Sarthak Securities Co. Pvt. Ltd. v. ITO

ITO, New Delhi vs. M/S. Finesse Traders India Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Revenue as well as Cross

Bench: Shri H.S. Sidhu & Shri T.S. Kapoora.Y. 2003-04

…g relied upon by the AO was already available with the Department even at the time of processing of the return u/s. 143(1) and the AO had ample occasion to examine the same and the order is contrary to binding judgement of the jurisdictional High Court in 329 ITR 110 2. That the Ld. CIT(A) having held that the proceedings u/s. 148 have been invalidly initiated by the AO erred in not annulling the assessment order and further erred in not holding that any subsequent grounds of appeal were infructutous and need not be adjudicated upon. 4. Facts narrated by the revenue authorities are not disputed here, h…

Siya Real Estate Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Sh. N. K. Sainiita No. 865/Del/2013 : Asstt. Year : 2008-09 Siya Real Estate Pvt. Ltd., Vs Income Tax Officer, Up-12, Pitampura, Ward-8(4), New Delhi-110034 New Delhi (Appellant) (Respondent) Pan No. Aaics7889N Assessee By : Smt. Rano Jain, Adv. & Sh. Ashish Chadha, Adv. Revenue By : Sh. T. Vasanthan, Sr. Dr Date Of Hearing : 21.09.2017 Date Of Pronouncement : 20.12.2017 Order This Is An Appeal By The Assessee Against The Order Dated 21.12.2012 Of Ld. Cit(A)-Xi, New Delhi.

…ents Ltd. (2004) 268 ITR 211 (Del.) " CIT Vs Divine Leasing & Finance Ltd. 299 ITR 268 (Del.) " CIT Vs Orissa Vs Orissa Corporation Pvt. Ltd. (1986) 159 ITR 78 (SC) " CIT Vs Value Capital Services Pvt. Ltd. 307 ITR 334 " Sarthak Securities Co. (P) ltd. Vs ITO 329 ITR 110 (Del.) 9. The ld. CIT(A) after considering the submissions of the assessee observed that there were sufficient reasons for the AO to belief that the income had escaped assessment and proceedings were initiated after recording the reasons and that reassessment was valid if there was prima facie reason to belief that income had escaped assessment.…

M/S. Sharmilee Furnishing Pvt. Ltd., Gurgaon vs. ITO, New Delhi

Bench: Shri B.P. Jain & Shri Sudhanshu Srivastava[Assessment Year: 2005-06] M/S Sharmilee Furnishing P. Ltd Vs. The I.T.O G-F, Jmd Regent Plaza Ward - 8(1) M.G. Road, Gurgaon New Delhi Pan : Aahcs 5999 J [Appellant] [Respondent] Date Of Hearing : 08.11.2017 Date Of Pronouncement : 10.11.2017 Assessee By : Shri B.L. Gupta, Adv Revenue By : Shri S.K. Jain, Sr. Dr Order Per B.P. Jain

…be held to be a fictitious person. The reassessment proceedings were not valid and were liable to be quashed.” 5.2 Reliance is also placed upon the decision of Hon’ble Delhi High Court in the case of Sarthak Securities Co. P. Ltd. Vs. ITO, reported in (2010) 329 ITR 110 (Del). 5.3 Further reliance is placed upon the decision of Hon’ble High Court of Delhi in the case of PCIT vs. G &G Pharma Ltd. in ITA No.545/2015 dated 8.10.2015 and also upon the decision of ITAT Chandigarh Bench in dated 05.01.2017. The relevant portion of the decision of the ITAT Chandigarh Bench (supra) is reproduced hereinbelow: “10.We hav…

M/S. Metro Decorative Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri N.K. Saini & Shri K.N. Charry

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER & SHRI K.N. CHARRY, JUDICIAL MEMBER ITA No.-450/Del/2014 (Assessment Year: 2004-05) Metro Decorative Pvt. Ltd. vs ITO E-430, Greater Kailash-II Ward 6(4) New Delhi. New Delhi AADCM5343A Assessee by Sh. Amit Goel, CA Revenue by Sh. Pradeep Kumar Neel, Sr. DR Date of Hearing 07.09.2017 Date of Pronouncement 24.10.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER Aggrieved by the order dated 29.11.2013 in appeal no. 155/11-12 passed by the Ld. Commissioner of Income Tax (Appeals)-IX, New Delhi (hereina…

K.P. International, New Delhi vs. ITO, New Delhi

In the result appeal of the assessee is allowed”

Bench: Ms. Diva Singhassessment Year: 2007-08 K.P. International Ito F-47, Desh Bandhu Gupta Vs. Ward-51(4) Market, Karol Bagh, New New Delhi Delhi

…the case of Signature Hotels P. Ltd vs. Income Tax Officer and Another, reported in (2011) 338 ITR 51 (Delhi). Reliance is also placed upon the decision of the Hon’ble Delhi High Court in the case of Sarthak Securities Co. P. Ltd. vs. ITO, reported in (2010) 329 ITR 110 (Del.). Further reliance is also placed in the upon the decision of Hon’ble High Court of Delhi in the case of PCIT vs. G & G Pharma Ltd. in ITA No. 545/2015 and the decision of ITAT Chandigarh Bench in ITA No. 849/CHD/2011 dated 05.01.2017 had also been considered. Considering the facts and details the ITAT had concluded that the Assessing Offic…

Smt. Taruna Verma, Delhi vs. ITO, New Delhi

In the result appeal of the assessee is allowed

Bench: Shri I.C.Sudhir & Shri Prashant Maharishismt Taruna Verma, Vs. Ito, A-340, Shastri Nagar, Delhi Ward-19(3), Pan:Akfpv1950P New Delhi (Appellant) (Respondent)

…that the Assessing Officer did not independently apply his mind to the information received from the Director of Income-tax (Investigation) and arrive at a belief whether or not any income had escaped assessment." Sarthak Securities Pvt. Ltd. vs. ITO [2010] 329 ITR 110 (DHC) e) "23. The Assessing Officer was aware of the existence of four companies with whom the assessee had entered into transaction. Both the orders clearly exposit that the Assessing Officer was made aware of the situation by the investigation wing and there is no mention that these companies are fictitious companies. Neither the reasons in the…

M/S. Meditronics India Pvt. Ltd., Delhi vs. ITO, New Delhi

The appeal is allowed

Bench: Shri I. C. Sudhir & Shri L. P. Sahui. T. Appeal No. 6251/Del/2012 Assessment Year : 2004-2005. M/S. Meditronics India Pvt. Ltd., Income Tax Officer, 41, Pocket–Ii, Jasola, Vs. Ward : 6 (3), D E L H I – 110 025. New Delhi. Pan : Aadcm 3622 Q (Appellant) (Respondent)

….l945/Del/2012 Assessment Year : 2004-05 dated 31.12.2013) Signature Hotels (P.) Ltd. vs. Income-tax Officer (iv) reported in 338 ITR 51 Sarthak Securities Co.P.Ltd. Vs. ITO (v) 8 I. T. Appeal No. 6251/Del/2012 Assessment Year : 2004-2005. reported in [2010] 329 ITR 110 (Delhi) CIT vs. Kamadhenu Steel & Alloys Ltd. [2012] (vi) 206 Taxman 254 (DELHI) CIT vs. Atul Jain, (vii) 299 ITR 383 (Del); (viii) CIT vs. SFIL Stock Broking Ltd., 325 ITR 285 (Del) 2. Proceedings under section 147 of the Act cannot be initiated on the basis of the stale information (Rasalika Trading and Investment Co. Pvt. Ltd versus Deputy Co…

M/S Grand Slam Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed partly for statistical purpose

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2003-04

…e feel the judgments of the Delhi High Court in CIT vs. SFIL Stock Broking Ltd. (2010) 233 CTR (Del) 69 : (2010) 41 DTR (Del) 98 : (2010) 325 ITR 285 (Del) and Sarthak Securities Co. (P) Ltd. vs. ITO (2010) 236 CTR (Del) 362 : (2010) 47 DTR (Del) 201 : (2010) 329 ITR 110 (Del) in which CIT vs. Lovely Exports (P) Ltd. (2008) 216 CTR (SC) 195 (SC) : (2008) 6 DTR (SC) 308 has been applied and followed, are applicable. We may notice here that the respondent in their counter-affidavit have stated that Swetu Stone (P) Ltd. is unidentifiable and, therefore, the aforesaid decisions should not be applied and the ratio of…

Pr. Commissioner of Income Tax--6 vs. Meenakshi Overseas Pvt. Ltd

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE CHANDER SHEKHAR

…formed what in the report of the investigation wing constituted tangible material for forming a belief, Mr Goel placed reliance on the decisions in CIT v. SFIL Stock Broking Limited (2010) 325 ITR 285 (Del.), Sarthak Securities Co. Pvt. Ltd. v. ITO (2010) 329 ITR 110 (Del.), Signature Hotels Pvt Ltd v. ITO (supra), CIT v. Insecticides (India) Limited (2013) 357 ITR 330 (Del.) and Krown Agro Foods (P) Ltd v. Assistant Commissioner of Income Tax, Circle 5(1) (2015) 375 ITR 460 (Del). Reliance was also placed on the decision of this Court dated 19th November, 2015 in ITA No. 108 of 2013 (Commissioner of Inc…

M/S Zurassic Properties Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result, the legal ground of the assessee is allowed

Bench: Shri B.P. Jainassessment Year 2006-07 Zurassic Properties Pvt. Vs. Ito, Ward-18(4), Ltd., New Delhi. Shreekunj, Opp. Dabar Farms, Bijwasan Road, New Delhi. Pan: Aaacz 0068J (Appellant) (Respondent) Revenue By : Ms. Bedobani Chaudhuri, Sr.D.R. Assessee(S) By : Shri Ashok Malik, Adv.

…be held to be a fictitious person. The reassessment proceedings were not valid and were liable to be quashed.” 5.1 Reliance is also placed upon the decision of Hon’ble Delhi High Court in the case of Sarthak Securities Co. P. Ltd. Vs. ITO, reported in (2010) 329 ITR 110 (Del). 6. In the circumstances and facts of the present case and the decision relied upon hereinabove the AO does not acquire jurisdiction to assess or re- assess the matter in the present case and accordingly the assessment / re- assessment are directed to be quashed. 7. In the result, the legal ground of the assessee is allowed. 8. Since the as…

M/S. Baldev Arya HUF, New Delhi vs. ITO, New Delhi

In the result, the legal ground of the assessee, i

Bench: Shri B.P. Jain

…be held to be a fictitious person. The reassessment proceedings were not valid and were liable to be quashed.” 7.1 Reliance is also placed upon the decision of Hon’ble Delhi High Court in the case of Sarthak Securities Co. P. Ltd. Vs. ITO, reported in (2010) 329 ITR 110 (Del). 8. In the circumstances and facts of the present case and the decision relied upon hereinabove the AO does not acquire jurisdiction to assess or re- assess the matter in the present case and accordingly the assessment / re- assessment are directed to be quashed. 9. In the result, the legal ground of the assessee, i.e. ground no.1 is allo…

Sh. Vikas Kapoor, Delhi vs. ACIT, New Delhi

In the result, the appeal of the Assessee is allowed

Bench: Shri H.S. Sidhuassessment Year: 2008-09

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC’, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER Assessment Year: 2008-09 SH. VIKAS KAPOOR, VS ACIT, FLAT NO. 1, POCKET-A1, CENTRAL CIRCLE-04, SECTOR-07, NEW DELHI ROHINI, DELHI -110 085 C/O SABHARWAL & PARTNERS, 4819/24, ANSARI ROAD, DARYAGANJ, NEW DELHI – 110 002 (PAN: AHRPK4150F) (APPELLANT) (RESPONDENT) Assessee by : SH. V.K.SABHARWAL, ADV. & SH. SUDHIR MATHUR, ADV. Department by : MS. BEDOBINA CHAUDHURI, SR. DR ORDER The Assessee has filed the Appeal against the impugned Order dated 27.9.2016 of Ld. CIT(A)-23, New Delhi pertaining to assess…

ITO, New Delhi vs. M/S. Ankur Products Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Revenue and Cross

Bench: Shri H.S. Sidhu & Shri Prashant Maharishii.T.A. No. 681/Del/2015 A.Y. : 2005-06 Income Tax Officer, M/S Ankur Products Pvt. Ltd., Ward 2(4), Vs. Flat No. 219, Ashirwad Enclave, Ip New Delhi Extension, Patparganj, Delhi – 110 092 (Pan: Aadca1156B) (Appellant) (Respondent) & C.O. No. 282/Del/2015 In I.T.A. No. 681/Del/2015 A.Y. : 2005-06 M/S Ankur Products Pvt. Income Tax Officer, Ltd., Vs. Ward 2(4), Flat No. 219, Ashirwad Enclave, Ip New Delhi Extension, Patparganj, Delhi – 110 092 (Pan: Aadca1156B) (Appellant) (Respondent)

…its failure there had been escapement of income Chargeable to tax, reopening of assessment after expiry of four years' from end of relevant assessment year was without jurisdiction. The Hon'ble Delhi High Court in the case of Sarthak Securities. Ltd. Vs. ITO, 329 ITR 110 has held that the reopening on mechanical basis is void even where assessment was not made u/s 143(3) of the Act. Similarly, in the case of Signature Hotels Pvt. Ltd. Vs. ITO [2011] 338 ITR 0051 Hon'ble High Court has held that where the notice u/s 148 was based on report from Director of Income-tax that credit entry in accounts of assessee was a…

Sapra Metal Co., Delhi vs. ITO, New Delhi

In the result, the appeal of the Assessee is allowed

Bench: Shri H.S. Sidhu

…ature Hotel Pvt. Ltd. vs. ITO Ward 8(4) and Anr. 2011 338 ITR 51; copy of judgment of Delhi High Court in the matter of CIT-II vs. SFIL Stock Broking Ltd. 325 ITR 285; Copy of judgment in the matter of Sarthak Securities Co. Pvt. Ltd vs. ITO, Ward 7(3) (2010) 329 ITR 110; copy of order passed by the SMC-2, ITAT, New Delhi in the matter of Unique Metal Industries vs. ITO in ITA No. 1372/Del/2015; copy of judgment in the matter of Man Mohan Sadani vs. CIT (2008) 304 ITR 52. He stated that the assessment in this case was also reopened on the same allegation. He further submitted that the facts of the case are identi…

Dr. Kamal Kant Pandey, New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri B.P. Jain

…page Nos. 26 of the paper book where copy of the reasons to belief recorded by the Assessing Officer has been made available. The Learned AR placed reliance on the Page 5 of 8 following decisions: i) Signature Hotel - 338 ITR 51 (Del.); ii) Sarthak Security -329 ITR 110 (Del.); iii) Ranee Singh - 330 ITR 417 (Del.):” 6. The brief facts of the case and the conclusive part are reproduced here in below with the said case:- “On having gone through the decisions cited above especially the decision of Amritsar Bench in the case of ITO vs. Arun Kumar Kapoor (supra), we find that in that case as in the present case bef…