Karamyogi Homes Pvt. Ltd. vs. ITO, Ward 14(2), New Delhi

Parties Involved

Facts Summary

The assessee company, Karamyogi Homes Pvt. Ltd., filed its return of income for the assessment year 2014-15 declaring a total income of Rs. 18,38,480/-. The company is engaged in the business of colonizing and trading in real estate. The case was selected through CASS, and a notice under section 143(2) of the Act was issued. The assessee was asked to justify the undervalued purchase of land but did not provide a clear explanation. Consequently, additions were made to the taxable income, which was assessed at Rs. 2,91,06,880/-. The assessee appealed against the order of the Commissioner of Income Tax (Appeals), who sustained the additions and dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in law and on facts in confirming the action of the Assessing Officer in assuming jurisdiction and framing the impugned assessment order?
• 2. Whether the Commissioner of Income Tax (Appeals) erred in law and on facts in confirming the action of the Assessing Officer in making addition of Rs. 2,72,68,400/-?
• 3. Whether the Commissioner of Income Tax (Appeals) erred in law and on facts in passing the impugned ex-parte order?
• 4. Whether the Commissioner of Income Tax (Appeals) erred in law and on facts in confirming the action of the Assessing Officer in charging interest?
• 5. Whether the Commissioner of Income Tax (Appeals) erred in law and on facts in passing the impugned order without giving adequate opportunity of being heard?

Judgment Outcome

Decided in favour of Assessee.

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