Kinetic Vincom Pvt. Ltd. Vs. ITO, Ward-4(4), Kolkata
Case No: I.T.A. No. 2153/Kol/2024
Court: Income Tax Appellate Tribunal "A" Bench: Kolkata
Date: 3/10/2025
Parties Involved
appellantKinetic Vincom Pvt. Ltd.
respondentITO, Ward-4(4), Kolkata
Facts Summary
The assessee, Kinetic Vincom Pvt. Ltd., a private limited company, filed its return of income declaring a total income of Rs. 5,120/-. The case was reopened under section 147 as the company had provided a loan to M/s Indian Pulp and Paper of Rs. 10,13,00,000/- in the form of an accommodation entry. Following the order of the Hon’ble Supreme Court in the case of Union of India and Ors. Vs. Asish Agarwal, the Assessing Officer (AO) issued a fresh notice under section 148 and reopened the case unde…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the case should be reopened based on the order passed by the Hon’ble Supreme Court in Union of India and Ors. Vs. Asish Agarwal.
Precedents Relied Upon
3 precedents cited in this judgement.