ITA No. 3411/Del/2024

Parties Involved

Facts Summary

The case pertains to the assessment year 2015-16 and arises from an assessment order dated 29.03.2022 under section 147 of the Income-Tax Act, 1961. The appellant, SBC Minerals Pvt. Ltd., filed its return of income electronically on 30/09/2015 showing a total income of Rs. 13,18,15,770/-. The case was initially selected for scrutiny assessment and an order was passed under section 143(3) on 26/12/2017. Subsequently, based on risk profiling, the AO issued a notice under section 147 dated 31/03/2021 requiring the appellant to file a return within 30 days. The appellant filed the return on 17/02/2022 after the expiry of the allowed time, which the AO treated as invalid. The AO proceeded to complete the assessment under section 144 and added Rs. 3.00 Crores to the total income under section 69A, holding it to be unexplained money. The appellant contested the validity of the reassessment notice and the assessment order.…

Legal Issues

• 1. Whether the CIT(A) was right in allowing the appeal of the assessee and quashing the assessment order.
• 2. Whether the CIT(A) was right in holding that the requirements under section 151(ii)(a) of the Act were not fulfilled while issuing the reassessment notice under section 148.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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