Arjun Das Jasuja vs. CIT (IT & TP)

Parties Involved

Facts Summary

The assessee, Arjun Das Jasuja, filed his return of income for the Assessment Year 2019-20 on 27.09.2019, declaring a total income of Rs.24,51,708/-. The case was selected for scrutiny under the Complete Scrutiny category for the verification of capital gains on the sale of an immovable property located at 16, Nayagaon, Rampur, Jabalpur, which was sold on 11.04.2018 for Rs.2,51,00,000/-. The assessee claimed a cost of improvement of Rs.68,90,000/- in the computation of capital gains. The Assessing Officer (AO) completed the assessment on 29.09.2021 under Section 143(3) of the Act, accepting the returned income without making any adjustments. The Commissioner of Income Tax (IT & TP) passed a revisionary order under Section 263 of the Act, setting aside the assessment and directing a de-novo assessment. The assessee filed an appeal against this order.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (IT & TP) was justified in initiating revisionary proceedings under Section 263 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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