Manmohan Gaind vs DCIT

Parties Involved

Facts Summary

The assessee, Manmohan Gaind, derives income from partnership firms, rental income, and as a proprietor of M/s Bhuvesh Enterprises. He filed his income return on 23.02.2023, declaring a total income of Rs.2,62,89,700/-, which included Long-Term Capital Gain of Rs.2,57,31,619/- from the sale of his share in an industrial constructed property. The Assessing Officer did not accept the assessee's computation of Long-Term Capital Gain in full, resulting in an addition of Rs.77,59,553/- to the returned income. The assessee filed an appeal against this order, which was dismissed by the Commissioner of Income-tax (Appeals). The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) and the Assessing Officer erred in law and on facts in upholding the reassessment order.
• 2. Whether the notice issued under section 148 and the reassessment proceedings were bad in law and void ab initio.
• 3. Whether the Commissioner of Income-tax (Appeals) and the Assessing Officer erred in not adjudicating the jurisdictional ground challenging the reopening of assessment.
• 4. Whether the Commissioner of Income-tax (Appeals) and the Assessing Officer erred in law and on facts in upholding the addition of Rs.77,59,553/- as Long Term Capital Gain.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Gaurav Dye House Vs. ITO

  Delhi 'E' Bench benchAY 2022-23Allowed

• Praveen Tyagi vs. ITO, Ward 2 (1)

  Delhi Bench benchAY 2015-16Partly Allowed

• DCIT, Circle 4 (2), vs. Cyberwalk Tech Park Pvt. Ltd.

  Delhi Bench ‘B’ benchAY 2012-13Dismissed

• Alka Ashok Jagtap Vs. Income Tax Office

  Mumbai benchAY 2009-10Allowed

• Rajeshbhai Bhagwandas Patel vs. ITO, Ward-5(3)(2), Vejalpur, Ahmedabad

  Ahmedabad bench

• Vipul Mittal vs. DCIT, Circle 11 (2)