Rakesh Gupta v. CIT

405 ITR 213High Court2018#10603 most cited

What is Rakesh Gupta v. CIT authority for?

Reopening an assessment is valid if the reasons for reopening are based on tangible, specific, and non-vague material, such as information from an investigation into client code modifications.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2025.

Also referred to as

Rakesh Gupta v. CIT · Section 133(6) · Section 147 · Section 148 · reopening assessment · reasons to believe · tangible material · specific information · SEBI investigation · client code modification

Sections most often in play

Section 133(6)Section 142(1)Section 143(2)Section 143(3)Section 147Section 148
Read the full judgment

Judgments citing Rakesh Gupta v. CIT

Principal Commissioner of Income Tax 2 Kolkata vs. M/S Royal Touch Fablon Private Limited

The appeal is dismissed

ITAT/132/2025HC Calcutta03 Dec 2025

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

Section 143(2)Section 147Section 148Section 68

…nces of the case the Ld. Income Tax Appellate Tribunal was not justified in law in quashing the reassessment order without considering the established legal principles as laid down by the Hon'ble Delhi High Court in the case of Rakesh Gupta Vs. CIT (2018) 405 ITR 213? 2 c) WHETHER in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in deleting the addition of Rs.3,53,93,269/ on account of unexplained cash credit U/s. 68 of the I.T. Act without considering the fact that income escaping assessment in reasons recorded has also been considered as…

The Commissioner Ocf Income Tax-I vs. M/S.Bharat Biotech International Limited

ITTA/56/2016HC Telangana10 Jun 2025

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

Principal Commissioner of Income Tax 2 Kolkata vs. M/S Narayan Tradecom Pvt Ltd

Accordingly, the appeal fails and is dismissed

ITAT/76/2025HC Calcutta10 Jun 2025

Bench: :

Section 131Section 133(6)Section 260ASection 68

…s of the case the Ld. Income Tax Appellate Tribunal was not justified in law in quashing the reassessment order without considering the established legal principles as laid down by the Hon’ble Delhi High Court in the matter of Rakesh Gupta vs. CIT, (2018) 405 ITR 213/303 ? c) Whether in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in deleting the addition of Rs.22,00,119/- on account of unexplained cash credit U/s.68 of the I.T. Act in a situation involving absence of the identity of the creditors genuineness and creditworthiness of the entir…

ACIT Circle 4(3)(1), 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

…on of M/s. Coronation Agro Industries Ltd. (supra) which was on interim relief granted to the assessee without getting into merits of the case. The ld. DR further stated that the Hon'ble Punjab and Haryana High Court in the case of Rakesh Gupta vs. CIT [2018] 405 ITR 213 has held that if the reasons of reopening are based on tangible material and when the information is specific and not vague, the information received can be based for the reason to believe that the income has escaped assessment, thereby making a reopening valid and in accordance with law. The ld. DR stated that the said decision was passed by the…

Technicon Holdings Pvt. Ltd., New Delhi vs. ACIT, Circle- 25(1), New Delhi

In the result, the Appeal filed by the Assessee is allowed

ITA 465/DEL/2019[2010-11]Status: DisposedITAT Delhi23 Mar 2022AY 2010-11

Bench: Shri R. K. Panda & Shri N. K. Choudhry(Through Video Conferencing) Technicon Holdings Pvt. Ltd, Vs. Acit, C/O. Sanjivsapra& Associates Circle-25(1), Llp, Cas, C-763, New Friends New Delhi Colony, New Delhi Pan: Aacct7296C (Appellant) (Respondent)

For Appellant: Shri Sanjeev Sapra, Ld. CAFor Respondent: Shri Umesh Takyar, Ld. Sr. DR
Section 139(1)Section 142(1)Section 147Section 148Section 250(6)Section 69

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND SHRI N. K. CHOUDHRY, JUDICIAL MEMBER (Through Video Conferencing) Technicon Holdings Pvt. Ltd, Vs. ACIT, C/o. SanjivSapra& Associates Circle-25(1), LLP, CAs, C-763, New Friends New Delhi Colony, New Delhi PAN: AACCT7296C (Appellant) (Respondent) Assessee by : Shri Sanjeev Sapra, Ld. CA Revenue by: Shri Umesh Takyar, Ld. Sr. DR Date of Hearing 27/01/2022 Date of pronouncement 23/03/2022 O R D E R PER N.K. CHOUDHRY, J. M.: 1. This appeal has been preferred by the Assessee against the order dated 09.11.2018 imp…

Arihant Constructions, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-4(1), Visakhapatnam

In the result, appeals of the assessee for the A

ITA 324/VIZ/2019[2014-15]Status: DisposedITAT Visakhapatnam23 Aug 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

For Appellant: Shri B.V.Rao, ARFor Respondent: Shri D.V.Subba Rao, DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…for forming belief for escapement of income is not necessary for reopening the assessment. The Ld. CIT(A) taken the support of the following case laws: (i) Skylight Hospitality LLP Vs. ACIT (2018) 405 ITR 296 (Delhi) (ii) Rakesh Gupta Vs. CIT & Another (2018) 405 ITR 213 (P&H) (iii) Decisions of Hon’ble Supreme Court in the case of (a) ITO Vs. Lakshmani Mewal Das 103 ITR 437 (SC) (b) Raymond Woollen Mills Vs. ITO & Anr. 236 ITR 34 (SC) (c) Phoolchand Bhajranglal & Anr. Vs. ITO 203 ITR 456 (SC) 3.1. The Ld.CIT(A) also relied on the decision of Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brok…

Arihant Constructions, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-4(1), Visakhapatnam

In the result, appeals of the assessee for the A

ITA 323/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam23 Aug 2019AY 2013-14

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

For Appellant: Shri B.V.Rao, ARFor Respondent: Shri D.V.Subba Rao, DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…for forming belief for escapement of income is not necessary for reopening the assessment. The Ld. CIT(A) taken the support of the following case laws: (i) Skylight Hospitality LLP Vs. ACIT (2018) 405 ITR 296 (Delhi) (ii) Rakesh Gupta Vs. CIT & Another (2018) 405 ITR 213 (P&H) (iii) Decisions of Hon’ble Supreme Court in the case of (a) ITO Vs. Lakshmani Mewal Das 103 ITR 437 (SC) (b) Raymond Woollen Mills Vs. ITO & Anr. 236 ITR 34 (SC) (c) Phoolchand Bhajranglal & Anr. Vs. ITO 203 ITR 456 (SC) 3.1. The Ld.CIT(A) also relied on the decision of Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brok…

Arihant Constructions, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-4(1), Visakhapatnam

In the result, appeals of the assessee for the A

ITA 322/VIZ/2019[2012-13]Status: DisposedITAT Visakhapatnam23 Aug 2019AY 2012-13

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

For Appellant: Shri B.V.Rao, ARFor Respondent: Shri D.V.Subba Rao, DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…for forming belief for escapement of income is not necessary for reopening the assessment. The Ld. CIT(A) taken the support of the following case laws: (i) Skylight Hospitality LLP Vs. ACIT (2018) 405 ITR 296 (Delhi) (ii) Rakesh Gupta Vs. CIT & Another (2018) 405 ITR 213 (P&H) (iii) Decisions of Hon’ble Supreme Court in the case of (a) ITO Vs. Lakshmani Mewal Das 103 ITR 437 (SC) (b) Raymond Woollen Mills Vs. ITO & Anr. 236 ITR 34 (SC) (c) Phoolchand Bhajranglal & Anr. Vs. ITO 203 ITR 456 (SC) 3.1. The Ld.CIT(A) also relied on the decision of Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brok…

Arihant Constructions, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-4(1), Visakhapatnam

In the result, appeals of the assessee for the A

ITA 321/VIZ/2019[2011-12]Status: DisposedITAT Visakhapatnam23 Aug 2019AY 2011-12

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

For Appellant: Shri B.V.Rao, ARFor Respondent: Shri D.V.Subba Rao, DR
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…for forming belief for escapement of income is not necessary for reopening the assessment. The Ld. CIT(A) taken the support of the following case laws: (i) Skylight Hospitality LLP Vs. ACIT (2018) 405 ITR 296 (Delhi) (ii) Rakesh Gupta Vs. CIT & Another (2018) 405 ITR 213 (P&H) (iii) Decisions of Hon’ble Supreme Court in the case of (a) ITO Vs. Lakshmani Mewal Das 103 ITR 437 (SC) (b) Raymond Woollen Mills Vs. ITO & Anr. 236 ITR 34 (SC) (c) Phoolchand Bhajranglal & Anr. Vs. ITO 203 ITR 456 (SC) 3.1. The Ld.CIT(A) also relied on the decision of Hon’ble Supreme Court in the case of ACIT Vs. Rajesh Jhaveri Stock Brok…

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)

…ere modified beyond normal trading hours and reflect violation of proviso (d) to Section 43(5) of the 1961 Act.....‖ The attention is also drawn to judgment passed by Hon‟ble Punjab and Haryana High Court in the case of Rakesh Gupta v. CIT reported in (2018) 405 ITR 213(P&H) , wherein Hon‟ble Court took cognizance of the SEBI investigation being conducted with respect to client code modifications undertaken by Brokers on NSE in the month of March 2010, as under:- “13. In this regard, a letter dated 08.03.2016 from the Principal Director of Income-Tax (Investigation) Ahmedabad, is of vital importance. The letter…

Rakesh Gupta v. CIT (405 ITR 213) — Cited in 10 Judgments | BharatTax