Alliance Books Suppliers Pvt. Ltd. Vs. ACIT, Circle 2(1)
Case No: ITA No. 566/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA
Date: 12/4/2025
Parties Involved
appellantAlliance Books Suppliers Pvt. Ltd.
respondentACIT, Circle 2(1)
Facts Summary
The assessee company, Alliance Books Suppliers Pvt. Ltd., purchased bank guarantees from Central Bank of India secured by Fixed Deposit Receipts (FDRs) which were given to government departments. Subsequently, Sarfaesi proceedings under section 132(2) of the Sarfaesi Act, 2002 were initiated against the assessee, and the bank took over the possession of the assessee’s premises. The Assessing Officer (AO) initiated reassessment proceedings under section 147 of the Income Tax Act by issuing a noti…
Decision in favour of
Assessee
Legal Issues
- 1. Reopening of assessment based on suspicion of escaped income.
- 2. Confirmation of addition of ₹1,67,21,259/- as unexplained money u/s 69A and interest of ₹1,70,676/- as bank interest.