Krishna Gopal Raneja vs. ITO

Parties Involved

Facts Summary

The assessment order was passed on 29/12/2016 under section 143(3) of the Income Tax Act, 1961, adding Rs.41,07,304/- as unexplained cash credit under section 68 of the Act. The assessee, aggrieved by the assessment order, filed an appeal before the Commissioner of Income Tax (Appeals) with a delay of 657 days. The assessee applied for condonation of delay, which was dismissed by the Commissioner of Income Tax (Appeals). The assessee then filed the present appeal before the Income Tax Appellate Tribunal, seeking condonation of the delay and deletion of certain additions made by the Assessing Officer.…

Legal Issues

• 1. Condonation of delay in filing the appeal before the Commissioner of Income Tax (Appeals).
• 2. Deletion of addition made by the Assessing Officer for Rs. 38,74,815/- treating the long-term capital gain as unexplained cash credit.
• 3. Deletion of addition made by the Assessing Officer for Rs. 2,32,499/- under section 69C.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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