Kushal Chand Patni vs. ITO

Parties Involved

Facts Summary

The case involves an appeal by the assessee, Kushal Chand Patni, against the order of the Commissioner of Income Tax (Appeals) dated 05/07/2024. The assessee was dissatisfied with the reassessment order dated 26/12/2017 passed by the Assessing Officer under section 143(3) r.w.s 147 of the Income Tax Act. The assessee had filed an income return declaring income of Rs. 1,01,290/- for the assessment year 2010-11. However, the Assessing Officer made an addition of Rs. 16,91,100/- on account of Long Term Capital Gain from the sale of an immovable property. The assessee challenged this addition and the order of the Commissioner of Income Tax (Appeals) confirming the addition.…

Legal Issues

• 1. Whether the reassessment order passed by the Assessing Officer is illegal, bad in law, and barred by limitation.
• 2. Whether the addition made by the Assessing Officer on account of Long Term Capital Gain is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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