“tangible material”

Cachet Engineering P.Ltd., Mumbai vs. ITO 12(1)-4, Mumbai

In the result, the appeal filed by the assessee is hereby allowed for statistical purposes

Bench: Shri Pramod Kumar, Vp & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 1917/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2011-12) Cachet Engineering Pvt. Ltd. बिधम/ Ito-12(1)-4 Ground Floor, Anandibai 145A, Aayakar Bhavan, M. Vs. Gosavi Chawl, Kurar K. Road, Mumbai-400020. Village, Malad (E)-400097. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccc9354L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: None Revenue By: Shri R.A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 15/03/2022 घोषणा की तारीख /Date Of Pronouncement: 06/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 19.11.2019 Passed By The Commissioner Of Income Tax (Appeals)-20, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2011-12. 2. The Assessee Has Raised The Following Grounds: - “1. That The Learned Cit (A), Mumbai Has Grossly Erred Both In Law & On Facts In Confirming The Reassessment Proceedings & Also Framing The Assessment Under Section 143(3)/147 Of The Act Determining The Income Of The Appellant At An Income Of Rs.5,05,00,000/- As Against Returned Loss Of Rs. 30,080/-.

merely on the basis of the alleged information received from the DCIT, Central Circle 2(4), Mumbai without there being any tangible material for the formation of the reason to believe, and hence initiation of the reassessment proceedings is unsustainable in law. 2.2 That the learned CIT (A) has grossly

Audit Bureau of Circulations, Mumbai vs. ITO (E) 1(1), Mumbai

In the result, the appeal of the assessee vide ITA No

holding that the assessee is not more charitable institution. The ld. CIT(A) has dismissed the appeal of the assessee holding that there was tangible material in the case of the assessee on the basis of which it was reopened. During the course of appellate proceedings before ... Counsel has contended that reopening was not made on the basis of tangible material and has placed reliance on number of judicial pronouncements. However, the ld. D.R has referred and submitted that there was tangible material in the form of order of CIT(exemption) of cancelling the registration granted

M/S. Long Life Realtors LLP, Mumbai vs. Pr. CIT -17, Mumbai

In the result, the appeal of the assessee is allowed

depreciation to the extent of Rs. 622.39 lakhs on the value of securities held on the trading account. In the absence of any tangible material to the contrary, the Commissioner of Income-tax could not have treated this finding to be erroneous or to be prejudicial to the interest

ACIT -1(3)(1), Mumbai vs. M/S. Tilaknagar Idustries Ltd., Mumbai

In the result the appeal filed by the assessee for AY

notice issued or query raised by him during the course of assessment proceedings. It can further be concluded that the AO had no tangible material for forming the belief that the income of the assessee has escaped assessment. Hence, in our opinion, since the AO has initiated the re-assessment ... assessment on the basis of mere change of opinion. Power u/s 147 of the Act can be exercised by the AO provided there is tangible material to come to conclusion that there is escapement of income from assessment. In our considered view, the AO has no tangible material to come

Arvind Hanjarimal Jain, Mumbai vs. Asst CIT 31 (2), Mumbai

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

gone into at this stage Thus, the Hon'ble Court ruled that It cannot be stated that the Assessing Officer did not have tangible materials at his command to form such a belief. It was held in this case as under: 26. His reference to "materials on record" must

Arvind Hanjarimal Jain, Mumbai vs. Asst CIT 31 (2), Mumbai

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

gone into at this stage Thus, the Hon'ble Court ruled that It cannot be stated that the Assessing Officer did not have tangible materials at his command to form such a belief. It was held in this case as under: 26. His reference to "materials on record" must

Arvind Hanjarimal Jain, Mumbai vs. Asst CIT 31 (2), Mumbai

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

gone into at this stage Thus, the Hon'ble Court ruled that It cannot be stated that the Assessing Officer did not have tangible materials at his command to form such a belief. It was held in this case as under: 26. His reference to "materials on record" must

Arvind Hanjarimal Jain, Mumbai vs. Asst CIT 31 (2), Mumbai

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

gone into at this stage Thus, the Hon'ble Court ruled that It cannot be stated that the Assessing Officer did not have tangible materials at his command to form such a belief. It was held in this case as under: 26. His reference to "materials on record" must

Dy CIT-CC-6(3), Mumbai vs. M/S. Marathon Nextgen Realty Ltd, Mumbai

Bench: Vikas Awasthy & Shri Prashant Maharishiआअसं. 797/मुं/2021 ("न. व. 2012-13 ) आअसं. 798/मुं/2021 ("न. व. 2011-12 ) आअसं. 799/मुं/2021 ("न. व. 2010-11) Dy. Commissioner Of Income Tax, Central Circle – 6(3), Room No.1926, 19Th Floor, Air India Building, Nariman Point, Mumbai 400 021 ..... अपीलाथ" /Appellant बनाम Vs. M/S. Marathon Nextgen Realty Limited, Marathon Futurex Mafatlal Mill Compound, N.M.Joshi Marg, Lower Parel, Mumbai 400 013. Pan: Aaacp-8032-E ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri J.P. Bairagra With Ms. Rupa Nanda ""तवाद" "वारा/Respondent By : Shri C.T. Mathews सुनवाई क" "त"थ/ Date Of Hearing : 23/02/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 25/03/2022 आदेश/ Order Per Vikas Awasthy, Jm: These Three Appeals By The Revenue Are Directed Against The Orders Of Commissioner Of Income Tax(Appeals)-54, Mumbai [In Short ‘ The Cit(A)’], For The 2

opinion’ is an inbuilt test to check abuse of power by the Assessing Officer. The Assessing Officer has power to reopen, provided there is “tangible material” to come to the conclusion that there is escapement of income from assessment. Reason must have live link with the formation of belief ... change of opinion, hence, reopening is not justified. In the present case as well assessment has been reopened without there being any new tangible material in possession of Assessing Officer. It is a clear case of ‘change of opinion’. Ergo, reassessment is bad in law. 10. In the case

Dy CIT, CC-6(3), Mumbai vs. M/S. Marathon Nextgen Realty Ltd, Mumbai

Bench: Vikas Awasthy & Shri Prashant Maharishiआअसं. 797/मुं/2021 ("न. व. 2012-13 ) आअसं. 798/मुं/2021 ("न. व. 2011-12 ) आअसं. 799/मुं/2021 ("न. व. 2010-11) Dy. Commissioner Of Income Tax, Central Circle – 6(3), Room No.1926, 19Th Floor, Air India Building, Nariman Point, Mumbai 400 021 ..... अपीलाथ" /Appellant बनाम Vs. M/S. Marathon Nextgen Realty Limited, Marathon Futurex Mafatlal Mill Compound, N.M.Joshi Marg, Lower Parel, Mumbai 400 013. Pan: Aaacp-8032-E ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri J.P. Bairagra With Ms. Rupa Nanda ""तवाद" "वारा/Respondent By : Shri C.T. Mathews सुनवाई क" "त"थ/ Date Of Hearing : 23/02/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 25/03/2022 आदेश/ Order Per Vikas Awasthy, Jm: These Three Appeals By The Revenue Are Directed Against The Orders Of Commissioner Of Income Tax(Appeals)-54, Mumbai [In Short ‘ The Cit(A)’], For The 2

opinion’ is an inbuilt test to check abuse of power by the Assessing Officer. The Assessing Officer has power to reopen, provided there is “tangible material” to come to the conclusion that there is escapement of income from assessment. Reason must have live link with the formation of belief ... change of opinion, hence, reopening is not justified. In the present case as well assessment has been reopened without there being any new tangible material in possession of Assessing Officer. It is a clear case of ‘change of opinion’. Ergo, reassessment is bad in law. 10. In the case

M/S. Satyam Realtors P. Ltd., Mumbai vs. Dy CIT CC-5(4)Dy CIT CC-5(4), Mumbai

In the result, appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya

Kalyanji Mavji and Company vs. CIT 102 ITR 287 (SC). It is also pertinent to mention that for reopening of completed assessment u/s.148, tangible material need not be from outside the return of income. It can be obtained from the return of income or evidences on record itself. The reference ... have been complied with or not. Be as it may, I note that reopening in this case has been done without referring to any tangible material coming to the possession of the AO. Ld.CIT(A) has observed that even when an income liable to tax has escaped assessment

The United Western Bank Ltd. (Through Successors Idbi Bank Ltd.), Mumbai vs. DCIT, Satara

In the result, all the three appeals filed by the assessee are disposed of as above

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

learned Authorised Representative submitted that reopening of the assessment has been made on mere change of opinion and in absence of any tangible material. He submitted that assessment records for Assessment Year 2001-02 was the only basis for reopening of the assessee, which was already there in the assessment ... appeal is with respect to the reopening of the assessment which is challenged by the assessee stating that there is absence of any tangible material and even otherwise, it is a mere change of opinion. On careful analysis of the reasons recorded by the learned Assessing Officer, it is apparent

The United Western Bank Ltd., Mumbai vs. Deputy Commissioner of Income-Tax, Jalgaon

In the result, all the three appeals filed by the assessee are disposed of as above

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

learned Authorised Representative submitted that reopening of the assessment has been made on mere change of opinion and in absence of any tangible material. He submitted that assessment records for Assessment Year 2001-02 was the only basis for reopening of the assessee, which was already there in the assessment ... appeal is with respect to the reopening of the assessment which is challenged by the assessee stating that there is absence of any tangible material and even otherwise, it is a mere change of opinion. On careful analysis of the reasons recorded by the learned Assessing Officer, it is apparent

The United Western Bank Ltd., Satara vs. Additional Commissioner of Income-Tax, Satara

In the result, all the three appeals filed by the assessee are disposed of as above

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

learned Authorised Representative submitted that reopening of the assessment has been made on mere change of opinion and in absence of any tangible material. He submitted that assessment records for Assessment Year 2001-02 was the only basis for reopening of the assessee, which was already there in the assessment ... appeal is with respect to the reopening of the assessment which is challenged by the assessee stating that there is absence of any tangible material and even otherwise, it is a mere change of opinion. On careful analysis of the reasons recorded by the learned Assessing Officer, it is apparent

Asst. CIT -Circle-2(3)(1), Mumbai vs. M/S. Rakhi Properties & Lesing P. Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bleacit – Circle – 2(3)(1) V. M/S. Rakhi Properties & Leasing Pvt. Ltd., 61/62 Gaya Building, 4Th Floor, Y.M. Road Room No. 552, 5Th Floor Masjid Bunder, Mumbai - 400003 Aayakar Bhavan, M.K. Road Mumbai - 400020 Pan: Aaccr8822L (Appellant) (Respondent)

belong to Shri Shirish C Shah. The Ld. CIT(A) held that the notice u/s 148 could be issued on the basis of fresh tangible material, however Assessing Officer had issued the notice u/s 148 under an incorrect reason that the share applicants belong to Shri Shirish C Shah