Astoria Agro and Allied Industries Pvt. Ltd. Vs. DCIT-Central Circle 4(3) Mumbai

Parties Involved

Facts Summary

The facts of the case revolve around a search and seizure action conducted under section 132 of the Income-tax Act at the premises of M/s Renukamata Multi State Cooperative Urban Credit Society Ltd. and its key persons on 26.05.2017. The Assessing Officer observed that Astoria Agro and Allied Industries Pvt. Ltd. had allegedly received funds aggregating to Rs. 39,30,300 through its bank accounts based on this information. The assessee originally filed its return of income declaring a loss, but after the search, proceedings under section 147 were initiated. The assessee contested the reopening of assessment and the additions made on merits under section 69A of the Act. The Assessing Officer concluded that the assessee had failed to substantiate the genuineness and source of the impugned receipts and treated the amount as unexplained money.…

Legal Issues

• 1. Validity of reopening under section 147 of the Act
• 2. Additions made on merits under section 69A of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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