Gunjan Jain vs. The DCIT, Circle-7, Jaipur

Parties Involved

Facts Summary

Gunjan Jain filed an original Return of Income for the Assessment Year 2014-15 on 25.09.2014, declaring a total income of Rs.2,07,02,950/-. The Assessing Officer (AO) received information from the Dy.Commissioner Income Tax, Central Circle-1(2), Hyderabad, that Jain had purchased a plot of land for Rs.2,04,000/- whereas the sale deed indicated a payment of Rs.42,00,000/-. The AO issued a notice under section 148 on 23.03.2016. Jain denied any additional payment and submitted an affidavit from a witness stating that only Rs.42,00,000/- was paid. The AO made an addition of Rs.1,62,00,000/- to Jain's income, which was upheld by the Commissioner of Income Tax (Appeals). Jain appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Validity of the notice issued under section 148
• 2. Confirmation of the action taken by the AO under section 147
• 3. Addition of Rs.1,62,00,000/- on account of alleged undisclosed investment
• 4. Determination of total income at Rs.3,70,38,950/-

Judgment Outcome

Decided in favour of Partly Assessee.

Precedents Relied Upon

Similar Judgements

• Gurpreet Singh Dhillon Vs DCIT

• Dipa Prakashkumar Velani vs. Assessment Unit through Jurisdictional Assessing Officer, Income Tax Officer, Ward-1(2), Bhavnagar

  Ahmedabad bench

• Ramesh Deora vs. DCIT

  D Bench, Mumbai benchAY 2016-17Allowed

• Sundeep Dhuper vs. ACIT, Circle-3

  B Bench, Delhi benchAY 2008-09Allowed

• Ganpat Harishchandra Purohit Vs. DCIT Central Circle 4(2), Mumbai-400051

• Sanam Jignesh Jain Vs. ITO, Ward-19(3)(1)