“escapement of income”

Dcitcc6.2, Mumbai vs. Top Class Capital Markets Pvt. Ltd, Mumbai

In the result, the appeal filed by the Assessee i

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2013-14

indication as to how the respondent- assessee could be linked to the activity of Mahasagar Securities (P) Ltd. (supra) which has led to escapement of income. Thus, relying upon the decision of this Court in Raja Bahadur Motilal (P) Ltd. vs. K.R. Vishwanathan

Himar Specialty Chemicals Private Limited, Mumbai vs. Income Tax Officer-10(1)(1), Mumbai

The appeal of the appellant is allowed

Bench: Shri Narender Kumar Choudhry (Jm) & Shri Omkareshwar Chidara (Am)

because addition was made and assessment was reopened only on the basis of statement of one person. Since the reason to believe for escapement of income is not proper, reopening itself is invalid. The appellant contended before the Ld. CIT(A) that there is only reason to suspect and certain

Nidhi Manan Shah, Mumbai vs. Income Tax Office Ward 20(2)(1), Mumbai

In the result, all the three appeals are treated as allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

view that the long term capital gains declared by the assessee is bogus in nature and accordingly formed the belief that there is escapement of income in the hands of the assessee herein in these three years. Hence, the AO reopened the assessment of these three years under consideration

Nidhi Manan Shah, Mumbai Suburban vs. Income Tax Office Ward 20(2)(1), Mumbai

In the result, all the three appeals are treated as allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

view that the long term capital gains declared by the assessee is bogus in nature and accordingly formed the belief that there is escapement of income in the hands of the assessee herein in these three years. Hence, the AO reopened the assessment of these three years under consideration

Nidhi Manan Shah, Mumbai Suburban vs. Income Tax Office Ward-20(2)(1), Mumbai

In the result, all the three appeals are treated as allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Raj Kumar Chauhan

view that the long term capital gains declared by the assessee is bogus in nature and accordingly formed the belief that there is escapement of income in the hands of the assessee herein in these three years. Hence, the AO reopened the assessment of these three years under consideration

Gehna Jewellers Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle-4(2)(1), Mumbai

Bench: the Tribunal. Vide order dated 22/11/2017 passed by the Tribunal in ITA No. 3530/MUM/2017 the order passed under Section 263 of the Act was set aside and

validly initiated no fault could be found in the action of the Assessing Officer including in the ambit of re-assessment proceedings, the escapement of income on account of the alleged bogus purchases of INR.14,33,512/- made by the Appellant from Kangan Jewels Pvt. Ltd. (incorrectly stated

Indus Securities Private Limited, Mumbai vs. DCIT, Circle3(2)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2016-17

assessee in respect of the aforesaid transaction 4 Indus Securities Pvt. Ltd, AY 2016-17 which according to him had led to escapement of income of Rs.55,88,573/- within the meaning of section 147 of the Act. 3.3. Pursuant to this, assessee filed its objection on the re-opening ... According to the ld. Counsel, once the income from the alleged transaction has already been offered to tax, there is no question of escapement of income. 5.1. Further, since no specific case is made out by the ld. Assessing Officer in respect of the nature of income, it demonstrates

Indian Education Society, Mumbai vs. CIT (E), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2016-17

development fund in cash or kind which has 3 Indian Education Society, AY 2016-17 not been disclosed in the return, resulting in escapement of income. In the course of re-assessment proceedings, assessee was called to furnish the required details and evidences. Considering the same, ld. Assessing Officer concluded

DCIT 15(1)(1), Mumbai vs. Antony Motors P.Ltd, Navi Mumbai

In the result the appeals filed by the assessee & revenue stands partly allowed

Bench: Smt Beena Pillai & Smt Renu Jauhri[Assessment Year: 2009-10] [Assessment Year: 2008-09] [Assessment Year: 2007-08] Dy. Commissioner Of M/S. Antony Motors Pvt. Income-Tax- 15(1)(1) Ltd. Room No.517, A-390/391, 5Th Floor, Midc, Ttc, Vs. Aayakar Bhavan, Industrial Zone, Maharshi Karve Road, Navi Mumbai- 400701. Mumbai- 400020. Pan: Aaaca4719K (Appellant) (Respondent)

Section 148 of the Act, it is not necessary for the Assessing Officer to conclusively arrive at a finding that there has been escapement of income. At the stage of issue of the notice, the only requirement is to examine whether, on the available material a reasonable person could form

DCIT 15(1)(1), Mumbai vs. Antony Motors P.Ltd, Navi Mumbai

In the result the appeals filed by the assessee & revenue stands partly allowed

Bench: Smt Beena Pillai & Smt Renu Jauhri[Assessment Year: 2009-10] [Assessment Year: 2008-09] [Assessment Year: 2007-08] Dy. Commissioner Of M/S. Antony Motors Pvt. Income-Tax- 15(1)(1) Ltd. Room No.517, A-390/391, 5Th Floor, Midc, Ttc, Vs. Aayakar Bhavan, Industrial Zone, Maharshi Karve Road, Navi Mumbai- 400701. Mumbai- 400020. Pan: Aaaca4719K (Appellant) (Respondent)

Section 148 of the Act, it is not necessary for the Assessing Officer to conclusively arrive at a finding that there has been escapement of income. At the stage of issue of the notice, the only requirement is to examine whether, on the available material a reasonable person could form