M/s. Shroff Properties Pvt. Ltd. vs ITO, Ward-1(1), Kolkata
Case No: ITA No.1951/KOL/2024
Court: Income Tax Appellate Tribunal, Kolkata Benches “SMC”
Date: 2/4/2025
Parties Involved
appellantM/s. Shroff Properties Pvt. Ltd.
respondentITO, Ward-1(1), Kolkata
Facts Summary
The assessee, M/s. Shroff Properties Pvt. Ltd., is a Private Limited company engaged in business for the Assessment Year 2010-11. The Assessing Officer received information from the Investigation Wing about an accommodation entry received by the assessee from M/s. Canary Tradecom Pvt. Ltd., alleged to be a Jama Kharchi Company. Reassessment proceedings were initiated after issuing a notice under section 148 of the Income-tax Act, 1961. The assessee claimed that the sum received from M/s. Canary …
Decision in favour of
Assessee
Legal Issues
- 1. Validity of reopening proceedings under section 148 of the Income-tax Act, 1961
- 2. Merits of the case regarding the sum of Rs.10.00 lakh received and utilized for purchasing Equity Shares
Precedents Relied Upon
2 precedents cited in this judgement.