Ghatkopar Devang Co-Operative Housing Society Limited Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, a housing society, filed its income return on 06-11-2023 declaring total income of Rs 251,390/-. The case was selected for scrutiny assessment, and the society failed to submit any plausible evidence to clarify the transactions reflected in its Form 26AS. Consequently, the entire amount of Rs. 17,38,15,500/- was treated as unexplained and undisclosed income and added as short-term capital gain of the present year. The society challenged this addition before the Commissioner of Income Tax (Appeals) but was dismissed due to delay in filing the appeal. The society further appealed to the Income Tax Appellate Tribunal (ITAT) against the order of the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the Hon’ble Commissioner of Income Tax (Appeals) erred in dismissing the Appellant’s appeal solely on the ground of delay, without condoning the delay and without adjudicating the appeal on merits?
• 2. Whether the learned Assessing Officer erred in treating the amount of Rs. 17,38,15,500/- as sale of property transaction and consequently assessing the same as unexplained and undisclosed income of the Appellant under the head “Short-Term Capital Gains”?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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