Infosoft Global (P) Ltd. Vs. DCIT, Cir.-1(1), Kolkata
Case No: I.T.A. No.: 501/KOL/2024
Court: Income Tax Appellate Tribunal, Kolkata 'C' Bench
Date: 3/21/2025
Parties Involved
appellantInfosoft Global (P) Ltd.
respondentDCIT, Cir.-1(1), Kolkata
Facts Summary
The assessee, Infosoft Global (P) Ltd., filed its return of income for the assessment year 2020-21 declaring a total income of Rs. 34,83,49,050/-. The return was processed under section 143(1) of the Income Tax Act, 1961, and the income was assessed at Rs. 36,05,13,647/-. Subsequently, the case was selected for complete scrutiny, and the assessment was completed on 22/09/2022, wherein the Assessing Officer disallowed certain amounts leading to an assessed income of Rs. 36,21,59,101/-. Aggrieved …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the intimation order u/s 143(1) loses its relevance once the scrutiny assessment is initiated.
- 2. Whether the disallowance of Rs 1.20 crores being contingent liabilities was warranted.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
6 precedents cited in this judgement.