Sak Industries Private Ltd. v. DCIT

363 ITR 378Reported decision#24672 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 112(1)Section 115JAA Section 133(6)Section 133A Section 139(1)Section 143(2)Section 143(3)Section 147

Judgments citing Sak Industries Private Ltd. v. DCIT

ACIT, Circle 1(1), Chandigarh vs. M/S Sml Isuzu Ltd., Chandigarh

ITA 644/CHANDI/2022[2015-16]Status: DisposedITAT Chandigarh18 Sept 2024AY 2015-16

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Rohit Jain, Advocate and Ms. Somya Jain, C.AFor Respondent: Shri Vivek Vardhan, JCIT, Sr. DR

Section 143(2)Section 143(3)Section 147Section 148Section 250Section 253Section 3

…of income' / 'notes to accounts' / 'audit report' contains complete disclosure of facts, the same shall meet the requirement full and true disclosure of material facts [refer Sun Investment (P) Ltd. vs. ACIT 344ITR 1 (Del); SakIndustries Private Ltd v. DCIT: 363 ITR 378 (online) (Del.); CIT v. Sain Processing and Weaving Mills (P) Ltd.; 325 ITR 565 (Del.)]. It, in fact, depends upon the nature of disclosure, be in return or in notes to accounts, etc. 33. In the present case, it was not the case of the assessing officer that the disclosure in the notes to the financial statements was not complete or untrue - in f…

Hero Motocorp Ltd (As Successor of Hero Investment P.Ltd), New Delhi vs. DCIT, Circle 11(1), New Delhi

The appeal is allowed

ITA 1053/DEL/2023[2011-12]Status: DisposedITAT Delhi24 Jul 2024AY 2011-12

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2011-12

Section 143(3)

…in the 'notes to account submitted during the course of assessment proceedings under section 143(3) of the Act amounts to full and true disclosure of material facts. To similar effect the following decisions were relied: Sak Industries Private Ltd v. DCIT: 363 ITR 378 (online) (Del.) CIT v. Sain Processing and Weaving Mills (P) Ltd.: 325 ITR 565 (Del.) Bharti Infratel Limited v. DCIT: WP(C) No. 2036/2016 (Del) 20. Ld. Sr. Counsel has also relied certain facts which, as per him, were in public domain, to contend that the AO, ought to be presumed to be aware of the 27 same. He reffered to a Joint Press Release…

M/S. Jindal Steel & Power Limited, New Delhi vs. ACIT, Hisar

In the result the appeal of the assessee is partly allowed

ITA 3052/DEL/2014[2008-09]Status: DisposedITAT Delhi31 Mar 2016AY 2008-09

Bench: Sh. C.M. Garg & Sh. O.P. Kant

Section 271(1)Section 271(1)(c)

…ital receipt, if any, it is clearly mentioned that "Sale Tax Subsidy Rs.81,58,94,102.34 (refer note no.5 of schedule 20(B) of Final Accounts)". 6.7 Reliance was also placed on the judgment of Hon’ble Delhi High Court in the case of Sak Industries Ltd. v DCIT 363 ITR 378 to contend that disclosure 16 ITA No. 3052/Del/2014, AY:2008-06 M/s. Jindal Steel and Power Ltd. made in the schedule/notes to accounts forming part of the audited financial statements, amounted to full and true disclosure, in the context of applicability of proviso to section 147 of the Act. It was submitted that no penalty is imposable in resp…