PCIT v. Meenakshi Overseas Pvt. Ltd.

395 ITR 677High Court2017#149 most cited

What is PCIT v. Meenakshi Overseas Pvt. Ltd. authority for?

Reassessment proceedings initiated solely based on an investigation wing/appraisal report, without the Assessing Officer's independent application of mind to form a 'reason to believe' that income has escaped assessment, are beyond jurisdiction, bad in law, and void ab initio.

471

judgments rely on this decision, according to BharatTax’s citation analysis of 367,164 Indian tax judgments — from 2015 to 2026.

Also referred to as

PCIT v. Meenakshi Overseas Pvt. Ltd. · Section 148 · Section 147 · reopening of assessment · reason to believe · independent application of mind · borrowed satisfaction · investigation report · reassessment proceedings invalid · non application of mind · escapement of income

Also reported as

82 Taxmann.com 300

Sections most often in play

Section 148Section 147Section 143(3)Section 68Section 151Section 142(1)Section 132Section 143(1)
Read the full judgment

Issues it is cited on

borrowed satisfactionlive linksection 151(1)tangible materialmaterial facts necessary for assessmentsection 148(2)kelvinatornon application of mindreason to believereopening of assessmentescapement of incomemere change of opinion

Judgments citing PCIT v. Meenakshi Overseas Pvt. Ltd.

M/S Suraj Pulses Pvt.Ltd., Delhi vs. Pr. CIT-8, New Delhi

In the result, the appeals of the Assessees are allowed

ITA 3009/DEL/2017[2007-08]Status: DisposedITAT Delhi06 Jul 2021AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: S/Shri Shantanu Jain, AdvFor Respondent: Shri H.K. Choudhary, CIT-D.R
Section 133(6)Section 147Section 148Section 263

…ion 133(6) of the I.T. Act. In this view of the matter, we allow the appeal of assessee.” 13.1 Further reliance was placed upon the following judgments: - G & G Pharma 384 ITR 0147 (High Court of Delhi) 16 ITA. No.3009 to 3012/DEL/2017 - Meenakshi Overseas 395 ITR 677 (High Court of Delhi) - Sabh Infrastructure reported in 398 ITR 198 (High Court of Delhi) - DCIT vs KLA Foods (India) Ltd. in ITA No. 2846/D/2015 dated 08.04.2019 (ITAT, Delhi) - ITO vs Smt. Aarti Khattar in ITA No. 2395/D/2012 dated 22.08.2014 (ITAT, Delhi) - CIT vs. Shree Rajasthan Syntex Ltd reported in 313 ITR 231 (High Court of Rajasthan) 1…

Baljit Kaur, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-16(2), Hyderabad

In the result, appeal of the assessee is allowed

ITA 231/HYD/2020[2011-12]Status: DisposedITAT Hyderabad25 Jun 2021AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2011-12 Baljit Kaur, Hyderabad. Vs. Dy. Commissioner Of Income-Tax, Pan – Ajxpk 8087H Circle – 16(2), Hyderabad. (Appellant) (Respondent) Assessee By: Shri P. Murali Mohan Rao Revenue By: Shri Rohit Mujumdar Date Of Hearing: 10/06/2021 Date Of Pronouncement: 28/06/2021

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Shri Rohit Mujumdar
Section 143(1)Section 143(3)Section 144Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”: HYDERABAD (THROUGH VIRTUAL CONFERENCE) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year: 2011-12 Baljit Kaur, Hyderabad. Vs. Dy. Commissioner of Income-tax, PAN – AJXPK 8087H Circle – 16(2), Hyderabad. (Appellant) (Respondent) Assessee by: Shri P. Murali Mohan Rao Revenue by: Shri Rohit Mujumdar Date of hearing: 10/06/2021 Date of pronouncement: 28/06/2021 O R D E R PER L.P. SAHU, A.M.: This appeal filed by the assessee is directed against CIT(A) – 4, Hyderabad’s order dated 24/01/2020 for…

Jai Prakash Gupta, Kolkata vs. ITO, Ward-37(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 2142/KOL/2019[2013-14]Status: DisposedITAT Kolkata18 Jun 2021AY 2013-14

Bench: Shri A. T. Varkey, Jm]

Section 143(1)Section 147Section 148

…escapement of income. Therefore, the reasons recorded by AO to usurp jurisdiction to re-open is not satisfied and for saying so, I rely on the following case laws: i) Decision of Hon’ble Delhi High Court in the case of Pr. CIT vs. Meenakshi Overseas Pvt. Ltd. 395 ITR 677. ii) Decision of Hon’ble Delhi High Court in the case of Pr. CIT vs. G & G Pharma India Ltd. 387 ITR 147. iii) Decision of Hon’ble Delhi High Court in the case of Pr. CIT vs. RMG Polyvinyl (I) Ltd. 396 ITR 5 iv) Decision of Hon’ble Delhi High Court in the case of Sab Infrastructure Ltd. vs. ACIT 2017-(9)-TMI-1589. ITA No. 366/Del/2016 M/s Key Com…

Ashish Bhardwaj, Ghaziabad vs. ITO Ward-36(4), New Delhi

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

ITA 9232/DEL/2019[2011-12]Status: DisposedITAT Delhi14 Jun 2021AY 2011-12
For Appellant: Shri Akhilesh Kumar, CAFor Respondent: Ms Rano Mukherjee, Sr. DR
Section 147Section 148Section 2(30)Section 5(1)Section 6Section 6(1)Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC-1 : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2011-12 Ashish Bhardwaj, Vs ITO, Ch. No.206-207, Ansal Satyam, Ward-36(4), RDC Rajnagar, New Delhi. Ghaziabad. PAN: AMWPB4194J (Appellant) (Respondent) Assessee by : Shri Akhilesh Kumar, CA Revenue by : Ms Rano Mukherjee, Sr. DR Date of Hearing : 17.03.2021 Date of Pronouncement : 14.06.2021 ORDER This appeal filed by the assessee is directed against the order dated 27th September, 2019 of the CIT(A)-2, New Delhi, relating to assessment year 2011-12. 2. Facts of the case, in brief, are…

Jai Deep Singh, Jaipur vs. Income Tax Officer, Ward-7-2, Jaipur

In the result, the appeal of the assessee is allowed

ITA 1030/JPR/2018[2007-08]Status: DisposedITAT Jaipur02 Jun 2021AY 2007-08
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Smt. Runi Pal (ACIT) a
Section 143(3)Section 147Section 148

…to which income escaped assessment, notice issued u/s 148 and consequent assessment framed 7 Shri Jaideep Singh vs. ITO u/s 147 is illegal and bad in law. In this regard, reliance was placed on the following cases:- • PCIT Vs. RMG Polyvinyl (I) Ltd. (2017) 156 DTR 79 (Del.) • Sh. Kulwant Singh Vs. ITO (ITA No.841/JP/18 order dt.20.12.2018) (Jaipur) (Trib) 6. It was further submitted that AO provided the reasons after assessee explained vide his letter dt. 16.01.2015 that he has already filed the return with ITO, Ward-2(3) in the HUF capacity and the same be treated as a return filed in response to the notice…

Simar Kaur, Kurukshetra vs. ACIT, Circle, Kurukshetra

In the result, the appeal of the assessee is allowed

ITA 220/CHANDI/2019[2010-11]Status: DisposedITAT Chandigarh25 May 2021AY 2010-11
For Appellant: Shri Sudhir SehgalFor Respondent: Shri Ashok Khanna, Addl. CIT
Section 147Section 148Section 282

…llity, namely: Amrik singh vs ITO reported at 142 DTR 6 ASR-Trib.) Placed at Pages 51-64 of Jud. Set Holy Faith International Pvt. Ltd. vs DCIT in ITA no. 181/Asr/2017 Asr-Trib. Placed at Pages 75-89 of the Jug. Set Pr. CIT vs Meenakshi Overseas reported at 82 Taxmann.com 300 (Del HC) Placed at Pages 118-129 of the Jud. Set Mechanical satisfaction of the Pr. CIT for approving Re-opening Notwithstanding the submissions above, your kind attention is brought to the fact that the Ld. Pr. CIT, Karnal has simply stated 'Yes, I am Satisfied' while approving the reopening of the assessment in case of the assessee. Thu…

M/S Shri Shyam Sunder Infrastructure (P) Ltd., Delhi vs. ITO, New Delhi

In the result, appeal of the Assessee allowed

ITA 2106/DEL/2013[2003-04]Status: DisposedITAT Delhi19 May 2021AY 2003-04

Bench: Shri Bhavnesh Saini & Shri N.K. Billaiya

For Appellant: Shri Vinod Kumar Bindal, CAFor Respondent: Shri Prakash Dubey, Sr. DR
Section 131Section 144Section 147Section 148Section 68

…tion entries but no further inquiry was undertaken by Assessing Officer, said information could not be said to be tangible material per se and, thus, reassessment on said basis was not justified.” 7.7. In the case of Pr. CIT vs., Meenakshi Overseas (P) Ltd., 395 ITR 677 (Del.), the Hon’ble Delhi High Court held as under : "Reassessment notice condition precedent recording of reasons to believe that income has escaped assessment mere reproduction of investigation report in reasons recorded absence of link between tangible material and formation of ceding illegal Income Tax Act, 1961, Sec.147, 148" 27 ITA.No.210…

M/S vs. R Enterprises, New Delhi

In the result, appeal of the Assessee allowed

ITA 1855/DEL/2016[2007-08]Status: DisposedITAT Delhi18 May 2021AY 2007-08

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaassessment Year : 2007-08

For Appellant: Sh. P.C. Yadav, AdvFor Respondent: Sh. Prakash Dubey, Sr. DR
Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘G’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year : 2007-08 M/s VSR Enterprises, Vs. ITO, House No. G-146-A, Khasra Ward-27(4), No.1/24, Shiv Ram Park, New Delhi Nilothi Nangloi, New Delhi-110041, PAN-AAFFV5459F (Appellant) (Respondent) Appellant by : Sh. P.C. Yadav, Adv. Respondent by : Sh. Prakash Dubey, Sr. DR Date of hearing : 23.03.2021 Date of pronouncement : 18.05.2021 ORDER PER R.K. PANDA, AM : This appeal filed by the assessee is directed against…

Rajesh Gupta (HUF), New Delhi vs. ITO Ward - 31(4), New Delhi

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

ITA 5712/DEL/2019[2011-12]Status: DisposedITAT Delhi19 Apr 2021AY 2011-12

Bench: Shri R.K. Pandaassessment Year : 2011-12 Rajesh Gupta Huf, Vs. Ito, C/O-Raj Kumar & Associates, Ward-31(4), Chartered Accountants, R. No.1209, Civic Centre, L-7A (Lgf), South Extension New Delhi-110002 Part-Ii, New Delhi-110049 Pan-Aaghr9262M

For Appellant: Sh. Raj Kumar, CAFor Respondent: Sh. Farat Khan, Sr. DR
Section 143(1)Section 147Section 148

…ed on the following decisions: i. Pr. CIT vs G And G Pharma India Ltd. 384 ITR (2016)(Del.) 147 7 ii. Sarthak Securities Co. (P) Ltd. 329 ITR 110(Del.) iii. CIT vs Kamdhenu Steel & Alloys Ltd. (2012) 248 CTR (Del.) 33 iv. PCIT vs Meenakshi Overseas (I) Ltd. 395 ITR 677 (Del.) 8. So far as the merits of the case is concerned, the learned counsel for the assessee, submitted that the assessee had applied for 5000 shares having face value of Rs.10 each of M/s Swen Television Ltd. in A.Y. 2006-07. Thereafter, shares of M/s Swen television Ltd. were split into the face value of Rs.5/- each, Further, bonus shares…

M/S Kaur Sain Spinning & Weaving Mills Ltd., Ludhiana vs. ACIT, CC-II, Ludhiana

In the result, appeal of the assessee is allowed

ITA 1374/CHANDI/2019[2011-12]Status: DisposedITAT Chandigarh16 Apr 2021AY 2011-12

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपीलसं./Ita Nos. 1374/Chd/2019 "नधा"रण वष" / Assessment Year : 2011-12 M/S Kaur Sain Spinning & बनाम The Acit, Weaving Mills Ltd., Central Circle-Ii, A-17, Phase Iii, Ludhiana Focal Point, Ludhiana "थायीलेखासं./Pan No: Aabck6909J अपीलाथ"/Appellant ""यथ"/Respondent Hearing Through Video Conferencing "नधा"रतीक"ओरसे/Assessee By : Shri Ashwani Kumar, Ca राज"वक"ओरसे/ Revenue By : Smt. Meenakshi Vohra, Addl. Cit सुनवाईक"तार"ख/Date Of Hearing : 18.01.2021 उदघोषणाक"तार"ख/Date Of Pronouncement : 16.04.2021 आदेश/Order Per R.L. Negi:

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Smt. Meenakshi Vohra, Addl. CIT
Section 132Section 132(4)Section 133(6)Section 143Section 143(1)Section 143(3)Section 147Section 148Section 151Section 250(6)

…Enterprises Pvt. Ltd. (supra) ,is apt, wherein the aforesaid proposition of law was upheld relying on decisions of the Hon’ble Delhi High Court in the case of CIT Vs G & G Pharma India Ltd.( 2016) 384 ITR 147 & Pr. CIT Vs. Meenakshi Overseas Pvt. Ltd. (2017) 395 ITR 677 which held that while report of the Investigation Wing might constitute material for the AO forming reasons to believe ,the process of arriving at such satisfaction could not be a mere repetition of the report of investigation. In the present case on perusing the contents of the reasons recording the satisfaction of escapement of income by the A.…

Digvijay Advisor Pvt. Ltd, Ghaziabad Up vs. ITO Ward-7(3), New Delhi

In the result, the appeal of the assessee is allowed

ITA 4540/DEL/2019[2008-09]Status: DisposedITAT Delhi16 Apr 2021AY 2008-09

Bench: Shri R.K. Pandaassessment Year : 2008-09

For Appellant: Sh. Akhilesh Kumar, AdvocateFor Respondent: Sh. Farat Khan, Sr. DR
Section 143(2)Section 143(3)Section 147Section 148Section 149Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘SMC-2’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year : 2008-09 Digvijay Advisor Pvt. Ltd. Vs. ITO, C/o-Akhilesh Kumar, Adv. Ward-7(3), 206-207, Ansal Satyam, New Delhi RDC, Ghaziabad-201002 PAN-AAACK5245Q (Appellant) (Respondent) Appellant by : Sh. Akhilesh Kumar, Advocate Respondent by : Sh. Farat Khan, Sr. DR Date of hearing : 04.02.2021 Date of pronouncement : 16.04.2021 ORDER PER R.K. PANDA, AM : This appeal filed by the assessee is directed against the order dated 11.03.2019 of the learned CIT(A…

DCIT 8(2)(1), Mumbai vs. Shradha Tradelinks P. Ltd, Mumbai

ITA 656/MUM/2016[2008-09]Status: DisposedITAT Mumbai08 Apr 2021AY 2008-09

Bench: Shri Shamim Yahya () & Shri Ravish Sood () Deputy Commissioner Of M/S Shradha Tradelinks Income Tax-8(2)(1), Vs. Pvt. Ltd., 1108, Dalamal Aayakar Bhavan, Room Tower, Free Press No. 624, M.K. Road, Journal Marg, Mumbai – 400 020 Nariman Point, Mumbai – 400 021 Pan No. Aafcs1489R (Assessee) (Revenue) C.O No.323/Mum/2017 (Arising Out Of Ita No. 656/Mum/2016) (Assessment Year: 2008-09) M/S Shradha Tradelinks Deputy Commissioner Of Pvt. Ltd. Vs. Income Tax, Circle 7(2), 1108, Dalamal Tower, Aayakar Bhavan, Free Press Journal Marg, Mumbai – 400 020 Nariman Point, Mumbai – 400 021 Pan No. Aafcs1489R (Assessee) (Revenue) Assessee By : Shri Paresh Shaparia, A.R Revenue By : Shri R. Manjunatha Swamy, Cit D.R Date Of Hearing : 13/01/2021 Date Of Pronouncement : 08/04/2021

For Appellant: Shri Paresh Shaparia, A.RFor Respondent: Shri R. Manjunatha Swamy, CIT D.R
Section 132Section 143(3)Section 147

…basis of the satisfaction of the A.O but on the basis of a borrowed satisfaction of the DDIT(Inv.) could not be sustained. Also, support is drawn from the judgment of the Hon’ble High Court of Delhi in the case of PCIT Vs. Meenakshi Overseas Pvt. Ltd. (2017) 395 ITR 677 (Delhi). In the aforesaid case, the Hon‟ble High Court observed that the A.O had proceeded to send a notice u/s 147/148 of the Act solely on the basis of information received from the DIT(Inv.). It was noticed by the High Court that after writing about the nature of the impugned accommodation entry and without mentioning the nature of transaction…

Sungrow Impex Private Limited, New Delhi vs. ITO Ward-24(3), New Delhi

In the result appeal of assessee allowed

ITA 4183/DEL/2019[2010-11]Status: DisposedITAT Delhi19 Mar 2021AY 2010-11

Bench: Shri Bhavnesh Saini & Shri N.K. Billaiya

For Appellant: Shri P.C. Yadav, AdvocateFor Respondent: Shri Prakash Dubey, Sr. D.R
Section 143(1)Section 147Section 148Section 68

…led to demonstrate the live link between the alleged tangible material and the formation of belief that income chargeable to tax has escaped assessment. The decisions relied upon Ld. Counsel for assessee in the cases of Pr. CIT Vs. Meenakshi Overseas (P) Ltd. 395 ITR 677 (Del.), Pr. CIT Vs. RMG Polyvinyl (I) Ltd., 396 ITR 5 (Del.), Pr. CIT vs. G&G Pharma India Ltd. [2016] 384 ITR 147 (Del.) and Signature Hotels P. Ltd. Vs. ITO (supra) squarely apply to the facts and circumstances of the case. Considering the facts and circumstances of the case, in the light of the above discussion, and decisions referred to in th…

Savita Holdings Pvt. Ltd., Delhi vs. ITO, Ward- 22(4), New Delhi

ITA 1389/DEL/2019[2010-11]Status: DisposedITAT Delhi19 Mar 2021AY 2010-11

Bench: Shri Bhavnesh Saini & Shri B.R.R Kumar

For Appellant: Shri Suresh Kumar Gupta, C.AFor Respondent: Shri Prakash Dubey, Sr. D.R
Section 143(1)Section 147Section 148Section 68Section 69A

…l referred in the information of Investigation Wing was not available to the AO or if it was there, the same have not been considered by the AO. He has relied upon judgment of the Hon’ble Delhi High Court in the case of CIT Vs. Meenakshi Overseas Pvt. Ltd. 395 ITR 677 (Del.), wherein it was held that “reproduction of information without showing how the material referred therein does not show application of mind by the AO in absence of any specific discussion on the material on the basis of which independent prima facie belief is reached that income has escaped assessment”. Ld. Counsel for the assessee in 9 I…

Space Chem Engineers Private Limited, Ghaziabad vs. ITO Ward-2(3), Ghaziabad

In the result the appeal filed by the assessee is allowed

ITA 1791/DEL/2019[2008-09]Status: DisposedITAT Delhi18 Mar 2021AY 2008-09

Bench: Shri R.K. Pandaasstt. Year 2008-09

For Appellant: Shri Akhilesh Kumar, AdvocateFor Respondent: Shri Sanjiv Mahajan, Sr. DR
Section 142(1)Section 147Section 148Section 271(1)(b)Section 68

…mind by the Addl. CIT while giving approval. The reassessment proceeding was made on wrong and incorrect facts and, therefore ,makes the reopening null and void. 22. The Hon’ble Delhi High Court in the case of PCIT vs. Meenakshi Overseas (P) Ltd. reported in 395 ITR 677 (Delhi) has held that where reassessment was resorted to on the basis of information from DIT (Investigation) that assessee had received accommodation entry but there was no independent application of mind by Assessing Officer to tangible material and reasons failed to demonstrate link between tangible material and formation of reason to believe…

Karan Khurana, Delhi vs. ITO, Ward- 48(2), New Delhi

In the result, the appeal of assessee is allowed

ITA 1783/DEL/2019[2010-11]Status: DisposedITAT Delhi17 Mar 2021AY 2010-11

Bench: Shri Bhavnesh Saini & Shri B.R.R Kumar

For Appellant: Shri Suresh Gupta, C.AFor Respondent: Shri N.K. Bansal, Sr. D.R
Section 147Section 148Section 149(1)(b)Section 151

…to demonstrate the live link between the alleged tangible material and the formation of belief that income chargeable to tax has escaped assessment. The decisions relied upon Ld. Counsel for assessee in the cases of Pr. CIT Vs. Meenakshi Overseas (P) Ltd. 395 ITR 677 (Del.), Pr. CIT Vs. RMG Polyvinyl (I) Ltd., 396 ITR 5 (Del.), Pr. CIT vs. G&G Pharma India Ltd. [2016] 384 ITR 147 (Del.) and Signature Hotels P. Ltd. Vs. ITO (supra) squarely apply to the facts and circumstances of the case. Considering the facts and circumstances of the case, in the light of the above discussion, and decisions referred to i…

Late Shri Ganpat Singh, L/H Bikram Singh, Rewari vs. ITO, Ward-1, Rewari

ITA 2880/DEL/2019[2009-10]Status: DisposedITAT Delhi03 Mar 2021AY 2009-10

Bench: Shri R.K. Pandaasstt. Year 2009-10

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Shri Frat Khan,Sr. DR
Section 142(1)Section 143(2)Section 147Section 148Section 68

…nd merit in the arguments of the Ld. Counsel for the assessee that the reopening of the assessment on wrong and incorrect facts makes the reopening null and void. 8. The Hon’ble Delhi High Court in the case of PCIT vs. Meenakshi Overseas (P) Ltd. reported in 395 ITR 677 (Delhi) has held that where reassessment was resorted to on basis of information from DIT (Investigation) that assessee had received accommodation entry but there was no independent application of mind by Assessing Officer to tangible material and reasons failed 8 to demonstrate link between tangible material and formation of reason to believe t…

Chetan Rajnikant Shah, Mumbai vs. Income Tax Officer-24(1)(4), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 1948/MUM/2018[2007-08]Status: DisposedITAT Mumbai22 Feb 2021AY 2007-08

Bench: Shri Shamim Yahya & Shri Ravish Soodchetan Rajnikant Shah Income Tax Officer-24(1)-4, 703, Jamuna Vihar, Piramal Chambers, Parel, Vs. Juhu Lane, Andheri West, Mumbai – 400 012 Mumbai – 400058 Pan – Amqps6037D (Appellant) (Respondent)

For Appellant: Shri Mehul Shah, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 131Section 132(4)Section 143(3)Section 147Section 148Section 68

…geable to tax had escaped assessment is found amiss, the reopening of the assessment cannot be held to be justified. Our aforesaid view is fortified by the judgment of the Hon’ble High Court of Delhi in the case of PCIT Vs. Meenakshi Overseas Pvt. Ltd. (2017) 395 ITR 677 (Delhi). In the aforesaid case, the Hon‟ble High Court observed that the A.O had proceeded to send a notice u/s 147/148 of the Act solely on the basis of information received from the DIT(Inv.). It was noticed by the High Court that after writing about the nature of the impugned accommodation entry and without mentioning the nature of transaction…

Bishan Sharup Gupta, Delhi vs. ITO, Ward- 45(4), New Delhi

In the result, appeal of the Assessee allowed

ITA 8083/DEL/2019[2010-11]Status: DisposedITAT Delhi19 Feb 2021AY 2010-11

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

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Shri Ved Prakash Mishra, Sr. D.R
Section 131Section 147Section 148

…hi. "In the present case too, the information received from the Inv. Wing cannot be said to be tangible material per se without a further enquiry being undertaken by the learned assessing officer" 6.7. In the case of Pr. CIT vs., Meenakshi Overseas (P) Ltd., 395 ITR 677 (Del.), the Hon’ble Delhi High Court held as under : "Reassessment notice condition precedent recording of reasons to believe that income has escaped assessment mere reproduction of investigation report in reasons recorded absence of link between tangible material and formation of ceding illegal Income Tax Act, 1961, Sec.147, 148" 6.8. In the c…

M/S vs. R Enterprises, New Delhi

In the result, appeal of the Assessee allowed

ITA 1856/DEL/2016[2008-09]Status: DisposedITAT Delhi17 Feb 2021AY 2008-09

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

For Appellant: Shri P.C. Yadav, AdvocateFor Respondent: Shri Prakash Dubey, Sr. D.R
Section 147Section 148Section 68

…r: "In the present case too, the information received from the Inv. Wing cannot be said to be tangible material per se without a further enquiry being undertaken by the learned assessing officer" 6.7. In the case of Pr. CIT vs., Meenakshi Overseas (P) Ltd., 395 ITR 677 (Del.), the Hon’ble Delhi High Court held as under : 32 ITA.No.1856/Del./2016 M/s. VSR Enterprises, New Delhi. "Reassessment notice condition precedent recording of reasons to believe that income has escaped assessment mere reproduction of investigation report in reasons recorded absence of link between tangible material and formation of ceding…