Nirmal Singh v. The Income Tax Officer

Parties Involved

Facts Summary

Nirmal Singh filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) for the assessment year 2014-15. The assessee Nirmal Singh had filed an income tax return on 30/09/2014, declaring an income of Rs.7,81,320/-. A notice under section 148 was issued on 30/03/2021, and the assessee filed another return on 22/04/2021, again declaring income of Rs.7,81,320/-. The Assessing Officer assessed the income at Rs.2,71,15,320/- under section 147 r.w.s 144B, adding Rs.2,14,22,053/- under section 56(2)(vii)(b) and Rs.49,11,947/- as Short Term Capital Gain (STCG). The assessee filed an appeal against this order, which was dismissed by the Commissioner of Income Tax (Appeals). The assessee then filed an appeal in the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the reassessment proceedings initiated by the Assessing Officer were without jurisdiction?
• 2. Whether the Assessing Officer erred in not referring the matter to the Valuation Officer for determination of fair market value?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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