Hrushikesh Govind Karmase vs. ITO, Ward-1, Ahmednagar

Parties Involved

Facts Summary

The appellant, Hrushikesh Govind Karmase, did not file a regular return of income for the assessment year 2011-12. Based on available information, the Assessing Officer (AO) formed an opinion that income escaped assessment to tax. The AO issued notices under sections 148 and 142(1) on 27.03.2018 and 23.07.2018, respectively, which the appellant did not comply with. The AO completed the assessment based on information from the Sub-Registrar and Talati, concluding that the appellant had purchased agricultural land for Rs.16,00,000/- and paid stamp duty and registration charges of Rs.1,91,530/-. The AO rejected the appellant's explanation that the investment was made using funds provided by his father and added Rs.15,00,000/- as unexplained investment in immovable property. The appellant appealed to the National Faceless Appeal Centre (NFAC), which dismissed the appeal, confirming the addition made by the AO. The appellant further appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the explanation tendered by the appellant in support of the sources for investment in agricultural land is cogent and plausible.

Judgment Outcome

Decided in favour of Assessee.

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