ITA No.3839/Mum/2024 & CO No.180/Mum/2024

Parties Involved

Facts Summary

The assessee, Ashok Jasraj Jain, filed a return of income on 28/09/2011 declaring a total income of Rs. 35,00,611/-. An assessment was passed on 26/03/2014 under section 143(3) of the Income Tax Act, determining the total income at Rs. 49,06,660/-. Subsequently, information from the Investigation Wing indicated that the assessee had purchased property for Rs. 3,44,27,000/- in FY 2010-11, which was not reflected in the return of income. The case was reopened under section 148, and a notice was issued on 30/03/2018. The assessee challenged the reopening and the addition made by the Assessing Officer. The Tribunal had to decide whether the Assessing Officer was justified in reopening the case and making the addition.…

Legal Issues

• 1. Whether the Ld. CIT(A) erred in deleting the disallowance of Rs. 3,44,27,000/- as undisclosed income?
• 2. Whether the Ld. CIT(A) erred in deleting the addition of Rs. 3,44,27,000/- despite M/s Sneha Ferromet Pvt. Ltd. being a group company of the assessee?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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