CHEMOX EXPORTS IMPORTS PVT LTD,MUMBAI vs. INCOME TAX DEPARTMENT, ASSESSMENT UNIT, DELHI

156 taxmann.com 178\n(Telangana) and it would be pertinent to refer to the relevant context of\nthe judgment of the Hon'ble Telangana High Court, for the sake of\ncompleteness:-\n"26. After the introduction of the above two schemes, it becomes mandatory for the\nRevenue to conduct/initiate proceedings pertaining to reassessment under section

THE NEW INDIA ASSURANCE CO. LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(2)(2), MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV , ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

THE NEW INDIA ASSURANCE CO LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(2)(2), MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV , ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

ABHUBHAI HIRABHAI DESAI,MUMBAI vs. DCIT CIRCLE 19(1), MUMBAI

In the result, the appeal of the assessee is allowed

reassessment\nproceeding and the consequential assessment order are non est and\ninvalid since in the facts and the circumstances of the case, no action\ncould have been taken u/s 147/148 of the Act as the assessment order\nwas based on seized materials for which only recourse available to the\nAO was the provisions of section 153C

INCOME TAX OFFICER (IT)-3(2)(1), KAUTILYA BHAWAN vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

section 147 of the Act without appreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in derivatives at BSE and the same is already offered to tax by the Assessee. 3. It is brought to the notice of the Bench that Revenue has inadvertently filed two appeals for the same Assessment Year

PANASONIC LIFE SOLUTIONS INDIA PVT LTD,THANE vs. ASST CIT CC 7(2), MUMBAI

In the result, Appeal of assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm Panasonic Life Solutions India Asst. Commissioner Of Private Limited Income-Tax (Formerly Known As Anchor Central Circle 7(2) Electricals Private Limited) 3Rd Floor, B Wing, 655, 6Th Floor, Aaykar Bhavan Vs. I – Think Techno Campus, M.K. Road, Pokhran Road No.2, Thane Mumbai-400 020 (West) (Appellant) (Respondent) Pan No. Aaeca2190C Assessee By : Shri M.P. Lohia Shri Nikhil Tiwari, Ar Revenue By : Shri Manoj Kumar, Cit Dr Date Of Hearing: 08-12-2023 Date Of Pronouncement : 19.12.2023

reassessment proceedings have been initiated only with a view to revive original assessment proceedings which got time barred and hence ought to be quashed, Without prejudice, passing the final assessment order as against the draft assessment order Panasonic Life Solutions India Pvt. Ltd.; A.Y. 2012-13 9. without prejudice, erred in upholding the validity of the draft order dated

SHIVRAM S SHETTY,MUMBAI vs. INCOME TAX OFFICER WARD 2(1), THANE

In the result, the appeals filed by the assessee are hereby allowed

156" ], "issues": "1. Whether the notice issued under Section 148 for reassessment was validly approved by the competent authority as per Section

INCOME TAX OFFICER (INTERNATIONAL TAXATION) 3(2)(1), KAUTILYA BHAWAN MUMBAI vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

In the result, both appeals by the Revenue are dismissed and the\ntwo Cross Objections of the assessee are allowed

section 147 of the Act without\nappreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in\nderivatives at BSE and the same is already offered to tax by the Assessee.\n\n3.\nIt is brought to the notice of the Bench that Revenue has\ninadvertently filed two appeals for the same Assessment Year, i.e.,\n2016

ITO(IT)-3(2)(1), MUMBAI vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

In the result, both appeals by the Revenue are dismissed and the\ntwo Cross Objections of the assessee are allowed

section 147 of the Act without\nappreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in\nderivatives at BSE and the same is already offered to tax by the Assessee.\n\n3.\nIt is brought to the notice of the Bench that Revenue has\ninadvertently filed two appeals for the same Assessment Year, i.e.,\n2016

THE NEW INDIA ASSURANCE CO. LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(2)(2), MUMBAI

Section 37(1) of the Act would not\napply. In this context, we respectfully agree with the\nobservations made by the coordinate Bench in case of\nMilestone Real Estate Fund (Supra). Pertinently, in case of\nM/s Cholamandalam MS General Insurance Co. Ltd. [2025]\n174 taxmann.com 603 (Mad.), identical issue of\ndisallowance of payment made to motor vehicle dealers\nu/s.37

SHIVRAM S SHETTY ,MUMBAI vs. INCOME TAX OFFICER WARD 2(1), MUMBAI

In the result, the appeals filed by the assessee are hereby allowed

reassessment\nproceedings commenced for issuing notice under Section 148 of the IT Act. The limitation\nfor passing of the order under Section 148A(d) expired on 12/07/2022. Accordingly, the\nnotice under Section 148A of the IT Act issued on 30/07/2022 was held to be beyond\nlimitation and the same was quashed. The Delhi High Court also relied on the observations

ACIT, CIRCLE 24(1) MUMBAI, MUMBAI vs. NILKAMAL CRATES & CONTAINERS, MUMBAI

Bench: Hon’Ble Justice (Retd.) C.V. Bhadang & Shri Arun Khodpia, Am

reassessment proceedings have been continued under new provisions only. Hence the AO has issued notice u/s 148A(b) and also passed order u/s. 148A(d) of the Act. The provisions of section 148A(d) of the Act would require the AO to pass order on the question, viz., whether or not it is a fit case to issue a notice

URMISH M. UDANI,MUMBAI vs. ACI 10(3), MUMBAI

In the result, appeal of the assessee is allowed

Bench: SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER\n&\nSHRI ANIKESH BANERJEE, HON'BLE JUDICIAL MEMBER\nI.T.A. No. 6144/Mum/2017\nAssessment Year: 2009-10\nShri Urmish M. Udani\nRH-12, J-12, Prabhukrupa\nSector-6, Vashi\nNavi Mumbai - 400705\n[PAN: AAGPU5477P]\nअपीलार्थी/ (Appellant)\nAsst. Commissioner of Income\nVs\nTax – 10(3), Mumbai\nप्रत्यर्थी / (Respondent)\nAssessee by : Shri Madhur Agrawal/Shri Fenil Bhatt, A/Rs\nRevenue by: Shri Vivek Perampurna, CIT D/R\nसुनवाई की तारीख/Date

156 and all\nthe provisions of this Act shall apply accordingly; and\n(ii)\nProvided that except as otherwise provided in this sub-section, the acknowledgment of\nthe return shall be deemed to be an intimation under this sub-section where either no sum is\npayable by the assessee or no refund is due to him :\nProvided further that

ACIT, CENTRAL CIRCLE-2(1), MUMBAI vs. M/S RISHABRAJ INFRA PVT. LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed

Bench: Shri B R Baskaran & Shir Pavan Kumar Gadaleita Nos. 3246/Mum/2022 (A.Y: 2015-16) Acit, C.Circle -2(1), Vs. Rishabraj Infrapvtltd., Old Cgo Bldg, 804, 212, 2Nd Floor, B Wing, 8Th Floor, M.K. Road, Bldg No. 3, Hari Om Mumbai – 400020. Plaza, Mg Road, Boravali (E), Mumbai-400066. Pan/Gir No. : Aadcv2975P Appellant .. Respondent Appellant By : Ms.Riddhi Mishra.Dr Revenue By : Mr.Karan Jain.Ar Date Of Hearing 18.04.2023 Date Of Pronouncement 24.04.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-48, Mumbai Passed U/Sec 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

156, that did not per se preclude the ITA Nos. 3246Mum/2022 M/s Rishabraj Infra Pvt Ltd., Mumbai. Assessing Officer to proceed under Section 143(2). The right preserved was not taken away. The Hon'ble Supreme Court referred to the period between April 1, 1989 and March 31, 1998, and the second proviso to Sub- section (1) Clause

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2012-13 Sai Prerana Co-Op Society Ltd., Ito-7(3)(2), 317, Puran Aasha Bldg. Gr. Fl. Room No. 126, 1St Floor, Narashi Natha Street, Katha Vs. Kautilya Bhavan, C-41 To C- Bazar Musjid Bunder (W), 43 Block, Bandra Kurla Mumbai-400 009. Complex, Bandra (East) Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent Assessee By : Ms. Ruby Srivastava & Mr. Bharat Kumar, Ca Revenue By : Mr. Milind S. Chavan, Dr Date Of Hearing : 27/04/2023 : Date Of Pronouncement 28/04/2023 Order

reassessment has to be based on fulfllment of certain precondition and if the concept of “change fulfllment of certain precondition and if the concept of “change fulfllment of certain precondition and if the concept of “change of opinion” is removed, as contended on behalf of the of opinion” is removed, as contended on behalf of the of opinion” is removed

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment has to be based on fulfllment of certain prec fulfllment of certain precondition and if the concept of “change ondition and if the concept of “change of opinion” is removed, as contended on behalf of the of opinion” is removed, as contended on behalf of the of opinion” is removed, as contended on behalf of the Department, then