K M V Industries vs. Income Tax Officer, Ward-58(1), Delhi

Parties Involved

Facts Summary

The assessee filed its return of income declaring total income on 31.03.2013. The assessment order was completed u/s 143(3) vide order dated 30.03.2015 at a total income of Rs. 10,07,610/-. Thereafter, reassessment proceedings u/s 147 were initiated by the Assessing Officer on the premise that assessee has taken accommodation entries of purchases from M/s U.P. Steel and, the reassessment order was passed u/s 147 r.w.s 143(3) of the Act dated 28.12.2019 wherein total addition of Rs.3,08,75,500/- was made to the income already assessed u/s 143(3) of the Act and finally total income of the assessee was re-assessed at 3,18,75,500/-.…

Legal Issues

• 1. Validity of reassessment proceedings u/s 147
• 2. Validity of addition of Rs.3,08,75,500/- u/s 69C

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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