Mr. Mohanlal Jawanlal Sakaria Vs. DCIT Circle 20(1)

Parties Involved

Facts Summary

The assessee, Mr. Mohanlal Jawanlal Sakaria, filed his return of income for the year under consideration declaring total income at Rs.15,49,770/- and subsequently filed a revised return declaring total income at Rs.20,38,170/-. The case was reopened based on information from the investigation wing that the assessee had transacted in the shares of M/s. Mahanivesh (India) Ltd. amounting to Rs.1,56,79,138/- and claimed exempt Long Term Capital Gain (LTCG) amounting to Rs.1,55,04,242/-. The Learned …

Legal Issues

• 1. Whether the Learned Commissioner of Income Tax (Appeals) erred in not providing an opportunity of hearing and passing an ex-parte order.
• 2. Whether the addition of Rs.1,56,79,138/- made by the Learned Assessing Officer was justified.

Precedents Relied Upon

Judgment Outcome