Omkara Vincom Pvt. Ltd. vs. ITO, Ward-12(1), Kolkata

Parties Involved

Facts Summary

The assessee, Omkara Vincom Pvt. Ltd., filed a return of income on 27.09.2013 declaring a total income of Rs. 1,67,850/-. The return was selected for scrutiny, and the assessment was framed under section 143(3) of the Act on 09.09.2015. Subsequently, the Assessing Officer (AO) received information on 05.03.2019 that the assessee was a beneficiary of an accommodation entry of Rs. 1,51,00,000/- from M/s Ontrust Agro Food Pvt. Ltd. Reassessment proceedings were initiated under section 147 of the Act by issuing a notice under section 148 of the Act on 20.03.2020. The assessee argued that it had fully disclosed all relevant information in its return filed under section 139(1) of the Act.…

Legal Issues

• 1. Whether the reopening of assessment made under section 147 read with section 148 of the Act after expiry of four years from the end of the relevant assessment year is valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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