“escapement of income”

R.S. Shares & Securities Ltd., New Delhi vs. ITO, Ward- 20(4), New Delhi

In the result, the appeal of assessee is allowed

Bench: Shri Bhavnesh Saini

case, the dispute is whether there is any tangible material to infer that by way of the client code modification, the assessee has escaped the income and evaded the Income-tax. The Learned Counsel of the assessee has referred to the various decisions mentioned above, wherein cases were reopened ... orders. The reasons do not indicate the basis for the Assessing Officer to come to reasonable belief that there has been any escapement of income on the ground that the modifications done in the client code was not on account of a genuine error, originally occurred while punching the trade

Madhu Apartment Pvt. Ltd., Delhi vs. ITO, Ward- 16(1), New Delhi

In the result, appeal of the Assessee allowed

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

correct fact would lead to the conclusion that no material was available before A.O. to come to the conclusion that there is escapement of income based on the facts. Similarly, the Addl. CIT, without pointing-out the mistake and error in the reasons recorded above, in a most mechanical manner ... applied their mind and by mentioning wrong Section i.e., 147(b) of the I.T. Act came to the conclusion that there is escapement of income under section 147(b) of the I.T. Act which no longer exist in the statute. The Learned Addl. CIT instead of pointing-out such glaring

Madhu Apartment Pvt. Ltd., Delhi vs. ITO, Ward- 16(1), New Delhi

In the result, appeal of the Assessee allowed

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

correct fact would lead to the conclusion that no material was available before A.O. to come to the conclusion that there is escapement of income based on the facts. Similarly, the Addl. CIT, without pointing-out the mistake and error in the reasons recorded above, in a most mechanical manner ... applied their mind and by mentioning wrong Section i.e., 147(b) of the I.T. Act came to the conclusion that there is escapement of income under section 147(b) of the I.T. Act which no longer exist in the statute. The Learned Addl. CIT instead of pointing-out such glaring

Vikas Chowdhary, New Delhi vs. ITO Ward - 36(4), New Delhi

In the result, appeal of the Assessee allowed

Bench: Shri Bhavnesh Saini

fact in MCX transaction for assessment year under appeal, assessee has suffered loss of Rs. 16,747/- which would not disclosed any escapement of income. Thus, the AO did not apply his mind for recording the reasons for reopening of the assessment. The reasons are based on guess work only ... exact amount is specified in the reasons for escapement of income. No bank account or any tangible material is brought on record for recording the reasons for reopening of the assessment. No prior enquiry is made u/s 133(6) of the IT Act or 142 of the Act prior

Gaurang Products Pvt. Ltd, Delhi vs. ITO Ward-11(3), New Delhi

In the result, appeal of the Assessee allowed

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

years from the end of the relevant assessment year. Therefore, the case of assessee could not have been reopened unless the escapement of income occasioned due to failure of assessee to disclose truly and fully all material facts necessary for assessment which is not present in the case of assessee

DCIT, New Delhi vs. M/S. Spl Industries Ltd., New Delhi

In the result, the appeal of the Department stand

Rs.1,16,32,526/- relating to advance recoverable by way of income from financial transaction has not been included by the assessee. The escapement of income has been account of failure on the part of the assessee to truly and fully disclose all the material facts necessary for assessment ... incumbent upon the Cross Objections No.119/Del/2015 Sunair Hotels Ltd. vs. ACIT Assessing Officer to point out specifically as to how the escapement of income from tax on this issue could be attributed to any fault on the part of the assessee. Therefore, in view of the categorical findings recorded

Addl. CIT, New Delhi vs. M/S. Ircon International Ltd., New Delhi

In the result, the appeal of the Revenue is accordingly dismissed

Bench: Shri Amit Shukla & Shri O.P. Kant[Through Video Conferencing]

after 1s* April, 1989, Assessing Officer has power to reopen, 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.” 5 5.7 From the above paras, it is observed that ... action under s. 147. It has been observed by the apex Court in several cases that belief of the AO is as to escapement of income and belief should not be a product of imagination or speculation. There must be reason to induce 10 belief. The same should

Sh. Mahesh Prakash Sharma, New Delhi vs. ITO, New Delhi

In the result, appeal of the assessee is allowed

Bench: Sh. H. S. Sidhuand, Sh. Anil Chaturvedi(Through Video Conferencing) Sh. Mahesh Prakash Vs. Ito, Sharma, Ward – 37(2), 430, Hawa Singh Block, New Delhi Asiad Village, New Delhi-110049 Pan : Aaaps 3525 F (Appellant) (Respondent) Assessee By Shri P. C. Yadav, Advocate Revenue By Shri Prakash Dubey, Sr. D.R. Date Of Hearing: 17.12.2020 Date Of Pronouncement: 19.01.2021 Order Per Anil Chaturvedi, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-20, New Delhi Passed Under Section 143(3)/147 Of The Act, 1961 Order Dated 18.08.2015 For Assessment Year 2007-08. 2. The Relevant Facts As Culled From The Material On Records Are As Under: A.Ys. 2007-08 3. Assessee Is An Individual Stated To Be Doctor Deriving Income From Profession, Salary, House Property & Other Sources. Assessee Filed His Return Of Income For A.Y. 2007-08 Declaring Total Income At Rs.5,84,935/- & The Same Was Initially Processed U/S 143(1) Of The Act. Subsequently, The Case Was Reopened For Reassessment U/S 147 & Accordingly Notice U/S 148 Was Issued & Served Upon The Assessee. Thereafter, The Case Was Selected For Scrutiny & Assessment Was Framed U/S 147/143(3) Of The Act Vide Order Dated 11.03.2014 & The Total Income Was Determined At Rs. 15,84,940/-.

after the receipt of report, the AO has to apply A.Ys. 2007-08 his mind independently and thereafter come to a belief of escapement of income. In the present case, ld AR submitted that the AO has merely proceeded on the basis of report of the ADIT for initiating

Commissioner of Income Tax vs. Visisth Chay Vyapar Ltd

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 ... inasmuch as the original assessment was completed under Section 143(3) of the said Act. Condition (b) deals with a special kind of escapement of income chargeable to tax. The escapement must arise out of the failure on the part of the assessee to make a return under Section

Commissioner of Income Tax vs. Vishsht Chay Vyapar Ltd

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 ... inasmuch as the original assessment was completed under Section 143(3) of the said Act. Condition (b) deals with a special kind of escapement of income chargeable to tax. The escapement must arise out of the failure on the part of the assessee to make a return under Section

CIT vs. Federal Mogul Goetze India Ltd

Section 14A when he passed the assessment order under Section 143(3) of the ^ited March 7, 2003 has prima facie resulted m escapement of income. The proviso is no intended to apply to the cases of the present Mature. The object and purpose of the proviso is to ensure

CIT vs. Federal-Logul Goetze (India) Ltd

Section 14A when he passed the assessment order under Section 143(3) of the ^ited March 7, 2003 has prima facie resulted m escapement of income. The proviso is no intended to apply to the cases of the present Mature. The object and purpose of the proviso is to ensure

CIT vs. Goetze (India) Ltd

when he passed the assessment order under Section 143(3) of the Act dated March 7, 2003 has prima facie resulted in escapement of income. The proviso is not intended to apply to the cases of the present nature. The object and purpose of the proviso is to ensure that

Commissioner of Income Tax vs. Bhushan Capital and Credits Services Ltd

In the result, all the three appeals filed by the revenue are

relevant assessment year, it is incumbent upon the AO, under the first proviso to section 147, to show that the escapement of income was on account of failure of the assessee to file the return of income or to furnish fully and truly all material facts relating to the assessment ... thus no failure to disclose the income. Consequently, there is no 2013:DHC:509-DB ITA Nos.1462/2010, 1463/2010 & 751/2011 Page 7 of 8 escapement of income. The change of the nomenclature from “capital gains” to “undisclosed income” does not result in any escapement of income since the rate

Commissioner of Income Tax vs. Bhushan Capital and Credits Services Ltd

In the result, all the three appeals filed by the revenue are

relevant assessment year, it is incumbent upon the AO, under the first proviso to section 147, to show that the escapement of income was on account of failure of the assessee to file the return of income or to furnish fully and truly all material facts relating to the assessment ... thus no failure to disclose the income. Consequently, there is no 2013:DHC:509-DB ITA Nos.1462/2010, 1463/2010 & 751/2011 Page 7 of 8 escapement of income. The change of the nomenclature from “capital gains” to “undisclosed income” does not result in any escapement of income since the rate

Commissioner of Income Tax vs. Three Dee Exim Pvt Ltd

Acrylic it had, inter alia, been opined that for Section 147 to become operational it is essential that it should be alleged that escapement of income is a consequence of the assessee having failed to fully and truly disclose all material facts necessary for the comprehensive completion of the assessment

Commissioner of Income Tax vs. Three Exim Pvt Ltd

Acrylic it had, inter alia, been opined that for Section 147 to become operational it is essential that it should be alleged that escapement of income is a consequence of the assessee having failed to fully and truly disclose all material facts necessary for the comprehensive completion of the assessment

M/S Central India Electric Supply Co.Ltd vs. ITO-Company Circle X & Ors

The appeal is allowed leaving the parties to bear their own

Bench: Us In The Present Appeal, Are: “(1) Whether On The Facts & In The Circumstances Of The Case, The Tribunal Was Justified In Holding That Re-Assessment Proceedings Under Section 147(A) Read With Section 148 Of The Income-Tax Act, 1961 Had Been Rightly Initiated Against The Assessee?

reason to believe that income chargeable to tax has escaped assessment and the ITO must also have reason to believe that such escapement of income from assessment is by reason of omission or failure on the part of the assessee to disclose fully and truly material facts necessary for assessment ... income chargeable 2011:DHC:510-DB to tax has escaped assessment; and (ii) the ITO must also have reason to believe that such escapement of income from assessment is by reason of omission or failure on the part of the assessee to disclose fully and truly material facts necessary

Central Warehousing Corporaiton vs. ACIT

The appeals stand disposed of in the aforesaid

formation of the belief contemplated by Section 147(a) of the Act must have a material bearing on the question of escapement of income of the assessee from assessment because of his failure or omission to disclose fully and truly all material facts. Once there exist reasonable grounds

Commissioner of Income Tax vs. Xerox Modicorp Limited

Appeals are dismissed

under: “A perusal of the same shows that there is no allegation made by the AO in the reasons recorded that escapement of income was due to failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessments for the relevant assessment ... failed to disclose fully and truly all material facts necessary for assessment and that because of this failure there has been an escapement of income chargeable to tax. Merely having a reason to believe that income had escaped assessment, is not sufficient to reopen assessments beyond the four year period