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

reassessment proceedings, assessee submitted that the assessee entered into a collaboration agreement on 29th of April 2006 in financial year 2006 – 07, pertaining to assessment year 2007 – 08. Assessee entered into a collaboration agreement on 29 April 2006, which became effective from 11 April 2007 with the receipt of part consideration from the builder and handing over the property

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, assessee submitted that the assessee entered into a collaboration agreement on 29th of April 2006 in financial year 2006 – 07, pertaining to assessment year 2007 – 08. Assessee entered into a collaboration agreement on 29 April 2006, which became effective from 11 April 2007 with the receipt of part consideration from the builder and handing over the property

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

147, for the very same year is nothing but rowing and fishing enquiries, which is impermissible. 7. That on the facts & circumstances of the case and in law, the CIT(A) did not appreciate that the information based on which order u/s. 153A/143(3) of the Act was concluded, was already available with the Income-tax Department. Inter-alia, Assessing

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

147, for the very same year is nothing but rowing and fishing enquiries, which is impermissible. 7. That on the facts & circumstances of the case and in law, the CIT(A) did not appreciate that the information based on which order u/s. 153A/143(3) of the Act was concluded, was already available with the Income-tax Department. Inter-alia, Assessing

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

1). It empowers the AO to scrutinize that return if he considers that income has been understated or tax was underpaid. However, when a search u/s 132 takes place and materials are found indicating possible escapement of income, the statute envisages a different route for carrying out assessment or reassessment u/s 147 r.w.s. 148 which is special mechanism for bringing

MAHESH KUMAR,DELHI vs. ITO,WARD-68(6), DELHI

In the result, Ground no. 3 as raised by the assessee deserves to be allowed and the impugned addition cannot be sustained

Bench: Justice (Retd.) C.V. Bhadang(), Shri Mahavir Singh & Shri Brajesh Kumar Singh[Assessment Year: 2012-13] Mahesh Kumar, Vs Ito, 6/305/1A, Doonger Ward-68(6), Mohalla, Delhi-110032. Delhi. Pan-Aoopk6335A Appellant Respondent Appellant By Shri Neeraj Mangla, Ca Respondent By Shri Krishna K. Ramawat, Sr. Dr Date Of Hearing 06.08.2025 Date Of Pronouncement 06.08.2025

1) Limited reported 331 ITR 236 (Bom) and Ranbaxy Laboratories Ltd. reported in 336 ITR 136 (Del) on facts in the instant case? 5.1. As discussed earlier in para no.3.6 of this order, the Kolkata Tribunal had granted relief to the assessee by quashing the reassessment proceedings u/s 147/148 of the Act on the ground that the issue on which

INCOME TAX OFFICER, WARD 3(1), DELHI, DELHI vs. ARTISTIC FINANCE PRIVATE LIMITED, DELHI

In the result, Ground no. 3 as raised by the assessee deserves to be allowed and the impugned addition cannot be sustained

Bench: Justice (Retd.) C.V. Bhadang(), Shri Mahavir Singh & Shri Brajesh Kumar Singh[Assessment Year: 2012-13] Mahesh Kumar, Vs Ito, 6/305/1A, Doonger Ward-68(6), Mohalla, Delhi-110032. Delhi. Pan-Aoopk6335A Appellant Respondent Appellant By Shri Neeraj Mangla, Ca Respondent By Shri Krishna K. Ramawat, Sr. Dr Date Of Hearing 06.08.2025 Date Of Pronouncement 06.08.2025

1) Limited reported 331 ITR 236 (Bom) and Ranbaxy Laboratories Ltd. reported in 336 ITR 136 (Del) on facts in the instant case? 5.1. As discussed earlier in para no.3.6 of this order, the Kolkata Tribunal had granted relief to the assessee by quashing the reassessment proceedings u/s 147/148 of the Act on the ground that the issue on which

DCIT, NEW DELHI vs. M/S. PUNJAB NATIONAL BANK, NEW DELHI

In the result, the appeal of the revenue is dismissed and the appeal of the assessee is allowed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 2954/Del/2012 : Asstt. Year : 2013-14 Dcit, Vs M/S Punjab National Bank, Circle-20(1), Ho: Finance Division, 5, Sansad New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp0165G

section 14A of the Income Tax Act read with rule 8D and has disallowed a sum of Rs.2,86,69,45,381/-on a tax free income of Rs. 143,35,22,679/- from dividend and other tax-free income. In this connection we wish to submit as under:- 4.1 Bank has claimed the following income as exempt from

PUNJAB NATIONAL BANK,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue is dismissed and the appeal of the assessee is allowed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 2954/Del/2012 : Asstt. Year : 2013-14 Dcit, Vs M/S Punjab National Bank, Circle-20(1), Ho: Finance Division, 5, Sansad New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp0165G

section 14A of the Income Tax Act read with rule 8D and has disallowed a sum of Rs.2,86,69,45,381/-on a tax free income of Rs. 143,35,22,679/- from dividend and other tax-free income. In this connection we wish to submit as under:- 4.1 Bank has claimed the following income as exempt from

EBRO INDIA PVT.LTD. ,DELHI vs. ACIT CIRCLE-7(1), DELHI

In the result, the ground no 4 raised by the assessee is allowed

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Accountant Member)

section 1448 of IT Act, the case was duly transferred to the jurisdiction AO, who has no previous idea about the assessment proceedings in the case. However it is pointed out, that, even during the DRP stage and even after providing opportunity by AO, the assessee could not submit any evidence with respect to bank statement of assessee and also

DCIT, NEW DELHI vs. M/S. POWERLINK TRANSMISSION LTD., NEW DELHI

In the result, both the appeals filed by the Revenue for A

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

u/s 147. Therefore, it is held that the AO had reasons to believe that income had escapement assessment and he was within his competence to invoke the powers contained in section 147 to initiate reassessment of the income of the appellant. The ground of appeal is thus ruled against the appellant. 6. Ground No. 2 is in respect of disallowance

DCIT, NEW DELHI vs. M/S. POWERLINK TRANSMISSION LTD., NEW DELHI

In the result, both the appeals filed by the Revenue for A

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

u/s 147. Therefore, it is held that the AO had reasons to believe that income had escapement assessment and he was within his competence to invoke the powers contained in section 147 to initiate reassessment of the income of the appellant. The ground of appeal is thus ruled against the appellant. 6. Ground No. 2 is in respect of disallowance

DESIGNARCH INFRASTRUCTURE P.LTD,NEW DELHI vs. ITO, WARD-7(1), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Sh. K. N. Charydr. B. R. R. Kumar(Through Video Conferencing) Ita No. 8199/Del/2019 : Asstt. Year : 2010-11 Designarch Infrastructure Pvt. Ltd., Vs. Income Tax Officer, L-7A(Lgf), South Extension, Part-Ii, Ward-7(1), New Delhi-110049 New Delhi-110002 (Appellant) (Respondent) Pan No. Aacfi4218C Assessee By : Sh. Raj Kumar, Ca Revenue By : Sh. Jagdish Singh, Sr. Dr Date Of Hearing: 12.10.2020 Date Of Pronouncement: 21.10.2020

1. Authorized Share Capital Rs.2,00,00,000 Rs.3,00,00,000 2. Issued, Subscribed and Paid Rs.1,78,76,000 Rs.1,96,36,000 up Capital 3. Securities premium Rs.5,75,00,000 Rs.7,77,40,000 Account/Share Application Money 4. Share application Money Rs. NIL Rs. NIL 5. I have carefully perused and analyzed the facts

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

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section in which order is passed 147 of the Act -do- -do- -do- -do- -do- -do- -do- -do- -do- 143(3) of the Act -do- 2. As all the captioned appeals filed by the assessee and revenue are having common issues which are inter-linked, inter-connected and this fact has been admitted by both the parties during the course

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.

36 I.T.A. No. 4908/Del/2018 AND I.T.A. No. 4907/Del/2018 assessing officer and the manner in which it has been so determined or computed. 3. The learned CIT(A) has erred on facts and in law in upholding the validity of reassessment proceedings ignoring the fact that initiation of the proceedings u/s 148 and the consequent order u/s 147

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.

36 I.T.A. No. 4908/Del/2018 AND I.T.A. No. 4907/Del/2018 assessing officer and the manner in which it has been so determined or computed. 3. The learned CIT(A) has erred on facts and in law in upholding the validity of reassessment proceedings ignoring the fact that initiation of the proceedings u/s 148 and the consequent order u/s 147

DCIT, NEW DELHI vs. M/S. DHARAMPAL SATYAPAL LTD., DELHI

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

section 34/147." In the same order the Hon'ble court has further held that it not furnish a reasonable ground for the Income tax Officer to believe that on account of the failure - indeed not a mere failure but a positive design to mislead of the assessee to disclose all material facts, fully and truly, necessary for the assessment

M/S. DHARAMPAL SATYAPAL LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

section 34/147." In the same order the Hon'ble court has further held that it not furnish a reasonable ground for the Income tax Officer to believe that on account of the failure - indeed not a mere failure but a positive design to mislead of the assessee to disclose all material facts, fully and truly, necessary for the assessment

M/S. CHITRAKOOT MERCHANDISE PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, both the Appeals filed by the Assessee stand allowed

Bench: Shri H.S. Sidhu & Shri O.P. Kant

147 of the act but not the cases where assessments have not been made and only processing u/s 143(1 )(a) is made. This has already been held by Hon'ble Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P.) Ltd. 161 Taxman 316 and Hon'ble Delhi High Court in the case