M/s. Royal Touch Fablon Pvt. Ltd. Vs. Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, M/s. Royal Touch Fablon Pvt. Ltd., filed a return of income for the Assessment Year 2015-16 on 30.09.2015, declaring a total income of Rs.4,94,23,820/-. The return was processed under section 143(1) of the Income Tax Act, 1961 on 02.12.2015. Subsequently, the Assessing Officer received information about coordinated and premeditated trading on the Bombay Stock Exchange, which implicated the assessee as a beneficiary. The case was reopened under section 147 of the Act, and a notice under section 148 was issued on 27.03.2021. The assessee complied with the notice on 30.03.2021, stating that the original return should be treated as filed in response to the notice under section 148. A notice under section 142(1) was issued on 18.01.2022, along with questionnaires. The assessee furnished the required information, leading to an addition of Rs.3,53,93,269/- under section 68 read with section 115BBE of the Act.…

Legal Issues

• 1. Whether the reassessment proceedings were initiated without fulfilling the conditions as enumerated under section 147 of the Act and without independent application of mind?
• 2. Whether the notice under section 143(2) was issued beyond the time allowed under the Act?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Siddharth Fininvest Leasing Pvt. Ltd. vs. Income Tax Officer, Ward-4(1), Kolkata

  Kolkata Bench benchAY 2013-14Allowed

• Royal Fincomm Private Limited Vs. ITO, Ward 4(1), Kolkata

  Kolkata ‘D’ Bench benchAY 2015-16Partly Allowed

• Vinayak Tradevin Pvt. Ltd. Vs ITO, Ward-2(1), Kolkata

  'D' Bench, Kolkata benchAY 2013-14Allowed

• Ambika Tradelink (P) Ltd. vs. ITO, Wd-4(3), Kolkata

  Kolkata Bench benchAY 2009-10Allowed

• ITA No.2599/KOL/2025

  Kolkata Bench benchAY 2015-16Dismissed

• Income Tax Officer, Ward 9(1), Kolkata vs. Sanmukh Vincom Private Limited

  Kolkata benchAY 2014-15Dismissed