DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3.1, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

ITA 1436/KOL/2025Status: DisposedITAT Kolkata02 January 2026AY 2016-1771 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the AO's additions were based on surmises and conjectures, relying on documents and statements from third parties without independent verification or providing the assessee with an opportunity for cross-examination. The re-opening of assessment under Section 147 was also challenged.

What were the facts?

The assessee company, engaged in manufacturing and trading of iron and steel products, was subject to a search operation. Subsequently, the Assessing Officer (AO) re-opened the assessment and issued a notice under Section 148, making additions based on alleged undisclosed purchases of coal.

What were the issues?

The key issues were the validity of the notice issued under Section 148 for re-opening the assessment and the basis for additions made on account of alleged undisclosed purchases without proper verification and adherence to principles of natural justice.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 132

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, “D” BENCH, KOLKATA

Before: SHRI RAJESH KUMAR & SHRI PRADIP KUMAR CHOUBEY

For Appellant: Shri S. Jhajharia, FCA, Shri Sanat Kumar Raha, CIT-DR
For Respondent: Shri Sanat Kumar Raha, CIT-DR
Hearing: 29/10/2025Pronounced: 02/01/2026

Per Bench: These are the cross appeals filed by the assessee and revenue against the separate orders passed by the CIT(A), Kolkata-21, 28.02.2025

The order continues below.

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