“tangible material”

Palm Tracom LLP, New Delhi vs. ITO Ward - 38(1), New Delhi

In the result, appeal of the assessee is partly allowed

Bench: Shri C.M. Gargpalm Tracom Llp, Vs. Ito, Shop 103, Ff, Deepali Ward-38(1), Chowk, Csc-Ii, Up Samaj, New Delhi Pitampura, New Delhi- 110034 (Appellant) (Respondent) Pan:Aaqfp8495G Assessee By : Ms. Rano Jain, Adv Revenue By: Shri Sumes Swani, Sr. Dr Date Of Hearing 05/04/2023 Date Of Pronouncement 27/06/2023

lordship speaking for the Hon’ble Jurisdictional High Court held that where the reasons recorded by the AO failed to demonstrate link between the tangible material and the formation of reasons to believe that the income has escaped assessment, then, indeed it Palm Tracom LLP amounts to borrowed satisfaction

Sgdc India Pvt. Ltd, New Delhi vs. DCIT Circle-23(2), New Delhi

The appeals of the assessee are allowed

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharma

assessee that the reassessment proceedings initiated u/s 147/148 are based on change of opinion and the reasons to believe are not based on any tangible material or information extraneous to the record. In sum and substance, the case of the assessee is that the reopening of the assessment ... since the reasons are based on change of opinion, re-appraisal of facts already on record and the reasons are not based on any tangible material. 18. We find some force in the above argument of the Id. counsel for the assessee. From the various details furnished by the assessee

Sgdc India P. Ltd., New Delhi vs. DCIT, Circle- 24(2), Delhi

The appeals of the assessee are allowed

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharma

assessee that the reassessment proceedings initiated u/s 147/148 are based on change of opinion and the reasons to believe are not based on any tangible material or information extraneous to the record. In sum and substance, the case of the assessee is that the reopening of the assessment ... since the reasons are based on change of opinion, re-appraisal of facts already on record and the reasons are not based on any tangible material. 18. We find some force in the above argument of the Id. counsel for the assessee. From the various details furnished by the assessee

ACIT, Circle- 20(2), New Delhi vs. Rps Infrastructure Ltd., New Delhi

In the result, C.O No. 70/Del/2021 filed by the assessee is allowed

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

case of Anant Raj Ltd. Vs. DCIT reported in (2021) 226 DTR 33 held as under:- “Reassessment -Full and true disclosure-Absence of new tangible material- Assessee had declared long-term capital gain on sale of the property - It placed on record all evidences to show that the information submitted ... check abuse of power by the Assessing Officer. Hence, after 1st April, 1989, Assessing Officer has power to re-open, provided there is "tangible material" to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of the belief

Magpie Marketing LLP, New Delhi vs. ITO Ward - 38(2), New Delhi

In the result, the appeal of the assessee is partly allowed

reason only but 2 the conclusion of the Assessing Officer and where there is no independent application mind by the Assessing Officer to the tangible material which forms the basis of the reason to believe that income has escaped assessment, the conclusions of the Assessing Officer are at best ... investigation report which indeed a “borrowed satisfaction”. Their Lordship also held that when the reason fail to demonstrate the link between the tangible material and the formation of the reason to believe that income has escaped assessment then it has to be held that the initiation of reassessment proceedings

Boston Scientific International Bv the Netherlands, Netherland vs. ACIT, Circle-1(1)(2), Int. Taxation, New Delhi

In the result, the appeal of the assessee is allowed and the stay petition of the assessee is dismissed as infructuous

Bench: Shri Kul Bharat & Shri M. Balaganeshboston Scientific International Vs. Acit, Bv The Netherlands, Circle-1(1)(2), 100A, The Capital Court Oiof International Taxation, Palm Marg Munirka, Delhi- New Delhi 110067 (Appellant) (Respondent) Pan: Aaacb4238J Sa No. 152/Del/2023 (In Ita No. 789/Del/2023) (Assessment Year: 2013-14) Boston Scientific International Vs. Acit, Bv The Netherlands, Circle-1(1)(2), 100A, The Capital Court Oiof International Taxation, Palm Marg Munirka, Delhi- New Delhi 110067 (Appellant) (Respondent) Pan: Aaacb4238J

made on three issues as detailed (supra) but on all the three issues, we find that the ld AO did not have any tangible material which would enable him to form a reasonable belief that income of the assessee had escaped assessment warranting reopening ... original assessment has been completed u/s 143(3) of the Act on 29.03.2019. Hence, it can be safely concluded that there is no absolutely tangible material available with the ld AO which has a live link to enable the ld AO to form a belief that income of the assessee

Motorola Solutions India Pvt. Ltd., Gurgaon vs. DCIT, Circle- 2, Gurgaon

In the result, Appeal of the Assessee is partly allowed

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar Usi.T.A. No. 672/Del/2018 (A.Y 2008-09)

failure on the part of the assessee to disclose fully and truly of material facts’ and it is found that no new tangible material came to be existence post completion of original assessment. 12. In terms of Proviso to Section 147 of the Act, once the assessment had been completed

The Oriental Insurance Co. Ltd., New Delhi vs. DCIT, Circle- 1, Ltu, New Delhi

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

reopening the assessment would have to be regarded as a mere change of opinion which has also not been based on any tangible material. Consequently, we hold that the reopening of the assessment is contrary to law. The Petition would have, therefore, to be allowed". Respectfully following the above

DCIT, Circle- 1, Ltu, New Delhi vs. The Oriental Insurance Co. Ltd., New Delhi

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

reopening the assessment would have to be regarded as a mere change of opinion which has also not been based on any tangible material. Consequently, we hold that the reopening of the assessment is contrary to law. The Petition would have, therefore, to be allowed". Respectfully following the above

Stratejic Manufactures India LLP, New Delhi vs. ITO Ward - 38(2), New Delhi

In the result, the appeal of the assessee is partly allowed

valid satisfaction and only on the basis of borrowed satisfaction as there was no independent application of mind by the AO to the tangible material received from Investigation Wing which could form 3 the valid basis and reason to believe that income has escaped assessment even in the reasons ... wing that assessee was beneficiary of accommodation entries but no further inquiry was undertaken by AO, said information could not be said to be tangible material per se and, thus, reassessment on said basis was not justified. In the case of Meenakshi Overseas (supra), their lordship speaking

Saarthak Vanijya India P. Ltd., Varanasi vs. DCIT, Central Circle-28, Delhi

In the result, the appeal of the assessee is allowed

Bench: Dr. B. R. R. Kumarms. Astha Chandra

That the reasons for reopening having been recorded merely on the basis of information from investigation wing and in absence of any specific tangible material, the notice u/s 148 is illegal and not justified. 2(i) That the reopening being without application of mind and without requisite enquiry