INCOME TAX OFFICER, WARD 3(1), HYDERABAD vs. STYPACK PRIVATE LIMITED , HYDERABAD

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ITA 997/HYD/2024Status: DisposedITAT Hyderabad12 September 2025AY 2018-1925 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the notice issued under Section 148 was invalid because the approval for issuing the notice was obtained from an authority not specified under Section 151 of the Act. Consequently, the assessment framed by the AO was quashed.

What were the facts?

The Assessing Officer (AO) initiated reassessment proceedings under Section 147 based on information suggesting the assessee company was involved with an accommodation entry provider. The AO treated long-term capital gains from share transactions as unexplained cash credit under Section 68.

What were the issues?

The primary issue was the validity of the notice issued under Section 148 due to improper approval from the specified authority under Section 151, and whether the long-term capital gains could be treated as unexplained cash credit.

Which sections of the Income-tax Act were involved?

Section 147,Section 144B,Section 148,Section 68,Section 151

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, Hyderabad ‘A’ Bench, Hyderabad

For Appellant: Shri Gurupreet Singh, Sr.DR

Heard together (3 matters)

I.T.A.No.997/Hyd/2024
ITA No.997/Viz/2024
CO No.27/Hyd/2024

Read from the judgment's own cause title. This page is filed under one of them.

आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:-

1.

निर्धाररती/ : M/s Stypack Private Limited, Flat No.137/1, Phase II, IDA Cherlapally, Hyderabad The Assessee 2. रधजस्व/ The Revenue : The Income Tax Officer, Ward-3(1), Hyderabad 3. The Principal Commissioner of Income Tax, Hyderabad 4. नवभधगीय प्रनतनिनर्, आयकर अपीलीय अनर्करण, / DR, ITAT, Hyderabad 5. गधर्ाफ़धईल / Guard file

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