Matchless Infrastructure Pvt. Ltd. vs. Income Tax Officer, Ward-16(3), New Delhi
Parties Involved
Facts Summary
The assessee, Matchless Infrastructure Pvt. Ltd., filed its return of income for the assessment year 2009-10 declaring an income of Rs.1,57,051/-. The Assessing Officer formed reasons to believe that the assessee’s income liable to be assessed had escaped assessment and issued a section 148 notice on 31st March, 2016. This culminated in the Assessing Officer’s reassessment on 23rd December, 2016, adding Rs.40,05,00,000/- as unexplained cash credits and Rs.80.10 lakhs as unexplained investment under section 69, which was upheld in the lower appellate proceedings. The assessee challenged the validity of the reopening, arguing that it was not based on relevant tangible material and lacked valid approval under section 151 of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reopening of assessment
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
7 precedents cited in this judgement.
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