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Documents citing Acit, Central Circle-3, New Delhi, New ... vs Bhushan Steel Ltd., New Delhi on 11 March, 2021

Shree Balaji Associates Pune Llp,Pune vs Pcit(Central), Pune, Pune on 9 April, 2025

 In the case of Pooja Gupta in ITA No 4057/Del/ 2018 dated 31.01.2019, the ITAT Delhi has discussed the validity of action under section 263 in respect of penny stock matters. The Tribunal has referred to the detailed SOP issued by the CBDT, CBDT Instruction dated 16.03.2016 on penny stock/LTCG, and other specified parameters in this order, and held that the order u/s 263 was justified since there was complete lack of inquiry with regard to the perspective for which the case was selected for scrutiny, and that the AO had merely relied on the assessee's submissions.  The decision of the ITAT Delhi Bench in the case of Bhushan Steel Ltd., New Delhi vs ACIT dated 30 March, 2015 is relevant to note as it relates to the aspect of lack of inquiry at the end of the AO for valid initiation of proceedings under Section 263 of the Act.
Income Tax Appellate Tribunal - Pune Cites 40 - Cited by 0 - Full Document

Shree Balaji Associates Pune Llp,Pune vs Pcit(Central), Pune, Pune on 9 April, 2025

 In the case of Pooja Gupta in ITA No 4057/Del/ 2018 dated 31.01.2019, the ITAT Delhi has discussed the validity of action under section 263 in respect of penny stock matters. The Tribunal has referred to the detailed SOP issued by the CBDT, CBDT Instruction dated 16.03.2016 on penny stock/LTCG, and other specified parameters in this order, and held that the order u/s 263 was justified since there was complete lack of inquiry with regard to the perspective for which the case was selected for scrutiny, and that the AO had merely relied on the assessee's submissions.  The decision of the ITAT Delhi Bench in the case of Bhushan Steel Ltd., New Delhi vs ACIT dated 30 March, 2015 is relevant to note as it relates to the aspect of lack of inquiry at the end of the AO for valid initiation of proceedings under Section 263 of the Act.
Income Tax Appellate Tribunal - Pune Cites 40 - Cited by 0 - Full Document

Goel Eisha Capitals,Pune vs Pcit(Central), Pune, Pune on 7 April, 2025

 In the case of Pooja Gupta in ITA No 4057/Del/ 2018 dated 31.01.2019, the ITAT Delhi has discussed the validity of action under section 263 in respect of penny stock matters. The Tribunal has referred to the detailed SOP issued by the CBDT, CBDT Instruction dated 16.03.2016 on penny stock/LTCG, and other specified parameters in this order, and held that the order u/s 263 was justified since there was complete lack of inquiry with regard to the perspective for which the case was selected for scrutiny, and that the AO had merely relied on the assessee's submissions.  The decision of the ITAT Delhi Bench in the case of Bhushan Steel Ltd., New Delhi vs ACIT dated 30 March, 2015 is relevant to note as it relates to the aspect of lack of inquiry at the end of the AO for valid initiation of proceedings under Section 263 of the Act.
Income Tax Appellate Tribunal - Pune Cites 38 - Cited by 0 - Full Document

Acit, Central Circle-3, New Delhi, New ... vs Bhushan Steel Ltd., New Delhi on 14 June, 2024

4. Learned counsel for the assessee contended before us that since the National Company Law Tribunal (NCLT) is seized of the proceedings initiated under section 7 of the Insolvency and Bankruptcy Code, 2016 and has already approved a resolution plan and granted moratorium in respect of any other proceedings pending before any authority or Tribunal etc., the present appeals cannot continue. He submitted, under similar circumstances, appeal filed by the Department in case of M/s. Bhushan Energy Ltd., another group entity, has been dismissed by the Tribunal. In this context, he placed on record order dated 17.04.2023 passed in ITA No. 5429/Del/2015 and C.O. No. ITA Nos. 5424 & 5425/Del/2015 and 159/Del/2019. He further relied upon the decision of the ITAT in the case of ACIT vs. Bhushan Steel Ltd. in ITA Nos.5424 & 5425/Del/2015 order dated 12.09.2023. Thus, he submitted that the appeals of the department have to be dismissed.
Income Tax Appellate Tribunal - Delhi Cites 1 - Cited by 0 - Full Document

Acit, Central Circle-3, New Delhi, New ... vs Bhushan Steel Ltd., New Delhi on 14 June, 2024

4. Learned counsel for the assessee contended before us that since the National Company Law Tribunal (NCLT) is seized of the proceedings initiated under section 7 of the Insolvency and Bankruptcy Code, 2016 and has already approved a resolution plan and granted moratorium in respect of any other proceedings pending before any authority or Tribunal etc., the present appeals cannot continue. He submitted, under similar circumstances, appeal filed by the Department in case of M/s. Bhushan Energy Ltd., another group entity, has been dismissed by the Tribunal. In this context, he placed on record order dated 17.04.2023 passed in ITA No. 5429/Del/2015 and C.O. No. ITA Nos. 5424 & 5425/Del/2015 and 159/Del/2019. He further relied upon the decision of the ITAT in the case of ACIT vs. Bhushan Steel Ltd. in ITA Nos.5424 & 5425/Del/2015 order dated 12.09.2023. Thus, he submitted that the appeals of the department have to be dismissed.
Income Tax Appellate Tribunal - Delhi Cites 1 - Cited by 0 - Full Document

Acit, Central Circle-3, New Delhi, New ... vs Bhushan Steel Ltd., New Delhi on 14 June, 2024

4. Learned counsel for the assessee contended before us that since the National Company Law Tribunal (NCLT) is seized of the proceedings initiated under section 7 of the Insolvency and Bankruptcy Code, 2016 and has already approved a resolution plan and granted moratorium in respect of any other proceedings pending before any authority or Tribunal etc., the present appeals cannot continue. He submitted, under similar circumstances, appeal filed by the Department in case of M/s. Bhushan Energy Ltd., another group entity, has been dismissed by the Tribunal. In this context, he placed on record order dated 17.04.2023 passed in ITA No. 5429/Del/2015 and C.O. No. ITA Nos. 5424 & 5425/Del/2015 and 159/Del/2019. He further relied upon the decision of the ITAT in the case of ACIT vs. Bhushan Steel Ltd. in ITA Nos.5424 & 5425/Del/2015 order dated 12.09.2023. Thus, he submitted that the appeals of the department have to be dismissed.
Income Tax Appellate Tribunal - Delhi Cites 1 - Cited by 0 - Full Document
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