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No fresh tangible material has come into the possession of the AO, which could trigger re-opening in this case. The transaction with M/s. Rexnox Trexim Pvt. Ltd. was fully disclosed and it is not fresh material. All the other sentences in the reasons recorded are general and vague and it is not known how these observations are relevant to the assessee company.

Shanti Prime Publication Pvt. Ltd.

Sec. 147 of Income Tax Act, 1961 – Reassessment – The assessment was re-opened u/s 147 of the Act by issue of a notice u/s 148 of the Act. In response, the assessee requested the AO to treat the original return filed by it as return filed in response to the notice u/s 148 of the Act. On merits, the assessee explained that the amount of Rs. 10 lakhs was taken as loan from M/s. Rexnox Trexim Pvt. Ltd. and that the same was repaid and interest of Rs. 39,722/- was paid and tax was deducted at source u/s 194A of the Act. The AO completed assessment u/s 144 r.w.s. 147 of the Act determining the total income of the assessee at Rs. 28,43,380/- inter alia making an addition of Rs. 10 lakhs. Aggrieved, the assessee carried the matter in appeal without success. Further aggrieved, the assessee filed further appeal. ITAT allowed the appeal holding that:– As the assessee has explained the credit in question and as the amount has also been repaid along with interest, the addition in question made u/s 68 of the Act is bad in law – BAJAJ PARIVAHAN P. LTD. [2020] 79 ITR (TRIB) 705 (ITAT-KOLKATA)