Arnab Kumar Goswami vs. ITO, Ward-62(1), Kolkata
Case No: I.T.A. No.1710/Kol/2024
Court: Income Tax Appellate Tribunal, Kolkata Bench
Date: 1/1/2025
Parties Involved
appellantArnab Kumar Goswami
respondentITO, Ward-62(1), Kolkata
Facts Summary
The assessee, Arnab Kumar Goswami, filed his return of income declaring a total income of Rs.3,52,310/- for the assessment year 2017-18. He purchased an immovable property at Rajarhat for Rs.25,00,000/-, while the stamp duty value was Rs.35,36,655/-. The difference of Rs.10,36,655/- was split between the assessee and his spouse, amounting to Rs.5,18,327/-. The Assessing Officer invoked section 56(2)(vii) of the Income Tax Act and added Rs.5,18,327/- to the assessee's total income as ‘income from…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the reassessment notice under section 148 of the Act was issued beyond the permissible period of 3 years from the end of the relevant assessment year.
- 2. Whether the Assessing Officer obtained the requisite prior approval from the Principal Chief CIT (PCCIT) for issuing the reassessment notice.
Precedents Relied Upon
2 precedents cited in this judgement.