K.Y.S. Sponge Iron Private Limited vs. ITO

Parties Involved

Facts Summary

This appeal arises from an order under section 250 of the Income Tax Act, 1961, dated 15.07.2022, passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The Assessing Officer (AO) made two additions: Rs. 6,89,58,168/- under section 69A and Rs. 2,12,87,500/- under section 68 of the Act. The assessee, K.Y.S. Sponge Iron Private Limited, approached the Ld. CIT(A) but did not succeed. The main challenge raised by the assessee before the ITAT was that the notice under section 148 of the Act was issued beyond the permissible time limit and was thus time-barred. The assessee argued that the notice under section 148 was issued on 06.07.2022, which was beyond the permissible date of 04.07.2022 as per the Supreme Court's judgment in Union of India vs. Rajib Bansal dated 03-10-2024.…

Legal Issues

• 1. Whether the notice under section 148 of the Act was issued within the permissible time limit.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• ITA Nos.2197 & 2198/Kol/2024

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• Iva Narayan Vs ITO Ward-3(1), Malda

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• Navgrahaa Jewels Private Ltd. vs Deputy Commissioner

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• Poonam Manoj Agrawal Vs. Income Tax Officer

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