Case Number: ITA 5475/DEL/2019
Appellant: Amit Gupta (HUF)
Respondent: ITO Ward 31(4), New Delhi
Assessment Year: 2011-12
Result: Final Tribunal Order
Case Filed on: 2019-06-21
Date of Order: 2022-05-26
Pronounced on: 2022-05-26
This case involves an appeal by Amit Gupta (HUF) against the order of the Income Tax Officer, Ward 31(4), New Delhi. The appeal concerns alleged jurisdictional errors and the applicability of certain sections of the Income Tax Act during the reassessment for the fiscal year 2011-12.
The appellant challenged the jurisdiction of the initiation of proceedings under Sections 147/148, claiming they were without jurisdiction, mechanical, and lacked proper application of mind. Further, the appellant contested the additions made under Section 68 concerning the sale of shares and the exemptions under Section 10(38).
The Tribunal reviewed the submissions, focusing on the procedural validity of the reassessment proceedings and the substantiation of income from the sale of shares. The order discussed the mechanical nature of the reassessment, echoing concerns of borrowed satisfaction from the investigation wing without independent verification.
The Tribunal quashed the reassessment proceedings, citing flaws in the procedural aspects and agreeing with the appellant’s arguments regarding the lack of jurisdiction and improper application of mind. This led to the dismissal of the additional income tax demands made by the IT department.
Order pronounced in the open court on the 26th of May, 2022.
Presiding Officer: Challa Nagendra Prasad, Judicial Member, S.M.C.
Amit Gupta (HUF) vs. ITO Ward 31(4), New Delhi for Assessment Year 2011-12
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