Nivi Trading Limited v. Union of India

375 ITR 308High Court2015#3344 most cited

What is Nivi Trading Limited v. Union of India authority for?

A reassessment notice issued under section 148 of the Income-tax Act, 1961, cannot be based on 'borrowed satisfaction' from another authority's report or solely on a proposal for further verification; the Assessing Officer must form their own independent belief that income chargeable to tax has escaped assessment.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Also referred to as

Nivi Trading Ltd v Union of India · section 147 · section 148 · borrowed satisfaction · own satisfaction · reason to believe · escaped assessment · reassessment notice · assessment procedure · income tax act

Also reported as

64 Taxmann.com 92

Sections most often in play

Section 127Section 132Section 143(3)Section 147Section 148Section 148ASection 149Section 151

Issues it is cited on

undisclosed foreign income and assetssection 149(1)(c)section 39section 5(2)substantive assessmentsection 131(1)first proviso to section 147section 80hlive linkmaterial facts necessary for assessmentsection 148(2)sanctioning authority

Judgments citing Nivi Trading Limited v. Union of India

VIJAY VINOD DURAGKAR,NAGPUR vs. INCOME TAX OFFICER WARD 4(4), NAGPUR

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

ITA 339/NAG/2023[2015-16]Status: DisposedITAT Nagpur18 Nov 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kapil HiraniFor Respondent: Shri Abhay Y. Marathe
Section 148Section 56(2)(vii)Section 69

…lly says that the reopening has been done primarily to verify the source of investment of the Appellant in the immovable property. 23.4. The Hon'ble Bombay High Court has in the case of Nivi Trading Ltd. Vs. Union of India & Anr (2015) 278 CTR BOM 219, (2015) 375 ITR 308 (BOM) held that if more details are sought or some verification is proposed that cannot be a substitute for the reasons which let the AO to believe that an income chargeable to tax has escaped assessment. 23.5. Similar view has been taken by the Nagpur Bench of the Hon'ble Bombay High Court in PCIT 2 Vs. Sheetal Dushyant Chaturvedi (ITA No. 106 o…

A.C.I.T ,WARDHA CIRCLE , WARDHA , WARDHA vs. M/S KAPIL SOLVEX PVT .LTD , YAVATMAL

In the result, the appeal filed by the Revenue is dismissed

ITA 221/NAG/2017[2009-20010]Status: Trans-OutITAT Pune26 Sept 2024

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2009-10

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Ramnath P Murkunde
Section 143(1)Section 147Section 148

…ons. The contention that there was an information received was not included in the Reasons. The Tribunal has followed the decision of the Jurisdictional High Court, dated 7 April 2015 in the case of Nivi Trading Ltd. v. Union of India [2015] 64 taxmann.com 92/375 ITR 308 (Bom.). If the Tribunal in these facts and circumstances has found that the reopening of assessment was without jurisdiction based on reading of the Reasons, it cannot be said that any perverse or illegal view has been taken by the Tribunal. No question of law arises. The Appeal is dismissed.” 29. We find the Hon'ble Supreme Court has dismissed…

DEPUTY COMMISSIONER OF INCOME TAX, AURANGABAD vs. SURYACHANDRA LALMANI DUBEY, AURANGABAD

In the result, appeal of the Revenue is allowed

ITA 206/PUN/2024[2014-15]Status: DisposedITAT Pune28 Aug 2024AY 2014-15

Bench: SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR.DIPAK P. RIPOTE (Accountant Member)

Section 143(1)Section 147Section 148Section 250

…।आयकर अपीलीय अिधकरण ”बी” "ायपीठ पुणेम"। IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “B” :: PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.206/PUN/2024 िनधा"रण वष" / Assessment Year:2014-15 The Deputy V Suryachandra Lalmani Commissioner of Income s Dubey, Tax, Plot No.D-21, MIDC, Waluj, Aurangabad. Auranbabad – 431136. PAN: AGGPD5697L Appellant/ Revenue Respondent /Assessee Assessee by Shri Prateek Jha – AR Revenue by Shri Sourabh Nayak, IRSAddl.CIT(DR) Date of hearing 08/08/2024 Date of pronouncement 30/08/2024 आदेश/ ORDER PER DR. DIPA…

TULSHI DEALTRADE PVT. LTD. ,HOWRAH vs. ITO,WD-11(2),KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 776/KOL/2023[2012-13]Status: DisposedITAT Kolkata28 May 2024AY 2012-13

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

Section 143(1)Section 143(3)Section 147Section 148Section 148(2)Section 151

…in his report that there is a case for investigation as to the truth of the alleged bogus transactions and court held that this does not meet the requirements to issue notice under section 148 of the Act. (d) In the case of Nivi Trading Ltd v Union of India (375 ITR 308) (Bom) the Hon’ble Bombay High Court has held that if more details are sought or some verification is proposed that cannot be a substitution for reason which led the AO to believe that income chargeable to tax has escaped assessment. The court has held as under: “Held, allowing the petition, that the return of income was filed. There was a proces…

M/S. SAROJ EMBRODS PVT. LTD. ,HOOGHLY vs. DCIT, C.C-3(4), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

ITA 1352/KOL/2023[2016-17]Status: DisposedITAT Kolkata20 May 2024AY 2016-17

Bench: Shri Rajesh Kumar & Shri Sonjoysarma]

Section 143(1)Section 143(3)Section 147Section 148Section 69

…nst the judgment of the Hon'ble Gujrat High Court in the case of PCIT v Manzil Dinesh kumar Shah 3. Inductotheran (India) P. Ltd. v DCIT (356 ITR 481)(Guj) 4. Chhugamal Rajpal v S P Chaliha and Ors. Ltd. (416 ITR 435)(SC) 5. Nivi Trading Ltd v Union of India (375 ITR 308)(Bom) 5 I.T.A. Nos.1351 & 1352/Kol/2023 Assessment Years: 2015-16 & 2016-17 Saroj Embrods Pvt. Ltd. 6. CIT v Maniben Lalji Shah (283 ITR 453)(Bom) 7. CIT v Batra Bhatia Company (321 ITR 526)(Delhi) 7. The Ld. A.R., therefore, prayed that in view of the ratio laid down by the Apex Court and various High Courts, the assumption of jurisdiction und…

SAROJ EMBRODS PRIVATE LIMITED. ,HOOGHLY vs. DCIT,C.C-3(4), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

ITA 1351/KOL/2023[2015-16]Status: DisposedITAT Kolkata20 May 2024AY 2015-16

Bench: Shri Rajesh Kumar & Shri Sonjoysarma]

Section 143(1)Section 143(3)Section 147Section 148Section 69

…nst the judgment of the Hon'ble Gujrat High Court in the case of PCIT v Manzil Dinesh kumar Shah 3. Inductotheran (India) P. Ltd. v DCIT (356 ITR 481)(Guj) 4. Chhugamal Rajpal v S P Chaliha and Ors. Ltd. (416 ITR 435)(SC) 5. Nivi Trading Ltd v Union of India (375 ITR 308)(Bom) 5 I.T.A. Nos.1351 & 1352/Kol/2023 Assessment Years: 2015-16 & 2016-17 Saroj Embrods Pvt. Ltd. 6. CIT v Maniben Lalji Shah (283 ITR 453)(Bom) 7. CIT v Batra Bhatia Company (321 ITR 526)(Delhi) 7. The Ld. A.R., therefore, prayed that in view of the ratio laid down by the Apex Court and various High Courts, the assumption of jurisdiction und…

LOVELY PROMOTERS PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE, AJMER, AJMER

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

ITA 770/JPR/2023[2013-14]Status: DisposedITAT Jaipur08 Feb 2024AY 2013-14

Bench: him regarding non mentioning of Document Identification Number (DIN) in the body of the order u/s. 127 of the Act dated 08-09-2021 and various other technical pleas raised in grounds of appeal regarding validity of notice u/s. 148 of the Act, thereby appellate order passed by the CIT(A) is non-speaking order and deserves to be quashed. 4. On the facts and in circumstances of the case and in law, the AO erred in issuing notice u/s. 148 of the Act as it was a search related case u/s. 132 r/w

For Appellant: Shri Mayank Taparia (Adv.)For Respondent: Shri A.S. Nehra (Addl.CIT) a
Section 127Section 127(1)Section 132Section 147Section 148Section 148ASection 151Section 153C

…r entity entering into suspicious transactions, this was clearly in breach of settled position in law that re-opening notice has to be issued by Assessing Officer on his own satisfaction and not on borrowed satisfaction. > Nivi Trading Ltd. vs. Union of India 375 ITR 308 (Bom HC) The important words in section 147 of the Income-tax Act, 1961, are "has reason to believe" and they are stronger than the words "is satisfied". The belief entertained by the Income- tax Officer must not be arbitrary or irrational. It must be reasonable or in other words it must be based on reasons which are relevant and material. While…

TARA RAJU PATEL,VALSAD vs. INCOME TAX OFFICER, INTERNATIONAL TAXATION, , SURAT

In the result, the appeal of assessee is allowed

ITA 195/SRT/2023[2012-13]Status: DisposedITAT Surat26 Jun 2023AY 2012-13

Bench: Shri Pawan Singh(Virtual Hearing) Raju Maganlal Patel, I.T.O. C/O-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. Pan No. Auspp 1436 F Appellant/ Assessee Respondent/ Revenue Tara Raju Patel, I.T.O. C/O-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. Pan No. Avdpp 6714 G Appellant/ Assessee Respondent/ Revenue

Section 133(6)Section 144Section 147Section 148Section 254(1)Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH (SMC), SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER (Virtual hearing) Raju Maganlal Patel, I.T.O. C/o-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. PAN No. AUSPP 1436 F Appellant/ assessee Respondent/ revenue Tara Raju Patel, I.T.O. C/o-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. PAN No. AVDPP 6714 G Appellant/ assessee Respondent/ revenue Assessee represented by Shri Rajesh Upadhayay, A.R. Department represented by Shri Vinod Kumar, Sr. DR Date of Institution of App…

SHRI RAJU MAGANLAL PATEL,VALSAD vs. INCOME TAX OFFICER, INT. TAXATION, SURAT, SURAT

In the result, the appeal of assessee is allowed

ITA 188/SRT/2023[2011-12]Status: DisposedITAT Surat26 Jun 2023AY 2011-12

Bench: Shri Pawan Singh(Virtual Hearing) Raju Maganlal Patel, I.T.O. C/O-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. Pan No. Auspp 1436 F Appellant/ Assessee Respondent/ Revenue Tara Raju Patel, I.T.O. C/O-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. Pan No. Avdpp 6714 G Appellant/ Assessee Respondent/ Revenue

Section 133(6)Section 144Section 147Section 148Section 254(1)Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH (SMC), SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER (Virtual hearing) Raju Maganlal Patel, I.T.O. C/o-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. PAN No. AUSPP 1436 F Appellant/ assessee Respondent/ revenue Tara Raju Patel, I.T.O. C/o-Dinkarbhai T. Patel, Shankar (International Taxation), Vs. Talao, Via-Dungri, Valsad. Surat. PAN No. AVDPP 6714 G Appellant/ assessee Respondent/ revenue Assessee represented by Shri Rajesh Upadhayay, A.R. Department represented by Shri Vinod Kumar, Sr. DR Date of Institution of App…

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

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

ITA 407/RJT/2016[2010-11]Status: DisposedITAT Rajkot31 Jan 2023AY 2010-11

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…ns. But now it is established judicial pronouncement that proceeding u/s.147/148 cannot be resorted for verification of facts. Ld. AR had drawn my attention to the relevant decisions of Hon'ble Bombay High Court in the case of Nivi Trading Ltd. vs. UOI (2015) 375 ITR 308 (Bom) and Hon'ble Gujarat High CW in the case of J. V. Agarwal vs. ITO (2013) 257 CTR 112 (Gujarat) to consolidate his argument that desire to verify the cash deposits cannot be reason to reopen the assessment. 5.7 The provisions of Section 147 requires that the assessing officer should have reason to believe that income has escaped the assessmen…

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

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

ITA 406/RJT/2016[2009-10]Status: DisposedITAT Rajkot31 Jan 2023AY 2009-10

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…ns. But now it is established judicial pronouncement that proceeding u/s.147/148 cannot be resorted for verification of facts. Ld. AR had drawn my attention to the relevant decisions of Hon'ble Bombay High Court in the case of Nivi Trading Ltd. vs. UOI (2015) 375 ITR 308 (Bom) and Hon'ble Gujarat High CW in the case of J. V. Agarwal vs. ITO (2013) 257 CTR 112 (Gujarat) to consolidate his argument that desire to verify the cash deposits cannot be reason to reopen the assessment. 5.7 The provisions of Section 147 requires that the assessing officer should have reason to believe that income has escaped the assessmen…

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

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

ITA 405/RJT/2016[2008-09]Status: DisposedITAT Rajkot31 Jan 2023AY 2008-09

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 143(3)Section 147Section 148

…ns. But now it is established judicial pronouncement that proceeding u/s.147/148 cannot be resorted for verification of facts. Ld. AR had drawn my attention to the relevant decisions of Hon'ble Bombay High Court in the case of Nivi Trading Ltd. vs. UOI (2015) 375 ITR 308 (Bom) and Hon'ble Gujarat High CW in the case of J. V. Agarwal vs. ITO (2013) 257 CTR 112 (Gujarat) to consolidate his argument that desire to verify the cash deposits cannot be reason to reopen the assessment. 5.7 The provisions of Section 147 requires that the assessing officer should have reason to believe that income has escaped the assessmen…

SHRI PECHIMUTHU KARUPPIAH,,TRICHY vs. ITO, WARD-2(2), , TRICHY

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

ITA 3153/CHNY/2019[2009-10]Status: DisposedITAT Chennai07 Dec 2022AY 2009-10

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 3153/Chny/2019 िनधा"रण वष" / Assessment Year: 2009-10 Mr. Pechimuthu Karuppiah, The Income Tax Officer, No.3/27, Thiruvalluvar Street, V. Ward 2(2), Kumaresapuram, Koothaipar Trichy. Post, Trichy – 620 013. [Pan: Aampk-5734-D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. K. Ravi, Advocate ""यथ" क" ओर से/Respondent By : Shri. D. Hema Bhupal, Jcit सुनवाई क" तारीख/Date Of Hearing : 30.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 07.12.2022

For Appellant: Shri. K. Ravi, AdvocateFor Respondent: Shri. D. Hema Bhupal, JCIT
Section 147Section 148

…that the AO cannot abandon the reasons which was recorded for re- opening of assessment and make assessment on different reasons. In this regard, he relied upon the decision of Hon’ble Bombay High Court in the case of Nivi Trading Ltd vs Union of India (2015) 64 Taxmann.com 92 (Bombay) and also the decision of Hon’ble Bombay High Court in the case of PCIT vs Sheetal Dushyant Chaturvedi (2022), 134 Taxmann.com 327 (Bom). The Ld. Counsel for the assessee also relied upon the decision of the Supreme Court in the case of PCIT vs Sheetal Dushyant Chaturvedi (2022) 134 Taxmann.com 328 (SC). The :-6-: ITA. No:3153/Chny…

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S G.K.ISPAT PRIVATE LIMITED , KOLKATA

In the result, the appeals of the revenue are dismissed and the cross objection of the different assessees are also dismissed

ITA 2408/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Nov 2022AY 2011-12

Bench: Shri Sanjay Garg & Shri Rajesh Kumar] "ी संजय गग" "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य के सम"

Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 68

…G.K. Ispat Pvt. Ltd. Hon'ble Gujrat High Court in the case of PCIT v Manzil Dinesh kumar Shah 3. Inductotheran (India) P. Ltd. v DCIT (356 ITR 481)(Guj) 4. Chhugamal Rajpal v S P Chaliha and Ors. Ltd. (416 ITR 435)(SC) 5. Nivi Trading Ltd v Union of India (375 ITR 308)(Bom) 6. CIT v ManibenLalji Shah (283 ITR 453)(Bom) 7. CIT v Batra Bhatia Company (321 ITR 526)(Delhi) 10. The Ld. A.R. also submitted that quantum of alleged escapement of income was not stated in the reasons recorded and therefore the reopening is bad in law. It is needless to mention that the reason are required to be read as they were reco…

DCIT, CIRCLE - 6(1), KOLKATA , KOLKATA vs. M/S. GAURAV ROSE REAL ESTATE PVT. LTD., , KOLKATA

In the result, the appeals of the revenue are dismissed and the cross objection of the different assessees are also dismissed

ITA 2407/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Nov 2022AY 2011-12

Bench: Shri Sanjay Garg & Shri Rajesh Kumar] "ी संजय गग" "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य के सम"

Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 68

…G.K. Ispat Pvt. Ltd. Hon'ble Gujrat High Court in the case of PCIT v Manzil Dinesh kumar Shah 3. Inductotheran (India) P. Ltd. v DCIT (356 ITR 481)(Guj) 4. Chhugamal Rajpal v S P Chaliha and Ors. Ltd. (416 ITR 435)(SC) 5. Nivi Trading Ltd v Union of India (375 ITR 308)(Bom) 6. CIT v ManibenLalji Shah (283 ITR 453)(Bom) 7. CIT v Batra Bhatia Company (321 ITR 526)(Delhi) 10. The Ld. A.R. also submitted that quantum of alleged escapement of income was not stated in the reasons recorded and therefore the reopening is bad in law. It is needless to mention that the reason are required to be read as they were reco…

THE DY CIT (IT)-CIRCLE-3(3)(2), MUMBAI vs. MANISH VIJAY MEHTA, MUMBAI

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 494/MUM/2021[2006-07]Status: DisposedITAT Mumbai31 Oct 2022AY 2006-07

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

…belief i.e. there must be a live link between material coming the notice of the Assessing Officer and the formation of belief regarding escapement of income. -ITO v. Lakhmani Merwal Das [1976] 103 ITR 437(SC) [Pg 436-437] - Nivi Trading Limited v. UOI[2015] 375 ITR 308 (Bom.) (HC) (para 22) If there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on the facts and law could reasonably entertain the belief, then, the exercise A.Y. 06-07& 07-08 Manish Vijay Mehta & Urvi Manish Mehta. undertaken by the AO in reopening of assessment can…

THE DY CIT (IT)-CIRCLE-3(3)(2), MUMBAI vs. MANISH VIJAY MEHTA, MUMBAI

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 493/MUM/2021[2007-08]Status: DisposedITAT Mumbai31 Oct 2022AY 2007-08

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

…belief i.e. there must be a live link between material coming the notice of the Assessing Officer and the formation of belief regarding escapement of income. -ITO v. Lakhmani Merwal Das [1976] 103 ITR 437(SC) [Pg 436-437] - Nivi Trading Limited v. UOI[2015] 375 ITR 308 (Bom.) (HC) (para 22) If there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on the facts and law could reasonably entertain the belief, then, the exercise A.Y. 06-07& 07-08 Manish Vijay Mehta & Urvi Manish Mehta. undertaken by the AO in reopening of assessment can…

THE DY CIT (IT)-CIRCLE-3(3)(2), MUMBAI vs. URVI MANISH MEHRA, MUMBAI

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 492/MUM/2021[2007-08]Status: DisposedITAT Mumbai31 Oct 2022AY 2007-08

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

…belief i.e. there must be a live link between material coming the notice of the Assessing Officer and the formation of belief regarding escapement of income. -ITO v. Lakhmani Merwal Das [1976] 103 ITR 437(SC) [Pg 436-437] - Nivi Trading Limited v. UOI[2015] 375 ITR 308 (Bom.) (HC) (para 22) If there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on the facts and law could reasonably entertain the belief, then, the exercise A.Y. 06-07& 07-08 Manish Vijay Mehta & Urvi Manish Mehta. undertaken by the AO in reopening of assessment can…

THE DY CIT (IT)-CIRCLE-3(3)(2), MUMBAI vs. URVI MANISH MEHTA, MUMBAI

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 491/MUM/2021[2006-07]Status: DisposedITAT Mumbai31 Oct 2022AY 2006-07

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

…belief i.e. there must be a live link between material coming the notice of the Assessing Officer and the formation of belief regarding escapement of income. -ITO v. Lakhmani Merwal Das [1976] 103 ITR 437(SC) [Pg 436-437] - Nivi Trading Limited v. UOI[2015] 375 ITR 308 (Bom.) (HC) (para 22) If there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on the facts and law could reasonably entertain the belief, then, the exercise A.Y. 06-07& 07-08 Manish Vijay Mehta & Urvi Manish Mehta. undertaken by the AO in reopening of assessment can…

ITO 10 (1)(3), MUMBAI vs. KAILASHNATH MERCANTILE PVT. LTD., MUMBAI

ITA 6451/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Mar 2022AY 2009-10
For Respondent: Shri Tejinder Pal Singh Anand (DR)
Section 139(1)Section 143(1)Section 143(3)Section 144ASection 147Section 148Section 68

…eassessment proceedings have been initiated under the directions of superiors for verification of the transaction without forming any belief that the income has escaped assessment. 7. The Hon‟ble Bombay High Court in the case of Nimi Trading Limited Vs UOI : 375 ITR 308 (Bombay), relied upon by CIT(A) while granting relief to the Assessee, has observed as under: “25. We are not in agreement with Mr. Gupta because the clear language of section 147 of the IT Act reveals that if the Assessing Officer has reason to believe that any income has escaped assessment, then, he can resort to such power. While it is true,…

Showing 1–20 of 36 · Page 1 of 2