M/s Blackstone Overseas Pvt. Ltd. Vs. ITO, Ward 5(1)
Case No: ITA Nos. 2026 & 2027/KOL/2025
Court: Income Tax Appellate Tribunal 'A' Bench, Kolkata
Date: 12/18/2025
Parties Involved
appellantM/s Blackstone Overseas Pvt. Ltd.
respondentITO, Ward 5(1)
Facts Summary
The assessee, M/s Blackstone Overseas Pvt. Ltd., filed returns of income for the assessment years 2016-17 and 2018-19. For AY 2018-19, the assessee's return was processed, and specific information flagged by the CBDT indicated bogus purchases. Consequently, a notice under section 148 of the Act was issued after obtaining approval from PCIT, Kolkata-2. The assessee complied with the notice but the assessment was reopened, leading to an addition of ₹12,39,155/- on account of unexplained expenditur…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the reopening of assessment for AY 2018-19 was valid.
- 2. Whether the notices issued under section 148 for AY 2016-17 were valid.
Precedents Relied Upon
7 precedents cited in this judgement.