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

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)

41 I.T.A. No. 612/Mum/2020 Mr. Nilesh Bharani Thus, as per him, undisputedly the assessment jurisdiction was correctly lying with the ITO ward 20(2)(4) Mumbai when the impugned reassessment proceeding was initiated on 28/03/2018 by issuing the notice u/s 148 of the Act. 33. It was also pleaded on behalf of the assessee that in case, the revenue pleads

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

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

ITO WARD-4(1)(3), MUMBAI vs. M/S ASHIK WOLLEN MILLS LIMITED, MUMBAI

In the result, this appeal of revenue is allowed in terms indicated here

147 read with section 144 of Income-tax Act, 1961 [“the Act”] for Page 1 of 20 M/s Ashik Woolen Mills Limited, ITA No. 3021/Mum/2022 and CO No. 10/Mum/2023 Assessment year 2011-12 Assessment-Year [“AY”] 2011-12, the revenue has filed the captioned appeal. The assessee has also filed cross-objection [“C.O.”]. 2. Heard the learned Representatives of both

NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) had been issued. 19. Inevitable conclusion is that High Court has wrongly applied Adani Exports case (supra) which has no application to the case on the facts in view of the conceptual

NALIN P. CHOKSEY,MUMBAI vs. DCIT CIR 45, MUMBAI

In the result, the appeal in ITA No

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 1769/Mum/2011 ("नधा"रण वष" / Assessment Year : 2002-03) आयकर अपील सं./I.T.A. No. 1770/Mum/2011 ("नधा"रण वष" / Assessment Year : 2004-05) आयकर अपील सं./I.T.A. No. 1771/Mum/2011 ("नधा"रण वष" / Assessment Year : 2005-06) आयकर अपील सं./I.T.A. No. 1772/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 1773/Mum/2011 ("नधा"रण वष" / Assessment Year : 2003-04) आयकर अपील सं./I.T.A. No. 1774/Mum/2011 ("नधा"रण वष" / Assessment Year : 2006-07) Mr. Nalin P. Choksey, बनाम/ The. Dy. Cit, Krishna Villa, Central Circle 45, V. Linking Road, Aayakar Bhavan, Santacruz (W), Mumbai – 400 020. Mumbai – 400 054. "थायी लेखा सं./Pan :Aabpc0675L (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee By Shri Hari S. Raheja Respondent By : Shri Gulshan Raj सुनवाई क" तार"ख /Date Of Hearing : 19-11-2015 घोषणा क" तार"ख /Date Of Pronouncement : 11-12-2015

reassess' to completed assessment proceedings. vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment under Section 153A merges into one. Only one assessment shall be made separately for each AY on the basis of the findings of the search and any other material existing or brought on the record

BENCO FINANCE & INVESTMENT P.LTD,MUMBAI vs. DCIT CEN CIR 40, MUMBAI

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri M.Balaganesh () & Shri Ravish Sood () Benco Finance & Investment Dy. Cit, Central Circle-40 Private Limited; 205, Sujata Vs. (Now Dcit, Central Circle -7(2), Mumbai) Room No. 656, 6Th Floor, Chambers, 2Nd Floor, 1/3 Aaykar Bhawan, M.K Road, Abhichan Gandhi Marg, Off. Mumbai – 400 020. Katha Bazar, Masjid Bunder (W), Mumbai – 400 009 (Assessee) (Revenue) Pan No. Aabcb9349R Assessee By : S/Shri Vijay Mehta & Purushottam, A.Rs Revenue By : Ms. Shreekala Pardeshi, D.R Date Of Hearing : 18/06/2021 Date Of Pronouncement : 10/08/2021

41,97,470/- as an unexplained cash credit within the meaning of Sec. 68 of the Act and assessed its income at Rs. 13,42,22,780/-. 4. Aggrieved, the assessee assailed the assessment framed by the A.O vide his order passed u/s 143(3) r.w.s 147, dated 24.03.2014. Before the CIT(A), the assessee had on multiple grounds assailed

KESHAV AND COMPANY,MUMBAI vs. ASST CIT 18(2), MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Tanejaita No. : 5639/Mum/2012 (Assessment Year: 2006-07) Vs Keshav & Company, Ito –Ward-22(1)(4), B-607, Arihant Bldg., 6Th Floor, Sudha Park, Vashi Railway Station, Behind Garodia Nagar, Vashi, Navi Mumbai Ghatkopar (E), Mumbai -400 077 Pan:Aacpk 1625 P ""यथ" (Respondent) अपीलाथ" (Appellant) Ito –Ward-22(1)(4), Vs Keshav & Company, Vashi, Navi Mumbai Mumbai -400 077 ""यथ" (Respondent) अपीलाथ" (Appellant) C.O. No. 273/Mum/2013 Arising Out Of Ita No.6276/Mum/2012, Ay-2006-07 Keshav & Company, Vs Ito –Ward-22(1)(4), Mumbai -400 077 Vashi, Navi Mumbai ""यथ" (Respondent) अपीलाथ" (Appellant) Assessee "ी राजन वोहरा : Shri Rajan Vohra Cross Objector By "ी बी पृसेठ Shri B Pruseth Revenue By : सुनवाई क" तार"ख /Date Of Hearing : 13-07-2016 घोषणा क" तार"ख /Date Of Pronouncement : 30-09-2016

147 of the Act, without appreciating that reassessment order is bad in law and should have been quashed; Computation of capital gain under section 45(4) of the Act 2 . erred in confirming the Long Term Capital Gain (‘LTCG’) on retirement of partner from the Appellant firm to the extent of Rs.2,56,41,418/- as against no liability towards

ACIT 18(2), MUMBAI vs. KESHAV & COMPANY, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Tanejaita No. : 5639/Mum/2012 (Assessment Year: 2006-07) Vs Keshav & Company, Ito –Ward-22(1)(4), B-607, Arihant Bldg., 6Th Floor, Sudha Park, Vashi Railway Station, Behind Garodia Nagar, Vashi, Navi Mumbai Ghatkopar (E), Mumbai -400 077 Pan:Aacpk 1625 P ""यथ" (Respondent) अपीलाथ" (Appellant) Ito –Ward-22(1)(4), Vs Keshav & Company, Vashi, Navi Mumbai Mumbai -400 077 ""यथ" (Respondent) अपीलाथ" (Appellant) C.O. No. 273/Mum/2013 Arising Out Of Ita No.6276/Mum/2012, Ay-2006-07 Keshav & Company, Vs Ito –Ward-22(1)(4), Mumbai -400 077 Vashi, Navi Mumbai ""यथ" (Respondent) अपीलाथ" (Appellant) Assessee "ी राजन वोहरा : Shri Rajan Vohra Cross Objector By "ी बी पृसेठ Shri B Pruseth Revenue By : सुनवाई क" तार"ख /Date Of Hearing : 13-07-2016 घोषणा क" तार"ख /Date Of Pronouncement : 30-09-2016

147 of the Act, without appreciating that reassessment order is bad in law and should have been quashed; Computation of capital gain under section 45(4) of the Act 2 . erred in confirming the Long Term Capital Gain (‘LTCG’) on retirement of partner from the Appellant firm to the extent of Rs.2,56,41,418/- as against no liability towards

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

reassessment order of the AO be set aside as bad in law.” 22. Similar issue was considered by us in the Assessee’s Appeal in Ground No 6 for the A.Y. 2007-08 and held as under: - “58. Considered the rival submissions and material placed on record. It is observed that during the year under consideration assessee has sold

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

reassessment order of the AO be set aside as bad in law.” 22. Similar issue was considered by us in the Assessee’s Appeal in Ground No 6 for the A.Y. 2007-08 and held as under: - “58. Considered the rival submissions and material placed on record. It is observed that during the year under consideration assessee has sold