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2018 (3) TMI 1827
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....i Ravi Kant Gupta, Sr. DR Respondent by: S/Shri Anil Goel and Nipun Mittal ORDER Narasimha k. Chary, JM Challenging the order dated 17.6.2014 in Appeal No. 04/2013-14 passed by the learned Commissioner of income tax (Appeals)-V, New Delhi (for short "Ld. CIT(A)"), Revenue preferred this appeal on the following grounds: "On the facts and in the circumstances of the case, the Ld....
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....ts Profit and Loss account a sum of Rs. 5,22,58,437/- under the head interest paid. Further it is noticed that the assessee had paid this interest on borrowed capital from its sister concerns and had advanced interest free loans and invested share application money with sister concerns and had thus used colorful device for diversion of funds and claiming interest which is not allowable as per the ....
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....(A) and raised several grounds including the legality and validity of the notice u/s 148 of the Act. Learned CIT(A) considered this at length and held that during the regular assessment proceedings, the aspects now raised by issuing notice u/s 148 were considered, as such, the reopening of the proceedings for the very same purpose is bad in law. Challenging this finding, the revenue is in ap....
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....igh Court in the case of Indu Lata Rangwala vs DCIT (2017) 80 taxmann.com 102(Delhi) and the decision of the Hon'ble Apex Court in CIT vs. Kelvinator of India Ltd. (2010) 187 Taxman 312 (SC). In these two decisions, it is clearly held that the power of re-assessment u/s 147/148 of the Act cannot be extended for the purpose of improving upon the original assessment by devising means to review the o....