ITO, Kolkata v. Amritrashi Infra Private Limited

Parties Involved

Facts Summary

The assessee company filed its return of income for the Assessment Year 2012-13 declaring a total income of Rs. 1,634/-. The case was selected for scrutiny, and an order under section 143(3) of the Income Tax Act, 1961 was passed determining the total income at Rs. 45,66,01,634/-. An order under section 263 of the Act was passed by setting aside the order and conducting a de novo assessment, determining the total income at Rs. 12,000/-. The Department initiated proceedings under section 143(3) of the Act, and the assessee informed the Assessing Officer that the matter was pending before the ITAT. The Assessing Officer added share premium and share capital received during the year amounting to Rs. 45,65,00,000/- as unexplained cash credit under section 68 of the Act. The Commissioner of Income-tax (Appeals) quashed the order under section 263 of the Act, and the Revenue appealed to the ITAT.…

Legal Issues

• 1. Whether the order passed under section 263 of the Act is valid and if not, whether the subsequent order passed under section 143(3) of the Act read with section 263 of the Act is void ab initio.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

Similar Judgements

• Arjun Das Jasuja vs. CIT (IT & TP)

  Ahmedabad bench

• Hale Realtors Private Limited Vs I.T.O. National E-Assessment Centre

  Delhi Bench benchAY 2018-19Allowed

• Adani Green Energy Limited vs. Principal Commissioner of Income Tax

  Ahmedabad bench

• J.B. Petit High School for Girls Vs. CIT (Exemptions)

  Mumbai Bench benchAY 2022-23Allowed

• Sameer Kumar Chhabra Vs. Pr. CIT

  Delhi Bench ‘G’, New Delhi benchAY 2011-12Dismissed

• Ten Construction (India) Private Limited vs Principal Commissioner of Income-tax-6, Mumbai

  Mumbai bench