Omega Estates v. Income-tax Officer

106 ITD 427Income Tax Appellate Tribunal2007#14667 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2023 to 2023.

Issues it is cited on

section 271(l)section 156dumb documentssection 132(4a)reasoned orderdocuments seizedincome-tax officerunexplained investmentsection 153cincriminating materialsection 271(1)(c)undisclosed income

Judgments citing Omega Estates v. Income-tax Officer

M/S. Maya Tradecom Pvt. Ltd., Kolkata vs. PCIT, Central - 1, Kolkata

In the result, the appeal of the assessee is dismissed

ITA 1026/KOL/2018[2013-14]Status: HeardITAT Kolkata21 Apr 2023AY 2013-14

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 142(1)Section 143(2)Section 143(3)Section 263

…ted the addition on the ground that AO arrived at conclusion primarily on imaginative basis and conjectures rather than on the basis of any record or books of account and hence deleted the addition. Reliance is also placed in the case of Omega Estates V. IT0 106 ITD 427 (Chennai) where the Chennai Bench of ITAT held that since the revenue could not prove that actual consideration was more than that recorded by the assessee and since books of account had not be rejected, there was no basis of making the estimated addition. Reliance is further placed in the case of K.P. Varghese V. ITO, Ernakulam and Another 131…

Atul Kumar Gupta, New Delhi vs. ACIT Central Circle-28, New Delhi

In the result, Revenue’s appeals for AYs 2011-12 in the cases of

ITA 206/DEL/2021[2015-16]Status: DisposedITAT Delhi17 Feb 2023AY 2015-16
For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 132Section 69A

…ar S Lakhani v.ITO ITA No. 5158/MUM/2019 (Mumbai ITAT)- para 6,7 f. DCIT v. Kalawatl Aggarwal ITA No. 112/DEL/2010 (Delhi ITAT)- para 11 g. ACIT v. Sharad Chaudhary [2015) 55 taxmann.com 324 (Delhi- TrIb.)-para 28 h. Omega Estates v. Income-tax Officer [2007) 106 ITD 427 (Chennai ITAT)-para 18 i. ITO v. Dua Auto Components (P.) Ltd. [2011) 16 taxmann.com 58 (Delhi) -para 6.4 and 6.5 12. Ld. Counsel further submitted that there is also a settled law that the AO cannot substitute the selling price determined between a willing buyer and a willing seller merely based on book value or fair market value. In this reg…

Atul Kumar Gupta, New Delhi vs. ACIT Central Circle-28, New Delhi

In the result, Revenue’s appeals for AYs 2011-12 in the cases of

ITA 205/DEL/2021[2014-15]Status: DisposedITAT Delhi17 Feb 2023AY 2014-15
For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 132Section 69A

…ar S Lakhani v.ITO ITA No. 5158/MUM/2019 (Mumbai ITAT)- para 6,7 f. DCIT v. Kalawatl Aggarwal ITA No. 112/DEL/2010 (Delhi ITAT)- para 11 g. ACIT v. Sharad Chaudhary [2015) 55 taxmann.com 324 (Delhi- TrIb.)-para 28 h. Omega Estates v. Income-tax Officer [2007) 106 ITD 427 (Chennai ITAT)-para 18 i. ITO v. Dua Auto Components (P.) Ltd. [2011) 16 taxmann.com 58 (Delhi) -para 6.4 and 6.5 12. Ld. Counsel further submitted that there is also a settled law that the AO cannot substitute the selling price determined between a willing buyer and a willing seller merely based on book value or fair market value. In this reg…

Atul Kumar, New Delhi vs. ACIT Central Circle-28, New Delhi

In the result, Revenue’s appeals for AYs 2011-12 in the cases of

ITA 1395/DEL/2021[2016-17]Status: DisposedITAT Delhi17 Feb 2023AY 2016-17
For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 132Section 69A

…ar S Lakhani v.ITO ITA No. 5158/MUM/2019 (Mumbai ITAT)- para 6,7 f. DCIT v. Kalawatl Aggarwal ITA No. 112/DEL/2010 (Delhi ITAT)- para 11 g. ACIT v. Sharad Chaudhary [2015) 55 taxmann.com 324 (Delhi- TrIb.)-para 28 h. Omega Estates v. Income-tax Officer [2007) 106 ITD 427 (Chennai ITAT)-para 18 i. ITO v. Dua Auto Components (P.) Ltd. [2011) 16 taxmann.com 58 (Delhi) -para 6.4 and 6.5 12. Ld. Counsel further submitted that there is also a settled law that the AO cannot substitute the selling price determined between a willing buyer and a willing seller merely based on book value or fair market value. In this reg…

DCIT Central Circle -28, New Delhi vs. Atul Kumar Gupta, New Delhi

In the result, Revenue’s appeals for AYs 2011-12 in the cases of

ITA 1931/DEL/2020[2011-12]Status: DisposedITAT Delhi17 Feb 2023AY 2011-12
For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 132Section 69A

…ar S Lakhani v.ITO ITA No. 5158/MUM/2019 (Mumbai ITAT)- para 6,7 f. DCIT v. Kalawatl Aggarwal ITA No. 112/DEL/2010 (Delhi ITAT)- para 11 g. ACIT v. Sharad Chaudhary [2015) 55 taxmann.com 324 (Delhi- TrIb.)-para 28 h. Omega Estates v. Income-tax Officer [2007) 106 ITD 427 (Chennai ITAT)-para 18 i. ITO v. Dua Auto Components (P.) Ltd. [2011) 16 taxmann.com 58 (Delhi) -para 6.4 and 6.5 12. Ld. Counsel further submitted that there is also a settled law that the AO cannot substitute the selling price determined between a willing buyer and a willing seller merely based on book value or fair market value. In this reg…

ACIT Central Circle-28, New Delhi vs. Rajiv Gupta, New Delhi

In the result, Revenue’s appeals for AYs 2011-12 in the cases of

ITA 1164/DEL/2020[2011-12]Status: DisposedITAT Delhi17 Feb 2023AY 2011-12
For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 132Section 69A

…ar S Lakhani v.ITO ITA No. 5158/MUM/2019 (Mumbai ITAT)- para 6,7 f. DCIT v. Kalawatl Aggarwal ITA No. 112/DEL/2010 (Delhi ITAT)- para 11 g. ACIT v. Sharad Chaudhary [2015) 55 taxmann.com 324 (Delhi- TrIb.)-para 28 h. Omega Estates v. Income-tax Officer [2007) 106 ITD 427 (Chennai ITAT)-para 18 i. ITO v. Dua Auto Components (P.) Ltd. [2011) 16 taxmann.com 58 (Delhi) -para 6.4 and 6.5 12. Ld. Counsel further submitted that there is also a settled law that the AO cannot substitute the selling price determined between a willing buyer and a willing seller merely based on book value or fair market value. In this reg…

Omega Estates v. Income-tax Officer (106 ITD 427) — Cited in 6 Judgments | BharatTax