BHIL Employees Welfare Fund No.9 vs. ITO, Ward-9(1), Pune

Parties Involved

Facts Summary

The assessee, BHIL Employees Welfare Fund No.9, did not file its return of income for the assessment year 2015-16. The Assessing Officer had reason to believe that the income chargeable to tax had escaped assessment, therefore the case of the assessee was reopened under section 147 of the IT Act and notice under section 148 of the IT Act was issued. The assessee changed its name to BHIL Employees Welfare Fund No.9 and obtained a new PAN. The Assessing Officer passed an order under section 148A(d) of the IT Act and issued a fresh notice under section 148 of the IT Act to the assessee on its new PAN, in response to which, the assessee furnished return of income. The Assessing Officer completed the assessment proceedings by determining the income of the assessee at Rs.53,00,590/- as against income of Rs.8,25,070/- returned by the assessee. The assessee preferred an appeal before Ld. CIT(A)/NFAC challenging the excess determination of long-term capital gain by Rs.9,20,013/-. After considering the reply of the assessee, Ld. CIT(A)/NFAC partly allowed the appeal and directed the Assessing Officer to allow the TDS credit as per law after verifying the TDS.…

Legal Issues

• 1. Validity of the assessment order
• 2. Violation of Principle of natural justice
• 3. Computation of long-term capital gains

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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