Walko Food Company Private Limited vs. Deputy Commissioner of Income-tax

Parties Involved

Facts Summary

The assessee, Walko Food Company Private Limited, filed its return of income for the assessment year 2015-16 on 30/09/2015, declaring total income at Nil. The assessment was completed on 25/12/2017. Subsequently, the case was reopened under section 147 of the Income Tax Act, and a notice under section 148 was issued on 29/07/2022. The assessee did not file an income tax return in response to the notice. The Assessing Officer made an addition of Rs.1,35,74,050/- on the ground that the assessee failed to furnish relevant documentary evidence regarding the source and genuineness of the transactions. The assessee appealed to the Commissioner of Income-tax (Appeals), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the notice u/s. 148 was issued within the statutory period?
• 2. Whether the notice u/s. 148 was issued in accordance with the prescribed procedure?
• 3. Whether the addition u/s. 68 of the Income Tax Act was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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