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) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

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) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

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) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

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) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result we hold that the learned principal

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Icici Bank Limited The Dy. Commissioner Of Icici Bank Towers, Income-Tax-2(3)(1), Aayakar Bhavan, 5 Th Floor, Bandra Kurla Complex, Vs. Bandra (East), Room No.552, Mumbai-400 051 M.K.Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H Appellant By : Ms Arati Vissanji, Ar Respondent By : Shri Nikhil Chaudhary, Cit Dr Date Of Hearing: 13.01.2022 Date Of Pronouncement : 08.03.2022

reassessment order passed u/s 143 (3) read with Section 147 of the income tax act 1961 considered the following additions:- a. disallowance of interest u/s 43D read with rule 6EA amounting to ₹ 50,596,549/– b. disallowance of write off of credit cards amounting to ₹ 476,331,562/– c. restriction of allowance of deduction u/s 36

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)

147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that,— (a) any money, bullion, jewellery or other valuable article or 60 I.T.A. No. 612/Mum/2020 Mr. Nilesh Bharani thing, seized or requisitioned, belongs to; or (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any information contained therein

M/S UNION BANK OF INDIA ,MUMBAI vs. DEPUTY COMMISSIONER OF INDIA, CIRCLE-(LTU)-2, , MUMBAI

In the result, the appeal of the a In the result, the appeal of the assessee for assessment year ssessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

section 147 of the Act. The Assessing Officer can he Assessing Officer can only only reassess reassess the the assessment assessment wherever wherever income income escaped escaped assessment, and not the review and not the review the order passed by him order passed by him. In view of the above discussion and respectfully following the decision of the the above

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

147 of the Act for escaped assessment. After recording of satisfaction, the notice was issued and finally, the assessment was completed relied on the incriminating documents and the addition made amount to Rs.1,37,43,500/- under section 69A based on the seized MOU with Ameya group, addition was made of Rs.1,19,40,900/- on the basis

M/S. GUJARAT REALTORS (FIRM),BHAYANDER vs. DCIT, CC-1, THANE

In the result, the appeal for assessment year 2009

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3523 To 3525/Mum/2023 Assessment Years: 2009-10, 2012-13, 2013-14 M/S Gujarat Realtors, Dy. Cit Central Circle-1, Ground Floor, Samriddhi, Room No. 10, 6Th Floor, Ashar Annapurna Estate, Indralok, Vs. It Park, Wagle Industrial Godhbunder Link Road, Thane, Estate, Thane (W)-400604. Bhayander, 401105. Pan No. Aahfg 0051 C Appellant Respondent Assessee By : Mr. Anuj Kisnadwala Revenue By : Mr. Manoj Kumar Singh, Sr. Dr Date Of Hearing : 16/04/2024 : Date Of Pronouncement 30/05/2024

36 of the Act on the alleged accommodation loan taken. 3. The learned CIT(A) ought to have held that The learned CIT(A) ought to have held that the learned AO has the learned AO has erred in initiating proceedings u/s 147 of the Income Tax Act, 1961 erred in initiating proceedings u/s 147 of the Income

M/S GUJARAT REALTORES ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1, , THANE

In the result, the appeal for assessment year 2009

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3523 To 3525/Mum/2023 Assessment Years: 2009-10, 2012-13, 2013-14 M/S Gujarat Realtors, Dy. Cit Central Circle-1, Ground Floor, Samriddhi, Room No. 10, 6Th Floor, Ashar Annapurna Estate, Indralok, Vs. It Park, Wagle Industrial Godhbunder Link Road, Thane, Estate, Thane (W)-400604. Bhayander, 401105. Pan No. Aahfg 0051 C Appellant Respondent Assessee By : Mr. Anuj Kisnadwala Revenue By : Mr. Manoj Kumar Singh, Sr. Dr Date Of Hearing : 16/04/2024 : Date Of Pronouncement 30/05/2024

36 of the Act on the alleged accommodation loan taken. 3. The learned CIT(A) ought to have held that The learned CIT(A) ought to have held that the learned AO has the learned AO has erred in initiating proceedings u/s 147 of the Income Tax Act, 1961 erred in initiating proceedings u/s 147 of the Income

M/S GUJARAT REALTORES,MUMBAI SUBURBAN vs. DEPUTY COMMISSIONER OF INCOME TAX -CENTRAL CIRCLE 1, THANE, THANE

In the result, the appeal for assessment year 2009

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3523 To 3525/Mum/2023 Assessment Years: 2009-10, 2012-13, 2013-14 M/S Gujarat Realtors, Dy. Cit Central Circle-1, Ground Floor, Samriddhi, Room No. 10, 6Th Floor, Ashar Annapurna Estate, Indralok, Vs. It Park, Wagle Industrial Godhbunder Link Road, Thane, Estate, Thane (W)-400604. Bhayander, 401105. Pan No. Aahfg 0051 C Appellant Respondent Assessee By : Mr. Anuj Kisnadwala Revenue By : Mr. Manoj Kumar Singh, Sr. Dr Date Of Hearing : 16/04/2024 : Date Of Pronouncement 30/05/2024

36 of the Act on the alleged accommodation loan taken. 3. The learned CIT(A) ought to have held that The learned CIT(A) ought to have held that the learned AO has the learned AO has erred in initiating proceedings u/s 147 of the Income Tax Act, 1961 erred in initiating proceedings u/s 147 of the Income

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

u/s 148 is to be issued." (Emphasis Supplied) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

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

u/s 148 is to be issued.” (Emphasis Supplied) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

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

u/s 147 r.w.s 148 of the Act. Before adverting further we are reproducing hereunder the relevant provision of section 147 of the Act for ready reference and analysis:- “. If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections

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

u/s 148 is to be issued.” (Emphasis Supplied) 31. From the material on record it is apparent that the Assessing Officer had initiated reassessment proceedings for the Assessment Year 2012-2013 under Section 147 of the Act by issuance of notice under Section 148 of the Act on 30/03/2017. Thus, reassessment proceedings were initiated within a period of 4 years

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

147, albeit it can be roped in only u/s 153C. If on overall appreciation of the scheme of assessment / 93. reassessment of income after the income-tax searches on the assessee searched and also for the persons not searched based on detection of some incriminating information during the said searches conducted upto 31/03/2021, the following legal course of action

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

147, albeit it can be roped in only u/s 153C. If on overall appreciation of the scheme of assessment / 93. reassessment of income after the income-tax searches on the assessee searched and also for the persons not searched based on detection of some incriminating information during the said searches conducted upto 31/03/2021, the following legal course of action

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

147, albeit it can be roped in only u/s 153C. If on overall appreciation of the scheme of assessment / 93. reassessment of income after the income-tax searches on the assessee searched and also for the persons not searched based on detection of some incriminating information during the said searches conducted upto 31/03/2021, the following legal course of action

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

147, albeit it can be roped in only u/s 153C. If on overall appreciation of the scheme of assessment / 93. reassessment of income after the income-tax searches on the assessee searched and also for the persons not searched based on detection of some incriminating information during the said searches conducted upto 31/03/2021, the following legal course of action