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ITAT Upholds Original Assessment, Rejects Reopening for Failure to Record Assessee’s Failure
Case Law Details
- Case Name
- ITO Vs Nova Formworks Private Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Nova Formworks Private Ltd. (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) Delhi dismissed the Revenue’s appeal against the Commissioner of Income Tax (Appeals)-13, New Delhi [CIT(A)] regarding the reassessment of Nova Formworks Private Ltd. for Assessment Year 2007-08. The reassessment was initiated under Section 147 of the Income-tax Act, 1961, based on information that the assessee allegedly received an accommodation entry of ₹15 lakhs from MARRASS Industries Ltd. The Assessing Officer (AO) had previously completed the original assessment under Section 143(3) in 2009, determin...
