ITAT Kolkata Upholds Reopening & Sustains ₹1 Cr Addition u/s 68 on Alleged Accommodation Entry

Maithan Ceramic Limited Vs ACIT (ITAT Kolkata) In Maithan Ceramic Limited vs. ACIT (ITA No.1944/KOL/2025, AY 2011-12), the Kolkata ITAT “C” Bench dismissed the Assessee’s appeal and upheld both the reopening u/s 147 and the addition of ₹1 crore u/s 68. The Tribunal held that the reassessment initiated on the basis of Investigation Wing inputs alleging accommodation entries was valid and not hit by the first proviso to Section 147, despite the original assessment having been completed u/s 143(3). The Assessee had received a loan of ₹1 crore from M/s Nidhi Agro Pvt. Ltd. on 02.07.2010...