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“investigation wing”

ReassessmentSection 147Section 14712,584 judgments

The decision most relied on for investigation wing is Sarthak Securities Co. Pvt. Ltd. v. ITO (329 ITR 110), cited in 217 judgments on BharatTax.

Leading authorities on investigation wing

Sarthak Securities Co. Pvt. Ltd. v. ITO
329 ITR 110 · 2010 · High Court
217
citing judgments

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.

ITO, 19(3) (4) Mumbai v. Shamim M Bharwani
69 Taxmann.com 65 · 2016 · Reported
142
citing judgments

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.

1. Harikishan S. Virmani v. DCIT
394 ITR 146 · 2017 · High Court
97
citing judgments

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.

PCIT v. M/s. Kesoram Industries 57
417 ITR 334 · 2019 · High Court
96
citing judgments

An assessment completed under Section 143(3) cannot be reopened after four years solely based on third-party information or opinions, such as from an Investigation Wing, without the Assessing Officer applying their own independent mind to the material and having new, independent material on record.

ITO v. Purushottam Das Bangur
224 ITR 362 · 1997 · Supreme Court
90
citing judgments

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.

AGR Investment v. Additional Commissioner
197 Taxmann 177 · 2011 · High Court
81
citing judgments

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.

56 (Guj.) (para 6) v. Aaspas Multimedia Ltd. v. Dy. CIT
83 Taxmann.com 82 · 2017 · High Court
78
citing judgments

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.

Aradhna Estate Pvt. Ltd. v. DCIT
91 Taxmann.com 119 · 2018 · High Court
56
citing judgments

The Assessing Officer is justified in reopening assessment proceedings based on information received from the Investigation Wing, even when recording findings also rely on documents already on record, provided all procedural requirements for reassessment are met.

Judgments citing investigation wing

M/S Divyashree Infrastructure Projects Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 2003/BANG/2018[2012-13]Status: DisposedITAT Bangalore26 Apr 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

21/03/2014 given by the Director of the aforesaid company, Dr.P.Shyama Raju was duly clarified and retracted vide his letter dated 27/06/2014 addressed to the Investigation Wing. During the post search appraisal proceedings it was also brought to the light of the Investigation Wing that all such Unregistered Dealers purchases ... such payments were made by banking channels capable of being fully vouchsafed. 2. Further, it was also brought to the light of the Investigation Wing that the issue of URD purchases were specifically dealt with prior to the second search on 20/03/2014. Wherein, it was also specifically pointed

M/S Divyashree Infrastructure Projects Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 2002/BANG/2018[2011-12]Status: DisposedITAT Bangalore26 Apr 2022AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

21/03/2014 given by the Director of the aforesaid company, Dr.P.Shyama Raju was duly clarified and retracted vide his letter dated 27/06/2014 addressed to the Investigation Wing. During the post search appraisal proceedings it was also brought to the light of the Investigation Wing that all such Unregistered Dealers purchases ... such payments were made by banking channels capable of being fully vouchsafed. 2. Further, it was also brought to the light of the Investigation Wing that the issue of URD purchases were specifically dealt with prior to the second search on 20/03/2014. Wherein, it was also specifically pointed

M/S Divyashree Infrastructure Projects Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 2001/BANG/2018[2010-11]Status: DisposedITAT Bangalore26 Apr 2022AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

21/03/2014 given by the Director of the aforesaid company, Dr.P.Shyama Raju was duly clarified and retracted vide his letter dated 27/06/2014 addressed to the Investigation Wing. During the post search appraisal proceedings it was also brought to the light of the Investigation Wing that all such Unregistered Dealers purchases ... such payments were made by banking channels capable of being fully vouchsafed. 2. Further, it was also brought to the light of the Investigation Wing that the issue of URD purchases were specifically dealt with prior to the second search on 20/03/2014. Wherein, it was also specifically pointed

M/S Divyashree Infrastructure Projects Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 2000/BANG/2018[2009-10]Status: DisposedITAT Bangalore26 Apr 2022AY 2009-10

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

21/03/2014 given by the Director of the aforesaid company, Dr.P.Shyama Raju was duly clarified and retracted vide his letter dated 27/06/2014 addressed to the Investigation Wing. During the post search appraisal proceedings it was also brought to the light of the Investigation Wing that all such Unregistered Dealers purchases ... such payments were made by banking channels capable of being fully vouchsafed. 2. Further, it was also brought to the light of the Investigation Wing that the issue of URD purchases were specifically dealt with prior to the second search on 20/03/2014. Wherein, it was also specifically pointed

M/S Divyashree Infrastructure, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

In the result, all the appeals filed by the assessees, viz

ITA 1999/BANG/2018[2008-09]Status: DisposedITAT Bangalore26 Apr 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaran

For Appellant: Shri V. Chandrashekhar &For Respondent: Shri Sumer Singh Meena, D.R
Section 143(3)Section 153C

21/03/2014 given by the Director of the aforesaid company, Dr.P.Shyama Raju was duly clarified and retracted vide his letter dated 27/06/2014 addressed to the Investigation Wing. During the post search appraisal proceedings it was also brought to the light of the Investigation Wing that all such Unregistered Dealers purchases ... such payments were made by banking channels capable of being fully vouchsafed. 2. Further, it was also brought to the light of the Investigation Wing that the issue of URD purchases were specifically dealt with prior to the second search on 20/03/2014. Wherein, it was also specifically pointed

Dellip V. Kotecha, Jalgaon vs. Assistant Commissioner of Income-Tax

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

ITA 203/PUN/2016[2011-12]Status: DisposedITAT Pune25 Apr 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.203/Pun/2016 िनधा"रण वष" / Assessment Year: 2011-12 Dellip V. Kotecha, Vs. Acit, Central Circle- 1, 1, Pradhan Apartment, Nashik. Pratap Nagar, Jalgaon- 425001. Pan : Abcpk8441J Appellant Respondent Assessee By : Shri Bhupendra Shah Revenue By : Shri J. P. Chadraker Date Of Hearing : 21.03.2022 Date Of Pronouncement : 25.04.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)- 12, Pune [‘Cit(A)’ For Short] Dated 22.12.2015 For The Assessment Year 2011-12. 2. The Appellant Raised The Following Grounds Of Appeal :- “[A] Grounds Of Appeal: 1. In The Facts & Circumstances Of The Case & In Law, The Learned A.O. Erred In Assessing The Total Income Amounting To Rs.

For Appellant: Shri Bhupendra ShahFor Respondent: Shri J. P. Chadraker
Section 127Section 143(3)Section 153ASection 234A

outside the books of accounts. The factual matrix of the above additions is as under : During the course of search and seizure operations, the Investigation Wing of the Department found and seized loose sheet containing pages 25 marked as Annexure A-3 and page no.7 containing the notings. According ... loan payment which is not recorded in the books of accounts. Accordingly, he brought to tax said amount, as it remains unexplained. Similarly, the Investigation Wing of the Department also during the course of search and seizure operations found and seized incriminating material in the form of loose papers no.1

M/S Ssv Marketing Pvt Ltd., Mumbai vs. ITO 13(2)(4), Mumbai

In the result, the appeal of the assessee is dismissed

ITA 1156/MUM/2020[2014-15]Status: DisposedITAT Mumbai25 Apr 2022AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhm/S Ssv Marketing Pvt. Vs. Ito-13(2)(4) Ltd., 90 Aditya Industrial Mittal Court, Nariman Estate, Link Road, Point, 3/8R, Behind Eversine Mall, Mumbai - 400021 Malad East, Mumbai – 400064 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2801B Appellant .. Respondent

For Appellant: NoneFor Respondent: B.K. Bagchi
Section 147Section 148Section 35(1)(ii)

amend the grounds of appeal from time to time.” 2. The fact in brief is that on the basis of information received from the Investigation Wing that assessee had given bogus donation of Rs.10,00,000/- to School of Human Genetics & Population Health (SHG & PH), the case of the assessee

Shweta Puneet Kulthia, Delhi vs. ITO, Ward- 61(2), New Delhi

In the result, the appeal filed by the assessee is

ITA 2042/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Apr 2022AY 2014-15

Bench: Shri R. K. Panda & Shri Anubhav Sharma[Assessment Year: 2014-15]

Section 10(38)Section 133(6)Section 143(2)

noted that M/s Lifeline Drugs & Pharma Ltd. is a penny stock company. The AO referred to the Investigation report of the Investigation Wing, Kolkata and noted that certain stock brokers were involved in providing accommodation entries in the form of sale of shares against payment of commission. He noted that

Smt. Jyoti Ashok Kotecha vs. C.I.T.-(Central), Nagpur

In the result, the appeal of the assessee in ITA

ITA 258/NAG/2015[2011-12]Status: DisposedITAT Pune22 Apr 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Bhupendra ShahFor Respondent: Shri J. P. Chadraker
Section 127Section 139Section 143(3)Section 153ASection 263Section 292B

Nagpur erred in stating that the assessee failed to reconcile share transaction vis a vis information received from the investigation wing. 5. The Appellant prays that order passed under section 263 of the Act to be struck down as null and void-ab-initio. 6. The above grounds of appeal ... examination of the assessment record, had come to know that during the course of assessment proceedings, the Assessing Officer had received information from the Investigation Wing of the Department that the assessee, during the previous year 2010-11 relevant to the assessment year 2011-12, had received

Smt. Meena Dilip Kotecha vs. C.I.T.-(Central), Nagpur

In the result, the appeal of the assessee in ITA

ITA 257/NAG/2015[2011-12]Status: DisposedITAT Pune22 Apr 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Bhupendra ShahFor Respondent: Shri J. P. Chadraker
Section 127Section 139Section 143(3)Section 153ASection 263Section 292B

Nagpur erred in stating that the assessee failed to reconcile share transaction vis a vis information received from the investigation wing. 5. The Appellant prays that order passed under section 263 of the Act to be struck down as null and void-ab-initio. 6. The above grounds of appeal ... examination of the assessment record, had come to know that during the course of assessment proceedings, the Assessing Officer had received information from the Investigation Wing of the Department that the assessee, during the previous year 2010-11 relevant to the assessment year 2011-12, had received

D' Decor Exports P. Ltd., Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1057/MUM/2021[2015-16]Status: DisposedITAT Mumbai22 Apr 2022AY 2015-16

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D' Decor Exports P.L Td, Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1056/MUM/2021[2016-17]Status: DisposedITAT Mumbai22 Apr 2022AY 2016-17

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D' Decor Exports P. Ltd., Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1055/MUM/2021[2017-18]Status: DisposedITAT Mumbai22 Apr 2022AY 2017-18

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D' Decor Exports P. Ltd., Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1053/MUM/2021[2012-13]Status: DisposedITAT Mumbai22 Apr 2022AY 2012-13

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D' Decor Exports P. Ltd, Mumbai vs. Dy CIT-CC-6(4_, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1052/MUM/2021[2013-14]Status: DisposedITAT Mumbai22 Apr 2022AY 2013-14

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D, Decor Exporter, Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1051/MUM/2021[2014-15]Status: DisposedITAT Mumbai22 Apr 2022AY 2014-15

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

D, Decor Exporter P. Ltd, Mumbai vs. Dy CIT-CC-6(4), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1050/MUM/2021[2014-15]Status: DisposedITAT Mumbai22 Apr 2022AY 2014-15

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Jitendra JainFor Respondent: Shri Sanjeev Kashyap
Section 127(2)Section 143(1)Section 143(2)Section 153A

During assessment proceedings, the Assessing Officer observed that assessee had claimed labour contractor charges and based on the investigation made by the Investigation Wing relating to this issues. They made certain enquiries regarding Labour Contract expenses and found the following parties as suspicious: - Sr. Name of the Name ... Anita Durgesh Agarwal Shreeji Enterprises 99,26,354/- 4. Manjuladevi Jha Jay Ambe Enterprises 72,85,263/- TOTAL 5,58,94,101/- 6. The Investigation Wing has observed that there was no formal agreement between the assessee and the labour contractors, the labour contractors had never been to the manufacturing

ITO 3 (2)(1), Mumbai vs. M/S Indian Galvanics Cyrium Foils Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 7300/MUM/2019[2009-10]Status: DisposedITAT Mumbai22 Apr 2022AY 2009-10

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 3(2)(1) V. M/S. Indian Galvanics Cyrium Foils Ltd., 1009/1010, Maker Chamber-V Room No. 673, 6Th Floor Nariman Point Aayakar Bhavan, M.K. Road Mumbai - 400021 Mumbai - 400020 Pan: Aaaci3268D (Appellant) (Respondent)

For Appellant: Shri A.K. TibrewalFor Respondent: Shri R.A. Dhyani
Section 143(1)Section 143(3)Section 147Section 148Section 68

right in deleting the addition of Rs.22,00,000/- without appreciating that specific information was received from the Investigation Wing, Mumbai stating that as per specific information received from the CBI, ACB, Mumbai, the assessee was involved in entering into bogus transaction with M/s. Basant Marketing Private Limited ... premises of Sri Arun Kumar Dalmia and Sri Harsh Dalmia. 2.1 Thereafter, the Joint director of CBI sent a note to the income tax investigation Wing vide letter dated 05.03.2010 advising it to investigate Shri Arun Kumar Dalmia and Sri Harsh Dalmia and their group companies for possible evasion

ITO 3 (2)(1), Mumbai vs. M/S Indian Galvanics Cyrium Foils Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 7274/MUM/2019[2008-09]Status: DisposedITAT Mumbai22 Apr 2022AY 2008-09

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 3(2)(1) V. M/S. Indian Galvanics Cyrium Foils Ltd., 1009/1010, Maker Chamber-V Room No. 673, 6Th Floor Nariman Point Aayakar Bhavan, M.K. Road Mumbai - 400021 Mumbai - 400020 Pan: Aaaci3268D (Appellant) (Respondent)

For Appellant: Shri A.K. TibrewalFor Respondent: Shri R.A. Dhyani
Section 143(1)Section 143(3)Section 147Section 148Section 68

right in deleting the addition of Rs.22,00,000/- without appreciating that specific information was received from the Investigation Wing, Mumbai stating that as per specific information received from the CBI, ACB, Mumbai, the assessee was involved in entering into bogus transaction with M/s. Basant Marketing Private Limited ... premises of Sri Arun Kumar Dalmia and Sri Harsh Dalmia. 2.1 Thereafter, the Joint director of CBI sent a note to the income tax investigation Wing vide letter dated 05.03.2010 advising it to investigate Shri Arun Kumar Dalmia and Sri Harsh Dalmia and their group companies for possible evasion

ITO 3 (2)(1), Mumbai vs. Indian Galvanics Cyrium Foils Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 6744/MUM/2018[2007-08]Status: DisposedITAT Mumbai22 Apr 2022AY 2007-08

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 3(2)(1) V. M/S. Indian Galvanics Cyrium Foils Ltd., 1009/1010, Maker Chamber-V Room No. 673, 6Th Floor Nariman Point Aayakar Bhavan, M.K. Road Mumbai - 400021 Mumbai - 400020 Pan: Aaaci3268D (Appellant) (Respondent)

For Appellant: Shri A.K. TibrewalFor Respondent: Shri R.A. Dhyani
Section 143(1)Section 143(3)Section 147Section 148Section 68

right in deleting the addition of Rs.22,00,000/- without appreciating that specific information was received from the Investigation Wing, Mumbai stating that as per specific information received from the CBI, ACB, Mumbai, the assessee was involved in entering into bogus transaction with M/s. Basant Marketing Private Limited ... premises of Sri Arun Kumar Dalmia and Sri Harsh Dalmia. 2.1 Thereafter, the Joint director of CBI sent a note to the income tax investigation Wing vide letter dated 05.03.2010 advising it to investigate Shri Arun Kumar Dalmia and Sri Harsh Dalmia and their group companies for possible evasion