Ganeshvani Tradelink Pvt. Ltd. vs. ITO, Ward-13(1), Kolkata

Parties Involved

Facts Summary

The assessee filed a return of income on 24.09.2013 declaring a total income of Rs. 9,010/-. The case was selected for scrutiny, and an assessment order was framed on 12.11.2015 assessing the total income at Rs. 40,416/- by making an addition of Rs. 31,406/-. The Assessing Officer (AO) received information on 18.06.2018 that the assessee had made transactions with suspicious companies, leading to the reopening of the assessment under section 147 of the Act. The assessee received Rs. 10,78,000/- from shell companies, which was added to the income as unexplained cash credit. The assessee challenged the assessment order, arguing that the reopening was invalid as it did not satisfy the conditions of section 147 of the Act.…

Legal Issues

• 1. Whether the reopening of assessment under section 147 of the Act is valid?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• M/s Thirani Securities Private Limited vs. Income Tax Officer

  Kolkata Bench benchAY 2012-13Allowed

• Gulmohar Towers Private Limited Vs. Income Tax Officer, Ward 10(2)

• Bangamata Tie-up Private Limited Vs. ITO 13(1)

  Kolkata Bench benchAY 2015-16Allowed

• ITA No.424/Rjt/2023 (AY-11-12)

  Rajkot bench

• Raghuvir Retailers Pvt. Ltd. vs PCIT-2

  Kolkata benchAY 2013-14Allowed

• M/s Star Dealcom Pvt. Ltd. vs. ITO, Ward-3(1), Suri

  Kolkata bench