ASSISTANT COMMISSIONER OF INCOME TAX- 4(1)(1), MUMBAI vs. COMFORT INTECH LIMITED, MUMBAI

ITA 2218/MUM/2024Status: DisposedITAT Mumbai27 September 2024AY 2011-12Bench: SHRI B.R. BASKARAN (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment for AY 2014-15 was bad in law as the time limit for issuing notice under Section 149 of the Act had expired on March 31, 2021. Consequently, all assessment orders for the years under consideration were quashed.

What were the facts?

The Assessing Officer (AO) reopened the assessment for AY 2011-12 after four years, citing information received from another unit regarding the assessee being a 'penny stock company' used for accommodation entries. The AO believed income had escaped assessment due to alleged manipulation of share prices and non-disclosure of commission income.

What were the issues?

The primary issue was the validity of reopening the assessment beyond the prescribed limitation period. The Tribunal also considered whether the AO had valid reasons to believe that income had escaped assessment.

Which sections of the Income-tax Act were involved?

Section 148,Section 149,Section 143(1),Section 143(3),Section 68,Section 151

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Income Tax Appellate Tribunal, MUMBAI “C” BENCH : MUMBAI

Before: SHRI B.R. BASKARAN & SHRI ANIKESH BANERJEE

PER BENCH :

These cross appeals of the assessee filed for theAYs. 2011-12& 2012-13 and the appeals filed by the Revenue for the AYs. 2011-12, 2012- 13 & 2014-15 are directed against the orders passed by the Ld. Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (N

The order continues below.

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