Assessment Year: 2010-11
Case Filed On: 2020-02-14
Date of Order: 2022-10-07
Pronounced On: 2022-10-07
Order Type: Final Tribunal Order
The case of Sanjay Gupta (appellant), along with co-appellants Manish Gupta and Smt. Shyam Lata, was filed against the ITO WARD – 29(5), New Delhi (respondent). This appeal was filed against the order of the Commissioner of Income Tax, Delhi dated 12.12.2019 for the assessment year 2010-11. The main issue in the appeal was the addition of Rs.6,20,333/- as alleged undisclosed capital gains and Rs.4,19,440/- as credit card payments.
The tribunal found several key points:
The tribunal concluded that the AO’s addition of Rs.6,20,333/- as the appellant’s share of the sale proceeds was not justified. It was found that the funds used for the property transactions belonged to the partnership firm, and the proceeds were duly accounted for in the firm’s balance sheet. Therefore, the addition was deleted.
The detailed judgment and findings highlight the importance of accurately considering the source of funds and ensuring that there is no double taxation on the same income. The tribunal’s decision underscores the need for careful examination of the evidence provided by the appellant and the principles of natural justice.
In light of the findings, the tribunal directed the AO to delete the addition of Rs.6,20,333/- made to the appellant’s income. The appeal by Sanjay Gupta was allowed.
Order pronounced in the open court on 07/10/2022.
Signed,
Chandra Mohan Garg,
Judicial Member
Date: 07.10.2022
By Order
Assistant Registrar, ITAT: Delhi Benches-Delhi
Appeal by Sanjay Gupta in ITA 804/DEL/2020 against ITO WARD – 29(5), New Delhi
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