M. A Financial Services Pvt. Ltd. vs. ITO, Ward-4(1), Kolkata

Parties Involved

Facts Summary

The assessee, M. A Financial Services Pvt. Ltd., filed its return of income for the assessment year 2015-16 declaring a total income of Rs.9,647. The return was processed under section 143(1) of the Income-tax Act, 1961. Later, based on information received through ITBA software under the head High Risk Transaction Case, a notice under section 148A(b) of the Act was issued, followed by a notice under section 148 of the Act on 13.07.2022. The assessee filed a return on 02.11.2021 declaring the same total income. An assessment was made under section 147 read with section 144B of the Act on 24.05.2023, determining the total income at Rs.6,55,31,471 and making several additions, including unexplained money and disallowance of expenses. Aggrieved by this order, the assessee appealed to the CIT(A), which dismissed the appeal due to non-compliance. The assessee then appealed to the Income Tax Appellate Tribunal, challenging the reopening of the assessment as barred by limitation.…

Legal Issues

• 1. Whether the notice under section 148 of the Act was barred by limitation.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• M. A Financial Services Pvt. Ltd. vs. ITO, Ward-4(1), Kolkata

  Kolkata Bench benchAY 2015-16Allowed

• Saktinagar Samabay Krishi Unnayan Samity Ltd. vs. Income Tax Officer, Ward 41(1), Nadia

  Kolkata benchAY 2015-16Allowed

• Khaitan Winding Wire Private Limited Vs. DCIT, Circle 4(1)

• ITO vs. Aggarwal Alloy Steels Pvt Ltd.

  Delhi Bench 'E' benchAY 2013-14Allowed

• Sunblaze Constructions Pvt. Ltd. Vs. ITO, Ward 9(1)

  D Bench, Kolkata benchAY 2016-17Allowed

• Global Emerging Markets India Limited Vs. Assessment Unit, Income Tax Department, NFAC

  Delhi Bench ‘B’ benchAY 2013-14Allowed