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)

u/s 148 is to be issued.” (Emphasis Supplied) 10. The contention advanced on behalf of the Assessee is that the reassessment proceedings are bad in law since the same do not conform to the requirements of Section 147 read with First Proviso thereto. 11. The reassessment proceedings were initiated in the case of the Assessee for the Assessment Year

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)

u/s 148 is to be issued.” (Emphasis Supplied) 10. The contention advanced on behalf of the Assessee is that the reassessment proceedings are bad in law since the same do not conform to the requirements of Section 147 read with First Proviso thereto. 11. The reassessment proceedings were initiated in the case of the Assessee for the Assessment Year

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)

u/s 148 is to be issued.” (Emphasis Supplied) 10. The contention advanced on behalf of the Assessee is that the reassessment proceedings are bad in law since the same do not conform to the requirements of Section 147 read with First Proviso thereto. 11. The reassessment proceedings were initiated in the case of the Assessee for the Assessment Year

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)

u/s 148 is to be issued.” (Emphasis Supplied) 10. The contention advanced on behalf of the Assessee is that the reassessment proceedings are bad in law since the same do not conform to the requirements of Section 147 read with First Proviso thereto. 11. The reassessment proceedings were initiated in the case of the Assessee for the Assessment Year

MR NILESH BHARANI,MUMBAI vs. DCIT CC 4(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No. 612/Mum/2020 (निर्धारणवर्ा / Assessment Year: 2011-12)

Section 153A (1) of the Act and no notice for reassessment can be issued u/s 148. Now on the facts of the present case, it is seen that the evidences found during the course of search and seizure operation in the case of the assessee and M/s Evergreen 23 I.T.A. No. 612/Mum/2020 Mr. Nilesh Bharani Enterprises, wherein assessee

SHRI AMIT MANGILAL JAIN,MUMBAI vs. ACIT, - 33(1), MUMBAI

In the result, both the above appeals are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

reassessment under Sections 139, 147, 148, 149, 151 & 153. 28. The language of explanation 2 to new Section 148 is akin to Section 153A and Section 153C. Corollary being that after seizing of operational period of Section 153A to 153D, the P a g e | 18 ITA No. 3331, 3332/Mum/2019 A.Y. 2009-10, 2010-11 Shri Amit Mangilal Jain cases

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 proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

reassessment proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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 proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

reassessment proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

reassessment proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

reassessment proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

reassessment proceedings , therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, the issue is rendered merely academic and therefore, we are not adjudicating upon the same therefore, we are not adjudicating upon the same in this appeal in this appeal. 8. Now we take up the appeal of the assessee

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

24==\n\ndisclose fully and truly facts necessary for framing assessment.\nTherefore, the requirement of stating in the reasons recorded for\nreopening assessment the material facts or material necessary\nfor framing assessment but not disclosed by the Assessee does\nnot apply. For initiating reassessment proceedings before the\nexpiry of four years from the end of the relevant previous year,\nthe

DCIT, CIRCLE 42(1)(1), INCOME TAX DEPARTMENT vs. GHANSHYAM RASIKLAL SHAH, MUMBAI

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

Bench: Shrinarendra Kumar Billaiya & Shri Anikesh Banerjeedcit, Circle 42(1)(1), Mumbai Vs Ghanshyam Rasiklal Shah Room 732, 7Th Floor, B-1408, Shankar Park, Agrawal Kautilya Bhavan, Bkc, Bandra Residency, Shankar Lane, Kandivali East, Mumbai-400 051 West, Mumbai-400 067 Pan: Aafps1306Q Appellant Respondent

reassess the total income, where search is conducted u/s 132 or requisition is made u/s 132A. Therefore, in our opinion, the AO is not justified in reopening the assessment u/s 147 and his order is illegal and arbitrary.” Additionally, the Ld. AR respectfully relies on the following judgments: i) Abhisar BuildwellPvt. Ltd. v. Union of India[2023] 149 taxmann.com

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

reassessment order passed under section \n143(3) read with section 147 of the Income Tax Act (‘the \nAct’) as valid. \n2. The CIT(A) failed to appreciate the fact that in the reasons \nrecorded, the AO has not disclosed any specific non- \nITA No. 2616-2623 /Mum /2024, ITA No. 2845, 2841, 2836, 2834, \n2827

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

sections 30 to 43A and,\ntherefore, unless there was a specific\nprohibition for such an allowance, the\ndepartmental authorities would not be\njustified in. adding back the amount under\nrule 5(a), Therefore, even if the debit for\namortization is considered as an\nexpenditure, there is no specific prohibition\nagainst allowing such an expenditure\nunder the provisions of sections

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

reassessment proceedings which stood abated and pass fresh order u/s 153A. 3. If the initiation of the reopening of the assessment u/s 147 is held to be illegal or nullity in the eyes of law, then, whether the AO still could take into consideration the information relating to the issues which were the subject matter such proceedings u/s 147