← All Phrases

“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

ACIT, New Delhi vs. M/S Pegasus Softech Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2610/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Alankar Saphire Developers Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2608/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Alankar Saphire Developers Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2607/DEL/2016[2004-05]Status: DisposedITAT Delhi27 Apr 2020AY 2004-05

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Alankar Saphire Developers Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2606/DEL/2016[2003-04]Status: DisposedITAT Delhi27 Apr 2020AY 2003-04

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Witness Constructions Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2603/DEL/2016[2006-07]Status: DisposedITAT Delhi27 Apr 2020AY 2006-07

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Worldwide Realtors Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2601/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S. Worldwide Realtors (P) Ltd, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2280/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S. Alankar Saphire Developers, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2279/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S. Alankar Saphire Developers, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2278/DEL/2016[2004-05]Status: DisposedITAT Delhi27 Apr 2020AY 2004-05

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S. Alankar Saphire Developers, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2277/DEL/2016[2003-04]Status: DisposedITAT Delhi27 Apr 2020AY 2003-04

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S. Pegasus Softech (P) Ltd, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 2274/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Vinman Estates Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 1980/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Gee Gee Builders Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 1975/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Nageshwar Realtors Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 1972/DEL/2016[2006-07]Status: DisposedITAT Delhi27 Apr 2020AY 2006-07

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S Witness Builders Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 1971/DEL/2016[2006-07]Status: DisposedITAT Delhi27 Apr 2020AY 2006-07

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

M/S Vinman Estates (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 1589/DEL/2016[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

ACIT, New Delhi vs. M/S. Believe Developers & Promoters Pvt. Ltd., New Delhi

In the result, appeal of the Assessee allowed and appeal of the Department dismissed

ITA 6444/DEL/2015[2005-06]Status: DisposedITAT Delhi27 Apr 2020AY 2005-06

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

submitted written submissions in which it is submitted that search material was found during the course of search and post-search investigation of the Investigation Wing, on which, assessments have been framed by the A.O. 24 ITA.No.2277/Del./2016 etc., batch M/s. Alankar Saphire Developers, New Delhi. Copy ... filed by assessee. The appraisal report contained all the allegations against the assessee, on which, no source was explained by assessee before the Investigation Wing. Therefore, facts of this case are also distinguishable. 28. On the other hand, Learned Counsel for the Assessee reiterated the submissions made above and submitted

Shri Ashok Kumar A. Banthia, Mumbai vs. Income Tax Officer 24(1)(2), Mumbai

In the result, appeals of the assessee are allowed as indicated above

ITA 2195/MUM/2018[2011-12]Status: DisposedITAT Mumbai20 Apr 2020AY 2011-12

Bench: Shri Rajesh Kumar (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12 Shri Ashok Kumar A. Banthia, The Ito 24(1)(2), Prop. Of M/S A.B. Enterprises, R. No. 605, 6Th Floor, 601/2, Giri Residency Chs Ltd., Piramal Chambers, Lalbaug, 88/91, Andheri Kurla Road, Vs. Mumbai - 400012 J.B. Nagar, Andheri (E), Mumbai - 400059 Pan: Aabpb9970H (Appellant) (Respondent) Assessee By : Shri Naveen Kumar Mishra (Ar) Revenue By : Shri Michael Jerald (Dr) Date Of Hearing: 24/02/2020 Date Of Pronouncement: 20/04/2020

For Appellant: Shri Naveen Kumar Mishra (AR)For Respondent: Shri Michael Jerald (DR)
Section 133Section 143Section 147Section 148Section 68

Assessing Officer to prove otherwise. It was also held that Assessing Officer made addition only on the basis of the information received from the investigation wing but not based on any evidence to disprove the loan transaction from the creditors, while holding so it has been observed as under ... assessee has furnished details of identity, failed to prove genuineness of transactions and creditworthiness of the parties in the backdrop of clear findings of Investigation Wing that Shri Pravinkumar Jain has admitted that he was indulging in providing accommodation entries. This fact has been further confirmed by Shri Dinesh Choudhary

Amit Mafatlal Shah, Mumbai vs. ACIT Circle 19 (1) Mumbai, Mumbai

In the result, the appeal of the assessee is allowed

ITA 5793/MUM/2019[2015-16]Status: DisposedITAT Mumbai20 Apr 2020AY 2015-16

Bench: Sri Rajesh Kumar, Am & Sri Ram Lal Negi, Jm आयकर अपील सं./ Ita No. 5793/Mum/2019 (िनधा"रण वष" / Assessment Year 2015-16) Shri Amit Mafatlal Shah The Asst. Commissioner Of 78/80 Gora Gandhi Building, Income Tax, Circle 19(1), बनाम/ Cp Tank Road, C.P. Tank Mumbai Vs. Mumbai-400 004 (अपीलाथ" / Appellant) (""यथ"/ Respondent) "थायी लेखा सं./Pan No. Aabps5009A अपीलाथ" क" ओर से / Appellant By : Shri Vimal Punmiya, Ar ""यथ" क" ओर से / Respondent By : Shri Michael Jerald, Dr सुनवाई क" तारीख / Date Of Hearing: 25.02.2020 घोषणा क" तारीख / Date Of Pronouncement: 20.04.2020

For Appellant: Shri Vimal Punmiya, ARFor Respondent: Shri Michael Jerald, DR
Section 10(38)Section 143(3)Section 234ASection 274Section 68

Shri Amit Mafatlal Shah. called for the details of sale of shares. The Assessing Officer had also received information from the investigation wing of the department which conducted investigation on 84 penny stocks and M/S Premier Capital Services Ltd was one of them.In the said investigation it was revealed ... profit registered by the company but the share price shoots up by 3576%. The Assessing Officer also referred to the findings of the investigation Wing, wherein it has been noted that director of income-tax (Inv.), Kolkata, Mumbai and Ahmadabad have undertaken investigation into 84 penny stocks which include

M/S Modern Malleables Limited, Kolkata vs. D.C.I.T Cir - 8(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 2548/KOL/2019[2013-14]Status: DisposedITAT Kolkata20 Mar 2020AY 2013-14

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2013-14

Section 131Section 132

subsequently been sold for a commission or used for giving one time entry of bogus share capital or expenses or unsecured loans/advances. According to Investigation Wing, Shri Anand Sharma and Shri Janardan Chokhani were found to be operating and controlling large number of bank accounts in the names of proprietorship ... aforesaid explanation of J V Agreement etc. given by the assessee and relying upon the statements given by Mr. Anand Sharma (recorded by Investigation Wing on 02.07.2013) and Mr. Sushil K. Bhatter, Director of M/s. NCPL (recorded by AO on 16.03.2016) was pleased to make the addition