Roomy Exports vs. ACIT-Circle-25(3), Mumbai

Parties Involved

Facts Summary

The assessee, Roomy Exports, had filed its return of income on 28.09.2007, declaring total income of Rs. 23,74,231/-. A notice under section 148 was issued on 27.03.2014 for taking certain accommodation entries as bogus unsecured loans and bogus sales. The assessee filed its return in compliance with the notice and requested the Assessing Officer to provide reasons for the notice. However, the Assessing Officer did not provide the reasons within a reasonable time and issued further notices under sections 143(2) and 142(1) of the Act. The reasons were provided on 03.03.2015, and the assessee filed objections on 11.03.2015, which were not disposed of by a speaking order. The Assessing Officer passed the assessment order on 23.03.2015.…

Legal Issues

• 1. Non-furnishing of reasons by the Assessing Officer within a reasonable time period.
• 2. Non-disposal of objections by the Assessing Officer by way of a speaking order.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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• ITA No. 2072/Del/2022(A.Y 2018-19), ITA No. 7706/Del/2017(A.Y 2013-14), ITA No. 548/Del/2021(A.Y 2016-17), ITA No. 9237/Del/2019(A.Y 2015-16), ITA No. 183/Del/2022(A.Y 2017-18), IT (TP)A No. 5917/Del/2024(A.Y 2021-22), SA No.15/Del/2026