ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

143 (1) (a), the question of change of opinion, as contended, does not arise." 24.4 The Supreme Court in Rajesh Jhaveri Stock Brokers (P.) Ltd. (supra) then discussed Sections 147 and 148 of the Act. It observed that Section 147 of the Act substituted with effect from 1st April 1989 empowered the AO to assess or reassess

SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

143 (1) (a), the question of change of opinion, as contended, does not arise." 24.4 The Supreme Court in Rajesh Jhaveri Stock Brokers (P.) Ltd. (supra) then discussed Sections 147 and 148 of the Act. It observed that Section 147 of the Act substituted with effect from 1st April 1989 empowered the AO to assess or reassess

RAJAN GUPTA vs. COMMISSIONER OF INCOME TAX

The appeal is allowed as aforesaid

143. Assessment.–(1) xxxx xxxx xxxx xxxx (2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall,– (i) xxxx xxxx xxxx xxxx (ii) notwithstanding anything contained in clause (i), if he considers it necessary or expedient to ensure that

COMMISSIONER OF INCOME TAX vs. PAWAN GUPTA

The appeals are dismissed

1) of section 142 setting forth his total income including undisclosed income for the block period. The officer shall proceed to determine the undisclosed income of the block period and provisions of section 142, subsections (2) and (3) of section 143 and section 144 shall apply accordingly. ..." (emphasis supplied) 28. Thus, it was contended that even as per the understanding

COMMISSIONER OF INCOME TAX vs. PAWAN GUPTA

The appeals are dismissed

1) of section 142 setting forth his total income including undisclosed income for the block period. The officer shall proceed to determine the undisclosed income of the block period and provisions of section 142, subsections (2) and (3) of section 143 and section 144 shall apply accordingly. ..." (emphasis supplied) 28. Thus, it was contended that even as per the understanding

DHARAMVIR KHOSLA ,. vs. DCIT CC-5, NEW DELHI , .

The appeals are allowed for statistical purposes and ld

reassessment, if any,\nrelating to any assessment year falling within the period of six assessment\nyears referred to in sub-section (1) is pending on the date of initiation of the\nsearch u/s. 132 of the Act shall abate. In the present case before us,\nhowever, though the second proviso to sub-section (1) of section 153A\nwould not apply

MAHARASHTRA FEEDS P. LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE, FARIDABAD

In the result, the appeals of the assessee are allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

reassessment under section 147 or section 153A the assessee shall be liable for interest at the rate of 1 per cent. On the amount of the increase in total income for the period commencing from date of determination of total income under sub-section (1) of section 143

MAHARASHTRA FEEDS P. LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE, FARIDABAD

In the result, the appeals of the assessee are allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

reassessment under section 147 or section 153A the assessee shall be liable for interest at the rate of 1 per cent. On the amount of the increase in total income for the period commencing from date of determination of total income under sub-section (1) of section 143

THE COMMISSIONER OF INCOME TAX-V vs. ORIENT CRAFT LTD

reassessment proceedings under section 147 were not validly initiated. 2. The assessee is a company and for the assessment year 2002-03 it filed a return of income on 31st October, 2002 declaring a total income of Rs.4,45,35,395/-. The return was processed under Section 143(1

RAKESH KUMAR GUPTA,DELHI vs. LD. ITO, WARD 35(1), DELHI, DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2021-22] Rakesh Kumar Gupta, Income Tax Officer, Ward-35(1), B-2/38, Ground Floor, E-2, Civic Centre, Delhi-110002 Ashok Vihar, Phase-Ii, Vs Delhi-110052 Pan-Aafhr8657H Appellant Respondent

reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined in the return processed under clause (a) of sub- section (1) of section 143

SGDC INDIA P. LTD.,NEW DELHI vs. DCIT, CIRCLE- 24(2), DELHI

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 143 (1) of the Act could be disturbed by initiating reassessment proceedings only: "so long as the ingredients of Section

SGDC INDIA P. LTD.,NEW DELHI vs. DCIT, CIRCLE- 24(2), DELHI

In the result, all the three appeals filed by the assessee are allowed

Bench: Shri R.K. Panda & Ms Suchitra Kamble

Section 143 (1) of the Act could be disturbed by initiating reassessment proceedings only: "so long as the ingredients of Section

SMT. CHAYA SINHA,NEW DELHI vs. ACIT, FARIDABAD

In the result the appeal of the assessee is allowed

Bench: Shria.T.Varkey & Shri Prashant Maharishi

1) can be disturbed even by dispensing with the requirement of "reason to believe". On the contrary the observations extracted above reiterate that the intimation can be disturbed by initiating reassessment proceedings only "so long as the ingredients of section 147 are fulfilled" and with reference to section 143

CIT vs. VISHAL GUPTA

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the assessment proceeding under this section or recomputed the loss or the depreciation etc. as the case may be for the year concerned. Thus, the Assessing Officer should have some information which enable

CIT vs. VISHAL GUPTA

reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the assessment proceeding under this section or recomputed the loss or the depreciation etc. as the case may be for the year concerned. Thus, the Assessing Officer should have some information which enable

CIT vs. VISHAL GUPTA

reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the assessment proceeding under this section or recomputed the loss or the depreciation etc. as the case may be for the year concerned. Thus, the Assessing Officer should have some information which enable

BEST BULL STOCK TRADING PVT LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE-18, NEW DELHI

In the result, the appeals of the revenue in ITA No

Bench: Sh. C.N. Prasad & Sh. M. Balaganesh

1) of the Act. 6. That on the facts & circumstances of the case and in law, the CIT(A) did not appreciate that since the assessment for the assessment year 2015-16 made under section 153A r/w 143(3) of the Act has been annulled because no incrementing material was found during search, hence, there was fundamental lack of jurisdiction

BEST BULL STOCK TRADING PVT LTD.,NEW DELHI vs. ACIT CENTRAL CIRCLE-18, DELHI

In the result, the appeals of the revenue in ITA No

Bench: Sh. C.N. Prasad & Sh. M. Balaganesh

1) of the Act. 6. That on the facts & circumstances of the case and in law, the CIT(A) did not appreciate that since the assessment for the assessment year 2015-16 made under section 153A r/w 143(3) of the Act has been annulled because no incrementing material was found during search, hence, there was fundamental lack of jurisdiction

DHARAMVIR KHOSLA,. vs. DCIT CC-5, NEW DELHI , .

The appeals are allowed for statistical purposes and ld

reassessment, if any,\nrelating to any assessment year falling within the period of six assessment\nyears referred to in sub-section (1) is pending on the date of initiation of the\nsearch u/s. 132 of the Act shall abate. In the present case before us,\nhowever, though the second proviso to sub-section (1) of section 153A\nwould not apply