Arun Namdeo Keni vs. ITO, Ward-5, Panvel

Parties Involved

Facts Summary

The assessee, Arun Namdeo Keni, is an individual engaged in business. He filed his return of income on 21.12.2015 declaring total income at Nil. The case was selected for scrutiny under 'CASS' and a statutory notice under section 143(2) of the Income Tax Act, 1961 was issued. The assessee had entered into a sale agreement with M/s. R.D. Builders for a plot in Taloje-Panchanand for Rs.6 crore. However, the Assessing Officer noted that the assessee had taken a lower sale consideration of Rs.5,18,85,959/- by claiming indexed cost of acquisition and deduction under section 54 of the Act. The Assessing Officer made an addition of Rs.6 crores under 'Short term capital gains' and Rs.79,090/- as interest income. The assessee did not appear before the CIT(A) / NFAC, leading to an ex-parte order dismissing the appeal for non-prosecution.…

Legal Issues

• 1. Whether the delay in filing the appeal before the CIT(A) / NFAC should be condoned?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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