Archana Hitesh Somani Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Archana Hitesh Somani, had filed her return of income for the Assessment Year 2012-13 on 30.07.2012 declaring income of Rs. 4,85,290/-. The case was reopened on the basis of information that the assessee, as a co-owner, had sold a property for a consideration of Rs. 8.10 crores, the stamp duty value of which was Rs. 27,17,57,000/-. The assessment was completed on 29.12.2016 at a total income of Rs. 5,06,32,250/-, with additions of Rs. 4,88,67,000/- under section 50C for long-term capital gains (LTCG) and Rs. 12,76,120/- under section 50C for short-term capital gains (STCG) on the sale of shops. The assessee filed an appeal against the order of the National Faceless Appeal Centre (NFAC), Delhi, which was partly allowed. The assessee then filed a second appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Validity of issuance of notice under section 148 of the Act without complying with the requirements mandated for issuing notice under section 148 by the Statute.
• 2. Assumption of jurisdiction under section 147 by the Assessing Officer by issuing notice under section 148 as there was no escapement of income within the meaning of section 147 and related conditions specified in the Act had not been satisfied at all.
• 3. Upholding the addition of Rs. 8,48,621/- under section 50C made by the Assessing Officer without taking into account the explanations and submissions of the appellant made in the course of assessment as well as in appellate proceedings.
• 4. Not quashing the re-assessment order made under section 147 of the Act even though the addition made on the basis of reasons recorded for reopening has already been deleted and not challenged before the Hon'ble Tribunal.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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