Dindayal Verma vs. ITO, Ward-1, Tinsukia

Parties Involved

Facts Summary

The assessee filed return of income on 17.08.2019 declaring total income of Rs. Nil. The case was selected for complete scrutiny assessment under the E-assessment Scheme, 2019 on the issues of (i) Refund claim, (ii) Investment in Immovable property and (iii) High creditors/liabilities. Statutory notice u/s 143 (2) of the Act was served upon the assessee on 31.03.2021. Similarly, notice u/s 142(1) of the Act also served upon the assessee. The assessee, ultimately filed his submissions dated 22.09.2021 along with the documents of (i) Account confirmation, (ii) Partnership Deed, (iii) Creditors, (iv) Account confirmation loans, (v) Pointwise response and (vi) Acknowledgement. The ld. Assessing Officer [AO] considered the case of the assessee and observed that the assessee’s explanation was not correct / satisfactory. Accordingly, the ld. AO vide order dated 23.09.2021 has made addition of Rs. 4,76,17,983/- and Rs. 1,34,70,201/- to the total income of the assessee. Also, the penalty proceedings under section 270AAC(1) initiated separately by the ld. AO.…

Legal Issues

• 1. The assessee filed return of income on 17.08.2019 declaring total income of Rs. Nil.
• 2. The case was selected for complete scrutiny assessment under the E-assessment Scheme, 2019.

Judgment Outcome

Decided in favour of Assessee.

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