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

Reassessment proceedings before AO Page 5 of 53 15. The case of the assessee was reopened by issue of notice u/s 148 of The Income Tax Act by the learned assessing officer on 1 March 2012. The learned assessing officer has recorded following reason for reopening of the assessment:- “01/03/2012:- Return declaring an income of ₹ 29,102,041/– for assessment

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, 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

Reassessment proceedings before AO Page 5 of 53 15. The case of the assessee was reopened by issue of notice u/s 148 of The Income Tax Act by the learned assessing officer on 1 March 2012. The learned assessing officer has recorded following reason for reopening of the assessment:- “01/03/2012:- Return declaring an income of ₹ 29,102,041/– for assessment

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, tax shall be calculated on the aggregate of the total income as assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147 and the income disclosed in the application as if such aggregate were the total income. FORM NO. 34B [See rules 44C and 44CA] Form of application for settlement of case under

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, tax shall be calculated on the aggregate of the total income as assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147 and the income disclosed in the application as if such aggregate were the total income. FORM NO. 34B [See rules 44C and 44CA] Form of application for settlement of case under

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

u/s 153A cannot be sustained and is hereby deleted as the same is without basis of incriminating material unearthed during the search action on the appellant and impugned addition could have been done by the learned assessing officer in re-assessment proceedings by issuance of notice under section 147/148. The Id. AO is directed to take necessary action in this

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

u/s 153A cannot be sustained and is hereby deleted as the same is without basis of incriminating material unearthed during the search action on the appellant and impugned addition could have been done by the learned assessing officer in re-assessment proceedings by issuance of notice under section 147/148. The Id. AO is directed to take necessary action in this

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, NEW DELHI

In the result, all the appeals for Assessment Years 2013-14 to 2022-23 in ITA

Bench: Shri Anubhav Sharma & Shri Manish Agarwalita Nos. 4153 & 4008/Del/2025 (Assessment Year: 2012-13 & 2018-19) Dcit, Proform Interiors Pvt. Ltd., Central Circle-20, Ground Floor, Jmd Regent Room No. 269A, 2Nd Floor, Vs. Plaza, Mg Road, Gurgaon, Ara Centre, Jhandewalan Haryana-122001. Extn., Delhi-110055. Pan-Aahcs5999J

142(1) seeking multiple information/documents from time to time which were duly complied with. Ld. AO after considering the submissions made, passed the reassessment order u/s 147 of the Act dated 31.03.2023 at a total income of Rs. 3,20,56,960/- by making addition of Rs. 1,95,65,527/- to the income declared in the return filed

AMOL AWASTHI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, C.C.1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-I, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

AMOL AWASTHI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NEW DELHI

In the result, appeals are allowed, as indicated

Bench: Shri Saktijit Dey & Shri M Balaganesh

142(1) of the Act. The Legislature in its wisdom has deliberately not mentioned the provisions of the section 143(3) of the Act u/s 153C of the Act for assessment applicability but has specifically mandated to complete an assessment in accordance with the provisions of the section 153A of the Act because the sections 153A to 153D

OPTIMIST ELECTRONICS P.LTD,NEW DELHI vs. ITO, WARD-19(2), NEW DELHI

In the result, appeal of the assessee is partly allowed as indicated above

Bench: Shri Challa Nagendra Prasad, S.M.C.

1), the authorities are bereft of the powers under other sections of the Act including sec 147/148 of the Act. Recently, on the exactly identical facts where reassessment proceedings, based on the seized material from Sh S.K. Jain Group initiated u/s 147/148 of IT Act, were quashed in view of Section 153C being independent code in the decisions

SHYAM PRODUCTS P.LTD,NEW DELHI vs. ITO, WARD-23(3), NEW DELHI

In the result, appeal of the assessee is partly allowed as indicated above

Bench: Shri Challa Nagendra Prasad, S.M.C.

1), the authorities are bereft of the powers under other sections of the Act including sec 147/148 of the Act. Recently, on the exactly identical facts where reassessment proceedings, based on the seized material from Sh S.K. Jain Group initiated u/s 147/148 of IT Act, were quashed in view of Section 153C being independent code in the decisions

KULDIP KUMAR GOEL,DELHI vs. ACIT(1)(1), DELHI

In the result, the appeal of the assessee is partly allowed in above\nterms for statistical purposes

U/s 271(1)(c) of the\nIncome Tax Act,1961 for furnishing inaccurate particulars of income\nwithin the meaning of explanation1 to the sub-section (1) of the section\n271(1)(c) of the Income Tax Act, 1961 are initiated.\nAddition: Rs. 44,05,518/-\nThe issue on merits at the heart of the matter is allowability of the cost

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, DELHI

142(1) seeking multiple\ninformation/documents from time to time which were duly complied with. Ld. AO\nafter considering the submissions made, passed the reassessment order u/s 147 of\nthe Act dated 31.03.2023 at a total income of Rs. 3,20,56,960/- by making addition\nof Rs. 1,95,65,527/- to the income declared in the return filed