Sen Ferro Alloys (P) Ltd. vs ACIT, CC-4(3), Kolkata

Parties Involved

Facts Summary

The case involves two appeals filed by Sen Ferro Alloys (P) Ltd. against the order passed by the Id. CIT(A), Kolkata-27, for the assessment years 2014-2015 & 2015-2016. A search was conducted on the assessee on 01/12/2015, leading to the completion of the assessment under sections 153A and 143(3) of the Act on 31/12/2017. The Assessing Officer (AO) had asked the assessee to furnish details of all loans taken during the financial years 2009-10 to 2015-16. After considering the replies and evidences produced, the AO completed the original assessment. Subsequently, the AO initiated reopening proceedings, which the appellant sought to quash. The appellant provided evidence that all loans had been repaid by the financial year 2016-17.…

Legal Issues

• 1. Whether the reopening of assessment is justified when all details have already been provided and loans have been repaid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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