M/s. Kothari Metals Ltd. Vs. DCIT, Circle-7(1), Kolkata
Case No: I.T.A. No.: 2138/KOL/2024
Court: Income Tax Appellate Tribunal, Kolkata 'C' Bench
Date: 3/19/2025
Parties Involved
appellantM/s. Kothari Metals Ltd.
respondentDCIT, Circle-7(1), Kolkata
Facts Summary
The assessee, M/s. Kothari Metals Ltd., filed its return of income for the assessment year 2015-16 showing a total income of Rs. 12,56,94,120. A notice under section 148 of the Income Tax Act was issued on 30.06.2022, alleging fictitious losses in equity/derivative trading amounting to Rs. 4,30,56,175 through reversal trading. The Assessing Officer (AO) issued an additional show cause notice and assessed the income at Rs. 16,96,11,420, disallowing the claimed losses and adding Rs. 8,61,123 as un…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reassessment proceedings as barred by limitation.
Precedents Relied Upon
8 precedents cited in this judgement.