Goodhope Tie-Up Pvt. Ltd. vs. ITO, Ward-1(1), Kolkata

Parties Involved

Facts Summary

The assessee, Goodhope Tie-Up Pvt. Ltd., filed a return of income declaring total income of Rs. Nil. The return was processed under section 143(1) of the Income Tax Act, 1961. Subsequently, the case was selected for scrutiny, and an assessment under section 143(3) was framed on 07.03.2016. Later, the case was reopened under section 147 of the Act by issuing a notice under section 148 on 19.03.2020. The assessment under section 147 read with section 143 was framed by the Assessing Officer on 28.09.2021, making an addition of Rs. 70,00,000/- on account of undisclosed income. The ld. CIT(A) confirmed the order of the Assessing Officer, leading the assessee to file this appeal.…

Legal Issues

• 1. Validity of the reopening of assessment under section 147 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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