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Reopening must be on the same reason on which addition is made- ₹1.30 Cr Addition Deleted
Case Law Details
- Case Name
- B D Cotton Associates Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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B D Cotton Associates Vs ITO (ITAT Mumbai)
Reopening must be on the same reason on which addition is made- ₹1.30 Cr Addition Deleted
Loan from NBFC? AO Demands ‘Source of Source’ – ITAT Says: Not in 2012!
Assessee is an Association of Persons & an NBFC registered with the RBI. It filed its return of income for A.Y. 2012-13 declaring nil income. The assessment was later reopened u/s 147 by issuing notice u/s 148 on 30.03.2019 based on information received from the Investigation Wing that M/s Agrawal Enterprise had received ₹1.30 crore from Assessee & the transaction looked s...
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