M Shashikant And Co vs. Income Tax Officer
Case No: ITA No.6599/Mum/2025
Court: Income Tax Appellate Tribunal, ‘D’ Bench, Mumbai
Date: 1/8/2026
Parties Involved
appellantM Shashikant And Co
respondentIncome Tax Officer
Facts Summary
The assessee, M Shashikant And Co, is engaged in the business of trading and export of cut and polished diamonds. The return of income for the year under consideration was filed on 05.08.2010 and was processed under section 143(1) of the Income Tax Act, 1961. Subsequently, the assessment was reopened under section 147 on the basis of information received from the Investigation Wing pursuant to a search and seizure action conducted by the Directorate General of Income Tax (Investigation), Mumbai,…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of assumption of jurisdiction under section 147 of the Income Tax Act, 1961
- 2. Addition of ₹59,11,774/- made by treating the purchases as bogus
Precedents Relied Upon
2 precedents cited in this judgement.