Summary
- The ITAT Kolkata has deleted a ₹37,14,150 addition made to Bliss Dealtrade Private Limited's income, ruling that the alleged NSEL transactions were unsustainable as the account was opened post-assessment year.
- The Tribunal found that the NSEL account was opened on 24.05.2012, while the disputed financial year ended on 31.03.2012, with no transactions recorded in bank statements.
- Despite the Revenue's support for the reassessment based on information from investigation authorities, the Tribunal noted a lack of evidence to substantiate claims of escaped income.
- This decision underscores the importance of accurate documentation and timing in tax assessments, potentially impacting future cases involving similar reassessment challenges.
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