← All Phrases

“reopening of assessment”

ReassessmentSections 147-151Sections 147-1514,262 judgments

The decision most relied on for reopening of assessment is GKN Driveshafts (India) Ltd. v. ITO (259 ITR 19), cited in 1,349 judgments on BharatTax.

Leading authorities on reopening of assessment

GKN Driveshafts (India) Ltd. v. ITO
259 ITR 19 · 2003 · Supreme Court
1,349
citing judgments

When a notice under Section 148 of the Income Tax Act is issued, the Assessing Officer is bound to furnish reasons for reopening upon the assessee's request and must dispose of the assessee's objections to the notice by passing a speaking order.

ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.
291 ITR 500 · 2007 · Supreme Court
1,030
citing judgments

For initiating reassessment proceedings under Section 147, the Assessing Officer needs only prima facie material providing a reason to believe that income has escaped assessment. Conclusive proof or the sufficiency/correctness of the material is not required at the stage of issuing the notice under Section 148.

Raymond Woollen Mills Ltd. v. ITO
236 ITR 34 · 1999 · Supreme Court
862
citing judgments

For reassessment proceedings under Section 148, the Assessing Officer only needs prima facie material to have a reason to believe income has escaped assessment. Conclusive proof or evaluation of the sufficiency and correctness of such material is not required at the stage of issuing the notice.

CIT v. Lovely Exports (P) Ltd.
216 CTR 195 · 2008 · Supreme Court
854
citing judgments

If an assessee company receives share application money from alleged bogus shareholders and provides their details to the Assessing Officer, no addition can be made under Section 68 in the company's hands; the Department must proceed against the shareholders by reopening their individual assessments.

CIT v. Jet Airways (I) Ltd.
331 ITR 236 · 2011 · High Court
694
citing judgments

The Assessing Officer loses jurisdiction and the entire reassessment becomes invalid if no addition is made in respect of the income that formed the basis of the reopening. Explanation 3 to Section 147 does not permit assessing other escaped income unless an addition is made for the original income forming the reason to believe.

CIT v. RRJ Securities Ltd.
380 ITR 612 · 2016 · High Court
689
citing judgments

Completed assessments can be interfered with under Section 153A or 153C only on the basis of incriminating material unearthed during the search, necessitating a direct correlation between the discovered material and the power to assess or reopen concluded assessments.

Union of India v. Ashish Agarwal
444 ITR 1 · 2022 · Supreme Court
524
citing judgments

Notices issued under the unamended Section 148 of the Income-tax Act between April 1, 2021, and May 4, 2022, must be treated as notices issued under the new Section 148A(b) of the amended law. This requires the Assessing Officer to follow the procedure prescribed under the amended reassessment provisions, including issuing an order under Section 148A(d) before a fresh notice under Section 148.

PCIT v. Meenakshi Overseas Pvt. Ltd.
395 ITR 677 · 2017 · High Court
471
citing judgments

Reassessment proceedings initiated solely based on an investigation wing/appraisal report, without the Assessing Officer's independent application of mind to form a 'reason to believe' that income has escaped assessment, are beyond jurisdiction, bad in law, and void ab initio.

Judgments citing reopening of assessment

Mahendra Manilal Patel, Ahmedabad vs. DCIT, Circle 3(1)(1), Ahmedabad

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1857/AHD/2025[2019-20]Status: DisposedITAT Ahmedabad23 Feb 2026AY 2019-20

Bench: Dr. B.R.R. Kumar, Vice-Ms Suchitra Kamblemahendra Manilal Patel, The Deputy Commissioner Of Vs. Survey No.592, Income Tax, Plot No.581/2, Tp 204, Circle 3(1)(1), Nr. Artavrat 4, Ahmedabad. Makarbha, Ahmedabad-380015. [Pan : Alrpp5681 N] (Appellant) .. (Respondent) Appellant By : Shri Parin S Shah, Ar Respondent By: Shri Abhijit, Sr. Dr Date Of Hearing 19.02.2026 Date Of Pronouncement 23.02.2026

For Appellant: Shri Parin S Shah, ARFor Respondent: Shri Abhijit, Sr. DR
Section 148Section 234ASection 270ASection 80G

following grounds of appeal: 1. The order passed by lower authorities is invalid, bad in law and required to be quashed. 2. The reopening of assessment u/s 148 of the Act is required to be quashed. 3. Ld. NFAC erred in law and on facts in dismissing appeal ignoring condonation

Bharat Kantilal Doshi, Mumbai vs. Deputy Commissioner of Income Tax, Circle 27(1), Navi Mumbai

ITA 7170/MUM/2025[2016-17]Status: DisposedITAT Mumbai23 Feb 2026AY 2016-17

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Paresh Shaparia, ARFor Respondent: Shri Swapnil Choudhari, Sr. AR
Section 132(4)Section 147Section 148Section 154Section 234ASection 250Section 271(1)(c)Section 68

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM

Ronak Ashok Shah, Mumbai vs. ITO Ward 41(3)(3), Mumbai

In the result, the appeal is allowed for statistical purpose

ITA 6639/MUM/2025[2018-19]Status: DisposedITAT Mumbai23 Feb 2026AY 2018-19

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarronak Ashok Shah Ito-41(3)(3) 1803, Raj Hans Apt., Kautilya Bhavan, Jitendra Road, Malad (E) Vs. Mumbai Mumbai-400 097 Pan/Gir No. Bdjps 9744 J (Appellant) : (Respondent) Appellant By : Shri Rajesh Kothari Respondent By : Shri Annavaram Kosuri (Sr. Ar) Date Of Hearing : 18.02.2026 Date Of Pronouncement : 23.02.2026 O R D E R Per Saktijit Dey: This Is An Appeal By The Assessee Against Order Dated 10.03.2025, Passed By National Faceless Appeal Centre (‘Nfac’ For Short), Delhi For The Assessment Year (A.Y. For Short) 2018-19. 2. In Ground No. 1, The Assessee Has Raised Grievance Against The Ex Parte Disposal Of The Appeal By Ld. First Appellate Authority. Whereas, Ground Nos. 2 To 5 Are On The Issue Of Validity Of Reopening Of Assessment. Ground Nos. 6 & 7 Are On The Authority Of The Jurisdictional Assessing Officer (Jao) In Completing The Assessment. Whereas, Ground Nos. 8 To 11 Are On Merits.

For Appellant: Shri Rajesh KothariFor Respondent: Shri Annavaram Kosuri (Sr. AR)
Section 139(1)Section 147Section 148

parte disposal of the appeal by ld. First appellate authority. Whereas, ground nos. 2 to 5 are on the issue of validity of reopening of assessment. Ground nos. 6 & 7 are on the authority of the Jurisdictional Assessing Officer (JAO) in completing the assessment. Whereas, ground ... found to be penny stock companies. Since, the assessee was a non-filer of income tax return, the A.O. alleging escapement of income, reopened the assessment u/s. 147 of the Act. In response to notice issued u/s. 148 of the Act, the assessee furnished his return of income and also

Rushina Vikram Desai, Ahmedabad vs. Ward 3(3)(2), Income Tax Officer, Vejalpur, Ahmedabad

In the result, the appeal filed by the Assessee is treated as allowed for statistical purpose

ITA 2300/AHD/2025[2016-17]Status: DisposedITAT Ahmedabad20 Feb 2026AY 2016-17

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 10(1)Section 143(3)Section 147Section 2(14)Section 250Section 69Section 69B

grounds before the final hearing of the appeal. 3. At the outset, Ld. Counsel for the assessee submitted that there was reopening of assessment for the very same Asst. Year 2016-17 against which appeal was filed by the assessee, whereas Ld. CIT(A) passed appellate order dated

Chandra Khilwani, Vadodara vs. Income Tax Officer, Ward 3(1)(4), Vadodara, Aayakar Bhavan, Baroda

In the result, the appeal filed by the Assessee is hereby allowed

ITA 2234/AHD/2025[2019-20]Status: DisposedITAT Ahmedabad20 Feb 2026AY 2019-20

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 133ASection 147Section 148Section 148A

assessing officer more particularly Page no. 9 of the assessment order wherein the so called excel sheet relied by the A.O. for reopening of assessment. The excel sheet deals with the project namely “Westfields” promoted by M/s. Samanway Sparsh group. That too booking date is mentioned as March 2019, whereas

Rohitkumar Chinubhai Modi, Ahmedabad vs. The ACIT, Cir. 5(2) Now DCIT, Circle-2(1)(1), Ahmedabad

The appeal of the assessee is hereby dismissed

ITA 1961/AHD/2025[2009-10]Status: DisposedITAT Ahmedabad20 Feb 2026AY 2009-10

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

For Appellant: Shri Satish Solanki, ARFor Respondent: Shri Yogesh Mishra, Sr. DR
Section 143(3)Section 147Section 148Section 263

failed to appreciate the fact that AO proceeded to complete the assessment without providing a copy of the reasons recorded for reopening the assessment to the assessee. This was mandatory as directed by the Hon'ble Supreme Court in the case of GKN Driveshaft ... admission of the purchaser constituted sufficient reason to believe that income chargeable to tax had escaped assessment. At the stage of reopening, the Assessing Officer is not required to conclusively prove escapement of income. It is sufficient if there exists prima facie material leading to formation of such belief. This

Saurabhbhai Rohitbhai Modi, Ahmedabad vs. The ACIT, Cir. 5(2) Now DCIT, Circle-2(1)(1), Ahmedabad

The appeal of the assessee is hereby dismissed

ITA 1960/AHD/2025[2009-10]Status: DisposedITAT Ahmedabad20 Feb 2026AY 2009-10

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

For Appellant: Shri Satish Solanki, ARFor Respondent: Shri Yogesh Mishra, Sr. DR
Section 143(3)Section 147Section 148Section 263

failed to appreciate the fact that AO proceeded to complete the assessment without providing a copy of the reasons recorded for reopening the assessment to the assessee. This was mandatory as directed by the Hon'ble Supreme Court in the case of GKN Driveshaft ... admission of the purchaser constituted sufficient reason to believe that income chargeable to tax had escaped assessment. At the stage of reopening, the Assessing Officer is not required to conclusively prove escapement of income. It is sufficient if there exists prima facie material leading to formation of such belief. This

M/S.Wellknown Polyesters Limited, Mumbai vs. Deputy Commissioner of Income Tax, Circle 4(3)(1), Mumbai

In the result, the appeal filed by the assessee stands allowed

ITA 8704/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Smt. Beena Pillai () & Shri Girish Agrawal ()

Section 147Section 148Section 148ASection 151

case as well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in reopening the assessment proceeding u/s.147 of the Income Tax Act, 1961, without considering the fact and circumstances of the case. 2. On the facts and circumstances ... regime for reopening of the assessment. He submitted that original notice u/s 148 was issued under the old regime on 09/04/2021, to reopen the assessment. Thereafter, the 4 I.T.A. No. 8704/Mum/2025 said notice was treated as a deemed notice as per the decision of the Hon’ble Supreme Court

ITO-23(3)(6).Mumbai, Mumbai vs. Rajeshwar Bullion Trading, Mumbai

In the result, the appeal is dismissed

ITA 6132/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarm/S. Rajeshwar Bullion Trading Income Tax Officer 2Nd Floor, 61/63, Ward 23(3)(6) Har Narayan Building, Vs. Mumbai Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Assessee) : (Revenue) & Income Tax Officer M/S. Rajeshwar Bullion Trading Ward 23(3)(6) 2Nd Floor, 61/63, Mumbai Vs. Har Narayan Building, Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Revenue) : (Assessee) Appellant By : Shri Dhran Gandhi Respondent By : Shri Annavaram Kosuri (Sr. Ar) Date Of Hearing : 16.02.2026 Date Of Pronouncement : 20.02.2026 O R D E R Per Saktijit Dey: The Captioned Appeals, One By The Assessee & The Other By The Revenue Arise Out Of Two Separate Orders Passed By National Faceless Appeal Centre (‘Nfac’ For Short), Delhi, Pertaining To The Very Same Assessment Year (A.Y. For Short) 2017-18. However, While Assessee’S Appeal Arises Out Of Original Assessment Proceeding, The Revenue’S Appeal Arises Out Of Reassessment Proceeding U/S. 147 Of The Act. M/S. Rajeshwar Bullion Trading 2. At The Outset, We Will Deal With Assessee’S Appeal, Being Ita No.5754/Mum/2025. In Ground Nos. 1 & 2, The Assessee Has Challenged The Decision Of Ld. First Appellate Authority In Remanding The Issue Back To The Assessing Officer (A.O. For Short) For De Novo Adjudication. Whereas, In Ground No. 3, The Assessee Has Challenged The Non-Adjudication Of The Ground Relating To The Applicability Of Section 115Bbe Of The Act. Since, The Issues Are Overlapping, We Will Deal With Them Concurrently.

For Appellant: Shri Dhran GandhiFor Respondent: Shri Annavaram Kosuri (Sr. AR)
Section 115BSection 147Section 68

ACIT [2025] 179 taxmann.com 578 (Bom) 14. Ld. Departmental Representative (ld. DR for short) submitted, since, the time limit for reopening of assessment was further extended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA), the approval u/s. 151 of the Act was rightly

Durga Vijaykumar Lakhani, Mumbai vs. Pr. CIT 27, Mumbai

In the result, the appeal is allowed

ITA 5787/MUM/2025[2015-16]Status: DisposedITAT Mumbai20 Feb 2026AY 2015-16

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokardurga Vijakumar Lakhani Principal Cit-27 Plot No. 117, A-Lane Gokul, Mumbai Vs. Near Sagar Vihar, Sector-8, Vashi, Navi Mumbai-400 703 Pan/Gir No. Aazpl 4339 E (Appellant) : (Respondent) Appellant By : Ms. Ritika Agarwal, Adv. Respondent By : Shri Annavaran Kosuri (Sr. Dr) Date Of Hearing : 12.02.2026 Date Of Pronouncement : 20.02.2026 O R D E R Per Saktijit Dey: This Is An Appeal By The Assessee Against Order Dated 28.07.2025 Passed By National Faceless Appeal Centre (‘Nfac’ For Short), Delhi For The Assessment Year (A.Y. For Short) 2015-16. 2. At The Outset, Ld. Counsel Appearing For The Assessee Drew Our Attention To Ground Nos. 1 & 3 & Submitted That The Appeal Can Be Decided On The Limited Issue Of Lack Of Proper Sanction For Reopening Of Assessment. For Deciding This Issue, We May Discuss Few Relevant Facts.

For Appellant: Ms. Ritika Agarwal, AdvFor Respondent: Shri Annavaran Kosuri (Sr. DR)
Section 147Section 148Section 151Section 151(1)

ground nos. 1 & 3 and submitted that the appeal can be decided on the limited issue of lack of proper sanction for reopening of assessment. For deciding this issue, we may discuss few relevant facts. 3. Briefly, the facts of the case are that the assessee is a resident individual ... term capital gain/loss (LTCG/L for short). 2 Durga Vijakumar Lakhani vs. PCIT 4. Based on such information, the Assessing Officer (A.O. for short) reopened the assessment, as, according to him the assessee is a beneficiary of bogus LTCG from sale of scrip of Ojas Asset, a penny stock company

M/S. Rajeshwar Bullion Trading, Mumbai vs. Asst. CIT, Circle 23(3), Mumbai

In the result, the appeal is dismissed

ITA 5754/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarm/S. Rajeshwar Bullion Trading Income Tax Officer 2Nd Floor, 61/63, Ward 23(3)(6) Har Narayan Building, Vs. Mumbai Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Assessee) : (Revenue) & Income Tax Officer M/S. Rajeshwar Bullion Trading Ward 23(3)(6) 2Nd Floor, 61/63, Mumbai Vs. Har Narayan Building, Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Revenue) : (Assessee) Appellant By : Shri Dhran Gandhi Respondent By : Shri Annavaram Kosuri (Sr. Ar) Date Of Hearing : 16.02.2026 Date Of Pronouncement : 20.02.2026 O R D E R Per Saktijit Dey: The Captioned Appeals, One By The Assessee & The Other By The Revenue Arise Out Of Two Separate Orders Passed By National Faceless Appeal Centre (‘Nfac’ For Short), Delhi, Pertaining To The Very Same Assessment Year (A.Y. For Short) 2017-18. However, While Assessee’S Appeal Arises Out Of Original Assessment Proceeding, The Revenue’S Appeal Arises Out Of Reassessment Proceeding U/S. 147 Of The Act. M/S. Rajeshwar Bullion Trading 2. At The Outset, We Will Deal With Assessee’S Appeal, Being Ita No.5754/Mum/2025. In Ground Nos. 1 & 2, The Assessee Has Challenged The Decision Of Ld. First Appellate Authority In Remanding The Issue Back To The Assessing Officer (A.O. For Short) For De Novo Adjudication. Whereas, In Ground No. 3, The Assessee Has Challenged The Non-Adjudication Of The Ground Relating To The Applicability Of Section 115Bbe Of The Act. Since, The Issues Are Overlapping, We Will Deal With Them Concurrently.

For Appellant: Shri Dhran GandhiFor Respondent: Shri Annavaram Kosuri (Sr. AR)
Section 115BSection 147Section 68

ACIT [2025] 179 taxmann.com 578 (Bom) 14. Ld. Departmental Representative (ld. DR for short) submitted, since, the time limit for reopening of assessment was further extended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA), the approval u/s. 151 of the Act was rightly

ACIT, CC 6(2), Mumbai vs. Overseas Infrastructure Alliance (India) Private Limited, Mumbai

In the result, appeal by the assessee is allowed

ITA 4321/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

ACIT, CC 6(2), Mumbai vs. Overseas Infrastructure Alliance (India) Private Limited, Mumbai

In the result, appeal by the assessee is allowed

ITA 4320/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

ACIT, CC 6(2), Mumbai vs. Overseas Infrastructure Alliance (India) Private Limited, Mumbai

In the result, appeal by the assessee is allowed

ITA 4319/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

ACIT, CC-6(2), Mumbai vs. Overseas Infrastructure Alliance (India) Private Limited, Mumbai

In the result, appeal by the assessee is allowed

ITA 4318/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

ACIT, CC 6(2), Mumbai vs. Overseas Infrastructure Alliance (India) Private Limited, Mumbai

In the result, appeal by the assessee is allowed

ITA 4090/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari andFor Respondent: Shri R. A. Dhyani, CIT DR and
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment ITA No. 4043/Mum/2025 and others Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

Overseas Infrastructure Alliance(India) Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 6(2), Mumbai

In the result, appeal by the assessee is allowed

ITA 4064/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari andFor Respondent: Shri R. A. Dhyani, CIT DR and
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment ITA No. 4043/Mum/2025 and others Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

Overseas Infrastructure Alliance(India) Private Limited, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle -6, Mumbai

In the result, appeal by the assessee is allowed

ITA 4045/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

Overseas Infrastructure Alliance (India) Private Limtied, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 6(2), Mumbai

In the result, appeal by the assessee is allowed

ITA 4044/MUM/2025[2021-22]Status: DisposedITAT Mumbai20 Feb 2026AY 2021-22

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except

Overseas Infrastructure Alliance (India) Private Limtied, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 6(2), Mumbai

In the result, appeal by the assessee is allowed

ITA 4043/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

submitted that since there has been no fresh material in hand on the basis of which the Ld. Assessing Officer have reopened the assessment Overseas Infrastructure Alliance (India ... assessee the word ‘commodities’ is to be read as ‘future and options’. 3.7. It is noted that ld. Assessing Officer has reopened the assessment proceedings u/s 148 of the Act by invoking the provisions given in Explanation to section 73 which prohibits set-off of losses of speculation business except