Mr Sanjay Rupachand Tathed vs. ITO, Ward 2, Ahmednagar

Parties Involved

Facts Summary

The assessee, Mr Sanjay Rupachand Tathed, did not file his return of income for the assessment year 2013-14. Information was received that the assessee sold an immovable property for Rs.67,50,000/-. The market value of the property was Rs.91,03,000/-, attracting the provisions of section 50C of the Income Tax Act, 1961. The Assessing Officer, after issuing notices, determined the short term capital gain of Rs.91,03,000/- in the hands of the assessee due to non-compliance. The order was upheld by the CIT(A) / NFAC in an ex-parte order. The assessee appealed against this order.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned?
• 2. Whether the CIT(A) / NFAC correctly upheld the order of the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

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