DCIT CIRCLE 1 NASHIK, NASHIK vs. SHREE SAI PROPERTIES, NASHIK

In the result, appeal of the Revenue is dismissed

Bench: Dr. Manish Borad & Shri Vinay Bhamore

depreciation allowance or any other allowance or deduction for such assessment year and for which a prior notice under Section 148 would be required to be issued. Section 147 does not contemplate an eventuality which Section 153A or Section 153C contemplates, the basis of which is inter alia a search action under Section 132 being resorted as noted hereinabove. Thus

ASHOK DHANRAJ CHORDIA ,PUNE vs. PCIT, PUNE-1, PUNE

153C vis-a-vis the\nprovisions of Section 147 of the I.T. Act, it will be appropriate to extract the said\nprovisions, which reads thus:\n\"147. Income escaping assessment.--If the Assessing Officer has reason to\nbelieve that any income chargeable to tax has escaped assessment for any\n assessment year, he may, subject to the provisions of sections

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

In the result, the appeal filed by the assessee is allowed

Bench: Shri R. K. Panda & Shri Vinay Bhamore

depreciation is of Rs.31,61,21,110/-. It was submitted that the net profit earned on derivative transactions referred to in the notice u/s 148 of the Act has been properly accounted for in the Profit and Loss Account and there is no attempt to avoid income tax. It was accordingly requested to drop the proceedings initiated

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

In the result, the appeal filed by the assessee is allowed

Bench: Shri R. K. Panda & Shri Vinay Bhamore

depreciation is of Rs.31,61,21,110/-. It was submitted that the net profit earned on derivative transactions referred to in the notice u/s 148 of the Act has been properly accounted for in the Profit and Loss Account and there is no attempt to avoid income tax. It was accordingly requested to drop the proceedings initiated

MANAV PACKAGING INDUSTRIES PVT.LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 11(1),, PUNE

In the result, the appeal of assessee in ITA No

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

depreciation on Plant & Machinery and under Sec.43B of the Act etc. under sec.143 rws 147 of the Act. The Assessing Officer initiated penalty proceedings u/s 271(1)(c) of the Act for furnishing inaccurate particulars of the income by treating above disallowances as suppression of income by claiming set off of losses/expenses in respect of discontinued businesses. In response

MANAV PACKAGING INDUSTRIES PVT.LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 11(1),, PUNE

In the result, the appeal of assessee in ITA No

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

depreciation on Plant & Machinery and under Sec.43B of the Act etc. under sec.143 rws 147 of the Act. The Assessing Officer initiated penalty proceedings u/s 271(1)(c) of the Act for furnishing inaccurate particulars of the income by treating above disallowances as suppression of income by claiming set off of losses/expenses in respect of discontinued businesses. In response

MANAV PACKAGING INDUSTRIES PVT.LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 11(1),, PUNE

In the result, the appeal of assessee in ITA No

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

depreciation on Plant & Machinery and under Sec.43B of the Act etc. under sec.143 rws 147 of the Act. The Assessing Officer initiated penalty proceedings u/s 271(1)(c) of the Act for furnishing inaccurate particulars of the income by treating above disallowances as suppression of income by claiming set off of losses/expenses in respect of discontinued businesses. In response

NATHARAM PANAJI CHOUDHARY,PUNE vs. I.T.O. WARD 8(1), PUNE, PUNE

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

Bench: Shri R.K. Panda & Ms. Astha Chandra

depreciation allowance or any other allowance has been computed under the provisions of the Act. 4.3.2 Action under section 147 is permissible even if the Assessing officer gathers his reasons to believe from the very same record as has been the subject matter of the completed assessment proceedings. There might indeed be a presumption that the assessment proceedings have been

NATHARAM PANAJI CHOUDHARY,PUNE vs. I.T.O. WARD 8(1), PUNE, PUNE

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

Bench: Shri R.K. Panda & Ms. Astha Chandra

depreciation allowance or any other allowance has been computed under the provisions of the Act. 4.3.2 Action under section 147 is permissible even if the Assessing officer gathers his reasons to believe from the very same record as has been the subject matter of the completed assessment proceedings. There might indeed be a presumption that the assessment proceedings have been