M/s Nisarg Developers Vs ITO

Parties Involved

Facts Summary

M/s Nisarg Developers, a partnership firm engaged in construction activity, filed its return of income under section 139(4) of the Income-tax Act, 1961, declaring a loss of ₹2,58,144/- for the assessment year 2014-15. The case was selected for scrutiny to verify the sale consideration of properties. It was noticed that the sale consideration reported in the Income Tax Return was less than the stamp duty valuation. The difference was added to the total income under section 43CA of the Act, and the assessment was framed under section 143(3) of the Act. The assessee appealed against the assessment, but the first appellate authority dismissed the appeal ex-parte due to the assessee's failure to attend hearings. The assessee filed an affidavit explaining the delay and non-compliance, which was accepted by the tribunal.…

Legal Issues

• 1. Condonation of delay in filing the appeal
• 2. Ex-parte dismissal of the appeal

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Debasish Banerjee vs. ITO, Ward-44(1), Kolkata

  Kolkata Bench benchAY 2018-19Allowed

• Bhushan Vasant Parelkar vs Income Tax Officer, Ward 41(2)(1), Mumbai

• Rishi Tradecom Pvt. Ltd. vs. ITO, Ward-8(1), Kolkata

  Kolkata Bench benchAY 2017-18Partly Allowed

• Shubhlaxmi Land Developers v/s Income Tax Officer

  Nagpur bench

• Swapnal Subhash Anbhavane Vs. Income Tax Officer, Ward

• Biswarup Samadder vs. ITO, Ward-25(1), Haldia

  Kolkata Bench benchAY 2020-21Allowed