DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 7 PUNE, PUNE vs. KOLTE PATIL INTEGRATED TOWNSHIPS LIMITED, PUNE

In the result, both the appeals filed by the Revenue are dismissed

32,668 closing WIP of Rs.396,30,86,527 CENVAT credit of\nRs.10,54,94,659) on cost of sales (construction) during the year and it is exclusive\nof finance cost. Further, It is noticed that the assessee had debited entire interest\nexpenses of Rs.32,30,50,317 in profit and loss account ie the same was netted\nagainst revenue

DEPUTY COMMISSIONER OF INCOME TAX, NASHIK vs. CHAKRAHAR CONTRACTORS AND ENGINEERS PRIVATE LIMITED, JALGAON

In the result, both the appeals of the Revenue are

Bench: Shri Rama Kanta Panda & Shri Vinay Bhamore

reassessed or recomputed in a preceding order. (11) No addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of Imposition of penalty in the case of the person for the same or any other assessment year. (12) The penalty referred to in sub-section (1) shall

DEPUTY COMMISSIONER OF INCOME TAX, NASHIK vs. CHAKRADHAR CONTRACTORS AND ENGINEERS PRIVATE LIMITED, JALGAON

In the result, both the appeals of the Revenue are

Bench: Shri Rama Kanta Panda & Shri Vinay Bhamore

reassessed or recomputed in a preceding order. (11) No addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of Imposition of penalty in the case of the person for the same or any other assessment year. (12) The penalty referred to in sub-section (1) shall

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

reassess such income or recompute the loss or the 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

DEEPAK KANTILAL JAIN,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

1) of the Act read with third proviso to said Section, in case of the search\nexecuted during the financial year commencing on or after 01.04.2019, the period\nof limitation for assessment or reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under

ADISH SHANTILAL SOLANKI,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), PUNE, PUNE

1) of the Act read with third proviso to said Section, in case of the search\nexecuted during the financial year commencing on or after 01.04.2019, the period\nof limitation for assessment or reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under

RAMLAL BHIKULAL SHAH,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

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

reassess the income of the other person in accordance with the provisions of section 153A, if, that AO is satisfied that such books of account or documents have a bearing on the determination of the total income of such other person. Therefore, the provisions of section 153C of the Act squarely apply to the case of the appellant and thus

RAMANLAL BHIKULAL SHAH,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

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

reassess the income of the other person in accordance with the provisions of section 153A, if, that AO is satisfied that such books of account or documents have a bearing on the determination of the total income of such other person. Therefore, the provisions of section 153C of the Act squarely apply to the case of the appellant and thus

ASHOK BHARTI GOSWAMI,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

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

reassess the income of the other person in accordance with the provisions of section 153A, if, that AO is satisfied that such books of account or documents have a bearing on the determination of the total income of such other person. Therefore, the provisions of section 153C of the Act squarely apply to the case of the appellant and thus

CHITRA NARENDRA PARMAR,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), PUNE, PUNE

In the result, all the appeals filed by the respective assessees are allowed

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

reassess the income of the other person in accordance with the provisions of section 153A, if, that AO is satisfied that such books of account or documents have a bearing on the determination of the total income of such other person. Therefore, the provisions of section 153C of the Act squarely apply to the case of the appellant and thus

CHITRA NARENDRA PARMAR ,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

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

reassess the income of the other person in accordance with the provisions of section 153A, if, that AO is satisfied that such books of account or documents have a bearing on the determination of the total income of such other person. Therefore, the provisions of section 153C of the Act squarely apply to the case of the appellant and thus

SHRI MANOJ MADANLAL CHHAJED,PUNE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), PUNE

Section 80IA/IB of the Act.\nIt must follow that there is due application of mind by the Assessing\nOfficer to the issue raised.\nThe above observations apply on all fours to this Petition, so far as the\nRevenue's submission of no change of opinion is concerned.\n11. The further submission of Mr. Walve that in the absence

ASHISH RAMESH OSWAL,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE, PUNE

In the result, all the appeals filed by the respective assessees are allowed

1) of the Act read with third proviso to said Section, in case of the search\nexecuted during the financial year commencing on or after 01.04.2019, the period\nof limitation for assessment or reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under

DEEPAK KANTILAL JAIN ,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under section 132 of the Act or requisition under\nsection 132A of the Act, was executed.”\n37. The Ld. Counsel for the assessee submitted that typically, the jurisdiction u/s\n127 is assigned in favour

ASHISH RAMESH OSWAL,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE , PUNE

In the result, all the appeals filed by the respective assessees are allowed

reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under section 132 of the Act or requisition under\nsection 132A of the Act, was executed.”\n\n37.\nThe Ld. Counsel for the assessee submitted that typically, the jurisdiction u/s\n127 is assigned

ASHOK BHARTI GOSWAMI ,PUNE vs. ACIT, CENTRAL CIRCLE 2(1), PUNE, PUNE

In the result, all the appeals filed by the respective assessees are allowed

reassessment under Section 153C of the Act has\nbeen specified as twelve months from the end of financial year during which the\nlast authorisation to search under section 132 of the Act or requisition under\nsection 132A of the Act, was executed.”\n37. The Ld. Counsel for the assessee submitted that typically, the jurisdiction u/s\n127 is assigned in favour

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7 PUNE, PUNE vs. KOLTE PATIL INTEGRATED TOWNSHIPS LIMITED, PUNE

In the result, both the appeals filed by the Revenue are dismissed

32,668 closing WIP of Rs.396,30,86,527 CENVAT credit of\nRs.10,54,94,659) on cost of sales (construction) during the year and it is exclusive\nof finance cost. Further, It is noticed that the assessee had debited entire interest\nexpenses of Rs.32,30,50,317 in profit and loss account ie the same was netted\nagainst revenue

BVG INDIA LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), PUNE, PUNE

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri G.D. Padmahshali

reassessment is passed pursuant to a search operation is a mandatory requirement of Section 153D of the Act and that such approval is not meant to be given mechanically. The Court also concurs with the finding of the ITAT that in the present cases such approval was granted mechanically without application of mind by the Additional CIT resulting in vitiating

KUMAR URBAN DEVELOPMENT PVT. LTD (SUCCESSOR KUMAR HOUSING CORPORATION PVT LTD),PUNE vs. DCIT CIRCLE 14, PUNE

32,83,561/-\nTotal-\n22,99,51,621\n8]\nThe learned CIT(A) erred in not appreciating that there was no\npostponement of income and the amounts received from the prospective\nbuyers were offered to tax in the subsequent years as per the method of\naccounting regularly followed by the appellant and therefore, there was no\nreason