Raghupati Commodities Private Limited Vs. Income Tax Officer, Ward-20(3)

Parties Involved

Facts Summary

The appellant, Raghupati Commodities Private Limited, filed its Income Tax Return for the Assessment Year 2013-14 declaring income of Rs.50/-. The case was reopened under section 148 of the Income Tax Act, 1961. The Assessing Officer completed the assessment at an income of Rs.8,80,16,260/- based on various unexplained transactions and investments. The appellant did not provide any explanation or documents to justify these transactions. The Commissioner of Income Tax (Appeals) dismissed the appeal ex parte due to non-prosecution.…

Legal Issues

• 1. Addition of Rs.8,80,16,255/-
• 2. Jurisdiction under section 148 of the Income Tax Act, 1961
• 3. Validity of notice of demand under section 148 of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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