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

ITO-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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

ITO-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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

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

194 & 195/MUM/2023 Assessment Year: 2016-17, 2017-18, 2018-19 & 2020-21 ITO-26(2)(1), Sai Prerana Co-op Credit Society Room No. 127, 1st floor, G- Ltd., Vs. Block, Kautilya Bhavan, 317, Puran Aasha Bldg, Gr. Fl. Bandra Kurla Complex, NarashiNatha Street, Katha Mumbai-400051. Bazar Masjid Bunder (W), Mumbai-400 009. PAN No. AADTS 5638 M Appellant

VALIANT GLASS WORKS P.LTD,MUMBAI vs. ASST CIT CEN CIR 38, MUMBAI

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Sri G. S. Pannu & Sri Sanjay Gargvaliant Glass Works Pvt. Vs. The Asst. Commissioner Of Ltd., C/O. Shankarlal Jain & Income Tax, Associates, 12, Engineer Central Circle-38, Mumbai Building, 265, Princess Street, Mumbai 400 002 Pan:Aaacv 1224 E Appellant .. Respondent

147 and notice under section 148 was issued. Validity of reopening was not challenged upto Tribunal and additions were challenged on merits only. The Tribunal restored the matter to the Assessing Officer with some directions to reexamine the issue on merits. When the matter came back to the assessing officer the assessee specifically raised the point of jurisdiction to reopen

JAYDEEP PROFILES PVT. LTD.,MUMBAI vs. ITO WD 6 (3)(2), MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

Section 158B(b) as amended by the Finance Act, 2002 with retrospective effect from 1st July, 1995. The said provision is reproduced below: "158B--In this Chapter, unless the context otherwise requires,-- (a)......:.... (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account

ITO 6(3)(2), MUMBAI vs. JAYDEEP PROFILES P.LTD, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

Section 158B(b) as amended by the Finance Act, 2002 with retrospective effect from 1st July, 1995. The said provision is reproduced below: "158B--In this Chapter, unless the context otherwise requires,-- (a)......:.... (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account

SHRI DINESHKUMAR C. DOSHI,MUMBAI vs. INCOME TAX OFFICER 19(1)(4), MUMBAI

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

Section 158BB(1) would include material, information and evidence gathered as a result of post-search investigation on the basis of evidence found during the search or found as a result of search. Such information as would be available with the AO can be made the base for computation of undisclosed income of the block period. The term

SWANSTON MULTIPLEX CINEMAS P.LTD,MUMBAI vs. ASST CIT CIR 11(1), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2005-06 Swanston Multiplex Cinemas Acit, Private Limited, Circle-11(1), बनाम/ 9Th Floor, Viraj Towers, W.E. R. No.467, Vs. Highway Next To Andheri Aayakar Bhavan, Flyover Andheri (East), M. K. Road, Mumai-400093 Mumbai-400020 ("नधा"रती/Assessee) (राज"व /Revenue) Pan No.:-Aafcs6295K

reassessment was held to be valid. In the case of Convergys Customer Management v. Asst. DIT, (2013) 357 ITR 177 (Del), where there being prima facie material in the possession of the Assessing Officer to form a tentative belief that section 9(1)(i) held attracted, said reason by itself constituted a relevant ground to reopen the assessment

DCIT- CIR- 6(3)(1), MUMBAI vs. IMPERIAL PROCUREMENT SERVICES PVT. LTD., MUMBAI

In the result, the appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

194/- under section 115JB of the Act. Subsequently, the AO issued notice under section 148 of the Act dated 18.03.2014 and reopened the assessment under section 147 read with section 148 of the Act. The AO completed the assessment under section 143(3) read with section 147 of the Act vide order dated 30.03.2015 and assessed the total income under

RATNAGIRI STAINLESS P. LTD,MUMBAI vs. ITO 5(3)(1), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 4463/Mum/2016 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Ratnagiri Stainless Pvt. Income Tax Officer 5(3)(1), बनाम/ Ltd., Mumbai. V. 21/23, Laxmi Niwas, 2 Nd Parsiwada Lane, Opp V.P. Road Police Station, Mumbai – 400 004. "थायी लेखा सं./Pan : Aadcr2993P (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 147 of 1961 Act was not applicable in the instant case under appeal before the tribunal. The incriminating tangible and material information so received by the AO is with regard to the facts previously disclosed which has comes into possession of the AO which tends to expose the untruthfulness of those facts as were disclosed in the return

THE TATA POWER CO. LTD,MUMBAI vs. ITO RG 2(1)(1), MUMBAI

In the result, the appeal filed by the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3078/Mum/2009 ("नधा"रण वष" / Assessment Year : 2002-03) The Tata Power Co. Ltd, The Asst. Commissioner Of बनाम/ Corporate Center, Block ‘B, Income Tax- Circle V. 5 Th Floor, 2(3),Aayakar Bhavan, 34, Sant Tukaram Road, Maharshi Karve Road, Carnac Bunder, Mumbai – 400 020. Mumbai – 400 009. "थायी लेखा सं./Pan : Aaact0054A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

section 147 of the Act, a mere change of opinion will not warrant a reopening u/s 147 of the Act for initiating reassessment proceedings. The assessee company relied upon following case laws to support its contentions: i) CIT v. Foramer France , 264 ITR 566(SC) ii) IPCA Laboratories Limited v. DCIT, 251 ITR 416(Bom.) iii) Parshuram Pottery Works

SHIVALIK VENTURES PRIVATE LIMITED,MUMBAI vs. ACIT CC 8(1), MUMBAI, MUMBAI

Bench: Ms Padmavathy S, Am & Shri Sandeep Singh Karhail, Jm

147 has this effect that the Assessing Officer has to assess or reassess the income ("such income") which escaped assessment and which was the basis of the formation of belief and if he does so, he can also assess or reassess any other income which has escaped assessment and which, comes to his notice during the course of the proceedings