“ investigation wing ”

109 TTJ 700 (Del) SMC Share Brokers Ltd. v. DCIT

Reassessment based solely on information from the Investigation Wing, without the Assessing Officer conducting further inquiry or demonstrating an independent application of mind, is unjustified and invalid.

293 ITR 43 · 2007 · High Court

264

Sarthak Securities Co. Pvt. Ltd. v. ITO

Where an assessment order is merely a copy-paste of observations from an investigation wing's appraisal report without independent verification, it is not a valid basis for making additions to income.

329 ITR 110 · 2010 · High Court

217

ITO, 19(3) (4) Mumbai v. Shamim M Bharwani

Reassessment proceedings under Section 147 are invalid if the Assessing Officer records satisfaction based on borrowed satisfaction or information without independently applying their mind and forming their own 'reason to believe' that income has escaped assessment. The AO must arrive at an independent conclusion, not merely act on a report from an investigation wing without due diligence.

69 Taxmann.com 65 · 2016 · Reported

142

1. Harikishan S. Virmani v. DCIT

Long Term Capital Gains (LTCG) from penny stock transactions are liable to be treated as bogus and added back under Section 68 as unexplained cash credits, especially when evidence suggests the involvement of entry operators providing accommodation entries.

394 ITR 146 · 2017 · High Court

ITO v. Purushottam Das Bangur

Reassessment proceedings under section 147 cannot be initiated by the Assessing Officer based on borrowed satisfaction, vague information from the Investigation Wing, or incorrect jurisdictional facts without independent application of mind. Reopening beyond four years from the end of the relevant assessment year, especially where an original assessment was completed under section 143(3), requires specific conditions relating to the assessee's failure to disclose material facts.

224 ITR 362 · 1997 · Supreme Court

AGR Investment v. Additional Commissioner

Information received from the investigation wing constitutes valid 'reason to believe' for initiating reassessment proceedings under Sections 147/148, provided the Assessing Officer applies their mind to the material and does not act mechanically. Prompt issuance of a notice based on such information does not automatically imply a lack of due diligence or borrowed satisfaction.

197 Taxmann 177 · 2011 · High Court

56 (Guj.) (para 6) v. Aaspas Multimedia Ltd. v. Dy. CIT

A reassessment under Section 147/148 is valid if initiated based on specific, non-vague information, even from an investigation wing, provided the Assessing Officer applies independent mind to form a 'reason to believe' that income has escaped assessment.

83 Taxmann.com 82 · 2017 · High Court

ITA 512/SRT/2023[2018-19]Status: DisposedITAT Surat23 Nov 2023AY 2018-19

Information received from the Investigation Wing, identifying the assessee as a beneficiary of accommodation entries through share application from a third party, constitutes valid tangible material and 'reasons to believe' for initiating reassessment proceedings under Section 147 of the Income Tax Act.

Judgments citing investigation wing

Assistant Commissioner of Income Tax, Central Circle-2, Surat vs. Saffron Gems Pvt. Ltd., Surat

In the result, appeals filed by the Assessee in ITA Nos

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble(Physical Hearing) Sl.

Section 139Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 153(1)

assessee was engaged in the business of trading and export & import of diamonds. The Assessing Officer was in the receipt of information from the Investigation Wing, Surat. As per the information Antique Exim Pvt. Ltd. & Ors available with Assessing Officer’s office, it was noticed by the Assessing Officer that ... further submitted that the addition of purchases and sales cannot be made solely relying on the information received from the DRI or Investigation Wing merely on the basis of general statements of 3rd parties. It was also argued that the appellant had received and made the entire payments through banking

Nobal Jewels Pvt Ltd, Surat vs. Asst Commissioner of Income Tax, Surat

In the result, appeals filed by the Assessee in ITA Nos

ITA 468/SRT/2023[2018-19]Status: DisposedITAT Surat23 Nov 2023AY 2018-19

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble(Physical Hearing) Sl.

Section 139Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 153(1)

Tanman Jewels Pvt Ltd, Surat vs. Asst. Commissioner of Income Tax, Central Circle-2, Surat

In the result, appeals filed by the Assessee in ITA Nos

ITA 446/SRT/2023[2018-19]Status: DisposedITAT Surat23 Nov 2023AY 2018-19

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble(Physical Hearing) Sl.

Section 139Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 153(1)

Antique Exim Pvt. Ltd, Surat vs. Asstt. Commissioner of Income Tax, Central Circle-3, Surat

In the result, appeals filed by the Assessee in ITA Nos

ITA 445/SRT/2023[2018-19]Status: DisposedITAT Surat23 Nov 2023AY 2018-19

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble(Physical Hearing) Sl.

Section 139Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 153(1)

Saffron Gems Pvt Ltd, Surat vs. Asst. Commissioner of Income Tax, Central Circle-2, Surat

In the result, appeals filed by the Assessee in ITA Nos

ITA 444/SRT/2023[2018-19]Status: DisposedITAT Surat23 Nov 2023AY 2018-19

Bench: Shri Pawan Singh, Hon'Ble & Dr. A. L. Saini, Hon'Ble(Physical Hearing) Sl.

Section 139Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 153(1)

Sujit Agarwal, Hyderabad vs. Dy. Commissioner of Income Tax, Central Circle-2(2), Hyderabad

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

ITA 369/HYD/2019[2014-15]Status: DisposedITAT Hyderabad22 Nov 2023AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarassessment Year: 2014-15 Shri Sujit Agarwal Vs. Dy. C. I. T. Hyderabad Central Circle 2(2) Pan:Aclpa3197P Hyderabad (Appellant) (Respondent) Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Ch V Gopinath, Cit(Dr) Date Of Hearing: 09/11/2023 Date Of Pronouncement: 22/11/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.01.2019 Of The Learned Cit (A)-12, Hyderabad Relating To A.Y.2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & The Managing Director Of The Company, M/S. Sawaria Pipes Pvt Ltd. He Filed His Original Return Of Income For The Impugned A.Y On 30.12.2014 Declaring Total Income Of Rs.20,13,600/- & Agricultural Income Of Rs.70,200/-. A Search & Seizure Operation U/S 132 Of The I.T. Act Was Conducted In The Case Of The Assessee On 12.01.2016. In Response To Notice U/S 153A Of The Act Issued On 6.9.2016, The Assessee Filed His Return

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri CH V Gopinath, CIT(DR)

Section 10(38)Section 132Section 143(2)Section 153ASection 68

assessment order shows that the addition was made on the basis of post search inquiries and on the basis of the reports of the Investigation Wings of Mumbai and Kolkata. We find from the assessment order that the original return was filed on 30.12.2014 and the search was conducted ... search and the addition was made purely on the basis of post search inquiry and on the basis of the reports of the Investigation Wing of Mumbai and Kolkata. 14. We find the Coordinate Bench of the Tribunal in the case of Smt. Prerana Agarwal vs. DCIT vide ITA No.458/Hyd/2021

Tulsiani Infraventures Pvt. Ltd., Allahabad vs. Dc/ACIT, Central Circle, Varanasi

In the result the addition of Rs

ITA 75/VNS/2023[2017-2018]Status: DisposedITAT Varanasi22 Nov 2023AY 2017-2018

Bench: Shri B.R. Baskaran & Shri Amit Shuklatulsiani Infrastructure Vs. Dc/Acit, Private Limited, 37, ‘Central Circle, Varanashi Elgin Road, Civil Lines, Aaykar Bhawan, 3Rd Floor Allahabad- 211001 Maqbool Alam Road, Varanasi - 221002 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadct8858R Appellant .. Respondent [ Appellant By : V.K. Jindal & Ashish Jindal Respondent By : Robin Chaudhary Date Of Hearing 27.09.2023 Date Of Pronouncement 22.11.2023 आदेश / O R D E R Per Amit Shukla: (Jm): The Aforesaid Appeal Has Been Filed By The Assessee Against The Order Dated 24.05.2023, Passed By Cit (Appeals) Lucknow-3 For The Quantum Of Assessment Passed In Sec. 153 R.W.S 143(3) For The Assessment Year 2017-18. 2. In Various Grounds Of Appeal The Assessee Has Challenged The Addition Of Rs.41,64,28,242/- As Against Rs.3,50,15,393/- Surrendered/Offered By The Assessee. It Has Been Stated In The Grounds That The Addition Has Been Made By The Ao By Extrapolating The Figure Of Alleged On-Money Noted In Seized Documents Which Was Rough Detail Of Amount Received/ Receivable From The Buyers For The Booking

For Appellant: V.K. Jindal &For Respondent: Robin Chaudhary

Section 153

statement of Shri Anil Kumar Tulsiani there is no whisper about on money receipt and there was no question asked by the investigation wing or authorised officers regarding loose paper NB-2 and NB-3. In support of this contention he drew our attention to the entire statement enclosed

Anil Nachrani, Raipur vs. Principal Commissioner of Income Tax (Central), Bhopal

The appeal of the assessee is allowed, in terms of our aforesaid observations

ITA 47/RPR/2022[2012-13]Status: DisposedITAT Raipur22 Nov 2023AY 2012-13

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 47/Rpr/2022) (Assessment Year: 2012-13)

For Appellant: Shri Veekaas S Sharma, CAFor Respondent: Shri Debashish Lahiri, CIT-DR

Section 143(2)Section 147Section 263Section 263(1)

Fibers & Fabrics 42 - 51 of (Bang) 374 LPB-3 International (P) Ltd. vs. ITAT, Bangalore 'C' DCIT Bench Second Argument: (7) Information received from Investigation Wing formed the basis for reason to believe: The Learned A.O initiated the reassessment proceedings in the light of information received from the Investigation Wing ... Page No. 80 to 81 of the Paper Book, thus, the Learned A.O was conscious about the information and documents received from the Investigation Wing. 7.2 Specific queries raised vide notice u/s 142(1) dated 01.07.2019, 23.08.2019, 21.10.2019 16.12.2019 and show cause notice dated 27.11.2019: During the course

Nishant Gupta, Bhopal vs. The CIT (A) NFAC Delhi, Delhi

In the result, the appeal of the assesse is allowed for statistical purposes

ITA 146/IND/2023[2012-13]Status: DisposedITAT Indore22 Nov 2023AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninishant Gupta Pr. Cit-2 B-61, Archeade Palace, Phase Iii Bhopal Vs. Kolar Road (Appellant / Assessee) (Revenue) Pan: Akypg6924B Assessee By None Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 21.11.2023 Date Of Pronouncement 22 .11.2023

Section 142(1)Section 148Section 27(1)(b)Section 271(1)(b)Section 274

facts of the case are that this case was reopened u / s 147 of the Act on the basis of information received from Investigation Wing that the appellant had deposited cash of Rs 18,60,000/- in his bank accounts during the relevant year under consideration, vide issue of notice

Anirudh Venkata Ragi, Hyderabad vs. Income Tax Officer, Ward-4(2), Hyderabad

In the result, appeal of the assessee is dismissed

ITA 352/HYD/2019[2015-16]Status: DisposedITAT Hyderabad21 Nov 2023AY 2015-16

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri S. Rama Rao, ARFor Respondent: Ms. Sheetal Sarin, DR

Section 10(38)Section 143(3)

company, sold said shares and claimed exemption on long term capital gains during relevant assessment year. Learned Assessing Officer received information from the Investigation Wing, and it was observed that the prices of some shares of penny stock companies which included the company, the shares of which the assessee dealt ... adverse findings. Therefore, the appellant has failed to discharge the onus cast upon it u/s. 68 of the Act to explain the transaction. The Investigation Wing has conducted detailed enquiries, made analysis of the seized/impounded documents and made analysis of beneficiaries. The report prepared contains details of complete modus operandi

Gallantt Ispat Ltd., Gorakhpur vs. Dy./A.C.I.T. (Central Wing), Varanasi

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

ITA 24/VNS/2023[2012-2013]Status: DisposedITAT Varanasi21 Nov 2023AY 2012-2013

Bench: Shri B.R. Baskaran (Am) & Shri Amit Shukla (Jm)

Section 148Section 245D(4)Section 68

order 2 Gallantt Ispat Ltd. passed under section 245D(4) of the Act. Subsequently, the Assessing Officer received information from the Investigation Wing, Kolkata that the assessee has availed accommodation entry of Rs. 50 lakhs from M/s. Patridge Mercantile (P) Ltd., which is a paper company not doing any business ... issuing notice under section 148 of the Act on 29.3.2019. 3. In this regard the Assessing Officer referred to the report given by the Investigation Wing in the case of another alleged paper company named M/s. Anjali Suppliers Pvt. Limited. Since the investigation wing has reported that the assessee

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

ITA 4600/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Nov 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR

ITA 3606/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Nov 2023AY 2012-13

Media Pvt Ltd (now called 9X Media Pvt Ltd), formerly owned by Peter and Indrani Mukerjea. The FIU alert was picked up by the investigation wing of the Income-Tax (1-T) Department in Mumbai, which subsequently forwarded the case to the Enforcement Directorate (ED). In 2010, ED registered ... letter dated 13/15.02.2017 giving no commitment or remand report of any kind. Therefore, there is no incriminating material so far gathered by the AO / investigation wing of the Department against the claim of the assessee. As on date, the CBDT has not come out with any incriminating material against

9X Media P.Ltd, Mumbai vs. Asst CIT 16(1), Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR

ITA 7477/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR

ITA 7052/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

9X Media P.Ltd, Mumbai vs. JCIT RG 11(1), Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR