The appeal involves Reeshu Goel challenging the income tax reassessment for the A.Y. 2013-14. The case questions the legality of the reassessment proceedings initiated under section 148 of the Income Tax Act.
Reeshu Goel appeals against the order passed by the Commissioner of Income Tax (Appeals) which upheld the reassessment that included additions based on alleged bogus Long Term Capital Gains (LTCG) and cash commission.
The tribunal scrutinized the procedural validity of the reassessment under section 148, alongside examining the merits of the additions made to Goel’s income. The focus was on whether the LTCG claimed on the sale of shares was a sham transaction intended to conceal income.
The tribunal’s decision addressed both the procedural and substantive grounds of the appeal, ultimately leading to a decision that could influence future reassessment challenges under similar circumstances.
This case highlights the importance of following statutory procedures in reassessment cases and provides insights into handling cases involving allegations of bogus LTCG. The judgment underscores the need for the Income Tax Department to adhere to legal precedents to ensure fairness in tax proceedings.
Analysis of ITA No. 1691/DEL/2019: Reeshu Goel vs ITO, Ward-34(4), New Delhi
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