Ayush Jaiswal vs. National Faceless Appeal Centre

Parties Involved

Facts Summary

The assessee, Ayush Jaiswal, filed an original return of income on 14.10.2020 declaring a total income of Rs. 14,49,900/-. He later filed a revised return on 21.11.2020 declaring a total income of Rs. 6,17,900/-. The case was selected for scrutiny as the taxable income in the revised return was less than that in the original return and a large refund was claimed. The Assessing Officer issued multiple notices to the assessee, which were not complied with. The Assessing Officer observed discrepancies in the original and revised returns, particularly in gross receipts from truck operations and salary expenses. The Assessing Officer rejected the revised return and made additions of Rs. 10,80,000/- and initiated penalty proceedings. The assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer correctly rejected the revised return and made additions?
• 2. Whether the assessee should be penalized for the negligence of his original Chartered Accountant?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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