AO reopened assessment solely on NSEL’s report that certain dues from assessee represented bogus sales, despite facts on record showing no transactions on NSEL during the year. HC quashed reopening as jurisdiction was assumed without basis. SLP by Revenue was dismissed both for delay of 122 days and also on merits. (AY.2014-15)
ACIT v. N.K. Industries Ltd. (2025) 303 Taxman 262 (SC) Editorial : N.K. Industries Ltd v. ACIT (2024) 165 taxmann.com 194 (Guj)(HC)
S. 147 : Reassessment-Cash credits-Bogus sales-Special Audit report-Reopening based only on NSEL information-Delay of 122 days not been satisfactorily explained-SLP dismissed both for delay and on merits. [S. 68, 143(3), 148, Art. 226]
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