Asian Earth Movers vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Asian Earth Movers, did not file a return of income for the assessment year 2018-19. Based on available information, the assessee had received contract receipts of Rs.3,85,020, commission of Rs.2,31,818, and an immovable property transaction of Rs.67,67,000. A notice under section 148 was issued, to which the assessee responded with details on 08.12.2022, 26.01.2023, and 03.03.2023. The assessee claimed that it did not carry out any business activity and earned no income, with the last return filed for AY 2015-16 showing a loss of Rs.2.42 crores. A property mortgaged with State Bank of India was sold by the bank to adjust their outstanding liability, and TDS was deducted. The Assessing Officer calculated undisclosed short-term capital gain of Rs.67,67,000 and determined the total income at Rs.68,16,348 in the reassessment order. The assessee filed an appeal against the order, which was dismissed by the First Appellate Authority as unadmitted and infructuous. The assessee argued that it had filed a return of income and claimed that the First Appellate Authority wrongly decided the appeal as not maintainable.…

Legal Issues

• 1. Whether the appeal is maintainable?

Judgment Outcome

Decided in favour of Assessee.

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