Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP)

354 ITR 35High Court2013#1552 most cited

What is Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP) authority for?

The Commissioner can exercise revisionary jurisdiction under Section 263 of the Income Tax Act only if the Assessing Officer's order is both erroneous and prejudicial to the interests of the Revenue, requiring satisfaction of these twin conditions.

73

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2013 to 2026.

Also referred to as

Spectra Shares and Scrips · Section 263 · revisionary powers · Commissioner · CIT · erroneous and prejudicial · twin conditions · lack of enquiry · inadequate enquiry · non-application of mind · Malabar Industrial Co. Ltd. · Section 143(3)

Sections most often in play

Section 263Section 143(3)Section 144BSection 142(1)Section 115BBESection 133ASection 147Section 154

Issues it is cited on

inadequate enquirylack of enquirysection 263(1)malabar industrialrevision under section 263erroneous and prejudicialnon-application of mindsection 119section 263section 26profits and gains of business or professioncomplete scrutiny

Judgments citing Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP)

Ravish Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 47/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Rachit Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 46/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Jaikishan Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 45/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Reeta Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 44/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Gopichand Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 43/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Pravesh Kumar Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 42/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Ritin Lakhmani, Kolkata vs. Pr.CIT - 10, Kolkata

In the result, all the appeals filed by the assessees are allowed

ITA 41/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

Section 10(38)Section 133(6)Section 143(3)Section 263Section 68

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Kaushal Kishore Bihani, Kolkata vs. I.T.O., Ward-45(1), Kolkata

Appeal is allowed

ITA 690/KOL/2019[2014-15]Status: DisposedITAT Kolkata19 Oct 2020AY 2014-15

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2014-15

Section 10(38)Section 143(3)Section 263

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

The West Bengal National University of Juridicial Science, Kolkata vs. CIT(Exemption), Kolkata

In the result, appeal of the assessee is allowed

ITA 2643/KOL/2019[2016-17]Status: DisposedITAT Kolkata30 Sept 2020AY 2016-17
Section 10Section 12ASection 143(2)Section 2Section 263

…the CIT u/s 263 of the the principles on the powers of the CIT u/s 263 of the Act. The Hon’ble Andhra Pradesh High Court in the case of ’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise had considered a number of judgments on this issue of exercise had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled of jurisdiction u/s 263 of the Act by the Principal Commissioner of In…

Anindita Steels Ltd., Jharkhand vs. Pr.CIT-2, Kolkata

In the result, appeal of the assessee is allowed

ITA 2225/KOL/2019[2009-10]Status: DisposedITAT Kolkata16 Sept 2020AY 2009-10
Section 143(3)Section 263

…nquiries were in fact made by the Assessing Officer. The law on this issue The law on this issue is clear. The Hon’ble Andhra Pradesh High Court in the case of The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal judgments on this issue of exercise of jurisdiction u/s 263 o…

Goldmohur Design and Apparel Park Ltd., Mumbai vs. Pr. Comm. of Income Tax - 7, Mumbai

ITA 3971/MUM/2017[2012-13]Status: DisposedITAT Mumbai31 Jul 2020AY 2012-13

Bench: Shri S.Rifaur Rahman & Shri Ravish Soodgoldmohar Design & Pr. Cit-7 R. No. 628, 6Th Floor, Apparel Park Ltd. 145, Goldmohar Mill, Aayakar Bhavan, M.K. Road, Vs. Dada Saheb Phalke Road, Mumbai – 400 020 Dadar (E), Mumbai- 400 014 Pan – Aadcg1613M (Appellant) (Respondent)

For Appellant: Shri Vipul JoshiFor Respondent: Shri. T. Kipgen &
Section 143Section 143(2)Section 143(3)Section 263

…ric Supply & Industrial Co. (1983) 140 ITR 490 (P&H) and Goldmohar Desine and Apparel Park Ltd. Vs. Pr. CIT-7 25 ITA No.3971/Mum/2017 A.Y 2012-13 that of the Hon‘ble High Court of Andhra Pradesh in the case of Spectra Shares & Scrips Pvt. Ltd. Vs. CIT (2013) 354 ITR 35 (AP). In the backdrop of our aforesaid deliberations, the contention raised by the revenue before us, a well reasoned one, that de hors registration of the lease agreement dated 15.11.2007 as per mandate of the Indian Registration Act, 1908, the assessee could not be held to be the ‗owner‘ of the leasehold rights of the property under consideratio…

Pushpa Devi Sonthalia, Kolkata vs. Principal CIT, Kolkata - 2, Kolkata

Appeal is allowed

ITA 958/KOL/2018[2013-14]Status: DisposedITAT Kolkata10 Jun 2020AY 2013-14
Section 10(38)Section 142(1)Section 143(1)Section 147Section 263

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

M/S. Bhandari Hospital and Research Centre, Indore vs. The Pr. CIT-1, Indore

ITA 355/IND/2017[2012-13]Status: DisposedITAT Indore20 Mar 2020AY 2012-13

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 M/S Bhandari Hospital & Pr. Cit-(I) Research Centre, Gf-21 & Indore बनाम/ 22, Opp. Meghdoot Garden, Vs. Vijay Nagar, Indore (Appellant) (Revenue ) P.A. No.Aadfb8151A

Section 131(1)(d)Section 143(3)Section 144ASection 263Section 35A

…stainable” in law. 4.5 The appellant further relies on the judgment of Hon’ble Delhi High Court in the case of CIT vs. DLF Ltd. (2013) 350 ITR 555 (Delhi), decision of Hon’ble Andhra Pradesh High Court in the case of Spectra shares and Scrips Pvt. Ltd. (2013) 354 ITR 35(AP) and decision of Hon’ble Calcutta High Court in the case of CIT vs. J.L. Morrison (India) Ltd. (2014) 366 ITR 593 (cal.) and submitted that there should be an essential element of “unsustainability” in the order of the AO, and not mere prejudicial to the interest of the Revenue or a mere erroneous view, which can be revised u/s 263 of the Act.…

Skan Enterprise, Kolkata vs. Pr.C.I.T.-12, Kolkata

In the result, appeal of the assessee is allowed

ITA 840/KOL/2019[2014-15]Status: DisposedITAT Kolkata18 Mar 2020AY 2014-15
Section 143(3)Section 263

…ion of the materials available on record. based on the examination of the materials available on record. The Hone’ble Andhra The Hone’ble Andhra Pradesh High Court in the case of Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Princi…

Hi-Rock Construction Co., Mumbai vs. Pr. CIT - 32, Mumbai

In the result, appeal of the assessee is allowed

ITA 4327/MUM/2019[2014-15]Status: DisposedITAT Mumbai18 Dec 2019AY 2014-15

Bench: Shri R.C. Sharma & Shri Pawan Singhm/S Hi Rock Construction Co. Pr. Cit -32 C-11, 2Nd Floor, 903, A, Gurukul Tower, Cst No. 890, J. S. Road, Dahisar (W), Vs. Pratyakshakar Bhavan, Mumbai. Bandra Kurla Complex, Pan: Aaffh6403B Mumbai. Appellant Respondent

For Appellant: Shri Vipul Joshi with Shri Shubham Rathi (AR)For Respondent: Shri B. Srinivas (CIT-DR)
Section 143Section 143(3)Section 254(1)Section 263Section 36(1)(iii)

…taxmann.com 127 (Bom)], CIT vs. Goyal Private Family Specific Trust [(1998) 171 ITR 698 (All)], CIT vs. Mahendra Bansal [(2008) 297 ITR 99 (All)], CIT vs. Krishna Capbox P. Ltd. [(2015) 372 ITR 310 (All)], Spectra Shares & Scrips (P.) Ltd. Vs. CIT [(2013) 354 ITR 35 (AP)], PCIT vs. CLP India (P.) Ltd. [(2017) 85 taxmann.com 103 (Guj)], Mrs. Khatiza S. Oomerbhoy vs. ITO [(2006) 100 ITD 173 (Mum)], Reliance Gas Transportation Infrastructure Ltd. Vs. CIT [(2014) 160 TTJ 731 12 ITA No. 4327 Mum 2019-M/s Hi Rock Construction Co. (Mum Trib.)] & Lanco Kondapalli Power Ltd. Vs. JCIT [(2014) 33 ITR (T) 142 (Hyd…

Philips India Ltd., Kolkata vs. PCIT-IV, Kolkata

In the result, appeal of the assessee is dismissed

ITA 1142/KOL/2016[2009-2010]Status: DisposedITAT Kolkata27 Mar 2019AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi] I.T.A. No. 1142/Kol/2016 Assessment Year: 2009-10 Philips India Limited..........……………………………………....………………..…………………….….Appellant Earlier Known As Philips Electronics India Limited 7 No. Justice Chandra Madhab Road Kolkata – 700 020 [Pan : Aabcp 9487 A] Principal Commissioner Of Income Tax - Iv, Kolkata…….............…....................…...Respondent Appearances By: Shri P.J. Pardiwala, Sr. Advocate & Shri Navneet Misra, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Cit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : January 10Th, 2019 Date Of Pronouncing The Order : March 27Th, 2019 O R D E R Per J. Sudhakar Reddy :-

Section 143(3)Section 263Section 32

…o hold that the order of the Assessing Officer, on the two issues in question is erroneous insofar as it is prejudicial to the interest of the revenue. 10.2. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite…

Narasimha Reddy Peechu, Nizamabad, Hyderabad vs. ITO, Ward-3, Nizamabad

ITA 932/HYD/2017[2009-10]Status: DisposedITAT Hyderabad20 Jul 2018AY 2009-10

Bench: Shri B. Ramakotaiah & Shri Challa Nagendra Prasad

For Appellant: Shri K.A. Sai Prasad, ARFor Respondent: Smt. Alka Rajvanshi Jain, CIT-DR
Section 143(3)Section 148Section 2(47)(i)Section 263Section 45(1)Section 50C

…pted that no capital gains arose in the year under consideration. Therefore, the order cannot be considered as erroneous. Ld. Counsel relied on the principles laid down by the Jurisdictional High Court in the case of Spectra Shares & Scrips Pvt Ltd., Vs. CIT [354 ITR 35] (AP) and for various propositions on inadequate enquiry, the following judgments: i. Infinity Infotech Parks Ltd., Vs. DCIT in ITA No. 329/Kol/2017, dt. 02-06-2017; ii. Narayan Tatu Rane Vs. ITO [70 taxmann.com 227] (Mumbai-Trib); iii. M/s. Amira Enterprises Ltd., Vs. Pr.CIT in ITA No. 3206/Del/2017, dt. 29-11-2017; iv. CIT Vs. Anand Food Produc…

M/S/ Rashmi Metaliks Ltd., Kolkata vs. A/DCIT, CC-2(2), Kolkata

In the result, appeals of the assessee are allowed

ITA 816/KOL/2017[2012-13]Status: DisposedITAT Kolkata02 May 2018AY 2012-13

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri A.T.Varkey, Jm ]

For Appellant: Shri A.K.Tulsiyan, FCAFor Respondent: Shri G.Mallikarjuna, CIT(DR)
Section 132Section 153ASection 263Section 801A(4)Section 80ISection 80l

…er dt. August 25, 2017, has considered the entire jurisprudence on the issue of revisionary powers u/s 263 of the Act. This is extracted for ready reference:- “The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

M/S/ Rashmi Metaliks Ltd., Kolkata vs. A/DCIT, CC-2(2), Kolkata

In the result, appeals of the assessee are allowed

ITA 815/KOL/2017[2011-12]Status: DisposedITAT Kolkata02 May 2018AY 2011-12

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri A.T.Varkey, Jm ]

For Appellant: Shri A.K.Tulsiyan, FCAFor Respondent: Shri G.Mallikarjuna, CIT(DR)
Section 132Section 153ASection 263Section 801A(4)Section 80ISection 80l

…er dt. August 25, 2017, has considered the entire jurisprudence on the issue of revisionary powers u/s 263 of the Act. This is extracted for ready reference:- “The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

M/S/ Rashmi Metaliks Ltd., Kolkata vs. A/DCIT, CC-2(2), Kolkata

In the result, appeals of the assessee are allowed

ITA 814/KOL/2017[2010-11]Status: DisposedITAT Kolkata02 May 2018AY 2010-11

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri A.T.Varkey, Jm ]

For Appellant: Shri A.K.Tulsiyan, FCAFor Respondent: Shri G.Mallikarjuna, CIT(DR)
Section 132Section 153ASection 263Section 801A(4)Section 80ISection 80l

…er dt. August 25, 2017, has considered the entire jurisprudence on the issue of revisionary powers u/s 263 of the Act. This is extracted for ready reference:- “The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…