Himanshu Natvarlal Joshi vs. DCIT

Parties Involved

Facts Summary

The assessee, Himanshu Natvarlal Joshi, filed his return of income for the Assessment Year 2019-20 on 05.10.2019 declaring total income of Rs. 4,11,670/-. Reassessment proceedings were initiated based on information relating to transactions of Rs. 41,65,601/- with M/s Bright Corporation. The Assessing Officer rejected the books of account and treated the amount as unexplained cash credit under section 68 of the Act. An addition of Rs. 57,980/- was made, and the total income was assessed at Rs. 46,35,251/-. The assessee appealed against the reassessment order before the Commissioner of Income Tax (Appeals), who dismissed the appeal for non-prosecution. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Condonation of delay in filing the appeal
• 2. Non-compliance with notices issued during the appellate proceedings
• 3. Addition of Rs. 41,65,601/- under section 68 of the Act and estimation of business income

Judgment Outcome

Decided in favour of Assessee.

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