj, New Delhi 110070 ...... अपीलाथ"/Appellant Pan: Aabcs 7795 Q बनाम Vs. Deputy Commissioner Of Income Tax, Circle-24(2), R. No. 328, C.R Building, I.P Estate, ..... "ितवादी/Respondent New Delhi अपीलाथ" "ारा/ Appellant By : Dr. Rakesh Gupta, S/Shri Somil Agarwal, Deepesh Garg & Shrey Jain, Advocates "ितवादी"ारा/Respondent By : Ms. Maninder Kaur & Ms. Neeju Gupta, Sr. Dr सुनवाई क" ितिथ/ Date Of Hearing : 06/06/2025 घोषणा क" ितिथ/ Date Of Pronouncement : : 04/09/2025

For Appellant: Dr. Rakesh Gupta, S/Shri Somil AgarwalFor Respondent: Ms. Maninder Kaur &

Section 143(3)Section 147Section 148

…Counsel for the assessee is, the reassessment proceedings are liable to be quashed as assessment cannot be reopened merely on the basis of CCM. In support of his contentions he placed reliance on following decisions:- (i) Coronation Agro Industries Ltd. DCIT, 390 ITR 464 (Bom.); (ii) M/s Vayoo Nandan Finance Company P. Ltd., vs. ITO, in ITA No. 3097/Del/2019 decided on 23.01.2024 (Del.) 4.2. The third limb of argument of ld. Counsel for the assesee emanates from the ground raised in cross objections. The ld. Counsel for the assessee submits that the AO was required to decide objections of the assessee against reo…

ACIT CIRCLE 4(3)(1), MUMBAI, MUMBAI vs. JOHNSON DYE WORKS PVT LTD, MUMBAI

In the result, the appeal filed by the revenue is hereby dismissed

ITA 1118/MUM/2024[2012-13]Status: DisposedITAT Mumbai30 Apr 2025AY 2012-13

Bench: Ms. Kavitha Rajagopal, Jm & Shri. Prabhash Shankar, Am Acit Circle 4(3)(1), Mumbai Johnson Dye Works Pvt. Ltd. Aayakar Bhavan, M. K. Road, Ground Floor, New Era House, Churchgate – 400020. Vs. Mogul Lane, Matunga (W), Mumbai – 400016. Pan/Gir No. Aaacj2082J (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia/Samir Shah Respondent By : Shri. Ajay Singh (Sr. Dr) Date Of Hearing : 04.02.2025 Date Of Pronouncement : 30.04.2025 O R D E R Per Kavitha Rajagopal, J M: This Appeal Has Been Filed By The Assessee, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short), National Faceless Appeal Centre (‘Nfac’ For Short) Passed U/S. 250 Of The Income Tax Act, 1961 (‘The Act'), Pertaining To The Assessment Year (‘A.Y.’ For Short) 2012-13. 2. The Revenue Has Raised The Following Grounds Of Appeal Along With Additional Grounds Of Appeal: “1. Whether On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit (A) Has Erred In Deleting Transactions Of Rs. 2,12,42,250/-In Nsel Exchange As Client Code Modification Transaction For Shifting Of Profit/ Loss Added To The Income Of The Assessee Relying On The Decision In The Case Of Coronation Agro Industries Ltd. Vs. Dcit 390 Itr 464 (Bom.) Without Going Into The Merits Of The Case? Johnson Dye Works Pvt. Ltd.

For Appellant: Shri. Jayesh Dadia/Samir ShahFor Respondent: Shri. Ajay Singh (Sr. DR)

Section 133(6)Section 142(1)Section 143(2)Section 143(3)Section 148Section 250

…A) has erred in deleting transactions of Rs. 2,12,42,250/-in NSEL Exchange as Client Code Modification Transaction for shifting of profit/ loss added to the income of the assessee relying on the decision in the case of Coronation Agro Industries Ltd. vs. DCIT 390 ITR 464 (Bom.) without going into the merits of the case? Johnson Dye Works Pvt. Ltd. 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in deleting commission at 5 percentage of the client code modification transaction at Rs. 10,62,113/ relying on the decision in the case of Coronation Agro Industries Ltd…

PREET INTERNATIONAL PVT LTD,NEW DELHI vs. ACIT CIRCLE-20(1), NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 3600/DEL/2019[2010-11]Status: DisposedITAT Delhi28 Aug 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Vimal Kumarpreet International Pvt. Ltd, Vs. Acit, 240, Ff, Dda Office Complex Circle-20(1), Cycle Market, Jhandewalan New Delhi Extn, New Delhi (Appellant) (Respondent) Pan: Aaaco9321J Assessee By : Shri Ved Jain, Adv Ms. Supriya Mehta, Ca Revenue By: Shri Vivek Vardha, Sr. Dr Date Of Hearing 05/06/2024 Date Of Pronouncement 28/08/2024

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Vivek Vardha, Sr. DR

Section 143(3)Section 147Section 148

…ted that there is no live link or direct nexus between alleged material and, inference drawn by the Assessing Officer. The learned Counsel relied on decision of Hon'ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. vs. DCIT reported in 390 ITR 464 and following decisions of the Tribunal to support his contentions: 1. ITA No. 6809/D/2018 dated 22.10.2019 Simmi Sethi vs. ITO (pages 53-56 of JPB) 2. ITA No. 4542/D/2018 dated 29.11.2018 Radiance Stock Traders (P) Ltd. vs. ITO (pages 1-25 of JPB) 3. ITA No. 6628/D/2018 dated 12.4.2019 Kamal Kishoree Aggarwal vs. ACIT (pages 92-111 of JPB) 4. IT…

ANAVYA INVESTMENTS PVT. LTD.,NEW DELHI vs. ITO WARD-2(4), NEW DELHI

In the result, appeal of the assessee is allowed

ITA 4828/DEL/2019[2010-11]Status: DisposedITAT Delhi08 Apr 2024AY 2010-11

Bench: Shri C. N. Prasad & Shri M. Balaganeshm/S. Anavya Investments Pvt. Ltd, Vs. Ito, C/O. Sanjay & Sanjay, A-1-A, 14B, Ward-2(4), Janakpuri, New Delhi New Delhi (Appellant) (Respondent) Pan:Aahc4820A Assessee By : Shri Sanjay Garg, Ca Shri Akarsh Garg, Adv Revenue By: Shri Kanv Bali, Sr. Dr Date Of Hearing 11/01/2024 Date Of Pronouncement 08/04/2024

For Appellant: Shri Sanjay Garg, CAFor Respondent: Shri Kanv Bali, Sr. DR

Section 115JSection 139(1)Section 143(3)Section 147Section 148Section 68

…Ltd. Vs ITO in ITA Nos. 3059 & 3060/Del/2018,order dated 16.01.2019, the Tribunal dealt with the similar issuance of notice u/s 148 of the Act by following the decision of the Hon‟ble Bombay High Court in the case of Coronation „Agro Industries Ltd. Vs. DCIT 390 ITR 464 (Bom.). In that case, the reasons recorded were asunder: ……………….. 10. A perusal of the above, shows that Client Code Modification is legally permissible in case of mistake. In the instant case, the observation of the Assessing Officer is to the effect that due to Client Code Modification in two transactions, the assessee‟s income was reduced by R…

VAYOO NANDAN FINANCE COMPANY PVT LTD,NEW DELHI vs. ITO WARD 26(2), NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 3097/DEL/2019[2009-10]Status: DisposedITAT Delhi23 Jan 2024AY 2009-10

Bench: Shri M. Balaganeshm/S. Vayoo Nandan Finance Vs. Ito, Company Pvt. Ltd, Ward-26(2), B-6, Ganpati Apartment, 6, New Delhi Alipur Road, Civil Lines, New Delhi Pan: Aaavc0737F Assessee By : Dr. Rakesh Gupta, Adv Shri Shrey Jain, Adv Revenue By: Ms. Kirti Sankratyayan, Sr. Dr Date Of Hearing 04/01/2024 Date Of Pronouncement 23/01/2024

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Kirti Sankratyayan, Sr. DR

Section 143(1)Section 143(3)Section 147Section 148

SUKSHAM FINLEASE & INVESTMENT P.LTD,NEW DELHI vs. ITO, WARD-24(3), NEW DELHI

In the result, appeal of the assessee is allowed

ITA 8321/DEL/2018[2009-10]Status: DisposedITAT Delhi08 Jan 2024AY 2009-10

Section 147Section 151Section 234BSection 69C

OMEGA FINHOLD PVT. LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 14, NEW DELHI

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

ITA 1286/DEL/2018[2010-11]Status: DisposedITAT Delhi27 Jul 2023AY 2010-11

Section 115JSection 147Section 148

…ted that there is no live link or direct nexus between alleged material and, inference drawn by the Assessing Officer. The learned Counsel relied on decision of Hon’ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. vs. DCIT reported in 390 ITR 464 and following decisions of the Tribunal to support his contentions: 1. ITA No. 6809/D/2018 dated 22.10.2019 Simmi Sethi vs. ITO (pages 53-56 of JPB) 2. ITA No. 4542/D/2018 dated 29.11.2018 Radiance Stock Traders (P) Ltd. vs. ITO (pages 1-25 of JPB) 3. ITA No. 6628/D/2018 dated 12.4.2019 Kamal Kishoree Aggarwal vs. ACIT (pages 92-111 of JPB) 4. IT…

BHARATI HEMANT CHHEDA,MUMBAI vs. INCOME TAX OFFICER 29(1)(2) , MUMBAI

In the result, grounds pertaining to re-opening of the case and consequent additions made are set-aside

ITA 197/MUM/2023[2010-2011]Status: DisposedITAT Mumbai15 May 2023AY 2010-2011

Bench: Shri Kuldip Singh & Shri Gagan Goyalbharti Hemant Chheda B-30, Konark Indraprastha Chs Ltd Sarvodaya Nagar, Jain Mandir Road Mulund (W), Mumbai-400 080 Pan: Aadpc1013E ...... Appellant Vs. Ito 29(1)(2), Bandra Kurla Complex, Bandra(E), Mumbai-400 051 ..... Respondent

For Appellant: Shri Nishit GandhiFor Respondent: Shri Chetan M. Kacha, Sr. AR

Section 143(3)Section 148Section 250

…that there is any live link or direct nexus between alleged material and, inference drawn by the Assessing Officer. On this issue we relied upon the decision of Hon’ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. vs. DCIT reported in 390 ITR 464. 8 Bharati Hemant Chheda 8. We note that the reasons in support of the impugned notice accept the fact that as a matter of regular business practice, a broker in the stock exchange makes modifications in the client code on sale and/or purchase of any securities, after the trading is over so as to rectify any error which may have occurred while pu…

GLOBUS POWER GENERATION LTD (FORMELY KNOWN AS CUMULATIVE INVESTMENTS & TRADING CO. PVT LTD),NEW DELHI vs. ACIT CIRCLE-6(2), NEW DELHI

In the result, appeal of the assessee is allowed

ITA 6438/DEL/2019[2009-10]Status: DisposedITAT Delhi03 May 2023AY 2009-10

Bench: Shri C.M. Garg & Shri M. Balaganeshglobus Power Generation Ltd Vs. Acit, (Formerly Known As Cumulative Circle-6(2), Investments & Trading Co. Pvt. Ltd, New Delhi A-60, Naraina Industrial Area, Phase-1, New Delhi-110028 (Appellant) (Respondent) Pan: Aaacg6734E

For Appellant: Sh. Ritesh Bajaj, AdvFor Respondent: Sh. Vipul Kashyap, Sr. DR

Section 133ASection 143(3)Section 147Section 148

…ted that there is no live link or direct nexus between alleged material and, inference drawn by the Assessing Officer. The learned Counsel relied on decision of Hon‟ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. vs. DCIT reported in 390 ITR 464 and following decisions of the Tribunal to support his contentions: 1. ITA No. 6809/D/2018 dated 22.10.2019 Simmi Sethi vs. ITO (pages 53-56 of JPB) 2. ITA No. 4542/D/2018 dated 29.11.2018 Radiance Stock Traders (P) Ltd. vs. ITO (pages 1-25 of JPB) 3. ITA No. 6628/D/2018 dated 12.4.2019 Kamal Kishoree Aggarwal vs. ACIT (pages 92-111 of JPB) 4. IT…

MES. PALLAVI MAYUR GANDHI,MUMBAI vs. ITO - 33(2)(5), MUMBAI

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

ITA 2251/MUM/2022[2011-12]Status: DisposedITAT Mumbai19 Apr 2023AY 2011-12

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

Section 148Section 68

…earned AR placed reliance on following case laws : • PCIT Vs. Shodiman Investments (P) Ltd. (422 ITR 337) • CIT Vs. Sfil Stock Broking Ltd. (325 ITR 285) • Inventors Industrial Corporation Ltd. Vs. CIT (194 ITR 548) • Coronation Agro Industries Ltd. Vs. DCIT (390 ITR 464) 4 Mrs. Pallavi Mayur Gandhi 7. The learned AR then advanced his arguments on merits. He submitted that the assessee has sold 1.20 lakhs shares for a consideration of Rs. 5.45 crores and earned long term capital gains of Rs. 5.18 crores. The Learned AR submitted that the assessee has purchased shares under preferential allotment scheme, by maki…

ACIT, CIRCLE-3(1)(1), MUMBAI vs. M/S. AAREM MANAGEMENT SERVICES PVT. LTD. , MUMBAI

Appeal of the Revenue is dismissed, sans-merit

ITA 5627/MUM/2019[2009-10]Status: DisposedITAT Mumbai15 Jun 2021AY 2009-10

Bench: Shri Vikas Awasthyआअसं. 5627/मुं/2019 ("न.व 2009-10) आअसं. 5628/मुं/2019 ("न.व 2010-11) Acit,Cir.3(1)(1), Room No.607, 6Th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ...... अपीलाथ" /Appellant

For Appellant: Shri Sushil Kumar MishraFor Respondent: Ms. Shefali

…modification was done due to punching error. The Assessing Officer without any valid reasons has rejected contentions of the assessee. The ld. Authorized Representative of the assessee relied on the decision in the case of Coronation Agro Industries vs. DCIT, 390 ITR 464 (Bom.) to contend that client code modification done by assessee’s broker on account of genuine error cannot be a ground to believe that there has been any escapement of income by the assessee. The ld. Authorized Representative of the assessee strongly supported the order of CIT(A) and prayed for dismissing appeal of the Revenue. 4. Both sides h…

R.S. SHARES & SECURITIES LTD.,NEW DELHI vs. ITO, WARD- 20(4), NEW DELHI

In the result, the appeal of assessee is allowed

ITA 8031/DEL/2018[2010-11]Status: DisposedITAT Delhi02 Feb 2021AY 2010-11

Bench: Shri Bhavnesh Saini

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Shri Prakash Dubey, Sr. DR

Section 143(3)Section 147Section 148

…ted that there is no live link or direct nexus between alleged material and, inference drawn by the Assessing Officer. The learned Counsel relied on decision of Hon’ble Bombay High Court in the case of M/s. Coronation Agro Industries Ltd. vs. DCIT reported in 390 ITR 464 and following decisions of the Tribunal to support his contentions: 8 ITA.No.8031/Del./2018 1. ITA No. 6809/D/2018 dated 22.10.2019 Simmi Sethi vs. ITO (pages 53- 56 of JPB) 2. ITA No. 4542/D/2018 dated 29.11.2018 Radiance Stock Traders (P) Ltd. vs. ITO (pages 1-25 of JPB) 3. ITA No. 6628/D/2018 dated 12.4.2019 Kamal Kishoree Aggarwal vs. ACIT…

STRATAGEM PORTFOLIO (P) LTD,ROHTAK vs. DCIT CIRCLE- 24(2), NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 7878/DEL/2019[2010-11]Status: DisposedITAT Delhi15 Sept 2020AY 2010-11

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

Section 143(1)Section 147Section 151

ITO 24(1)(2), MUMBAI vs. ARPITA ENTERPRISES, MUMBAI

In the result appeal filed by the revenue is dismissed

ITA 3478/MUM/2018[2009-10]Status: DisposedITAT Mumbai27 Jul 2020AY 2009-10

Bench: Shri Pawan Singh, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3478/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10)

For Appellant: Shri Michael Jerald, DR byFor Respondent: Shri M Subramanian, AR

Section 133ASection 143(2)Section 143(3)Section 147Section 148Section 263

…nouncements wherein under the similar facts judicial authorities have deleted similar additions made. 4.2.5 The Hon’ble Bombay High Court judgement in Writ Petition 2627 of 2016 in case of M/s Coronation Agro Industries Ltd Vrs DCIT Circle 6 (2) (I), Mumbal (390 ITR 464 Bombay High Court) pronounced on 05th December 2016 clearly mentioned that with available material of client code modification, there is no link to conclude that there is escapement of income. 4.2.6 The Hon'ble Ahmedabad ITAT's decision in case of ACIT Vrs Kunvarji Finance Pvt Ltdd. wherein it was held by the Hon'ble tribunal that the modificati…

ARUNACHAL PROPERTIES PVT. LTD.,DELHI vs. ITO, WARD- 3(2), NEW DELHI

In the result the appeal of the assessee is dismissed

ITA 2708/DEL/2018[2009-10]Status: DisposedITAT Delhi08 Jun 2020AY 2009-10

Bench: Ms. Suchitra Kamblea N D Shri Prashant Maharishiassessment Year: 2009-10 Arunachal Properties Pvt Ltd The Income Tax Officer House No 11 Road No 63 Vs Ward -3 (2) West Punjabhi Baug New Delhi New Delhi 110026 Pan : Aaaca0751F (Appellant) (Respondent)

Section 131Section 143Section 147Section 148Section 234A

…ssment is bad in law. He therefore submitted that reopening of assessment has been made merely on the basis of borrowed satisfaction and no inquiry made by ld AO. He relied on the decision of Bombay High Court in case of Coronation Agro industries versus DCIT 390 ITR 464, and decision of coordinate benches in ITA number 3059/del/2018 for assessment year 2009 – 10 and ITA number 2750/del/2017 dated 13/9/2017 where in following decision of Honourable Bombay high court, reopening is quashed. He further argued that there has to be a material even under section 143 (1) of the income tax act to reopen the case of the a…

MAGAN BEHARI LAL,DELHI vs. DCIT CIRCLE-16(2), NEW DELHI

In the result, appeal filed by the assessee is allowed on the point of law

ITA 4558/DEL/2019[2009-10]Status: DisposedITAT Delhi16 Sept 2019AY 2009-10

Bench: Shri N.K. Billaiya, [Assessment Year: 2009-10]

Section 133ASection 143(1)Section 148

…Inv.), Ahmedabad. It seems that the AO has been carried away by the report of the investigation wing without making any independent verification to justify the reopening. The Hon’ble High Court of Bombay in the case of Coronation Agro Industries Ltd. vs DCIT [390 ITR 464](Bom.) had an occasion to consider an identical issue with identical set of facts has held that notice u/s 148 of the Act is without jurisdiction. The relevant finding of the Hon’ble High Court is read as under:- “2. This petition challenges notice dated 31st March, 2016 issued under Section 148 of the Income Tax Act, 1961. The impugned notice se…

TIME MEDIA & ENTERTAINMENT LLP (EARLIER TIME MEDIA & ENTERTAINMENT PRIVATE LIMITED),MUMBAI vs. INCOME TAX OFFICER 16(1)(5), MUMBAI

In the result, the appeal of the assessee in ITA no

ITA 6534/MUM/2017[2010-11]Status: DisposedITAT Mumbai18 Jun 2019AY 2010-11

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6534/Mum/2017 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Time Media & Income Tax Officer- Entertainment Llp (Earlier 16(1)(5) Time Media & R.No. 439, 4 Th Floor, V. Entertainment Private Aayakar Bhavan, Ltd.) M.K Marg, 104, Rachna, V.P Road, Mumbai-400020 Vile Parle (W), Mumbai-400056 स्थायी ऱेखा सं./ Pan: Aaact1581C (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Reepal G. Tralshawala Revenue By: Shri. D.G. Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 28.03.2019 घोषणा की तारीख /Date Of Pronouncement : 18.06.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 6534/Mum/2017, Is Directed Against Appellate Order Dated 31.07.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-4, Mumbai (Hereinafter Called “The Cit(A)”) In Appeal No. Cit(A)-4/It-89/Ito-16(1)(5)/2016-17, For Assessment Year 2010-11, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 30.03.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2010-11. I.T.A. No.6534/Mum/2017

For Appellant: Shri. Reepal G. TralshawalaFor Respondent: Shri. D.G. Pansari (DR)

Section 143(1)Section 143(2)Section 143(3)

…of the concluded assessment which is within four years from the end of the assessment year. The learned counsel for the assessee relied upon the decision of Hon‟ble Bombay High Court in the case of Coronation Agro Industries Limited v. DCIT reported in (2017) 390 ITR 464(Bom. HC). It was submitted by learned counsel for the assessee that all trades in F&O were done in the month of March 2010. The learned counsel for the assessee also relied upon the decision of Ahmadabad-tribunal in the case of Smt. Sunita Jain & Ors. v. ITO in ITA no. 501 & 502/Ahd./2016 vide orders dated I.T.A. No.6534/Mum/2017 09.03.2017. It…

KAMAL KISHOREE AGGARWAL,NEW DELHI vs. ACIT, CIRCLE- 34(1), NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 6628/DEL/2018[2009-10]Status: DisposedITAT Delhi12 Apr 2019AY 2009-10

Bench: Sh. N. S. Sainiita No. 6628/Del/2018 : Asstt. Year : 2009-10 Kamal Kishoree Aggarwal, Vs Acit, A-57, Ashok Vihar, Phase-I, Circle-34(1), New Delhi-110052 New Delhi (Appellant) (Respondent) Pan No. Ackpa3670L Assessee By : Sh. Pancham Sethi, Fca Revenue By : Sh. S. L. Anuragi, Sr. Dr Date Of Hearing: 11.04.2019 Date Of Pronouncement: 12.04.2019 Order This Is An Appeal Filed By The Assessee Against The Order Of Cit(A)-12, New Delhi Dated 13.07.2018. 2. The Assessee Has Raised Following Grounds Of Appeal: “1. On The Facts & Circumstances Of The Case, The Order Passed U/S 250(6) By The Ld. Cit(A) Confirming The Assessment Order Passed U/S 143(3) R.W.S. 147 By The Ld. Assessing Officer Is Bad In Law. 2. The Ld. Cit(A) Has Erred Both In Law & On The Facts Of The Case By Upholding The Action Of The Ld. Assessing Officer To Initiate Reopening & Reassessment Of The Case U/S 147 Of The Income Tax Act 1961. 3. Ld. Cit(A) Has Erred In Confirming The Addition Of Rs. 5,96,177/- Made By Ld. Ao U/S 143(3) R.W.S. 147 By Treating Certain Share Transactions As Bogus. 4. Ld. Cit(A) Has Erred In Not Recognizing The Fact That The Client Code Modification (Ccm) Was Done To Rectify The Genuine Errors Held At The End Of Broker For Which The Assessee Was Not Responsible. 2 Kamal Kishoree Aggarwal 5. Ld. Cit(A) Has Erred In Confirming The Order Of Ld. Ao Even When The Ld. Ao Failed To Provide The Details Of The Transactions Where Client Code Was Modified. 6. Ld. Assessing Officer Has Erred Both In Law & On Facts Of The Case In Initiating Penalty Proceedings U/S 271(1)(C) Read With Section 274 Of The It Act, 1961. 7. The Appellant Craves Leave To Amend, Delete Or Add Any Grounds Of Appeal Before Or During The Course Of Hearing Of The Appeal.” 3. In Ground Nos. 1 & 2 Of The Appeal, The Assessee Has Challenged The Reopening Of Assessment Made U/S 147 Of The Act Is Bad In Law.

For Appellant: Sh. Pancham Sethi, FCAFor Respondent: Sh. S. L. Anuragi, Sr. DR

Section 143(3)Section 147Section 148Section 250(6)Section 271(1)(c)Section 274

…cape assessment of a part of the assessee's income and prima facie, it was a case of reason to suspect and not reason to believe that income chargeable to tax had escaped assessment" " Coronation Agro Industries Lid v Deputy Commissioner of Income-Tax [(2017) 390 ITR 464 (Bom)]: " Harikishan Sunderlal Yirmani v Deputy Commissioner of Income-Tax [(2017) 394 ITR 146 (Guj)]. (17) In view of the above discussions since in the instant case, reasons for resort to the reassessment provisions owe their genesis to a "reason to suspect" and not "reason to believe", in the absence of a live link, (which can at best be descr…

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