PCIT Vs NYA International (Gujarat High Court)
Summary: The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 challenging the order dated 22.02.2023 passed by the Income Tax Appellate Tribunal, Surat in ITA No. 57/SRT/2022 for Assessment Year 2012-13. The Tribunal had quashed the order passed by the Principal Commissioner of Income Tax under Section 263 of the Act.
The assessee, M/s. Nya International, had filed its return of income for AY 2012-13 on 16.08.2012 declaring total income of NIL. The case was selected for scrutiny and an assessment order was passed under Section 143(3) on 25.03.2015. Information was subsequently received from DDIT (Inv) Unit-7(2), Mumbai that the assessee maintained bank account no. 550011032480 with ING Vysya Bank containing credit entries of Rs.70,13,43,319/-, which had not been disclosed in the return for the relevant year. The assessee had also claimed exemption under Section 10AA of Rs.87,21,44,414/-, which was disallowed by the Assessing Officer while passing assessment orders for AYs 2013-14 and 2014-15. The case was thereafter reopened under Section 147 by issuing notice under Section 148 and an order was passed on 31.12.2019 making a disallowance of Rs.87,21,44,414/-.
Read SC Judgment in this case: SC Dismisses Section 263 Challenge Where AO Had Conducted Inquiry and Verification
