Nilesh Pravinchandra Doshi Vs. ITO Ward 42(1)(3)

Parties Involved

Facts Summary

The assessee, Nilesh Pravinchandra Doshi, filed his original return of income for A.Y. 2017-18 declaring a total income of Rs. 14,45,090/-. The assessment was reopened under section 147 based on information that the assessee had purchased an immovable property during the relevant year. During reassessment, the Assessing Officer made several additions to the assessee's income, including Rs. 1,26,730/- under section 56(2)(vii)(b), Rs. 7,401/- on account of difference in savings bank interest, Rs. 80,639/- for alleged omission of Long Term Capital Gain, and Rs. 17,789/- for alleged omission of interest income. The total income was reassessed at Rs. 15,91,073/-. The assessee appealed to the Commissioner of Income-tax (Appeals), who confirmed the additions. Aggrieved by this, the assessee filed the present appeal.…

Legal Issues

• 1. Addition of Rs. 1,26,730/- under section 56(2)(vii)(b) on account of difference between stamp duty valuation and agreement value of immovable property.
• 2. Addition of Rs. 7,401/- on account of difference in savings bank interest.
• 3. Omission of Long Term Capital Gain amounting to Rs. 80,639/-.
• 4. Omission of interest income amounting to Rs. 17,789/-.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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