DCIT CC 1 4 KOLKATA, KOLKATA vs. SRIJAN POLYPACKS LIMITED, KOLKATA

The only issue raised by the Revenue is against the order of ld. CIT (A) holding that A.Y. 2015-16, being time barred by limitation in consonance with the decision of the Hon'ble Apex Court in the case of Union of India and other Vs. Rajeev Bansal [2024] 469 ITR 46 (SC), dated 03.10.2024.

The facts in brief are that the assessee filed its return of income on 17/10/2016 by declaring an income of Rs. NIL. it is noted that information through insight portal relating to transactions entered into during A.Y. 2015-16 that assessee has entered into transactions with through broker entity M/s. MKB Securities Pvt. Ltd. amounting to ₹1,01,51,500/-. Accordingly, the assessment was re-opened by the AO by issuing notice u/s 148A(b) of the Income Tax Act,1961 on 25/05/2022. The assessee filed a reply on 09/06/2022 wherein the assessee explained the genuineness of the transactions and submitted that the entity with whom the transactions was made was genuine and all the supporting documents were filed. Finally the notice u/s 148 of the Act was issued on 30.7.2022 after passing the order u/s 148A(d) of the Act after taking into account the reply of the assessee given to the show cause notice issued u/s 148A(b). The Ld. Assessing Officer simply based on some third-party information related to some scam in F & O derivative segment on the share market platform by a syndicate of share brokers and entry operators of some unrelated party concluded that

Aggrieved assessee preferred the appeal before the ld. CIT (A), who allowed the appeal of the assessee by following the decision of the Hon'ble Apex Court in the case of Union of India v. Rajeev Bansal 2024 SCC On Line SC 2693/[2024] 167 taxmann.com 70/301 Taxman 238/469 ITR 46 (SC).

We have heard the rival contentions and perused the material on records. In our considered view the ld. CIT(A) has correctly allowed the appeal of the assessee by following the decision of the Apex Court in the case of Union of India v. Rajeev Bansal(supra) . We also find that the Hon'ble Apex Court in Deepak Steel and Power Ltd. vs. Central Board of Direct Taxes as reported in [2025] 174 taxmann.com 144 (SC)/[2025] 305 Taxman 169 (SC)/[2025] 476 ITR 369 (SC)[02-04-2025], has taken same view by following the above decision in the case of Union of India Vs Rajeev Bansal(Supra) wherein it has held as under:-

In the result, the appeal of the Revenue is dismissed.