Shalimar Buildcon (P) Ltd. v. ITO ITAT Jaipur

INCOME TAX OFFICER, AYAKAR BHAVAN vs. SUKANIYA PROPERTIES PVT LTD, MUMBAI

In the result, appeal of the assessee is allowed and that of the\nrevenue is dismissed

…inflation of purchases could be a good ground\nfor issuing notice u/s.148 of the Act.\ne.\nDecision of the Hon'ble Delhi High Court in the case of AGR Investment\nLtd., reported in 333 ITR 146 and the decision of Jaipur Bench in the case of Shalimar\nBuildcon 136 TTJ 701 wherein it was held that the notice u/s.148 of the Act could be\nissued based on information from Investigation Wing about tainted transactions\ncarried out by the assessee.\n5.11.\nWe find that all the aforesaid case laws referred by the ld. DR did not address\non the crucial point canvassed by the ld. AR that ld. PCIT had only granted\nmechanic…

M/S. SUKANIYA PROPERTIES, PVT. LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE -3(4), MUMBAI

In the result, appeal of the assessee is allowed and that of the\nrevenue is dismissed

…inflation of purchases could be a good ground\nfor issuing notice u/s.148 of the Act.\ne. Decision of the Hon'ble Delhi High Court in the case of AGR Investment\nLtd., reported in 333 ITR 146 and the decision of Jaipur Bench in the case of Shalimar\nBuildcon 136 TTJ 701 wherein it was held that the notice u/s.148 of the Act could be\nissued based on information from Investigation Wing about tainted transactions\ncarried out by the assessee.\n5. 11. We find that all the aforesaid case laws referred by the ld. DR did not address\non the crucial point canvassed by the ld. AR that ld. PCIT had only granted\nmechani…

SHAH CONSTRUCTION COMPANY LTD,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), MUMBAI

Appeal is allowed

Bench: SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Shah Construction Company Ltd., 11, Shah Industrial Estate, Opp. Anna Temple, New Link Road, Andheri (West)- Mumbai - 400053 [PAN: AAACS5207N] …………… Appellant Deputy Commissioner of Income Tax, Vs Central Circle 1(3), Mumbai, Income Tax Offices, Central Circle 1(3), Room No. 905 (9th Floor), Pratishtha Bhavan, Old CGO Annexe, ……………. Respondent M.K. Road, Mumbai - 400020 Appearance For the Appellant/Assessee : Shri M. Subramanian For the Respondent/Department : Dr. Kishor Dhule Date Co…

INTIME REALTY PVT. LTD.,MUMBAI vs. DCIT- CC 3(4), MUMBAI

In the result, appeal of the assessee in ITA No

…ITR 275) where it was held that information from Enforcement Directorate showing possible inflation of purchases ' notice issued u/s.148 valid'.  In AGR Investment Ltd. v/s, Addl.CIT & Anr.(Del) (333 ITR 146)  Shalimar Buildcon (P) Ltd. Vs ITO ITAT Jaipur (136 TTJ 701) wherein it was held that information from investigation Wing ' notice u/s. 148 issued on the basis of such letter'.” 7 M/s. Intime Realty P. Ltd., 5.3. We find that the reopening in the instant case has been made beyond four years from the end of the relevant assessment year which requires sanction of approval from the ld. PCIT u/s.151(1) of t…

SEAWOOD HOSPITALITY & REALTY PVT. LTD.,MUMBAI vs. DCIT (CC) 3 (4), MUMBAI

The appeals of the assessee are allowed on the legal aspect of quashing of reopening of assessment

Bench: Shri Justice P P Bhatt & Shri M.Balaganesh, Am M/S. Seawoods Hospitality & Vs. Dcit(Cc)-3(4), Mumbai Realty Pvt. Ltd., Central Circle – 3(4) Room No.1915, 19Th Floor B/306-309, Business Dynasty Park Air India Building Jb Nagar, Opp. Sangam Cinema, Nariman Point Andheri (E) Mumbai – 400 021 Mumbai – 400 059 Pan/Gir No.Aamcs1472M (Appellant) .. (Respondent) & M/S. Sukaniya Properties Pvt. Ltd., Vs. Dcit (Cc)-3(4), B/306-309, Business Dynasty Mumbai Park, J B Nagar, Opp. Sangam Central Circle-3(4) Room No.1915, 19Th Floor Cinema, Andheri (E), Mumbai – 400 059 Air India Building Nariman Point Mumbai-400021 Pan/Gir No. Aadcs9585J (Appellant) .. (Respondent) M/S. Seawood Hospitaly & Realty P. Ltd. & M/S. Sukaniya Properties P. Ltd.

…ITR 275) where it was held that information from Enforcement Directorate showing possible inflation of purchases ' notice issued u/s.148 valid'.  In AGR Investment Ltd. v/s, Addl.CIT & Anr.(Del) (333 ITR 146)  Shalimar Buildcon (P) Ltd. Vs ITO ITAT Jaipur (136 TTJ 701) wherein it was held that information from investigation Wing ' notice u/s. 148 issued on the basis of such letter'.” 5.3. We find that the reopening in the instant case has been made beyond four years from the end of the relevant assessment year which requires sanction of approval from the ld. PCIT u/s.151(1) of the Act. We find from page 1 of…

INCOME TAX OFFICER-10(1)(2), MUMBAI vs. IDM AGRO BIO TECH LIMITED , MUMBAI

Appeal is dismissed

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No. 5805/Mum/2017 ("नधा"रण वष" / Assessment Year: 2008-09) Ito-10(1)(2), Idm Agro Bio Tech Ltd. Room No. 25, Aayakar Bhavan, A/45, Nandjyot Industrial Estate, बनाम/ Ground Floor, M. K. Road, Safed Pool, Sakinaka, Andheri Vs. Mumbai-400 020 Kurla Road, Andheri (E), Mumbai-400 072 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabc 17012 C (Revenue) : (Assessee) ""या"ेप सं./C.O. No. 260/Mum/2017 (Arising Out Of Ita No. 5805/Mum/2017) ("नधा"रण वष" / Assessment Year: 2008-09) Idm Agro Bio Tech Ltd. Ito-10(1)(2), A/45, Nandjyot Industrial Estate, Room No. 25, Aayakar Bhavan, बनाम/ Safed Pool, Sakinaka, Andheri Kurla Ground Floor, M. K. Road, Vs. Road, Andheri (E), Mumbai-400 020 Mumbai-400 072 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabc 17012 C (Assessee) : (Revenue) : Shri N. Hemalatha Revenue By Assessee By : Dr. P. Daniel सुनवाई क" तार"ख / : 15.11.2017 Date Of Hearing घोषणा क" तार"ख / : 04.12.2017 Date Of Pronouncement

…/s 148 valid. (Sterlite Industries (India) Ltd vs ACIT (Mad) 302 ITR 275 • Information from Investigation Wing- notice 148 issued on the basis of such letter is valid. AGR Investment Ltd vsAddl. CIT (Del) 333 ITR 146 Shafcnar Buucon P LW Vs ITO (ITAT. Jaipur) 136 TTJ 701 It is important to point out that there was no assessment or reassessment prior to issuance of notice u/s. 148. It is a settled legal proposition that in a case where, no assessment or reassessment prior to re-opening of the assessment, even if all the material facts are disclosed in the return of income already, reopening can be initiated if the…