NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED (AY 2016 vs DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 3( — WP/4576/2025

Case under Income Tax Act, 1961 Section 143(2),153Aand153C. Disposed: Contested--DISPOSED OFF on 07th April 2026.

Case disposed

CNR: HCBM020343542025

e-Filing Number

23-10-2025

Filing Number

WP/34354/2025

Filing Date

25-Oct-2025

Registration No

WP/4576/2025

Registration Date

24-Nov-2025

Judge

Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

Coram

Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

Bench Type

Division

Category

DIRECT TAXES ( 10 )

Sub-Category

PENALTIES/PROSECUTION/SETTLEMENT COMMISSION ( 12 )

Judicial Branch

Original

Decision Date

07-Apr-2026

Nature of Disposal

Contested--DISPOSED OFF

Last updated 06-May-2026

Acts & Sections

Income Tax Act, 1961 Section 143(2),153Aand153C

Petitioner(s)

  1. 1.NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED (AY 2016

Respondent(s)

  1. 1.DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 3(

  2. 2.MUMBAI

  3. 3.Deputy Commissioner of Income tax Central Circle 14, New Delhi

  4. 4.Union of India

Case History

  1. Case disposedDisposed

  2. 07-Apr-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

    Summary The Bombay High Court allowed Nippon Life India Asset Management Limited's writ petitions, quashing income tax notices issued under Section 153C of the Income Tax Act because the assessing officer's satisfaction note was recorded with a 21-month delay after completing the searched persons' assessments. The court held that under the Supreme Court's Calcutta Knitwears precedent, the satisfaction note must be recorded "immediately" after assessment proceedings conclude, and a 21-month delay cannot satisfy this requirement, rendering the proceedings time-barred. This case analysis is maintained by casestatus.in based on publicly available court records.

  3. 07-Apr-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  4. 02-Apr-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  5. 02-Apr-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  6. 01-Apr-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  7. 01-Apr-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  8. 24-Mar-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  9. 24-Mar-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  10. 17-Mar-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  11. 17-Mar-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  12. 16-Feb-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  13. 16-Feb-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  14. 06-Feb-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  15. 06-Feb-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  16. 02-Feb-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  17. 02-Feb-2026

    For Ad-Interim Relief

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  18. 27-Jan-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  19. 27-Jan-2026

    Due Admission - 1

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Firdosh Phiroze Pooniwalla

  20. 06-Jan-2026

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Firdosh Phiroze PooniwallaView PDF

  21. 06-Jan-2026

    Due Admission - 1

    Hon'ble Shri Justice B.P. Colabawalla , Hon'ble Shri Justice Amit Satyavan Jamsandekar

  22. 16-Dec-2025

    Hon'ble Shri Justice B.P. Colabawalla,hon'ble Shri Justice Amit Satyavan JamsandekarView PDF

  23. 16-Dec-2025

    First hearing

    Initial hearing scheduled

  24. 25-Oct-2025

    Case filed

    Registration No. WP/4576/2025

casestatus.in Summary

Summary The Bombay High Court allowed Nippon Life India Asset Management Limited's writ petitions, quashing income tax notices issued under Section 153C of the Income Tax Act because the assessing officer's satisfaction note was recorded with a 21-month delay after completing the searched persons' assessments. The court held that under the Supreme Court's Calcutta Knitwears precedent, the satisfaction note must be recorded "immediately" after assessment proceedings conclude, and a 21-month delay cannot satisfy this requirement, rendering the proceedings time-barred. This case analysis is maintained by casestatus.in based on publicly available court records.

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