ITA No.3280 & 3281 /Mum/2024 Jaiprakash Jindal

Parties Involved

Facts Summary

The assessee, Jaiprakash Jindal, was assessed under section 143(3) read with section 147 of the Income Tax Act, 1961, for the assessment years 2009-10 and 2010-11. The assessment was based on the addition of bogus purchases amounting to Rs. 92,58,505/- from M/s Shyam Corporation. The assessee challenged the assessment order before the Commissioner of Income Tax (Appeals) (CIT(A)), who upheld the order. The assessee then filed an appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai, against the orders of the CIT(A).…

Legal Issues

• 1. Whether the notice issued under section 148 of the Income Tax Act was valid.
• 2. Whether the entire proceedings carried out under section 147 and the order passed under section 143(3) read with section 147 was illegal, invalid, and void ab initio.
• 3. Whether the disallowance of Rs. 1,48,136/- being 1.6 per cent of the alleged bogus purchases was arbitrary and perverse.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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