Arunarani Sarkar L/H of Late Rabindra Nath Sarkar vs. ITO, Ward-2(4), Raiganj

Parties Involved

Facts Summary

An information was received that the Assessee had sold shares at Rs.50,19,129/- during the FY 2014-15 and had not disclosed this in their income return. The case was reopened, and an Assessment Order was passed on 19.05.2023, adding Rs.50,19,129/- under sections 68 and 115BBE of the Income Tax Act, 1961. The Assessee appealed against the Assessment Order to the Commissioner of Income Tax (Appeals), who dismissed the appeal on 03.03.2026. The Assessee then filed the present appeal against the order of the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the reassessment notice issued for the Assessment Year 2015-16 is time-barred?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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