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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

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

147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2)(d) of the Act in respect of interest income of Rs.97,49,707/ Act in respect of interest income of Rs.97,49,707/- - earned by the assessee’s society from banks (co assessee’s society from banks

DCIT CIR 3(1), MUMBAI vs. ICICI BANK LTD, MUMBAI

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5191/Mum/2009 (िनधा"रण वष" / Assessment Year: 2004-05) Dcit-Circle 3(1) Icici Bank Limited बनाम Room No.607, 6Th Floor नाम/ नाम नाम Icici Bank Towers Aaykar Bhavan Bandra-Kurla Complex Vs. Mumbai-400 020. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-1195-H (अपीलाथ" / Appellant) (ू"यथ" / Respondent) : & C.O. No.127/Mum/2010 [Arising Out Of I.T.A. No.5191/Mum/2009] (िनधा"रण वष" / Assessment Year: 2004-05) Icici Bank Limited Dcit-Circle 3(1) बनाम नाम नाम/ नाम Room No.607, 6Th Floor Icici Bank Towers Bandra-Kurla Complex Aaykar Bhavan Vs. Mumbai-400 051. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci 1195 H (""ा"ेप ""ा"ेप ""ा"ेप /Cross Objector) ""ा"ेप (ू"यथ" / Respondent) :

c) of Explanation-2 creates a deeming fiction wherein in certain situation, the income is deemed to have escaped assessment. These situations are - (i) income chargeable to tax has been under assessed ; or (ii) such income has been assessed at too low a rate ; or (iii) such income has been made the subject of excessive relief under this

SURESH L. SATYANI,MUMBAI vs. ITO 23(3)(4), MUMBAI

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

Bench: Shri C.N. Prasad & Shri Ramit Kochar

u/s 143(1) of the Act, and thus no opinion was formed and hence there is no change of opinion. Reliance is placed on the decision of Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri, (2007) 291 ITR 500 (SC), wherein Hon’ble Supreme Court vide orders dated 23-05-2007 has held as 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)

u/s 143(1) of the Act, and thus no opinion was formed and hence there is no change of opinion. Reliance is placed on the decision of Hon’ble Supreme Court in the case of ACIT v. Rajesh Jhaveri, (2007) 291 ITR 500 (SC), wherein Hon’ble Supreme Court vide orders dated 23-05-2007 has held as under

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(3)(1), MUMBAI, MUMBAI vs. TMF HOLDINGS LIMITED, MUMBAI

In the result, the appeal of the revenue bearing ITA No

Bench: Shri Anikesh Banerjee & Smt. Renu Jauhrideputy Commissioner Of Vs Tmf Holdings Limited 14, 4Th Floor, Sir H C Dinshaw Income Tax, Circle 1(3)(1), Mumbai Building, 16, Horniman Circle, Fort, Room No.535, 5Th Floor, Aaykar Mumbai-400 001 Bhavan, M.K. Road, Mumbai- Pan: Aacct4644A 400 020 Appellant Respondent

reassessment proceedings, not judicial review at the notice stage. Hence Ld. CIT(A) erred in ignoring these two landmark decisions.” 5. Alternatively, the Ld. AR filed a paper book containing documents pertaining to the factual aspects of the case and also submitted a written submission. The Ld. AR contended that the issue under consideration was duly examined during the scrutiny

ITO 19(2)(3), MUMBAI vs. MEENAKSHI N SHAH, MUMBAI

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2007-08 Dcit 5(2)(2) Meridian Chem Bond Mumbai Purchase Ltd., बनाम/ 903 Raheja Centre, Free Vs. Press Journal Marg, Nariman Point, Mumbai 400 021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. Aaacr1789G

c) to section 147. Likewise, in CIT v. N. Jayaprakash, (2006) 285 ITR 369 (Ker), where, the assessee could not, after having persuaded the assessing authority to withdraw the notice dated 1-10- 1993, pointing out that it was not in conformity with law, be allowed to contend that the notice was valid due to the omission of the time

JAYANTILAL RAJMAL SETH,MUMBAI vs. DCIT-CC-4(3), MUMBAI, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2018-19 Jayantilal Rajmal Seth, Dcit-Cc-4(3), A-3, Saibaba Shopping Centre, Bkc, Mumbai-400051. Mumbai Central, Vs. Mumbai-400008. Pan No. Agepj 0499 E Appellant Respondent

C Chellaram vs. CIT (125 ITR 713 (SC), CIT vs. JMD Communications IT vs. JMD Communications Pvt Ltd (320 ITR 17(St) (SC), R.W. Promotions Pvt Ltd vs. ACIT Pvt Ltd (320 ITR 17(St) (SC), R.W. Promotions Pvt Ltd vs. ACIT Pvt Ltd (320 ITR 17(St) (SC), R.W. Promotions Pvt Ltd vs. ACIT (Bom-HC), Sunil Aggarwal

VINOD K SHAH,MUMBAI vs. ITO 16(1)(1), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain

u/s. 143(1) has been issued. 2.4.4 Hon'ble Apex Court further observed that substantial changes have been made to section 143(1) with effect from 1-6- 1999.· Up to 31-3-1989, after a return of income was filed, the Assessing Officer could make an assessment under section 143(1) Shri Vinod K. Shah without requiring the presence

VINOD K.SHAH,MUMBAI vs. ITO 16(1)(1), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain

u/s. 143(1) has been issued. 2.4.4 Hon'ble Apex Court further observed that substantial changes have been made to section 143(1) with effect from 1-6- 1999.· Up to 31-3-1989, after a return of income was filed, the Assessing Officer could make an assessment under section 143(1) Shri Vinod K. Shah without requiring the presence

TIME MEDIA & ENTERTAINMENT LLP (EARLIER TIME MEDIA & ENTERTAINMENT PRIVATE LIMITED),MUMBAI vs. INCOME TAX OFFICER 16(1)(5), MUMBAI

In the result, the appeal of the assessee in ITA no

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6534/Mum/2017 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Time Media & Income Tax Officer- Entertainment Llp (Earlier 16(1)(5) Time Media & R.No. 439, 4 Th Floor, V. Entertainment Private Aayakar Bhavan, Ltd.) M.K Marg, 104, Rachna, V.P Road, Mumbai-400020 Vile Parle (W), Mumbai-400056 स्थायी ऱेखा सं./ Pan: Aaact1581C (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Reepal G. Tralshawala Revenue By: Shri. D.G. Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 28.03.2019 घोषणा की तारीख /Date Of Pronouncement : 18.06.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 6534/Mum/2017, Is Directed Against Appellate Order Dated 31.07.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-4, Mumbai (Hereinafter Called “The Cit(A)”) In Appeal No. Cit(A)-4/It-89/Ito-16(1)(5)/2016-17, For Assessment Year 2010-11, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 30.03.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2010-11. I.T.A. No.6534/Mum/2017

c) ****** (2) The [Commissioner (Appeals)] shall not enhance an assessment or a penalty or reduce the amount of refund unless the appellant has had a reasonable opportunity of showing cause against such enhancement or reduction. Explanation.—In disposing of an appeal, the [Commissioner (Appeals)] may consider and decide any matter arising out of the proceedings in which the order I.T.A

JAY MA DURGA BUILDTECH P. LTD,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Jay Maa Durga Buildtech The Deputy Commissioner Private Limited (Merged With Of Income Tax, Cc-7(3), Lodha Construction Private Room No. 655, Aayakar Limited) Bhavan, M.K. Road, Vs. 412, Floor-4, 17G Vardhaman Mumbai-400 020 Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001 Appellant .. Respondent Pan No. Aabcj7826P

217 ITR 597 (SC); Raymond Woollen Mills ltd vs. ITO (1999) 152 CT!R (SC) 418: (1999) 236 ITR 34 (SC)) In the appellant’s case, the fact that the shares were issued at exorbitantly high premium to one individual and non-disclosure of such fact in the return as explained above would, in my opinion, be considered

UNI DESIGN JEWELLERY INDIA PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(2), MUMBAI

In the result , appeal of the assessee in ITA no

Bench: Shri Pawan Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1158 & 1159/Mum/2018 (नििाारण वर्ा / Assessment Year: 2011-12 & 2012-13) बिाम/ Uni Design Jewellery India Dcit-Central Circle 1(2) Private Ltd., Mumbai. Plot No. 3, V. Uni Design House, Cepz Wicel, Opp. Seepz Main Gate, Andheri(E), Mumbai-400093 स्थायी ऱेखा सं./ Pan: Aaacu3940J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Rakesh Mohan Revenue By: Shri. Rejeev Gubgodra (Dr) सुनवाई की तारीख /Date Of Hearing : 03.04.2019 घोषणा की तारीख /Date Of Pronouncement : 30.05.2019 आदेश / O R D E R Per Ramit Kochar: These Two Appeals, Filed By Assessee, Being Ita No. 1158 & 1159/Mum/2018 For Assessment Year(S) 2011-12 & 2012- 13 Respectively, Are Directed Against Separate Appellate Order(S) Both Dated 18.12.2017 In Appeal Number(S) Cit(A)-47/Ap.11663/16-17 & Cit(A)-47/Ap.11664/16-17 Respectively, Passed By Learned Commissioner Of Income Tax (Appeals)-47, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2011-12 & 2012-13 Respectively, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Separate Assessment Order(S) Both Dated 31.10.2016 Passed By

1 On the facts and circumstances of the case and in law, the Hon'ble CIT(A) erred in confirming the action of the AO in initiating re- assessment proceedings under section 147 of the Act. The order under section 143(3) r.w.s. 147 of the Act is bad in law and without jurisdiction. Ground No. 2 On the facts