M/s Jabeen Tradelink Pvt Ltd vs PCIT-4, Mumbai

Parties Involved

Facts Summary

The assessee, M/s Jabeen Tradelink Pvt Ltd, filed an appeal against the order of the Principal Commissioner of Income-tax, Mumbai, which set aside the assessment order passed by the Field Assessing Officer under section 143(3) of the Income-tax Act, 1961. The Field Assessing Officer treated a fresh investment of Rs.29,33,28,777/- as non-genuine and bogus, but no income was brought to tax related to this investment. The Principal Commissioner of Income-tax invoked section 263 of the Act and set aside the assessment order, finding it erroneous and prejudicial to the interest of the revenue. The assessee argued that the Field Assessing Officer had completed the enquiry and verification, and the addition should be made in the hands of the director, Mr. Shirish C Shah. However, the Tribunal found that the Principal Commissioner of Income-tax correctly invoked section 263 of the Act and upheld the revisional order.…

Legal Issues

• 1. Whether the order passed by the Principal Commissioner of Income-tax under section 263 of the Act is erroneous and prejudicial to the interest of the revenue?
• 2. Whether the Field Assessing Officer had completed the enquiry and verification?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

Similar Judgements

• Shri Jagpal Vs. The PCIT

  Delhi 'C' Bench benchAY 2018-19Dismissed

• Sushila Bhaurao Deshmukh v/s Principal Commissioner of Income Tax, Nagpur

  Nagpur bench

• M/s. Inland Teevra Pvt. Ltd. vs. DCIT, Central Circle-3(2), Kolkata

  Kolkata 'B' Bench, Kolkata benchAY 2020-21Dismissed

• Ten Construction (India) Private Limited vs Principal Commissioner of Income-tax-6, Mumbai

  Mumbai bench

• Export Import Bank of India vs PCIT

  Mumbai bench

• Ambia Sohrab vs Principal CIT (Central)

  Kolkata bench