Mr. Kantilal Laxmichand Jain vs. ITO

Parties Involved

Facts Summary

The assessee, Mr. Kantilal Laxmichand Jain, did not file a return of income for the Assessment Year (A.Y.) 2014-15. The Assessing Officer (AO) found that the assessee had conducted transactions amounting to Rs.34,18,810/- through NSE during the Financial Year (F.Y.) 2013-14 relevant to A.Y. 2014-15. The AO initiated proceedings under Section 147 of the Income Tax Act, 1961, and completed the assessment ex-parte under Section 144 read with Section 147 of the Act on 19.03.2022. The assessee filed an appeal before the First Appellate Authority, which was dismissed by the Commissioner of Income Tax (Appeals) (CIT(A)). The assessee then filed a second appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Reopening of assessment under section 147 of the Act
• 2. Incorrect disposal of Appeal by Hon'ble CIT(A) by applying provisions of section 249(4) of the Act
• 3. Incorrect levy of interest under section 234A and 234B of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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