Paras Plaza Pvt. Ltd. Vs. Income Tax Officer, Ward 10(4), Kolkata
Parties Involved
Facts Summary
The assessee, Paras Plaza Pvt. Ltd., filed a return of income on 11.01.2013 declaring a total loss of ₹27,163/-. The case was reopened under section 147 of the Act by issuing a notice under section 148 on 26.03.2019. The assessee filed a return of income in compliance on 30.03.2019, again declaring a total loss of ₹27,163/-. During the assessment proceedings, it was found that the assessee had received money from several companies aggregating to ₹3,80,00,000/- as an unexplained cash credit. The Assessing Officer (AO) added this amount to the income of the assessee. The assessee challenged this order, claiming that the notice under section 148 was issued before the mandatory approval of the sanctioning authority was received.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reassessment order dated 28.12.2019 under sections 143(3) read with section 147 of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.
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