“lack of enquiry”

Bank of Baroda ( W.R.T.E- Dena Bank), Mumbai-400051 vs. Principal Commissioner of Income Tax -2, Mumbai-400020

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Amarjit Singhbank Of Baroda Vs. The Pr. Commissioner Of (W.R.T E-Dena Bank) Income Tax-2, Baroda Corporate Centre, Room No. 344, 3 Rd Floor, 2Nd Floor, Corp A/C & Aayakar Bhavan, Tax Dept. C-26, G-Block, Maharishi Karve Road, Bandra Kurla Complex, Mumbai - 400020 Bandra East, Mumbai – 400051 स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No: Aaacb1534F Appellant .. Respondent

void and the same ought to be quashed. 1.1. The learned Pr CIT erred in holding that there was a lack of enquiry under Explanation 2 to section 263 of the Income Tax Act, 1961. 1.2. The appellants submit that the order of the AO is not erroneous

Pr. CIT Circle-2, Mumbai vs. Bharat Prtroleum Corporation Ltd., Mumbai

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

Bench: Shri Pramod Kumar, Vp & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.1601/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2016-17) Bharat Petroleum बिधम/ Pcit, Circle-2 Corporation Ltd. Room No.344, Aayakar Vs. Taxation Section, Bhavan, M. K. Road, 4Th Floor, Bharat Bhavan 1, Mumbai-400020. 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai- 400001. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacb2902M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jehangir D. Mistry Revenue By: Dr. Mahesh Akhade (Dr) सुनवाई की तारीख / Date Of Hearing: 28/06/2022 घोषणा की तारीख /Date Of Pronouncement: 05/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Has Been Preferred By The Assessee Against The Order Of The Ld. Principal Commissioner Of Income Tax-02 [Hereinafter Referred To As The “Pcit”], Mumbai Dated 21.02.2020 For Assessment Year [Hereinafter Referred To As “Ay”] 2016-17 Passed Under Section 263 Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act”].

exercise of revisionary jurisdiction by the Ld. PCIT u/s 263 of the Act 10 A.Y. 2016-17 Bharat Petroleum Corporation as the lack of enquiry by the AO rendered the assessment order erroneous and prejudicial to the revenue. So the condition precedent to invoke revisional jurisdiction is satisfied and therefore

Adenium Ventures Private Limited, Mumbai vs. Pr CIT, Circle-5, Mumbai.

Bench: Shri Kuldip Singh & Shri Om Prakash Kantassessment Year: 2017-18

consideration of submissions made by the appellant, accepted the said basis of disallowance, the same does not amount to inadequate enquiry/ lack of enquiry and hence, order passed u/s. 263 of the Act be declared as bad in law. Without prejudice jo the above and in the alternate

Mukesh Bhoormal Jain, Mumbai vs. Principle CIT - 19, Mumbai

In the result, the appeal of the assessee is allowed

settled that the jurisdiction under Section 263 of the Act can be exercised by the CIT only when it is a case of lack of enquiry and not one of inadequate enquiry. This view has been taken by this Court in the matter of CIT v. Shreepati Holdings & Finance

Manipal Cigna Health Insurance Company Ltd, Mumabi vs. Principle Commissioner of Income Tax Income Tax, Mumbai

In the result, both the appeals of the assessee are allowed

decided the issue by granting deduction as revenue expenditure in accordance with law. Hence, this is not a case of lack of enquiry or the ld. AO not carrying out requisite enquiries for enabling the ld. PCIT to invoke revisionary jurisdiction u/s.263 of the Act. In fact, the assessee

Manipal Cigna Health Insurance Co. Ltd, Mumbai vs. Principle Commissioner of Income Tax-1, Mumbai

In the result, both the appeals of the assessee are allowed

decided the issue by granting deduction as revenue expenditure in accordance with law. Hence, this is not a case of lack of enquiry or the ld. AO not carrying out requisite enquiries for enabling the ld. PCIT to invoke revisionary jurisdiction u/s.263 of the Act. In fact, the assessee

Juniper Networks International B.V., Mumbai vs. CIT (International Taxation)-3, Mumbai

In the result, appeal by assessee is allowed

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 982/मुं/2021 ("न.व. 2014-15) Juniper Networks International B.V, Boeing Avenue 240, 1119Pz Schipol-Rijk, Amsterdam,0 Netherlands Pan: Aadcj-0974-G ...... अपीलाथ"/Appellant बनाम Vs. Commissioner Of Income-Tax (It), Mumbai -3, Room No.1601, 16Th Floor, Air India Building, Nariman Point, Mumbai – 400 021 .....""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri J.D.Mistry, Sr. Advocate With Ms. Prachi Mehta &Shri Sandeep Bhalla ""तवाद" "वारा/Respondent By : Ms. Surabhi Sharma & Shri Milind Chavan सुनवाई क" "त"थ/ Date Of Hearing : 13/05/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 05/08/2022 आदेश/Order Per Vikas Awasthy, Jm:

PCIT(supra), the exercise of powers u/s. 263 of the Act was upheld by the Tribunal as it was a case of ‘lack of enquiry’. In the case of CIT vs. Ballarpur Industries (supra), the Hon'ble High Court upheld exercise of jurisdiction ... details. The Assessing Officer after examining the documents furnished by assessee passed the order. Hence, the instant case is 12 not that of lack of enquiry by the Assessing Officer. Therefore, the ratio of the decisions relied upon by the Revenue would not apply in the facts of the present

Kabir Tripat Oberoi, Mumbai vs. The Pr. CIT -20, Mumbai

In the result, assessee's appeal stands allowed

carrying out adequate enquiries in that regard had accepted the stand of the assessee. Hence, it could not be said that there was lack of enquiry on the part of the ld. AO with regard to the issue of capital gains. Moreover, it is pertinent to note that the returns

Kapil Tripat Oberoi, Mumbai vs. The Pr. CIT -20, Mumbai

In the result, assessee's appeal stands allowed

carrying out adequate enquiries in that regard had accepted the stand of the assessee. Hence, it could not be said that there was lack of enquiry on the part of the ld. AO with regard to the issue of capital gains. Moreover, it is pertinent to note that the returns