Mirage Lifestyle Pvt. Ltd. Vs. A.C.I.T., Circle-1(1), Kolkata

Parties Involved

Facts Summary

The assessee, Mirage Lifestyle Pvt. Ltd., had filed an income return for the Assessment Year 2013-14 declaring total income at ₹NIL. The case was re-opened under section 147 of the Income Tax Act, and the assessee e-filed the return of income on 09.06.2020 declaring the same income. During the reassessment proceeding, the Assessing Officer observed that the assessee had received unaccounted money of ₹1,30,21,050/- through mis-utilisation of client code modification on the National Spot Exchange Limited through a broker. Therefore, the Assessing Officer concluded that the assessee had routed its unaccounted money in the guise of commodity profit, and made an addition of ₹1,30,21,050/- under section 68 of the Act as unexplained cash credit and determined the total income at ₹1,30,21,050/- in the assessment made under section 147 r.w.s. 144 of the Act dated 30.09.2021. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who confirmed the action of the Assessing Officer and dismissed the appeal. The assessee then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the reassessment order passed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) is valid?
• 2. Whether the notice u/s 143(2) and reassessment order u/s 147 r.w.s. 144 passed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) are void due to lack of jurisdiction?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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