Anand Prakash Gupta Vs ACIT, Circle-46(1), New Delhi

Parties Involved

Facts Summary

The assessee, Anand Prakash Gupta, filed his return of income for the assessment year 2010-11 on 30.09.2010 showing an income of Rs.6,12,750/-. The return was processed under section 143(1) of the Income Tax Act, 1961 at Rs.36,36,170/-. Subsequently, the case was reopened under section 147 of the Act and a notice under section 148 was issued on 27.03.2015. During reassessment proceedings, certain additions were made on the allegation that the assessee had benefitted by manipulating client code and reported fictitious profits. Further, disallowance of interest paid on a personal loan and addition on account of capital gain were made. These additions were challenged before the Commissioner of Income-tax (Appeals), who sustained the addition on account of fictitious profits and disallowance but restored the issue of capital gains for recalculation. The assessee is now in appeal against the order of the Commissioner of Income-tax (Appeals).…

Legal Issues

• 1. Whether the notice under section 147 of the Act was issued without application of mind.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• ITA No. 3415/Mum/2025 & CO No. 268/Mum/2025 (A.Y. 2014-15)

• Ramkumar Venugopal Investments Pvt. Ltd. vs. DCIT, Central Circle-8(1)

  Mumbai “D” Bench benchAY 2009-10Allowed

• Dy. Commissioner of Income Tax vs. Santosh Promoters Private Limited

  Kolkata Bench benchAY 2012-13Dismissed

• JAP Overseas Private Limited vs. ITO Ward, 10(2)(1)

  Mumbai 'F' Bench benchAY 2010-11Allowed

• Sonica Sachdeva Through The Legal vs. ACIT, Circle 2(1)(1)

  Delhi Bench ‘E’’ benchAY 2022-23Partly Allowed

• DCIT 27(1), Mumbai Vs. Ashok Kumar Valchand Jain M/s. Prakash Jhunjhunwala And Co. LLP