RMP Holdings Private Limited vs. Income Tax Officer
Parties Involved
Facts Summary
The assessee filed its return of income declaring total income on 13.09.2012 and the assessment order was completed u/s 143(3) vide order dated 03.03.2015 at a total income of Rs 2,02,040/-. Thereafter, reassessment proceedings u/s 147 were initiated by the Assessing Officer on the premise that assessee has taken accommodation entries in the shape of loans from Jain Brothers and, the reassessment order was passed u/s 147 r.w.s 143(3) of the Act dated 27.12.2019 wherein total addition of Rs.1,35,77,494/- was made to the income already assessed u/s 143(3) of the Act and finally total income of the assessee was re-assessed at 1,37,79,530/-.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of reassessment proceedings under section 147
- 2. Jurisdiction of the Assessing Officer to issue notice under section 148
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
9 precedents cited in this judgement.
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