Roy Banerjee Development Private Limited vs. ITO Ward 1(1), Kolkata

Parties Involved

Facts Summary

The assessee, Roy Banerjee Development Private Limited, filed a return of income on 08.01.2016, declaring a total loss of ₹89,590/-. The case was reopened under Section 147 of the Income Tax Act, 1961, after the Assessing Officer received information that the assessee had received an accommodation entry amounting to ₹52,50,672/-. A notice under Section 148 of the Act was issued on 26.07.2022, following the procedure under Section 148A(b). Despite the issuance of the notice, there was no compliance. Subsequently, after the decision of the Hon'ble Apex Court in the case of Union of India & Ors. Vs. Ashish Agarwal (2022 SCC Online SC 543), the Joint Assessing Officer initiated proceedings under Section 148 of the Act by issuing a notice on 26.07.2022 under the new regime. The assessment was framed and affirmed by the Ld. CIT(A).…

Legal Issues

• 1. Whether the appeal filed by the revenue is barred by limitation.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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