SHIV SHAMBHU IRON AND STEEL PRIVATE LIMITED,JAMSHEDPUR vs. ACIT CIRCLE 3(1), JAMSHEDPUR
The appeal of the assessee is allowed for statistical purposes
ITA 286/RAN/2024[2011-12]Status: DisposedITAT Ranchi19 Jan 2026AY 2011-12
Bench: Shri Sonjoy Sarma & Shri Ratnesh Nandan Sahayi.T.A. No.286/Ran/2024 Assessment Year: 2016-17 Shiv Shambhu Iron & Steel Pvt. Ltd.…….…............................……….……Appellant Dropadi Bhawan, Station Road, Jugsalai, Jharkhand- 831002. [Pan: Aalcs7663M] Vs. Acit, Circle-3(1), Jamshedpur.….....…..…..….........……........……...…..…..Respondent Appearances By: Shri Akshay Ringasia, Ar, Appeared On Behalf Of The Appellant. Shri Sumit Dasgupta, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 15, 2026 Date Of Pronouncing The Order : January 19, 2026 Order Per Sonjoy Sarma: This Appeal Filed By The Assessee Is Directed Against The Order Of The Nfac, Delhi (Hereinafter Referred To As “Cit(A)”) Dated 12.04.2024 Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”). 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income For The Assessment Year 2011–12 Declaring A Total Income Of ₹30,17,990. The Case Was Selected For Scrutiny & An Assessment Under Section 143(3) Of The Act Was Completed Determining The Total Income At ₹39,08,910. Subsequently, Based On Information Received, It Was Noticed That The Assessee Company Had Shown Receipt Of ₹1,49,00,000 Comprising Share Capital Of ₹14,90,000 & Share Premium Of ₹1,34,10,000. On The Basis Of This Information, The Assessing Officer Issued Notice Under Section 148 Of The Act. In Response To The Notice, The
Section 143(3)Section 147Section 148Section 250
section 147 of the Act, determining the total income at ₹1,88,08,910. 3. Aggrieved, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). However, the Ld. CIT(A) dismissed the appeal and sustained the order of the Assessing Officer.
4. Before the Tribunal, the assessee contended that the reassessment
