Nisha Projects Private Limited Vs DCIT (ITAT Kolkata)
Summary: Nisha Projects Private Limited appealed against the order dated 05.02.2026 passed by the CIT(A), Kolkata for AY 2016-17. The assessee had originally filed its return on 13.09.2016 declaring a loss of Rs.29,177/-. Reassessment proceedings were initiated under Section 147 after administrative approval, and notice under Section 148 was issued and served on 29.03.2021, requiring the assessee to file its return within 30 days. The assessee filed its return on 06.08.2021, declaring NIL income and claiming the same loss. The Assessing Officer subsequently treated a loan of Rs.84,00,000/- received from Babylon Trading and Investment Private Limited as unexplained cash credit under Section 68 and assessed total income at Rs.84,00,000/-.
Before the Tribunal, the assessee raised an additional legal ground on 02.07.2026, contending that the reassessment under Sections 147/144/144B was invalid because no notice under Section 143(2) had been served. The assessee relied upon ACIT vs. Hotel Blue Moon and GKN Driveshafts (India) Ltd. vs. ITO. The assessee also contended that its objections to reassessment had not been disposed of through a separate speaking order.
The Departmental Representative opposed the additional ground, pointing out that the assessment order recorded issuance of notice under Section 143(2), although the year mentioned therein contained a typographical error. The Revenue submitted that the assessee had participated in the assessment proceedings and had itself accepted in the statement of facts before the CIT(A) that notices under Sections 143(2) and 142(1) were issued. Reference was also made to Section 292BB.
