2022 (3) TMI 902

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.... a total income of Rs. 13,76,281/-. In the course of assessment proceedings petitioner had filed his balance sheet on 31st March, 2008 that reflected the investment made by petitioner in shares of M/s. Poona Galvanizers Pvt. Ltd., (PGPL) and shares of M/s. Karamtara Fasteners Pvt. Ltd. (KFPL). 3. Petitioner's case was taken up for scrutiny and assessment under Section 143(3) of the Income Tax Act, 1961 (the Act) was completed on 27th October, 2010 accepting income returned by petitioner at Rs. 13,76,281/-. 4. In PGPL petitioner held 5000 shares and filed return of income for A.Y. 2008-09 by declaring total income of Rs. NIL. The return of income was taken up for scrutiny by the Deputy CIT-8(2), Mumbai and the assessment order under Se....

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.... Aggrieved by the order of the ITAT, the Revenue filed appeal in this court being Income Tax Appeal No.1399 of 2013. This appeal came to be dismissed by a common order and judgment dated 4th July, 2014 passed by this court. 6. Therefore, Revenue's stand is that finding of the (CIT (A)) was incorrect to the extent that the amount of Rs. 1,07,33,270/- being addition under Section 2(22)(e) of the Act was to be made in the hands of petitioner who had substantial interest in PGPL and KFPL and not in the hands of PGPL. But when we consider the reasons for re-opening which is dated 24th January, 2014, the stand of the Assistant Commissioner of Income Tax who is the Jurisdictional Assessing Officer (JAO) is that the findings of (CIT (A)) that th....