“escapement of income”

Madan Mohan Tiwari, New Delhi vs. ITO, Ward- 29(3), New Delhi

In the result, the appeal of the assessee is stands

Bench: Shri R.K.Panda & Shri Sanjay Gargassessment Year : 2008-09 Madan Mohan Tiwari, Vs Income Tax Officer, J-145, Kalkaji, Ward-29(3), New Delhi-110019 Room No.1015, 10Th Floor, Block-E2, Dr. S.P. Mukharjee Civic Centre, Minto Road, New Delhi-110002 Pan-Aeqpt1251F Appellant Respondent

objections made by assessee for s.148 issuance. 7. Challenge to assessment order framed on reasons other than those on which belief for escapement of income was formed. -Tax Effect- Rs. 65,79,313/- 7.1.On the facts and in the circumstances of the case, the Ld. CIT(A) erred ... been framed on reasons forming belief of income escapement. 8. Challenge to no addition made on reasons on which belief for escapement of income was formed. -Tax Effect- Rs. 65,79,313/- 8.1. On the facts and in the circumstances of the case, the Ld. CIT(A) erred

Decent Financial Services Pvt. Ltd., New Delhi vs. DCIT, Circle- 7(1), New Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing)

that assessee was a beneficiary of a loss of Rs.2,73,631/- arising on account of client code modification and there is escapement of income. Consequently, the notice under Section 147 of the Act was issued and the reasons were given to the assessee on 25.04.2016. Assessee filed objection

Sushil Kumar, Delhi vs. ITO, New Delhi

The appeal of the assessee is allowed

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

reasons remotely indicate independent application of mind. True it is, at that stage, it is not necessary to have the established fact of escapement of income but what is necessary is that there is relevant material on which a reasonable person could have formed the requisite belief. To elaborate ... been quoted above. Annexure cannot be regarded as a material or evidence that prima facie shows or establishes nexus or link which discloses escapement of income. Annexure is not a pointer and does not indicate escapement of income. Further, it is apparent that the Assessing Officer did not apply

Sm Buildtech Pvt Ltd, Gurgaon vs. ITO Ward - 24(1), New Delhi

Bench: Sh. Anil Chaturvedi(Through Video Conferencing) M/S. S. M. Buildtech Pvt. Vs. Ito Ltd., H-23/9, 2Nd Floor, Ward – 24(1) Dlf Phase-1, Gurgaon New Delhi Haryana – 122 002 Pan : Aaics 3283 Q (Appellant) (Respondent) Assessee By Shri Shailesh Gupta, Adv. Revenue By Shri R. K. Gupta, Sr. D.R. Date Of Hearing: 23.09.2021 Date Of Pronouncement: 01.10.2021 Order Per Anil Chaturvedi, Am:

account of commission income and the same was duly recorded in the assessee s financial statements, and as such, there was no escapement of income and thus, the addition so made should have been deleted. 5. That the learned Commissioner of Income Tax (Appeals) has erred

Meena Rani Khatana, Hisar vs. ITO Ward - 1, Hisar

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

Bench: Sh. N. K. Billaiya(Through Video Conferencing) Assessment Year: 2009-10 Meena Rani Khatana Ito Gali No.4, Backside Jindal Vs Ward-1 Park, Near Mill Gate, Hisar, Hisar Haryana (Appellant) (Respondent)

authorities below erred in i. initiating proceedings u/s 147/148 of the Act without there being any valid reason leading to belief of escapement of income ii. framing assessment u/s 147/144 of the Act without serving valid notice u/s 147 on the legal heir and also not providing reasons recorded leading ... belief of escapement of income ; iii. framing assessment u/s 144 r.w.s. 147 of the Act on a dead person; iv. making the addition of Rs. 13,12,500/- on account of entire amount of cash deposits in the bank treating the same as undisclosed income of the The above actions

Bhavana Jain, Hansi vs. ITO Ward - 1, Hisar

In the result, the appeal of the assessee is partly

Bench: Shri Kul Bharat[Assessment Year: 2013-14]

Appeals) erred in initiating proceedings u/s 147/148 of the Income Tax Act, 1961 without there being valid reasons leading to belief of escapement of income and also passing order u/s 143(3) r.w.s. 147 of the Act without providing reasons recorded; 2. On the facts and in the circumstances

Addl. CIT, Special Range- 4, New Delhi vs. Garg Acrylics Ltd., New Delhi

In the result, the appeal filed by the ld

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

case the Ld CIT(A) erred in law in holding that the original reason recorded for issue of notice u/s 148 for escapement of income was amended. 2. Whether on the facts and circumstances of the case, the Ld. CIT(A) was correct in holding the re-assessment proceeding ... Principal Commissioner of Income Tax-4, Delhi has given approval for issue of notice u/s 148 of Income Tax Act, 1961 for escapement of income of Rs.9,54,73,521/- on 31.03.2016 as is evident from the order sheet of assessment records. 3. Reliance is placed on the decision

Green Park Estate Pvt. Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee stands allowed

held: “7. Now adverting to the second limb of assessee’s stand, i.e., whether the reasons recorded for forming the belief of escapement of income on the basis of material seized are justified or vague to take recourse of section 147. In this context, on perusal of the orders

Arawali Finlease Private Limited, Delhi vs. ITO, Ward-3(2), New Delhi

In the result, the appeal is dismissed as withdrawn

Bench: Smt. Diva Singh & Shri Anadee Nath Misshra

definite material on record for the alleged accommodation entries and also without making any enquiry about the information/report received from Investigation wing regarding escapement of Income. 5. That on the facts and circumstances of the case, the AO has not giving enough time to the Company to file their reply

Interglobal Steels Pvt. Ltd., New Delhi vs. ITO Ward - 1(2), New Delhi

In the result, the appeal filed by the assessee in ITA No

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2011-12]

Supervening these two requirements in the alternative, the initial condition is that the Assessing Officer has reason to believe that there is escapement of income. The first requirement regarding information is now dropped by 1989 amendment and therefore for reopening of assessment within a period of 4 years in cases

J.D. Sons Steel Pvt. Ltd., Faridabad vs. ACIT, Faridabad

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

reference to any material on record and there is no proper nexus or live link between information/material and the formation of these escapement of income. Apart from that, the assessee has challenged the additions made u/s.68 for sums aggregating to Rs.1,25,00,000/- in the Assessment Year ... Assessing Officer must form a tentative or prima facie opinion on the basis of material that there is under-assessment or escapement of income; (ii) He must record the prima facie opinion into writing; (iii) The opinion formed is subjective but the reasons recorded or the information available on record

Shri Anil Nanda, New Delhi vs. DCIT, New Delhi

In the result, the appeal filed by the assessee is dismissed

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2007-08 Anil Nanda, Vs Dcit, 12-C, Friends Colony, Circle-68(1), New Delhi. New Delhi. Pan Aafpn4381A (Appellant) (Respondent) Assessee By : Shri Deepak Ostwal, Ca Revenue By : Shri Satpal Gulati, Cit, Dr Date Of Hearing : 02.06.2021 Date Of Pronouncement : 18.08.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 31St March, 2017 Of The Cit(A)-32, New Delhi Relating To Assessment Year 2007-08. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & It Filed Its Return Of Income On 30Th July, 2007 Declaring Total Income At Rs.8,25,64,675/-. The Assessment Was Completed U/S 143(3) Of The Act On 30Th October, 2009 Accepting The Returned Income. Subsequently, The Ao Reopened The Assessment U/S 147 Of The It Act, 1961 After Recording The Following Reasons:-

corrective measure by treating this dividend income at the hands of the shareholders and tax them accordingly. As otherwise, it would amount to escapement of income at the hands of those shareholders." (emphasis supplied) Thus, the Hon'ble Court had decreed that the dividend income deemed ... must be brought to tax in the hands of the shareholders and there should be no escapement of income from their hands. Respectfully following the decision of the Hon'ble Delhi High Court, I hold that the loan received by the appellant is deemed dividend in his hands

R.N. Khemka Enterprises (P) Ltd., Delhi vs. ITO Ward- 20(3), New Delhi

In the result, the appeal filed by the assessee is

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2011-12]

reproduced therein the information obtained from the Investigation Wing and has straight away reached the stage of formation of belief of escapement of income. He submitted that in the information, there is a general mention of various un- specified seized material such as seized papers/digital evidences and also certain statements ... application of mind is evident since no person of ordinary intelligence could be in a position to reach to belief of escapement of income u/s 147 of the Act. He submitted that mentioning of statements of unnamed individuals shows non-application of mind qua this evidence as firstly their names

Sjm International Ltd., New Delhi vs. DCIT, Circle- 24(20, New Delhi

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh

fact that there was failure on the part of the assessee to disclose fully and truly all material facts during assessment for escapement of income of Rs.50,00,000/-, but reasons recorded, show-cause notice issued and approval accorded are primarily based upon the reasons that an income of Rs.50 ... Assessing Officer has power to reopen, 15 ITA No.3762/Del./2018 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. Our view gets support from the changes made to section

Lakhmi Chand Tejoo Mal, Delhi vs. ACIT, Circle-47(1), New Delhi

In the result, the appeal filed by the assessee in ITA No

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2011-12]

provided by Sh. Pradeep Kumar Jindal or his associated entities in different layers. 6. Basis of forming reason to believe and details of escapement of income: As per enquiries made by investigation wing of the department and the undersigned from the system and the material available in this case ... assessment due to failure on part of the assessee within the meaning of Sec. 147 ofl.T. Act, 1961. 7. Seventh paragraph will include escapement of income chargeable to tax in relation to any assets (including financial interest in any entity) located outside India: N.A. 8. Findings

Sh. Harneet Singh Chandhoke, New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi

reopened u/s 147. From perusal of the reasons recorded, it is seen that Assessing Officer had the reasons to believe that there was escapement of income in the case of Ms. Jyotika Chandoke as she had not filed any return of income. Therefore, the twins conditions for reopening the case ... mistake u/s.292B, because even in the reasons recorded the Assessing Officer has entertained reasons to believe that it 13 ITA. No.3642/DEL/2016 was the escapement of income in the hands of Ms. Jyotika Chandhoke and not the assessee. The action of the Assessing Officer itself shows that there is no application

ACIT, Central Circle- 30, New Delhi vs. Rajnil Sales Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

crore was not received during the impugned assessment year, therefore, entire reasons to believe stands at a wrong footing and there is no escapement of income for this assessment year. He further submitted that the amount of Rs.8.32 crore is factually incorrect and is Rs.8.73 crore out of which Rs.4.36 ... Apex court has held that Assessing Officer has power to reopen, provided there is 'tangible material' to come to conclusion that there is escapement of income from assessment; reasons must have a live link with formation 11 I.T.As. No. 4049/DEL/2017 of belief. Assessee also relies on the following judgements

Pv Corporate Advisory Services Pvt Ltd, New Delhi vs. ITO Ward - 19(2), New Delhi

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

Bench: Shri R.K. Pandaassessment Year: 2011-12 Pv Corporate Advisory Services Vs. Ito, Pvt. Ltd., Ward-19(3), C/O Rohit Tiwari, New Delhi. 8024, Ats Greens Paradiso, Chi Iv, Noida. Pan: Aadcp7328L (Appellant) (Respondent) Assessee By : Shri Rohit Tiwari, Advocate Revenue By : Shri R.K. Gupta, Sr. Dr Date Of Hearing : 22.06.2021 Date Of Pronouncement : 07.07.2021 Order This Appeal Filed By The Assessee Is Directed Against The Order Dated 30Th May, 2019 Of The Cit(A)-7, New Delhi Relating To Assessment Year 2011-12. 2. The Grounds Raised By The Assessee Are As Under:-

satisfaction on the part of the AO. The reasons recorded has to indicate in what manner the satisfaction was recorded with regard to escapement of income as there were no specific details of alleged accommodation entries of Rs.3 lakhs. He submitted that the reasons recorded by the AO are undated

ACIT, Central Circle- 26, New Delhi vs. Ashok Kumar, New Delhi

In the result, the appeal of the revenue is dismissed

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 6105/Del/2017: Asstt. Year: 2009-10 Acit, Vs Ashok Kumar, Central Circle-26, 13, Ashoka Avenue, Dlf Farms, New Delhi-110055 Chattarpur, New Delhi-110074 (Appellantt (Respondent) Pan No. Aaepc1877D

Ashok Kumar the total income of assessee. Since the assessee has concealed his income and furnished inaccurate particulars of his income resulting in escapement of Income, penalty proceedings u/s 271(1)(c) of the I. T. Act, 19612 is to be initiated separately." 13. During the appellate proceedings

ACIT, Central Circle- 18, New Delhi vs. Jagat Overseas, New Delhi

In the result, both the Revenue appeals for the Assessment Years 2009-10 & 2010-11 are dismissed and the cross objections filed by the assessee for the Assessment Years

Bench: Shri G.S. Pannu, Hon'Ble & Ms. Madhumita Roy, Hon'Ble(Through Video Conference)

relied upon does not pertain to Assessment Year 2010-11. Thus, we find these documents have no relevance for the purpose of determining escapement of income if at all of the assessee for the A.Ys. 2009-10 & 2010-11 in question which thus leads to no incriminating documents/materials