Manoj Kumar Mittlal vs. DCIT, Circle 34(1), New Delhi

Parties Involved

Facts Summary

The assessee, Manoj Kumar Mittlal, filed an appeal against the order of the Ld. CIT(Appeal)/NFAC, New Delhi dated 03.11.2023, relating to assessment year 2014-15. The assessee claimed exemption for long term capital gain of Rs. 22,80,370/- under section 10(38) of the Act. However, the AO and CIT(A) rejected the claim, stating that the long term capital gain was bogus and arranged through accommodation entries. The assessee argued that the AO and CIT(A) erred in law and acted unreasonably. The assessee also claimed that the AO and CIT(A) did not appreciate the evidences and documents produced to prove the genuineness of the transaction. The assessee further argued that the AO and CIT(A) took the Investigation Report of Mumbai wing as the sole basis for rejecting the claims without providing sufficient opportunity of being heard. The assessee prayed that the order of the CIT(A) and AO may be set aside to the above extent.…

Legal Issues

• 1. Whether the AO and CIT(A) erred in law and acted unreasonably in rejecting the allowance of Rs. 22,80,370/- claimed by the assessee u/s. 10(38) of the Act?
• 2. Whether the AO and CIT(A) erred in law by not appreciating the evidences and documents produced before them to prove the genuineness of transaction?
• 3. Whether the AO and CIT(A) erred in law by taking the Investigation Report of Mumbai wing as the sole basis for rejecting the claims of the assessee?
• 4. Whether the AO and CIT(A) has erred and acted unreasonably in law by violating the principle of natural justice by not providing sufficient opportunity of being heard to the assessee?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• North City Hospital & Neuro Institute Private Limited Vs ITO, Ward-2 (3), Kolkata

  Kolkata Bench benchAY 2015-2016Partly Allowed

• Prime Omkar K K Consortium vs. Income Tax Officer, Ward 25(3)(1)

  Mumbai 'C' Bench benchAY 2012-13Allowed

• Mr.s Jigna Hiren Rambhai vs. ITO, Ward 32(2)(4)

  F Bench, Mumbai benchAY 2014-15Allowed

• Nilesh Premjibhai Patel Vs. ITO, Ward 32(2)(4)

  SMC Bench, Mumbai benchAY 2014-15Allowed

• Ashish Girish Jain vs Income Tax Officer – 42(1)(1), Mumbai

  SMC BENCH, MUMBAI benchAY 2010-2011Partly Allowed

• Samarth Child Care Foundation vs. CIT(E)

  Delhi Bench ‘G’ New Delhi benchAY 2024-25Partly Allowed