Arati Purkait Vs ACIT, Circle-15(2), Kolkata

Parties Involved

Facts Summary

This is an appeal filed by the assessee, Arati Purkait, against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The appeal was filed for the Assessment Year 2013-14. The assessee did not appear for the hearing despite multiple notices, and the appeal was heard ex parte. The issues involved pertained to a bogus claim under section 10(38) of the Income Tax Act, 1961, related to the dealing of penny stocks of CCL. The Assessing Officer denied the exempt income claimed by the assessee based on an Investigation Report and an order of SEBI. The assessee failed to represent her case before both the Ld. CIT(A) and the Tribunal.…

Legal Issues

• 1. Whether the appeal filed by the assessee is time-barred.
• 2. Whether the exempt income claimed by the assessee under section 10(38) of the Act is valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Vipul J.Modi, HUF Vs. ITO, Ward 20(3)(1) Mumbai

• Nilesh Premjibhai Patel Vs. ITO, Ward 32(2)(4)

  SMC Bench, Mumbai benchAY 2014-15Allowed

• Mr.s Jigna Hiren Rambhai vs. ITO, Ward 32(2)(4)

  F Bench, Mumbai benchAY 2014-15Allowed

• Sanjay Goel HUF vs. ITO, Ward-1(1), Kolkata

  Kolkata Bench benchAY 2016-17Remanded

• Jyoti Chauhan vs AO Ward 6(1)

• Ranjit Kumar Modi

  Kolkata Bench benchAY 2013-2014Allowed